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r-536Redevelopment Agency Meeting 1 -24 -12 Santa Monica, California RESOLUTION NUMBER 536 (RAS) RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA APPROVING AND ADOPTING THE AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE WHEREAS, pursuant to the California Community Redevelopment Law (Health and Safety Code Section 33000 et seq.) (the 'Redevelopment Law "), the City Council of the City of Santa Monica (the "Council') adopted the Earthquake Recovery Redevelopment Project by Ordinance No. 1747 (CCS) on June 21, 1994, the Downtown Redevelopment Project by Ordinance No. 1021 (CCS) on January 13, 1976, the Ocean Park 1A Project by Ordinance No. 497 (CCS) on June 30, 1960, and the Ocean Park 1B Project by Ordinance No. 516 (CCS) on January 24, 1961 (collectively the "Redevelopment Plans "); and WHEREAS, the Redevelopment Agency of the City of Santa Monica (the "Agency") is responsible for implementing the Redevelopment Plans pursuant to the Redevelopment Law; and WHEREAS, the California Legislature adopted, and the Governor signed, ABX1 26 (AB 26) and ABX1 27 (AB 27) into law; and WHEREAS, in July 2011, California Redevelopment Agency v. Matosantos was filed in the California Supreme Court, challenging the constitutionality of ABX1 26 and ABX1 27, and on December 29, 2011, the Supreme Court issued its opinion in Matosantos, upholding ABx1 26 and exercising its power of reformation to revise and extend each effective date or deadline for performance of an obligation in part 1.85 of division 24 of the Redevelopment Law, and invalidating ABx1 27; and, WHEREAS, on August 23, 2011, pursuant to Section 34169(g) of the Redevelopment Law, the Agency approved and adopted by Resolution No. 533 (RAS) the Enforceable Obligation Payment Schedule to address the time period between August through December, 2011; and, WHEREAS, Section 34177(a)(1) of the Redevelopment Law, as reformed by the California Supreme Court in Matosantos, provides that on or after February 1, 2012, and until a Recognized Obligation Payment Schedule becomes operative, only payments required pursuant to an enforceable obligations payment schedule shall be made; and, WHEREAS, the Agency has prepared an amended Enforceable Obligation Payment Schedule to address the time period between January 1, 2012 and June 30, 2012, attached as Exhibit 1 to this Resolution, and which sets forth all of the obligations which the Agency has determined are enforceable obligations under the Redevelopment Law: and WHEREAS, the Agency does not intend, by adoption of this Resolution, to waive any constitutional and /or legal rights by virtue of the adoption of this Resolution and, therefore, reserves all of its rights under Laws to challenge the validity of any or all provisions of AB 26 in any administrative or judicial proceeding and /or repeal this resolution, without prejudice to the City's right to perform and enforce its enforceable obligations; and 'r: WHEREAS, under Title 14 of the California Code of Regulations, Section 15061(b)(3), the approval of the amended Enforceable Obligation Payment Schedule is exempt from the requirements of the California Environmental Quality Act ( "CEQA "), in that it is not a project as the adoption of the amended Enforceable Obligation Payment Schedule will not have the potential of causing a significant environmental effect and it can be seen with certainty that there is no possibility that the adoption of the amended Enforceable Obligation Payment Schedule will have any significant effect on the environment; and WHEREAS, the Agency Board has reviewed and duly considered the amended Enforceable Obligation Payment Schedule attached as Exhibit 1, documents, and other written evidence presented at the meeting. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA DOES RESOLVE AS FOLLOWS: SECTION 1. The Agency hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. The Agency hereby approves and adopts the amended Enforceable Obligation Payment Schedule attached as Exhibit 1. SECTION 3. The Agency Board authorizes the Agency's Executive Director or the Executive Director's designee to: (1) Post the Enforceable Obligation Payment Schedule on the Agency's and City's Website. 3 (2) Designate an Agency representative to whom all questions related to the Enforceable Obligation Payment Schedule can be directed. (3) Transmit the Enforceable Obligation Payment Schedule by mail or electronic means to the Los Angeles County Auditor - Controller, the State Controller, and the State Department of Finance. (4) Take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution and to implement the Enforceable Obligation Payment Schedule on behalf of the Agency. SECTION 4. The Secretary of the Agency shall certify the adoption of this Resolution and thenceforth and thereafter the same shall be in full force and effect. APPROVED AS TO FORM: MAR HA JON S OUTRIE Agency Counse 0 Exhibit 1 The Redevelopment Agency of the City of Santa Monica All Project Areas - AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Six Months Ended June 30, 2012 Per AB 26 Page 1 of 3 Payments by month Project Name! Debt Obligation Project Area Payee Description Jan Feb March April May June Total 1) Arizona and 4th Notes Earthquake Spurgin at al Property acquisition 1,697,440.00 - - - - - 1,697,440.00 Payable 2) Wells Fargo Term Loan Earthquake Wells Fargo Public uses, including affordable 4,363,807.00 81,096.42 81,096.42 81,096.42 81,096.42 4,438,696.42 9,127,089.10 housing 3) 2011 Earthquake RDA Earthquake Union Bank Public uses, including affordable 1,131,000.00 - - - - 1,131,000.00 2,262,000,00 Bonds housin 4) 2011 Earthquake RDA Earthquake Union 2D11 Earthquake RDA Bonds - 565,500.00 - - - - - 565,500.00 Bonds Reserves Bank/Reserves Reserves 5) 2006 Earthquake RDA Earthquake Mellon Bank Property acquisition and improvements 1,113,646.88 - - - - 1,113,646.86 2,227,293.76 Series A Bonds 5) 2006 Earthquake RDA Earthquake Mellon Bank Property acquisition and improvements 110,137.50 - - - - 2,115,137.50 2,225,275.00 Series B Bonds 7) 2006 Earthquake Bond Earthquake Mellon 2006 Earthquake RDA Series A 556,823.44 - - - - - 556,823.44 Payment Reserves Bank/Reserves Reserves 8) 2006 Earthquake Bond Earthquake Mellon 2006 Earthquake RDA Series B Bond 556,318.75 - - - - - 556,318.75 Payment Reserves Bank/Reserves Reserves 9) 2002 Ocean Park Bonds Ocean Park Mellon Bank Property acquisition and development, 249,005.00 - - - - 1,499,005.00 1,748,010.00 including affordable housing 10) 2002 Ocean Park Bond Ocean Park Mellon 2002 Earthquake RDA Bonds 1,695,919.00 - - - - - 1,695,919.00 Pa ment Reserves Bank/Reserves Reserves Per Indenture 11) Bank of America Line of Earthquake Bank ofAmenca Affordable Housing Development 2,300,000.00 - - - - 2,300,000.00 4,600,000.00 Credit 12) Civic Center Joint Use Earthquake Santa Monica Civic Center Joint Use Project - 5,849,344.OD - - - 5,865,000.00 11,714,344.00 Agreement Malibu School District 13) Promissory Notes: 2003 Earthquake Parking Authority Promissory Note 2,549,837.50. - - - - - 2,549,837.50 Parking Structures 1-6 Acquisition 14) Promissory Notes: 2003 Earthquake Parking Authority Promissory Note B 1,120,600.00 - - - - - 1,120,600.00 Parking Structures 1 -6 Ac uisition 15) Property-Based Assessment Earthquake Downtown Santa Assessment Fees for Agency Property - - - 257,099.00 - 257,099.00 District Monica, Inc. in Property -Based Assessment District 15) Housing Loan payment for All Community Loan Payment- Low/Mod Housing - - 200,000.00 200,000:00 200,000.00 200,000.00 800,000.00 contract 1438 25th Street Corporation of Santa Monica 17) Housing Loan payment for All Community Loan Payment- Low /Mod Housing - - - - - - - contract 1943 High Place Corporation of East Santa Monica 18) Housing Loan payment for All Community Loan Payment- Low /Mod Housing - - 1,DOO,000.00 1,000,000.00 1,000,000.00 3,000,000.00 contract 430 Pico Blvd Corporation of Santa Monica 19) Housing Loan payment for All Community Loan Payment- Low/Mod Housing 1,D00,000.00 1,000,000.00 1,000,000.00 975,705.00 - - 3,978,705.00 contract 2802 Pico Blvd Corporation of Santa Monica 20) Housing Loan payment for All FAME Loan Payment- Low /Mod Housing - 1,500,000.00 600,D00.00 600,000.00 600,000.00 60D,OD0.D0 3,900,000.00 contract 1754 19th St Page 1 of 3 Page 2 of 3 Payments by month Project Name / Debt Obligation Project Area Payee Description Jan Feb March April May June Total 21) Housing Loan payment for All Step Up on Second Loan Payment- Low /Mod Housing - - - - - - contract 520 Colorado Blvd 22) Housing Loan payment for All Community Housing Payment -Low / Mod Housing - - - - - - contract 1616 Ocean Ave Corporation of Santa Monica 23) Affordable Housing Earthquake Housing Authority Agreement to Perform Affordable 1,278,283.33 1,278,283.33 1,278,283.33 1,278,283.33 1,278,283.33 .2,278,283.33 5,669,699.98 Agreement Housing Functions and O erations 24) Contract (8181) Earthquake Parking Authority Seismic retrofit /rehabilitation Parking 100,000.00 100,000.00 100,000.00 100,0010D 100,000.00 100,000.00 600,000.00 structures 1 -6 25) Cooperation Agreement Earthquake ICON West Parking Structure 2 seismic retrofit - $214,338.93 - - - - 214,338.93 9190 26) Cooperation Agreement Earthquake W.E O'Neil Freeway bridging and capping - - - - - - - 9233 27) Cooperation Agreement Earthquake Koning Eizenberg Pico Library 42,000.00 18,000.00 18,000.00 16,000.00 18,000.00 15,000.00 129,000.00 9236 Architecture 28) Cooperation Agreement Earthquake Cityworks Design EXPO Light Rail - 18,001.72 - - - - 18,001.72 9236 29) Cooperation Agreement Earthquake Strategic Advisory Civic Auditorium 1,666.67 1,666.67 1,666.67 1,666.67 1,666.67 1,666.67 10,000.02 9236 Grou 30 Contract 9395 OS Earthquake WE O'Neil Palisades Garden Walk 217,424.00 217,424.00 2.120,062.00 2,035,052.00 2,042,552.00 2,042,552.00 B 675,066.D0 31) Expo Match Earthquake The Exposition Metro Required Expo Light Rail Match 16,50D,000.00 - - - - - 16,500,000.00 Line Construction Authority 32) Expo Betterments Earthquake The Exposition Metro Bergamot & Memorial 9,100,000.00 - - - - - 9,100,000.00 Line Construction - Authority 33) Expo Betterments Earthquake The Exposition Metro Downtown 8,400,D00.00 - - - - - 8,400,000.00 Line Construction Author' 34) Civic Auditorium Earthquake Morley Construction Design -Build Contract - 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 1,000,000.00 5,000,000.00 35) Civic Center Planning and Earthquake AECOM,Gibson & Civic Center 10,866.00 30,866.00 80,866.00 80,866.00 80,866.00 80,866.00 365,196.00 Design Dunn 36) Downtown Parking Earthquake Allan Kotin Assoc. & EDD Consultants 3,000.00 5,000.00 1D,00.00 15,000.00 20,D00.00 53,000.00 Enhancement Keyser Marston Assoc. 37) Percent for Art Earthquake Migo Manglano- Public Art Fabrication - 101,246.00 198,090.D0 - - - 299,336.00 Ovalle 38) Loan Payment- Low /Mod Earthquake Goldenwest Homes With View Mobile Home Park Unit 3,000,OOO.DO 15,000.00 2,015,000.00 15,000.00 2,005,395.00 6,395.00 7,057,790.00 Housing and Keyser Marston Replacement Financing Program 39) Expo Light Rail Earthquake The Expos ion Metro Expo Light Rail Enhancements 450,000.00 - - - - - 450,000.00 Enhancements Line Construction Authority 40) 20th & Cloverfield Earthquake Ahbe Landscape Streetscape Construction 499,572.00 499,572.00 Architects 41) RDA Administration Costs All Successor Agency" FY2011- 125 %Tl Administration - 766,970.00 766,970.00 766,970.00 766,970.00 766,970.00 3,834,850.00 Costs 42) Successor Agency Oversight All - Successor Agency' Oversight Board Meeting Costs — - 83,333.33 83,333.33 63,333.33 83,333.33 83,333.33 416,666.65 Board Costs 43) Promissory Notes Payable Downtown City of Santa Downtown property acquisition - - - - - 1,714,OOD.00 1,714,000.0D Monica Page 2 of 3 "City of Santa Monica has elected to be designated as the Successor Agency. "Listed expenditures are estimates based upon estimated information after Feb.1 " These amounts may be adjusted pending the final outcome of the LAUSD Case * —These amounts will be paid upon resolution of the LAUSD case Page 3 cf 3 Payments by month Project Name / Debt - Obligation Project Area Payee Description Jan Feb March April May June Total 44) AB1290 Statutory Pass - LA County General Through Payment Earthquake Fund AB1290 EQ Jam— 387171.37 387171.37 45) AB1290 Statutory Pass - LA County General Through Payment Downtown Fund A31290 DT Jan " "" 9,502.95 - 9.802.95 46) Various Taxing FY 11 -12 Pass-Through Est. Earthquake Entities Pass-Through Est. Tier 1 EQ 744,199.65 744,199.65 47) Various Taxing FY 11 -12 Pass Throu h Est. Downtown Entities Pass- Through Est. Tier 1 DT 33 164.19 33,164.19 48) Various Taxing FY 11 -12 Pass -Throu h Est. Earthquake Entities Pass-Through Est. Tier 2 EQ 223,259.90 223 259.90 49 ERAF lEarthquake ILA County ERAF.... 1202.545.53 1.202545.53 50 ERAF Impound Earthquake ILA County JERAF Impound­* 2,789,149.59 2,769,149.59 "City of Santa Monica has elected to be designated as the Successor Agency. "Listed expenditures are estimates based upon estimated information after Feb.1 " These amounts may be adjusted pending the final outcome of the LAUSD Case * —These amounts will be paid upon resolution of the LAUSD case Page 3 cf 3 Adopted and approved this the 24th day of January, 2012. i Ri&bard Bloom, Chair 1, Denise Anderson - Warren, Acting City Clerk of Santa Monica, do hereby certify that the foregoing Resolution No. 536 (RAS) was duly adopted at a meeting of the Redevelopment Agency held on the 20' day of January, 2012, by the following vote: Ayes: Agency members: Noes: Agency members: Absent: Agency members: Holbrook, McKeown, O'Day, Shriver Chair Pro Tern Davis, Chair Bloom None O'Connor ATTEST: Denise Anderson - Warren, Agency Secretary