HomeMy WebLinkAbout020-2014SARESOLUTION NO.20-2014SA
APPROVING AND ADOPTING RECOGNIZED OBLIGATION PAYMENT
SCHEDULE ROPS 14-15A FOR THE SUCCESSOR AGENCY TO THE FORMER
COMMUNITY DEVELOPMENT AGENCY OF THE TOWN OF DANVILLE AND
APPROVING THE ADMINISTRATIVE BUDGET FOR THE SUCCESSOR AGENCY
FOR THE PERIOD FROM JULY 1 THROUGH DECEMBER 31, 2014
WHEREAS, pursuant to the California Community Redevelopment Law (Health and
Safety Code Section 33000 et seq.; the "Redevelopment Law"), the Town Council (the
"Town Council") of the Town of Danville (the "Town") previously adopted the
Redevelopment Plan for the Downtown Danville Redevelopment Project (the
"Redevelopment Plan"); and
WHEREAS, the Redevelopment Plan had been implemented by the Community
Development Agency of the Town of Danville (the "CDA"); and
WHEREAS, ABx1 26 was enacted on June 28, 2011 and was subsequently amended
with the adoption of AB 1484 (collectively, the "Dissolution Act"); and
WHEREAS, on January 10, 2012, acting in accordance with Health and Safety Code
Sections 341710) and 34173, the Danville Town Council adopted Resolution No. 6-2012,
accepting the designation to serve as the Successor Agency to the CDA; and
WHEREAS, pursuant to the Dissolution Act, the CDA was dissolved as of February 1,
2012, at which time the assets and payment obligations (defined in the Dissolution Act
as "Enforceable Obligations") of the CDA were transferred to the Successor Agency; and
WHEREAS, pursuant to the Dissolution Act, the Successor Agency is required to adopt
a Recognized Obligation Payment Schedule ("ROPS") twice per year, setting forth the
Enforceable Obligations of the Successor Agency for the coming six month period; and
WHEREAS, the Successor Agency is required to adopt a ROPS covering the period
from July 1, 2014 through December 31, 2014 (ROPS 14-15A); and
WHEREAS, pursuant to Health and Safety Code Section 341770), the Successor Agency
must prepare an administrative budget for its general administrative costs and
expenses for each six month period (the "Administrative Budget"). Pursuant to Health
and Safety Code Section 34171(b), the administrative budget for the fiscal year shall be
the greater of three percent (3%) of the Redevelopment Obligation Retirement Fund
allocated to the Successor Agency or $250,000, unless reduced by the Oversight Board
or a lower amount is agreed to by the Successor Agency; and
WHEREAS, both ROPS 14-15A and the Administrative Budget must be submitted to
the Oversight Board for approval; and
WHEREAS, the Successor Agency has reviewed and duly considered the Staff Report,
the RODS 14-15A, the Administrative Budget and documents and other evidence
presented at the meeting; now, therefore, be it
RESOLVED, that the Successor Agency to the former Community Development Agency
of the Town of Danville, finds that the above Recitals are true and correct and have
served, together with the supporting documents, as the basis for the findings and
approvals set forth below; and, be it further
RESOLVED, that the Successor Agency to the former Community Development Agency
of the Town of Danville, hereby approves and adopts Recognized Payment Obligation
Payment Schedule ROPS 14-15B, attached hereto as Exhibit 1; and, be it further
RESOLVED, that the Successor Agency to the former Community Development Agency
of the Town of Danville, authorizes and directs the Town Manager to: (1) present ROPS
14-15A to the Successor Agency's Oversight Board for consideration of approval; (2)
provide a copy of ROPS 14-15A to the County Administrator, County Auditor -
Controller and the State Department of Finance at the same time as presented to the
Oversight Board; (3) once approved by the Oversight Board, provide an approved copy
of ROPS 14-15A to the County Auditor -Controller, the State Department of Finance, and
the State Controller and to post RODS 14-15A on the Town website; and (4) to take such
other actions and execute such other documents as are necessary to implement ROPS
14-15A on behalf of the Successor Agency; and, be it further
RESOLVED, that the Successor Agency to the former Community Development Agency
of the Town of Danville, hereby approves the Administrative Budget for the period from
July 1, 2014 through December 31, 2014, attached hereto as Exhibit 2; and, be it further
RESOLVED, that the Town Manager is directed to: (1) provide a copy of the
Administrative Budget to the County Auditor -Controller; and (2) submit the
Administrative Budget to the Oversight Board for consideration of approval.
PAGE 2 OF RESOLUTION NO. 20-2014SA
APPROVED by the Successor Agency to the former Community Development Agency
of the Town of Danville, at a regular meeting on February 18, 2014, by the following
vote:
AYES: Storer, Doyle, Arnerich, Morgan, Stepper
NOES: None
ABSTAINED: None
ABSENT: None
-"MAYOR
APPROVED AS TO FORM: ATTEST:
CITY ATTORNEY CITY CLERK
PAGE 3 OF RESOLUTION NO.20-2014SA
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Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
(Report Amounts in Whole Dollars)
A B C D E F G H 1 J K L M N O P
Funding Source
Non -Redevelopment Property Tax Trust Fund
(Non-RPTTF) RPTTF
Contract/Agreement Contract/Agreement Total Outstanding
Item # Project Name / Debt Obligation Obligation Type Execution Date Termination Date Payee Description/Project Scope Project Area Debt or Obligation Retired Bond Proceeds Reserve Balance Other Funds Non -Admin Admin Six -Month Total
$ 27,270,786 $ $ $ 365,206 $ 734,265 $ 84,200 $ 1,183,671
1 2001 Certificates of Bonds Issued On or 10/1/2001 8/15/2026 Town of Danville COP refinancing for capital projects in Downtown Project 5,847,616 N 358,488 $ 358,488
Participation/Reimbursement Before 12/31/10 project area consistent with Area
Agreement redevelopment plan/Agency
contractually obligated to reimburse
Town for lease payments made on
COPS
2
2001 Taxable Revenue Bonds/Loan
Revenue Bonds
12/1/2001
7/15/2028
Town of Danville Financing
Bonds sold by Financing Authority to
Downtown Project
5,455,146
N
2,452
232,557
$ 235,009
Repayment Agreement
Issued On or Before
Authority
finance 74-unitaffordable housing
Area
12/31/10
project in project area/Agency
borrowed bond proceeds and
contractually agreed to repay loan to
Financing Authority
3
2005 Certificates of
Bonds Issued On or
4/1/2005
2/15/2035
Town of Danville
COP issue to fund construction of
Downtown Project
7,130,222
N
101,708
$ 101,708
Participation/Reimbursement
Before 12/31/10
public parking facility and other capital
Area
Agreement
projects within the project area and
consistent with the redevelopment
plan/Agency contractually obligated to
reimburse Town for lease payments
made on COPS
4
Successor Agency Administrative
Admin Costs
1/1/2012
6/30/2014
Town of Danville
Staff, consultant and vendor costs
Downtown Project
84,200
N
84,200
$ 84,200
Costs
necessary to carry out dissolution/wind
Area
down duties of Successor Agency,
consistent with the Administrative
Budget approved by the Oversight
Board
5
Property Management Fee for 115-
Property
4/15/2011
6/30/2014
SPM Properties, Inc.
Property management for multi -tenant
Downtown Project
4,266
N
4,266
$ 4,266
125 Hartz Avenue
Maintenance
commercial property owned by
Area
Successor Agency located at 115-125
Hartz Avenue. Monthly fee per
contract equal to 3.5% of gross rental
income for that month
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(1), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A
B
C
D
E I
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
RPTTF
Bonds Issued
Bonds Issued
Prior ROPS period
distributed as
Rent,
on or before
on or after
balances and DDR
reserve for next
Grants,
Non -Admin and
Cash Balance Information by ROPS Period
12/31/10
01/01/11
balances retained
bond payment
Interest, Etc.
Admin
Comments
ROPS 13-14A Actuals (07/01/13 -12/31/13)
1
Beginning Available Cash Balance (Actual 07/01113)
The $374,965 in Column C represents bond
Note that for the RPTTF, 1 + 2 should tie to columns J and O in the Report of Prior Period Adjustments (PPAs)
reserves required by the bond indenture and
approved during the LIMH DDR review -see DOF
determination letter of 10/28/13 for ROPS 13-14B
addressing this reserve amount. The $28,665 in
Column E represents ROPS 11 unused balance.
The $243,290 in Column G represents $242,898
in fund balance rental income from property
owned by the Successor Agency plus $392 in
374,965
28,665
243,290
interest earnings.
2
Revenue/Income (Actual 12/31/13)
The $121,913 in Column G represents $4,263 in
Note that the RPTTF amounts should tie to the ROPS 13-14A distribution from the County Auditor -Controller during June 2013
rental income used to pay Enforceable Obligation
#5 (SPM Management), $219 in allocated
interest earnings and $117,431 in additional
rental income received from property owned by
the Successor Agency during the six month
121,913
777,601
period.
3
Expenditures for ROPS 13-14A Enforceable Obligations (Actual 12/31/13)
Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the Report of PPAs
The $4,263 in Column G represents rental
income used to pay Enforceable Obligation #5
4,263
777,601
(SPM Management).
4
Retention of Available Cash Balance (Actual 12131/13)
Note that the RPTTF amount should only include the retention of reserves for debt service approved in ROPS 13-14A
The $374,965 in Column C represents bond
reserves required by the bond indenture and
approved during the LIMH DDR review -see DOF
determination letter of 10/28/13 for ROPS 13-14B
addressing this reserve amount. The $28,665 in
374,965
28,665
360,940
Column E represents ROPS II unused balance.
5
ROPS 13-14A RPTTF Prior Period Adjustment
Note that the RPTTF amount should tie to column S in the Report of PPAs.
No entry required
6
Ending Actual Available Cash Balance
CtoG=(1+2-3-4),H=(1+2-3-4-5)
$
$ _
$
$
$
$
ROPS 13-14B Estimate (01/01/14 - 06/30/14)
7
Beginning Available Cash Balance (Actual 01/01/14)
reserves required by the bond indenture and
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
$ 374,965
$
$ 28,665
$
$ 360,940
$
approved during the LIMH DDR review -see DOF
8
Revenue/income (Estimate 06/30/14)
The $112,266 in Column G represents estimated
Note that the RPTTF amounts should tie to the ROPS 13-14B distribution from the County Auditor -Controller during January 2014
rental revenue to be received during the six
month period, of which $4,266 is to be used to
pay for Enforceable Obligation #5 (SPM
-
112,266
543,883
Management).
9
Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14)
-
28,665
4,266
543,883
10
Retention of Available Cash Balance (Estimate 06/30/14)
reserves required by the bond indenture and
Note that the RPTTF amounts may include the retention of reserves for debt service approved in ROPS 13-14B
approved during the LIMH DDR review -see DOF
374,965
-
108,000
-
determination letter of 10/28/13 for ROPS 13-14B
11
Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
$ -
$
$
$
$ 360,940
$
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments
Reported for the ROPS 13-14A (July 1. 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts :n Whole Dollars)
ROPS 13-14A CAC PPA: To be completed by the CAC upon submittal of the ROPS 1415A by the SA to Finance and
ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period The amount of
the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which they
Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA's self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit by
calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be entered
the county auditor-controller (CAC) and the State Controller
as a lump sum.
A
B
I C
D
E
F
G
H
i
J
K
L
M
N
O
P
O
R
S
T
U
V
W
X
Y
z
AA
AB
Non-RPTTF Expenditures
RPTTF Expenditures
RPTTF
Expenditures
Net CAC Non -
Net SA Non-Admin
Admin and Admin
and Admin PPA
PPA
(Amount Used to
(Amount Used to
Offset ROPS 14A5A
Offset ROPS 14-15A
Bond Proceeds
Reserve Balance
Other Funds
Non-Admin
Admin
Requested RPTTF)
Non-Admin CAC
Admin CAC
Requested RPTTF)
Available
Available Difference
RPTTF
RPTTF (If total actual
CROPS 13-14A
Difference
(ROPS 13-14A ceeds total
distnbutetl +all other Net Lesser of
(if K is less than L,
distributed + all other Net Lesser of authorized, the
Net Lesser of
Net Lesser of
Item#
Project Name /
Debt Obligation
Authorized
Actual
Authorized Actual
Authorized Actual
.—I "eas of Authorized /
Authorized a 07/1/13) Available Actual
the difference is
zero)
vailable as of Authorized / total difference is
Authorized a 07/1/13) Available Actual sero)
Net Difference
(M+R)
SA Comments
Authorized /
Available Actual Difference
Authorized /
Available Actual Difference
Net Difference
CAC Comment.
$ -
$ -
$ - $ -
$ 4,263 $ 4,263
$ 681626 S 681,626 $ 681626 $ 681,626
$ -
$ 95,975 5 95,975 5 95,975 S 95,975 S -
$
$
$ -
$ -
1
2001 Certificates of
348,438 348,438 $ 348,438 348.438
$
$
2
20D1 Taxable
228,880 228.880 $ 228,880 228,880
$
$
3
20D5 Certificates of
-
- -
- -
104,308 104,308 $ 104,308 104,308
$ -
$
Part PationlRelmbu
me n, Agreement
4
Successor Agency
- -
- $ -
$
$
Administrative Costs
5
Property
-
- -
4,263 4,263
- $ -
S
Management Fee for
115-125 Harp
Avert
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SUCCESSOR AGENCY TO THE FORMER COMMUNITY DEVELOPMENT
AGENCY OF THE TOWN OF DANVILLE
ADMINISTRATIVE BUDGET
7/1/14-12/31/14
Budget Item Purpose
Chandler Asset Investment management fees (part
Management of pooled funds)
Contra Costa County Property Tax and Sewer charge (115 -
Tax Collector 125 Hartz Avenue)
Pun & McGeady
Goldfarb & Lipman
Chapman & Associates
Town of Danville
Staff/Overhead Costs
Total Budget
Financial audit for Successor
Agency
Legal Counsel to Successor Agency
for dissolution/wind down issues
Real Property Appraisals for
Disposition of property consistent
with approved LRPMP
Town staff and overhead costs
necessary to administer Successor
Agency duties related to dissolution
and wind down
Estimated Cost
$200
$2,000
$2,000
$5,000
$5,000
$70,000
$84,200
Exhibit 2