HomeMy WebLinkAbout2024-01-09 - AGENDA REPORTS - FY 2024 25 ROPS SUBMITTAL DEPT FINO
Agenda Item: 5
1. CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
14)
CITY MANAGER APPROVAL: '
DATE: January 9, 2024
SUBJECT: FISCAL YEAR 2024-25 RECOGNIZED OBLIGATION PAYMENT
SCHEDULE 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 2024-25 Recognized Obligation Payments Schedule
(ROPS) 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 the 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 ROPS covering the period July 1, 2016, to June 30,
2017, and thereafter, successor agencies shall submit an Oversight Board approved annual ROPS
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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 2024-25 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 $5,149,146 as outlined in the ROPS: debt service ($3,757,564), debt related expenses
($5,566), and loan repayment to the City ($1,386,016). With the estimated loan repayment to the
City of $1,386,016, the Successor Agency's outstanding loan balance as of June 30, 2025, is
anticipated to be $13,901,006.
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 $5,149,146
as outlined in the ROPS: debt service ($3,757,564), debt related expenses ($5,566), and loan
repayment to the City ($1,386,016).
ATTACHMENTS
Resolution
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RESOLUTION SA 24-
RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR
2024-25 RECOGNIZED OBLIGATION PAYMENTS SCHEDULE (ROPS)
WHEREAS, pursuant to AB X1 26, enacted on June 28, 2011, and as subsequently
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amended by AB 1484, SB 341, and SB 107 ('Dissolution Act"), the Redevelopment Agency to
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the City of Santa Clarita was dissolved as of February 1, 2012, and the City of Santa Clarita
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elected to serve as the Successor Agency to the former Redevelopment Agency to the City of
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Santa Clarita; and
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WHEREAS, pursuant to Health and Safety Code Section 34179 (q), commencing on and
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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
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supervisorial districts; and
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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 9, 2024.
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.
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5.a
PASSED, APPROVED, AND ADOPTED this 9th day of January 2024.
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 24- 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 9th day of January 2024, by the
following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
SECRETARY
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5.a
Exhibit A
Recognized Obligation Payment Schedule (ROPS 24-25) - Summary
Filed for the July 1, 2024 through June 30, 2025 Period
Successor Agency: Santa Clarita
County: Los Angeles
Current Period Requested Funding for Enforceable 24-25A Total 24-25B Total ROPS 24-25
Obligations (ROPS Detail) December) (January
Total
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.
$ 1,593,021 $ 4,892 $ 1,597,913
1,593,021 - 1,593,021
- 4,892 4,892
$ 1,389,199 $ 2,162,034 $ 3,551,233
1,389,199 2,162,034 3,551,233
$ 2,982,220 $ 2,166,926 $ 5,149,146
Name Title
/s/
Signature Date
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5.a
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes
July 1, 2024 through June 30, 2025
Item # I Notes/Comments
46 :Amount was calculated using Loan Repayment Calculator based on ROPS 23-24A and ROPS 23-24B
:Actual Residuals. [23-24A Residual = $2,563,194.08] [23-24B Residual = $208,836.98] [Total
:$2,772,031/2 = $1,386,016.
..............................<........................................................................................................................................................................................................................................................................................................................
52 Debt service for the calendar year2025 is claimed on the 24-25B 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.
..............................:........................................................................................................................................................................................................................................................................................................................
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