HomeMy WebLinkAbout2025-01-14 - AGENDA REPORTS - FY 2025 26 RECOGNIZED OBLIGATION PAYMENTSO
Agenda Item: 8
CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR
CITY MANAGER APPROVAL: Lj
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DATE: January 14, 2025
SUBJECT: FISCAL YEAR 2025-26 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 2025-26 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 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 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
(HSC) 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
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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 in
addition to the Oversight Board. Upon Successor Agency and Oversight Board approval of the
Fiscal Year 2025-26 ROPS, 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 $4,971,191 as outlined in the ROPS; debt service ($3,787,316); debt related expenses
($5,556) and loan repayment to the City ($1,178,320). With the estimated loan repayment to the
City of $1,178,320, the Successor Agency's outstanding loan balance as of June 30, 2026, is
anticipated to be $12,914,480.
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 $4,971,191
as outlined in the ROPS: debt service ($3,787,316), debt related expenses ($5,556), and loan
repayment to the City ($1,178,320).
ATTACHMENTS
Resolution
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RESOLUTION SA 25-
RESOLUTION OF THE GOVERNING BOARD OF THE SUCCESSOR
AGENCY TO THE REDEVELOPMENT AGENCY OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING THE FISCAL YEAR
2025-26 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 the
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City of Santa Clarita was dissolved as of February 1, 2012, and the City of Santa Clarita elected
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to serve as the Successor Agency to the former Redevelopment Agency to the City of Santa
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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
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 14, 2025.
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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PASSED, APPROVED, AND ADOPTED this 14th day of January 2025.
CHAIR
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SECRETARY ~
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DATE: S
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 25- 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 14th day of January 2025, by the
following vote:
AYES: BOARDMEMBERS:
NOES: BOARDMEMBERS:
ABSENT: BOARDMEMBERS:
SECRETARY
Page 2 of 2 Packet Pg. 49
Exhibit A
8.a
Recognized Obligation Payment Schedule (ROPS 25-26) - Summary
Filed for the July 1, 2025 through June 30, 2026 Period
Successor Agency: Santa Clarita
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total 25-26B Total ROPS 25-26
(July - (January - Total
December) June) U-
A Enforceable Obligations Funded as Follows (B+C+D)
$ 1,627,271
$ 8,827
$ 1,636,098
0
B Bond Proceeds
0
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-
-
C Reserve Balance
1,627,271
-
1,627,271
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D Other Funds
-
8,827
8,827
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E Redevelopment Property Tax Trust Fund (RPTTF) (F+G)
$ 1,181,599
$ 2,153,495
$ 3,335,094
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F RPTTF
1,181,599
2,153,495
3,335,094
G Administrative RPTTF
-
-
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H Current Period Enforceable Obligations (A+E) $ 2,808,870 $ 2,162,322 $ 4,971,192 cn
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.
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8.a
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 25-26) - ROPS Detail
July 1, 2025 through June 30, 2026
A
B
C
D
E
F
G
H
I
J
K
L M I N 1 O P
Q
R I S I T I U V
W
ROPS 25-26A (Jul - Dec)
ROPS 25-26B (Jan - Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
25-26A
25-26B
Fund Sources
Fund Sources
#
project Name
Type
Execution
Termination
Payee
Description
Area
Outstanding
Retired
25-26
Total
Total
Date
Date
Obligation
Total
Bond
Reserve
Other
RPTTF
Admin
Bond
Reserve
Other
RPTTF
Admin
Proceeds
Balance
Funds
RPTTF
Proceeds
Balance
Funds
RPTTF
$49,391,544
$4,971,192
$-
$1,627,271
$-
$1,181,599
$-
$2,808,870
$-
$-
$8,827
$2,153,495
$-
2,162,322
46
Reinstatement
City/County
02/24/
07/08/2043
City of
Repayment of
Newhall
12,914,480
N
$1,178,320
1,178,320
$1,178,320
-
$-
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
36,471,508
N
$3,787,316
1,627,271
1
$1,627,272
8,827
2,151,217
$2,160,044
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/
06/30/2026
Bank of
Bonds issued
2,000
N
$2,000
$-
2,000
$2,000
Trustee Fee
Services
2025
New York
to fund
for Series
redevelopment
2017 Tax
projects and
Allocation
low and
Bond
moderate
income
housing
projects and
programs
54
Continuing
Professional
07/01/
06/30/2026
Digital
Continuing
278
N
$278
$-
278
$278
Disclosure/
Services
2025
Assurance
disclosure/
Post Issuance
Certification
post issuance
Compliance
LLC
compliance
for Series
2017 Tax
Allocation
Refunding
Bonds
Packet Pg. 51
8.a
A
B
C
D
E
F
G
H
I
J
K
L M I N 1 O P
Q
R I S I T I U V
W
ROPS 25-26A (Jul - Dec)
ROPS 25-26B (Jan - Jun)
Item
Obligation
Agreement
Agreement
Project
Total
ROPS
25-26A
25-26B
Fund Sources
Fund Sources
#
project Name
Type
Execution
Termination
Payee
Description
Area
Outstanding
Retired
25-26
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
Auditing
Fees
07/01/
06/30/2026
The Pun
Auditing
3,278
N
$3,278
3,278
-
$3,278
$-
Services
2025
Group, LLP
services for
Fiscal Year
2024-2025.
Packet Pg. 52
8.a
Santa Clarita
Recognized Obligation Payment Schedule (ROPS 25-26) - Report of Cash Balances
July 1, 2022 through June 30, 2023
(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 22-23 Cash Balances
RPTTF and
Comments
(07/01/22 - 06/30/23)
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 07/01/22)
892,575
10,165
"E1: Figure should match reserve on 22-23
RPTTF amount should exclude "A" period distribution
ROPS . F1: Prior year cash balance. G1: 19/
amount.
20 PPA ROPS 22-23:$2,010 20/21 PPA
ROPS 23-24: $455 21/22 PPA ROPS 24-25:
$7,700"
2
Revenue/Income (Actual 06/30/23)
8,827
3,609,350
72: Should match current year interest
RPTTF amount should tie to the ROPS 22-23 total
income. G2: Should match 22-23A
distribution from the County Auditor -Controller
($1,452,668) +22-23B ($2,156,682)
Distribution."
3
Expenditures for ROPS 22-23 Enforceable Obligations
892,575
6,020
2,036,548
This line matches 22-23 PPA Form actuals,
(Actual 06/30/23)
LESS reserve of $1,572,647.12 (which is
included in G4 line).
4
Retention of Available Cash Balance (Actual 06/30/23)
2,807
1,580,802
"G4: $1,572,647.12 Reserve 23/24 ROPS 20/
RPTTF amount retained should only include the amounts
21 PPA ROPS 23-24:$455; 21/22 PPA ROPS
distributed as reserve for future period(s)
24-25:$7,700"
5
ROPS 22-23 RPTTF Prior Period Adjustment
No entry required
2,165
RPTTF amount should tie to the Agency's ROPS 22-23 PPA
form submitted to the CAC
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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 22-23 Cash Balances
RPTTF and
Comments
(07/01/22 - 06/30/23)
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)
6
Ending Actual Available Cash Balance (06/30/23)
$-
$-
$-
$-
$-
C toF=(1+2-3-4),G=(1+2-3-4-5)
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Santa Clarita
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes
July 1, 2025 through June 30, 2026
Item # Notes/Comments
46 :Amount was calculated using Loan Repayment Calculator based on ROPS 24-25A and ROPS 24-25B
:Actual Residuals. 24-25A residual: $1,994,426.07 24-25B residual: $362,212.93 Total: $ / 2 =
$1,178,320
..................................:...........................................................................................................................................................................................................................................................................................................................................................
52 Debt service for calendar year 2026 is claimed on the 25-26B 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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