HomeMy WebLinkAbout2023-01-10 - AGENDA REPORTS - APPROVAL FY 2023 24 ROPSO
Agenda Item: 6
1. CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
CITY MANAGER APPROVAL: �1 A11�44-1)
DATE: January 10, 2023
SUBJECT: APPROVAL OF FISCAL YEAR 2023-24 RECOGNIZED
OBLIGATION PAYMENT SCHEDULE (ROPS) FOR SUBMITTAL
TO THE DEPARTMENT OF FINANCE
DEPARTMENT: Administrative Services
PRESENTER: Brittany Houston
RECOMMENDED ACTION
City Council acting as the Successor Agency to the former Redevelopment Agency adopt a
resolution approving the Fiscal Year 2023-24 Recognized Obligation Payments Schedule for
submittal to the Department of Finance.
BACKGROUND
The Redevelopment Agency (RDA) of the City of Santa Clarita (City) was activated by the City
Council on November 28, 1989, pursuant to the Community Redevelopment Law. At the time of
its establishment, the City Council declared itself to be the governing board of the RDA. As a
result of AB X1 26 and decision of the State Supreme Court, as of February 1, 2012, all
redevelopment agencies in the State, including the City's RDA, were dissolved, and successor
agencies were designated as successor entities to the former redevelopment agencies to
expeditiously wind down the affairs of the former redevelopment agencies. On January 24, 2012,
pursuant to Resolution No. 12-3 and Section 34173 of the Dissolution Act, the City Council
elected to serve as the successor agency to the RDA. Section 34173(g) of the Dissolution Act,
added by AB 1484, expressly affirms that the Successor Agency is a separate public entity from
the City, that the two entities will not merge, and that the liabilities of the RDA will not be
transferred to the City nor will the assets of the RDA become assets of the City.
The Dissolution Act requires successor agencies to prepare a Recognized Obligation Payment
Schedule (ROPS) detailing the enforceable obligations of the successor agency and the source of
funds to be used to pay for each enforceable obligation. Pursuant to Health and Safety Code
Section 34177 (o)(1), commencing with the Recognized Obligation Payments Schedule (ROPS)
covering the period July 1, 2016, to June 30, 2017, and thereafter, successor agencies shall
Page 1
Packet Pg. 33
O
submit an Oversight Board approved annual ROPS to the Department of Finance and the County
Auditor -Controller by February 1, 2016, and each February 1 thereafter.
During the January 2021 Los Angeles County Fifth Supervisory District Consolidated Oversight
Board Meeting, the Oversight Board requested the City Council acting as the Successor Agency
to the former Redevelopment Agency (Successor Agency Board) approve the annual ROPS prior
to its submittal to the Oversight Board. Upon Successor Agency Board approval of the Fiscal
Year 2023-24 ROPS, the ROPS will be reviewed and approved by the Oversight Board. Once
approved by the Oversight Board, the ROPS will be submitted to the Department of Finance and
County Auditor -Controller to allow the Successor Agency to pay for enforceable obligations
totaling $4,537,897 as outlined in the ROPS: debt service ($3,728,690), debt related expenses
($5,473), and loan repayment to the City ($803,734). With the estimated loan repayment to the
City of $803,734, the Successor Agency's outstanding loan balance as of June 30, 2024, is
anticipated to be $15,059,877.
ALTERNATIVE ACTION
No alternative action recommended as an approved ROPS is a requirement of the Department of
Finance.
FISCAL IMPACT
Approval will allow the Successor Agency to pay for enforceable obligations totaling $4,537,897
as outlined in the ROPS: debt service ($3,728,690), debt related expenses ($5,473), and loan
repayment to the City ($803,734).
ATTACHMENTS
Resolution
Page 2
Packet Pg. 34
6.a
RESOLUTION SA 23-
RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR
2023-24 RECOGNIZED OBLIGATION PAYMENTS SCHEDULE (ROPS)
U-
O
0
WHEREAS, pursuant to ABx 126, enacted on June 28, 2011, and as subsequently o
z
amended by AB 1484, SB 341, and SB 107 ('Dissolution Act"), the Redevelopment Agency to Q
ca
the City of Santa Clarita was dissolved as of February 1, 2012, and the City of Santa Clarita p
elected to serve as the Successor Agency to the former Redevelopment Agency to the City of o
Santa Clarita; and
WHEREAS, pursuant to Health and Safety Code Section 34179 (q), commencing on and
after July 1, 2018, the County of Los Angeles, where more than 40 oversight boards were created
by the Dissolution Act, shall have five consolidated oversight boards each encompassing the five
supervisorial districts; and
WHEREAS, the Fifth Supervisorial District Consolidated Oversight Board ("5th District
Consolidated Oversight Board") has jurisdiction over the Successor Agency of the Former
Redevelopment Agency to the City of Santa Clarita; and
WHEREAS, the Governing Board of the Successor Agency to the Redevelopment
Agency of the City of Santa Clarita held a regular meeting on January loth, 2023.
NOW, THEREFORE, the Governing Board of the Successor Agency to the
Redevelopment Agency of the City of Santa Clarita, California, does hereby resolve as follows
SECTION 1. The Governing Board of the Successor Agency to the Redevelopment
Agency of the City of Santa Clarita hereby approves the Successor Agency's Recognized
Obligation Payment Schedule (ROPS), attached hereto as Exhibit "A."
SECTION 2. The Secretary of the Successor Agency to the Redevelopment Agency of
the City of Santa Clarita shall certify the adoption of this resolution.
SECTION 3. The Successor Agency's officials and staff are hereby authorized and
directed to transmit this resolution and take all other necessary and appropriate actions as
required by law in order to effectuate its purposes.
Page 1 of 2 Packet Pg. 35
6.a
PASSED, APPROVED, AND ADOPTED this loth day of January 2023.
CHAIR
ATTEST:
SECRETARY
DATE:
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, Secretary of the Successor Agency to the Redevelopment Agency of the
City of Santa Clarita do hereby certify that the foregoing Resolution No. SA 23- was duly
adopted by the Governing Board of the Successor Agency to the Redevelopment Agency of the
City of Santa Clarita at a regular meeting thereof, held on the loth day of January 2023, by the
following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
SECRETARY
Page 2 of 2 Packet Pg. 36
Moil 01MI
6.a
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary
Filed for the July 1, 2023 through June 30, 2024 Period
Successor Agency: Santa Clarita
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
A Enforceable Obligations Funded as Follows (B+C+D)
B Bond Proceeds
C Reserve Balance
D Other Funds
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G
F RPTTF
G Administrative RPTTF
H Current Period Enforceable Obligations (A+E)
Certification of Oversight Board Chairman:
Pursuant to Section 34177 (o) of the Health and Safety
code, I hereby certify that the above is a true and
accurate Recognized Obligation Payment Schedule for
the above named successor agency.
23-24A Total 23-24B Total E
(July - (January - ROPS 23-24 0
December) June) Total Z
$ 1,572,647 $ 4,231 $ 1,576,87E m
O
- - O
1,572,647 - 1,572,647
Q
- 4,231 4,231
$ 806,824 $ 2,154,195 $ 2,961,019 m
806,824 2,154,195 2,961,01 c c=n
- - O
U-
$ 2,379,471 $ 2,158,426 $ 4,537,897 a
O
v
N
M
N
O
N
Name Title >-
w
O
W
a
/s/ a
Signature Dat(
N
C
O
.N
C
O
3
O
N
d
r
C
d
E
L
v
to
r
r
Q
Packet Pg. 37
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail
July 1, 2023 through June 30, 2024
A
B
C
D
E
F
G
H
I
J
K
L M I N 1 O 1 P
Q
R I S I T I U V
W
ROPS 23-24A (Jul -Dec)
ROPS 23-24B (Jan -Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
23-24A
23-24B
Fund Sources
Fund Sources
#
project Name
Type
Execution
Termination
Payee
Description
Area
Outstanding
Retired
23-24
Total
Total
Date
Date
Obligation
Total
Bond
Reserve
Other
RPTTF
Admin
Bond
Reserve
Other
RPTTF
Admin
Proceeds
Balance
Funds
RPTTF
Proceeds
Balance
Funds
RPTTF
$55,830,945
$4,537,897
$-
$1,572,647
$-
$806,824
$-
$2,379,471
$-
$-
$4,231
$2,154,195
$-
$2,158,426
46
Reinstatement
City/County
02/24/
07/08/2043
City of
Repayment of
Newhall
15,059,877
N
$803,734
803,734
-
$803,734
-
$-
of loans made
Loan (Prior
2015
Santa
loans made to
by the City to
06/28/11),
Clarita
former RDA by
the former
Cash
the City of
RDA
exchange
Santa Clarita.
52
Series 2017
Refunding
02/02/
10/01/2042
Bank of
Advance
40,765,595
N
$3,728,690
1,572,647
$1,572,647
4,231
2,151,812
$2,156,043
Tax Allocation
Bonds
2017
New York
Refunded: 1)
Refunding
Issued After
Tax Allocation
Bonds
6/27/12
Bonds Series
2008 (bonds
issued to fund
redevelopment
projects) and
2) Housing
Set -Aside Tax
Allocation
Bonds Series
2008 (bonds
issued to fund
low and
moderate
income
housing
projects and
programs)
53
Annual
Professional
07/01/
06/30/2024
Bank of
Bonds issued
2,050
N
$2,050
$-
2,050
$2,050
Trustee Fee
Services
2023
New York
to fund
for Series
redevelopment
2017 Tax
projects and
Allocation
low and
Bond
moderate
income
housing
projects and
programs
54
Continuing
Professional
05/26/
05/25/2024
Digital
Continuing
333
N
$333
$-
333
$333
Disclosure/
Services
2023
Assurance
disclosure/
Post Issuance
Certification
post issuance
Compliance
LLC
compliance
for Series
2017 Tax
Allocation
Refunding
Attachment: Resolution [Revision 2] (APPROVE FY 2023-24 ROPS FOR SUBMITTAL TO OB AND DOF)
A
B
C
D
E
F
G
H
I
J
K
L M I N 1 O 1 P
Q
R I S I T I U V
W
ROPS 23-24A (Jul - Dec)
ROPS 23-24B (Jan -Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
23-24A
23-24B
Fund Sources
Fund Sources
#
Project Name
Type
Execution
Termination
Payee
Description
Area
Outstanding
Retired
23-24
Total
Total
Date
Date
Obligation
Total
Bond
Reserve
Other
RPTTF
Admin
Bond
Reserve
Other
RPTTF
Admin
Proceeds
Balance
Funds
RPTTF
Proceeds
Balance
Funds
RPTTF
Bonds
55
Auditing
Fees
07/01/
06/30/2024
The Pun
Auditing
3,090
N
$3,090
3,090
-
$3,090
$-
Services
2023
Group, LLP
services for
Fiscal Year
2022-2023.
Attachment: Resolution [Revision 2] (APPROVE FY 2023-24 ROPS FOR SUBMITTAL TO OB AND DOF)
H
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances
July 1, 2020 through June 30, 2021
(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
F
G
H
Fund Sources
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Prior ROPS
ROPS 20-21 Cash Balances
RPTTF and
Comments
(07101/20 - 06/30/21)
Bonds issued
Bonds issued
Reserve
Rent, grants,
Non-Admin
on or before
on or after
Balances retained
interest, etc.
and Admin
12/31/10
01/01/11
for future
period(s)
1
Beginning Available Cash Balance (Actual 07/01/20)
885,507
12,896
6,792
E1: Reserve from 20/21 ROPS. F1: Prior year
RPTTF amount should exclude "A" period distribution
cash balance. G1: 17/18 PPA ROPS 20/21:
amount.
$2,422 +18/19 PPA ROPS 21/22: $2,360 +19/
20 PPA ROPS 22/23: $2,010 = $6,792
2
Revenue/Income (Actual 06/30/21)
4,231
2,849,590
F2: Includes interest income. G2: 20/21A
RPTTF amount should tie to the ROPS 20-21 total
Distribution $1,004,823 20/21 B Distribution
distribution from the County Auditor -Controller
$1,844,767=$2,849,590
3
Expenditures for ROPS 20-21 Enforceable Obligations
885,507
2,756
1,640,195
Line 3 matches 20-21 PPA form actuals, less
(Actual 06130/21)
reserve of $1,209,012. Reserve included in
G4.
4
Retention of Available Cash Balance (Actual 06/30121)
14,371
1,213,382
F4: $4,120 authorized for use on FY21/22
RPTTF amount retained should only include the amounts
ROPS $6,020 authorized for use on FY22/23
distributed as reserve for future period(s)
ROPS $4,231 authorized for use on FY23/24
ROPS=$14,371 Retained for Future Use G4:
$1,209,012 Reserve +$ 2,360 18/19 PPA
ROPS 21/22 +$ 2,010 19/20 PPA ROPS 22/
23=$1,213,382 Retention of Available Cash
Balance
Attachment: Resolution [Revision 2] (APPROVE FY 2023-24 ROPS FOR SUBMITTAL TO OB AND DOF)
H
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
F
G
H
Fund Sources
Bond Proceeds
Reserve Balance
Other Funds
RPTTF
Prior ROPS
ROPS 20-21 Cash Balances
RPTTF and
Comments
(07/01/20 - 06/30/21)
Bonds issued
Bonds issued
Reserve
Rent, grants,
Non-Admin
on or before
on or after
Balances retained
interest, etc.
and Admin
12/31/10
01/01/11
for future
period(s)
5
ROPS 20-21 RPTTF Prior Period Adjustment
No entry required
2,805
Matches 20/21 PPA Form
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
6
Ending Actual Available Cash Balance (06/30/21)
$-
$-$-
C toF=(1+2-3-4),G=(1+2-3-4-5)
Attachment: Resolution [Revision 2] (APPROVE FY 2023-24 ROPS FOR SUBMITTAL TO OB AND DOF)
H
6.a
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes
July 1, 2023 through June 30, 2024
Item # Notes/Comments
46 Amount was calculated using Loan Repayment Calculator based on ROPS 22-23A and ROPS 22-23B
Actual Residuals. [22-23A residual: $1,074,612.59] [22-23B residual: $532,855.23] [Total: $1,607,468 /
2 = $803,7341
..................................:...........................................................................................................................................................................................................................................................................................................................................................
52 Debt service for calendar year 2024 is claimed on the 23-24B ROPS to comply with the bond
covenant: Page 18 of the Official Statement states: "...the Successor Agency has covenanted to
submit an Oversight Board approved Recognized Obligation Payment Schedule to the State
Department of Finance and to the County Auditor -Controller, which shall include all scheduled interest,
principal and mandatory sinking fund payments that are due and payable on all Bonds and Parity
Bonds of the Successor Agency during the next ensuing calendar year, together with any amount
required to replenish the Reserve Fund, and any amounts due and owing to the Insurer under the
Indenture."
53
..................................:...........................................................................................................................................................................................................................................................................................................................................................
54
55
E
O
0
0
z
Q
m
O
O
J
Q
m
O
LL
Cn
a
O
v
N
co
N
O
N
LL
LU
O
a
a
Q
Packet Pg. 42