HomeMy WebLinkAbout2012-04-10; City Council; 20860; Adoption of Recognized Obligation Payment Schedule for Successort Agency to the Carlsbad Revelopment AgencyCITY OF CARLSBAD
AB# 20,860 Adoption ofthe Recognized ObUgation
Payment Schedule for the Successor
Agency to the Carlsbad
Redevelopment Agency
DEPT. HEAD (^((J^
MTG. 4/10/12
Adoption ofthe Recognized ObUgation
Payment Schedule for the Successor
Agency to the Carlsbad
Redevelopment Agency
CITY ATTY. i^^-^
DEPT. HNS
Adoption ofthe Recognized ObUgation
Payment Schedule for the Successor
Agency to the Carlsbad
Redevelopment Agency CITY MGR.
RECOMMENDED ACTION:
Acting as the Successor Agency for the Carlsbad Redevelopment Agency, APPROVE City
Council Resolution No. 2012-081 ADOPTING the Recognized Obligation Payment Schedule
for the Agency and authorizing submission of the Schedule to the Oversight Board for review
and approval.
ITEM EXPLANATION:
On June 29, 2011, the Governor signed ABX1 26 to dissolve all redevelopment agencies within
the State of California. All agencies were subsequently dissolved as of February 1, 2012, and a
Successor Agency was designated to complete the work of the Agency and satisfy the financial
obligations. The City of Carlsbad is the designated Successor Agency for the Carlsbad
Redevelopment and as such must comply with State Law to ensure payment of all enforceable
obligations and close down the Agency at its earliest convenience.
One of the obligations of the dissolution act was for the Redevelopment Agency to adopt an
Enforceable Obligation Payment Schedule (EOPS). It was originally adopted by August 29,
2011 and then amended in January, 2012 to include a six month payment schedule for the
period from January 1 to June 30, 2012. The EOPS includes all ofthe debts and obligations
that were set forth in the Cooperation and Repayment Agreements and related repayment
schedules approved by the Housing and Redevelopment Commission, serving as the Agency
Board, for the Village Area (7/7/09) and South Carlsbad Coastal Redevelopment Area (2/8/11).
The EOPS approved in January also provided additional detail such as payee information, a
brief payment description and payments by month for a six month period. To ensure that the
Agency will not default on any of its contracts, debt and/or other obligations, all current and
future debts and obligations of the Agency are set forth and detailed within the EOPS and
related 6 month schedule.
Now that the Redevelopment Agency has been dissolved and the Successor Agency has
assumed responsibility for the payment of financial obligations and completing the work of the
Agency, a Recognized Obligation Payment Schedule (ROPS) must be prepared by the
Successor Agency and submitted to the Oversight Board for approval. This Schedule must
ultimately be submitted to the State of California and the County of San Diego as well.
DEPARTMENT CONTACT: Debbie Fountain 760-434-2935 debbie.fountain@carlsbadca.qov
FOR C/7Y CLERKS USE ONLY. h COMMISSION APPROVED h CONTINUED TO DATE • -
ACTION: SPECIFIC
DENIED • CONTINUED TO DATE •
UNKNOWN
CONTINUED • RETURNED TO STAFF •
WITHDRAWN • OTHER-SEE MINUTES •
AMENDED •
Page 2
A draft of the ROPS was prepared and submitted to the County Auditor-Controller for
preliminary review as of March 1, 2012, and posted on the City's website. The final ROPS is
attached for review and approval by the City Council, serving as the Successor Agency for the
Carlsbad Redevelopment Agency. The ROPS sets forth the payment obligations ofthe Agency
for the period from January 1, 2012 to June 30, 2012. As of May 1, 2012, only those payments
listed on the attached ROPS may be paid from available tax increment funds. The next six
month period ROPS will be due on May 11, 2012 and will cover required payments for July 1,
2012 to December 31, 2012.
The attached City Council resolution approves the ROPS and authorizes the City Manager to
submit the schedule to the Oversight Board for review and approval. Because the Oversight
Board will not be able to meet prior to April 15, 2012, the date upon which the ROPS must be
submitted to the State, the resolution also authorizes the City Manager to submit the ROPS to
the County Auditor-Controller and State Department of Finance, and to then submit it to the
Oversight Board as soon as possible thereafter for review and approval.
FISCAL IMPACT:
The total outstanding debt or obligations set forth within the ROPS is $51,619,233. The total
due during the fiscal year 2011-12 is $12,109,793, and during the six month period ofthe
ROPS is $9,971,260. It is anticipated that $2,112,860 of the funding required to pay the noted
debts or obligations will be provided through the Redevelopment Property Tax Trust Fund,
which has been established by the County of San Diego to remit funds for payment of approved
obligations. The remaining $7,858,400 in debts or obligations will be paid by available other
revenues, such as housing funds or reserves.
ENVIRONMENTAL IMPACT:
For the purposes of environmental review, the proposed financial report represents an
organizational or administrative activity of governments that will not result in direct or indirect
physical changes in the environment. Therefore, the action is not a "project" under the
California Environmental Quality Act (CEQA 15378(b)(5)). All future projects listed within the
financial report will require separate environmental review and approval, and will not be
approved for implementation until environmental review has been completed and mitigation
measures have been adopted, as appropriate.
EXHIBITS:
1. City Council Resolution No. 2012-081 adopting the Recognized Obligation Payment Schedule
for the Successor Agency for the Carlsbad Redevelopment Agency for the period January 1,
to June 30, 2012.
2. Recognized Obligation Payment Schedule for the Successor Agency forthe Carlsbad
Redevelopment Agency.
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RESOLUTION NO. 2012-081
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD,
CALIFORNIA, ACTING AS THE SUCCESSOR AGENCY FOR THE CARLSBAD
REDEVELOPMENT AGENCY AND APPROVING THE RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR JANUARY 1, 2012 TO JUNE 30,
2012.
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6 WHEREAS, the City Council of the City of Carlsbad activated the Housing and
7 Redevelopment Commission in October 16, 1979 and declared itself to constitute the
8 Commission for the purposes of implementing redevelopment activities within the City of
^ Carlsbad; and
WHEREAS, the City of Carlsbad and the Housing and Redevelopment
Commission previously entered into a cooperative agreement to set forth the
relationships between the City and the Commission which was adopted on February 8,
1980 for the purposes of implementing redevelopment activities within the City of
Carlsbad; and
WHEREAS, pursuant to ABX1 26, State of California legislation adopted in June,
2011, the Carlsbad Redevelopment Agency was dissolved effective February 1, 2012
18 and the City became the Successor Agency for the Carlsbad Redevelopment Agency;
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20 WHEREAS, the State of California requires the Successor Agency to prepare and
approve a Recognized Obligation Payment Schedule per every six months of a fiscal
year establishing the outstanding debt and obligations of the Agency and to set forth a
repayment schedule through June 30, 2012 as set forth in applicable contracts and
agreements; and
WHEREAS, the Recognized Obligation Payment Schedule must be submitted to
the appointed Oversight Board for review and approval, and to the County of San Diego
and State of California to document the financial obligations of the Successor Agency.
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NOW, THEREFORE, BE IT RESOLVED by the City Council as follows:
1. That the above recitations are true and correct.
2. The Housing and Redevelopment Commission previously approved the
Enforceable Obligations Payment Schedule for the Carlsbad Redevelopment
Agency, and approved a six month payment schedule for said Enforceable
Obligations for the period from January 1, 2012 to June 30, 2012.
3. The City Council, acting as the Successor Agency for the Carlsbad
Redevelopment Agency, hereby approves the Recognized Obligations
Payment Schedule for the period from January 1, 2012 to June 30, 2012.
4. The City Manager or designee is authorized to submit the Recognized
Obligation Payment Schedule to the County of San Diego and State of
California officials as set forth by State Law by April 15, 2012 as approved and
adopted by the City Council as an interim approval, and to the Oversight
Board at the earliest date possible for review, approval and certification.
5. The City Manager or designee shall submit the Recognized Obligation
Payment Schedule, revised as necessary and as certified by the Oversight
Board at the earliest date possible following action by said Board.
1 PASSED, APPROVED AND ADOPTED at a Regular Meeting of the City Council
2 of the City of Carlsbad on the 10*^ day of April, 2012, by the following vote to wit:
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AYES: Council Members Hall, Kulchin, Blackburn, Douglas and Packard.
NOES: None.
ABSENT: None.
./J
LORRAINE M. WOOD, City Clerk
(SEAL)
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Cover Page
RECOGNIZED OBLIGATION PAYMENT SCHEDULE - CONSOLIDATED
FILED FOR THE JANUARY 1.2012 to JUNE 30. 2012 PERIOD
Name of Successor Agency City of Carlsbad
Balance Carried Forward From:
Current
Balance Carried Forward From: Total Outstanding
Debt or Obligation
Total Due
During Fiscal Year
Outstanding Debt or Obligation (From Form A, Page 1 Totals) $ 51,619,233.00 $ 12,109,793.00
Outstanding Debt or Obligation (From Form B, Page 1 Totals)
Total Due for Six Month
Period
$ 9,971,260.00
Available Revenues other than anticipated funding from RPTTF (Form C) $ 7,858,400.00
Anticipated Funding from
Redevelopment Property Tax Trust Fund (RPTTF) (Form C) $ 2,112,860.00
Consolidate on this forni all of the data contained on Form A, B and C. Form A is to include all outstanding obligation
entered into for period filed. Form B is to include payment requirement for each enforceable obligation for each month.
Form C is to enter the anticipated funding source for each listed enforceable obligation.
Certification of Oversight Board Chairman:
Pursuant to Section 34177(1) ofthe Health and Safety code,
I hereby certify that the above is a true and accurate Recognized
Enforceable Payment Schedule for the above named agency.
Name Title
Signature Date
Prepared by Auditor and Controller, County of San Diego on February 15, 2012
Name of Successor Agency: City of Carlsbad FORMA
Page 1 of 1 Pages
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177(1)
Filed for Period October 01. 2011 to June 30 .2012
Project Name / Debt Obligation Payee Descriptkin
Total Outstanding Debt or
Obligation Total Due During Fiscal Year
1) 1993 Tax Allocation Refunding Bonds Bank of New York - Mellon Tax Increment Bonds to finance non-housing redevelopment activities 12,643,872.00 1,054,590.00
2) Redevelopment Loans (Village) City of Carlsbad Contract loans required to be repaid fbr supplement financing fbr projects 17,948,270.00 1,284,846.00
3) Rodevelopment Loans (SCCRA) City of Carisbad Contract loans required to be repaid fbr supplement financing for projects 7,645,744.00 0.00
4) S'.yrefront Improvement Grant Program Village Business & Property Owners Financial commitments to business/property owners to renovate storefjronts 248,222.00 248,222.00
5) Public Parking Land Leases (Village) North County Transit District Property Leases with improvements to provide for public parking tadlities 537,560.00 46,780.00
6) Village Revitalization Partnership Urtan Place Private/public partnership to coordinate business/property revitalization 726,000.00 116,000.00
7) Tavama Senior Affordable Apt Complex Meta Housing/Tavarua Senior Apts, L.P Predevelopment/Construction Loan for new affordable housing development 3,750,000.00 3,750,000.00
8) Tyler Court Senior Affordable Apts Interfaith Housing Corporation Third Party Management/Operations Contract fbr city-owned apt complex 461,047.00 461,047.00
9) RDA/Successor Agency Staff Costs City of Carlsbad Contracted administration fbr Redevelopment/Successor Agency 599,060.00 257,985.00
10) RDA/Successor Agency M & 0 Costs City of Carlsbad & Outside Contractors/Agencies Contracted maintenance and operations costs (incl. rent, utilities, supplies) 420,120.00 210,060.00
11) Legal Defense/Power Plant Opposition Outskle legal counsel/CEC experts Continued partteipatton/opposition in CEC proceedings - application process 250,000.00 250,000.00
12) Communications/Povmr Plant Opposition Burge Communications Continued participation/opposition in CEC proceedings - application process 10,000.00 10,000.00
13) Carlsbad Blvd. Realignment/Title Reports Fidelity National Title Property Title Reports - Exchange of property with State of Califbmia 25,000.00 25,000.00
14) Carlsbad Blvd. Realignment/Mapping Various Third Party Contractors Preliminary Studies, Design and related activites 800,000.00 340,925.00
15) New Village Arts - Building Renovation Private Contractor/City of Carisbad Lease Agreement includes commitment by RDA/City to building renovations 1,500,000.00 0.00
16) Low/Mod Housing Development Third Party Developer - Pending Obligation to produce affordable housing per Redevelopment Law (prs-6/11) 4,054,338.00 4,054,338.00
17)
18)
19)
20)
Totals - This Page
Totals - Page 2
Grand total - All Pages
$ 51,619,233.00 $ 12,109,793.00 Totals - This Page
Totals - Page 2
Grand total - All Pages
$ $
Totals - This Page
Totals - Page 2
Grand total - All Pages $ 51,619,233.00 $ 12,109,793.00
Name of Successor Agency: City of Cartsbad FORM B
Page 1 of 1 Pages
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177(1)
Filed for Period January to June. 2012
Payments by Month
Project Name / Debt Obiigation Project Area January February March April May June Subtotal
/Adjustments from
Prior Schedule TOTAL
1) 1993 Tax Allocation Refunding Bonds Village 0.00 0.00 242.295.00 0.00 0.00 812.295.00 $ 1.054,590.00 $ 1,054,590.00
2) Redevelopment Loans (Village) Village 0.00 0.00 0.00 0.00 0.00 1,284,846.00 $ 1,284,846.00 $ 1,284,846.00
3) Redevelopment Loans (SCCRA) SCCRA 0.00 0.00 0.00 0.00 0.00 0.00 $ $
Storefront Improvement Grant Program Village 26,910.00 26,910.00 26,910.00 26,910.00 26.910.00 26,910.00 $ 161,460.00 $ 161,460.00
_5) Public Parking Land Leases (Village) Village 3,898.00 3,898.00 3,898.00 3,898.00 3.898.00 3,898.00 $ 23,388.00 $ 23,388.00
. 6) Village Revitalization Partnership Village 0.00 0.00 0.00 16,500.00 16,500.00 66,500.00 $ 99,500.00 $ 99,500.00
7) favarua Senio' Affordable Apt Complex Village 0.00 0.00 216,943.00 250,000.00 500,000.00 1,194.257.00 $ 2,161.200.00 $ 2,161,200.00
6) Tyler Court Senior Affordable Apts Village & SCCRA 38,420.00 38,420.00 38,420.00 38,420.00 38,420.00 38,420.00 $ 230.520.00 $ 230.520.00
9) RDA/Successor Agency Staff Costs Village & SCCRA 21,500.00 21,500.00 21,500.00 21,500.00 21,500.00 21,500.00 $ 129,000.00 $ 129.000.00
10) RDA/Successor Agency M&O Costs Village & SCCRA 17,505.00 17,505.00 17,505.00 17,505.00 17,505.00 17,505.00 $ 105.030.00 $ 105,030.00
11) Legal Defense/Power Plant Opposition SCCRA 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 20,000.00 $ 120.000.00 $ 120,000.00
12) Communications/Power Plant Opposition SCCRA 455.00 455.00 455.00 455.00 455.00 455.00 $ 2,730.00 $ 2,730.00
13) Carlsbad Blvd. Realignment/Title Reports SCCRA 1,878.00 1,878.00 1,878.00 1,878.00 1,878.00 1,878.00 $ 11,268.00 $ 11,268.00
14) Carisbad Blvd. Realignment/Mapping SCCRA 88,890.00 88.890.00 88,890.00 88,890.00 88,890.00 88,890.00 $ 533,340.00 $ 533,340.00
15) New Village Arts - Building Renovation Village 0.00 0.00 0.00 0.00 0.00 0.00 $ $
16) Low/Mod Housing Development Viiiage & SCCRA 0.00 0.00 0.00 0.00 0.00 4,054,388.00 $ 4,054,388.00 $ 4,054,388.00
17) $ $
18) $ $
19) $ $
20) $ $
Totals - This Page $ 219,456.00 $ 219.456.00 $ 678,694.00 $ 485.956.00 $ 735,956.00 $ 7.631,742.00 $ 9,971.260.00 $ $ 9,971.260.00
Totals - Page 2 $ $ $ $ $ $ $ $ $
Grand total - All Pages $ 219^456.00 $ 219.456.00 $ 678,694.00 $ 485.956.00 $ 735.956.00 $ 7,631,742.001 $ 9,971,260.00 $ $ 9,971.260.00
Name of Successor Agency: City of Carisbad FORMC
Page 1 of 1 Pages
RECOGNIZED OBUGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177(1)
File for Period Januarv to June^ 2012
Source of Payment
Total from Forni B RPTTF
Low and Moderate
Income Housing
Fund Bond Proceeds Reserve Balances
Administrative
Cost Allowance
Other Revenue
Sources TOTAL
1993 Tax /location Refunding Bonds $ 1.054.590.00 1,054,590.00 0.00 0.00 0.00 0.00 0.00 $ 1,054,590.00
>l
Redevelopment Loans (Village) $ 1.284,846.00 148,044.00 0.00 0.00 1,136,802.00 0.00 0.00 $ 1,284.846.00
Redevelopment Loans (SCCRA) $ 0.00 0.00 0.00 0.00 0.00 0.00 $
A\ Storefront Improvement Grant Program $ 161.460.00 120,000.00 0.00 0.00 41,460.00 0.00 0.00 $ 161,460.00
"*)
SI
Public Parking Land Leases (Village) $ 23,388.00 23,388.00 0.00 0.00 0.00 0.00 0.00 $ 23,388.00
K\ Village Revitalization Partnership $ 99,500.00 99,500.00 0.00 0.00 0.00 0.00 0.00 $ 99,500.00
°)
Tavarua Senior /tffbrdable Apt Complex $ 2,161,200.00 0.00 2,161,200.00 0.00 0.00 0.00 0.00 $ 2,161.200.00
8) Tyler Court Senior Affordable Apts $ 230,520.00 0.00 0.00 0.00 0.00 0.00 230,520.00 $ 230,520.00
O)
Ql RU-VSuccessor Agency Staff Costs $ 129.000.00 0.00 0.00 0.00 0.00 129,000.00 0.00 $ 129,000.00
^(n ROA/Successor /Vgency M&O Costs $ 105,030.00 0.00 0.00 0.00 0.00 105,030.00 0.00 $ 105,030.00
111 Le^jal Defense/Power Plant Opposition $ 120,000.00 120,000.00 0.00 0.00 0.00 0.00 0.00 $ 120,000.00
''/
Communications/Power Plant Opposition $ 2,730.00 2,730.00 0.00 0.00 0.00 0.00 0.00 $ 2,730.00
Carisbad Blvd. Realignment/Title Reports $ 11,268.00 11,268.00 0.00 0.00 0.00 0.00 0.00 $ 11,268.00
AA\ Carisbad Blvd. Realignment/Mapping $ 533,340.00 533,340.00 0.00 0.00 0.00 0.00 0.00 $ 533,340.00
'71
I'll New Village Ms - Building Renovation $ 0.00 0.00 0.00 0.00 0.00 0.00 $
IO)
1R1 Low/Mod Housing Development $ 4,054,388.00 0.00 4,054,388.00 0.00 0.00 0.00 0.00 $ 4,054,388.00
IDJ
171 $ $
•';
Ifll $ $
191 $ $
20) $ $
Tnfole - Thie PsnA S 9.971.260.00 $ 2,112,860.00 $ 6,215,588.00 $ $ 1.178,262.00 $ 234,030.00 $ 230,520.00 $ 9,971.260.00
1 Olaia 1 filo raye
Totals - Page 2
Grand total-All Pages
$ $ $ $ $ 1 $ $ $
1 Olaia 1 filo raye
Totals - Page 2
Grand total-All Pages $ 9,971,260.00 1$ 2,112,860.00 1$ 6,215,588.00 $ $ 1,178,262.00 $ 234,030.00 $ 230,520.00 $ 9,971,260.00