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RSA-1Successor Agency Meeting: February 28, 2012 Santa Monica, California RESOLUTION NO. 1 (SA) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY APPROVING AND ADOPTING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR FEBRUARY 2012 — JUNE 2012 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 1 B Project by Ordinance No. 516 (CCS) on January 24, 1961 (collectively the `Redevelopment Plans "); and WHEREAS, the California Legislature adopted, and the Governor signed, Assembly Bill No. 26 and 27 (2011 -2012 1st Ex. Sess.) enacted as Stats. 2011, 1st Ex. Sess. 2011 -2012, chs. 5 -6 (hereinafter AB 26 and 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 AB 26 and AB 27, and on December 29, 2011, the Supreme Court issued its opinion in Matosantos, upholding AB 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 AB 27; and WHEREAS, the City of Santa Monica is the designated Successor Agency of the Redevelopment Agency of the City of Santa Monica, within the meaning of AB 26; and 1 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, Section 34177(a)(3) of the Redevelopment Law, as reformed by the California Supreme Court in Matosantos, provides that commencing on May 1, 2012, only those payments listed in a Recognized Obligation Payment Schedule may be made by the Successor Agency from the funds specified in the Recognized Obligation Payment Schedule; and WHEREAS, under Title 14 of the California Code of Regulations, Section 15061(b)(3), the approval of a Recognized 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 a Recognized 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 Recognized Obligation Payment Schedule will have any significant effect on the environment; and WHEREAS, the Successor Agency has reviewed and duly considered the Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive, attached as Exhibit 1, and other written evidence presented at the meeting, if any. NOW, THEREFORE, THE SUCCESSOR AGENCY DOES RESOLVE AS FOLLOWS: SECTION 1. The Successor Agency hereby finds and determines that the foregoing recitals are true and correct. SECTION 2. The Successor Agency hereby approves and adopts the draft the Recognized Obligation Payment Schedules for the period February 2012 — June 2012, 2 inclusive, attached as Exhibit 1 (referenced hereinafter as "the Recognized Obligation Payment Schedule "). SECTION 3. The Successor Agency authorizes the Chief Administrative Officer or his designee to: (1) Obtain certification of the Recognized Obligation Payment Schedule by the County Auditor - Controller; (2) Submit the certified Recognized Obligation Payment Schedule to the Oversight Board for approval; (3) Submit copies of the Recognized Enforceable Obligation Payment Schedule to the County Auditor - Controller and both the State Controller's Office and the State Department of Finance, and post copies of the Recognized Enforceable Obligation Payment Schedule on the Successor Agency's Internet Web site; (4) Designate a Successor Agency representative to respond to all questions related to the Recognized Obligation Payment Schedule; and (5) Take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution and to implement the Recognized Obligation Payment Schedule on behalf of the Successor Agency. SECTION 4. The Secretary of the Successor Agency shall certify the adoption of this Resolution and thenceforth and thereafter the same shall be in full force and effect. APPROVED AS�}�T}O FORM: MA "H ONES OUTRIE Succes Agency Counsel 9 Exhibit 1 Successor Agency of the Redevelopment Agency of the City of Santa Monica All Project Areas DRAFT RECOGND:ED OBLIGATION PAYMENT SCHEDULE Six Months Ended June 30, 2012 Per AB 26 1) All payments due in the monm of January 2012 have been paid 2) 2006 reserve amount is based on me maximum annual principal and interest payment due for 2006 Earthquake RDA Sens A and B bonds combined. 3) City of Santa Monica has elected to he designated as me Successor Agency. 4) Listed expenditures are estimates. 5) Pass - through payment amounts are earned over from November 2011Jan 2012. 6) Amounts are tamed overfmm FY2010 -2011. These amounts maybe adjusted pending me final outcome of the tAUSO Case Pep.10, Payments by month Project Name /Debt Source of Obligation Project Area Fund. Payee Description Jan' Feb March April May Jun. Total 1) Wells Fargo Term Lean EaMquake RORF Wells Fargo Public uses, including affordable housing 81,096 61,096 81,0% 81,096 4,438,697 4,763,281 2) 2011 EaMquake RDA Bonds Earthquake RORF Union Bank Public uses, indudirg Shareable housing - 1,131,2136 1,131,206 3) 2011 Earthquake RDA Bonds EaMquake Reserve Union SmIuReservas 2011 Earthquake RDA Bontls Reserves 2,262,413 - 2,262,413 Reserves Balance from Bond 4) 2006 Earthquake RDA Series Earthquake RORF Union Sank Property acquisition and improvements - - 1,113,647 1,113,647 Bonds 5) 2006 Earthquake RDA Series Earthquake ROPP Union Bank Property amuisiton and improvements - 2,115,133 2,115,138 IS Bonds 6) Increment Stabilization Earthquake RORF Union Sarld Reminam 200 Earthquake RDA Series A and B 4,452.569 - 4,452,569 Reserve Bonds Increment Stabilization Reservesz 7) 2002 Ocean Park Bonds Ocean Park RORF Mellon Bank Property acquisition and development, - 1,499,005 1,499,005 including affordable housin 8) 2002 Oman Park Bond Ocean Perk Reserve Mellon BanklRacave, 2002 Ocean Park Bonds Reserves 1,749,260 1,749,280 Payment Reserves Balance from Bond Proceeds 9) 2002 Ocean Park Bond - Ocean Park Reserve Mallon Bank/Special Fund 2002 Ocean Park Bonds Plan Limes Special 1,695,919.00 - 1,695,919.00 Plan Limit Special Fund Fund Per Indenture 10) Bank ofAmoime Line of EaMquake RORF SankofAmedcz Affordable housing development .1,987,390 1,987,390 Credit 11) Civic Center Joint Use Earthquake RORF Santa Morem Malibu Civic Center Joint Use Project 1,784,344 - - 5,%5,000 7,649,344 reemern School Distrial 12) Property Based Assessment Earthquake RORF Downtown Santa Monica, Assessment Fees forAgency Property in - - 257,099 257,099 District Ina. Property ed A ess enf Oland 13) Affordable Housing Earthquake RORF Housing Authority Agreement to Perform Affordable Housing - - 1,000,000 1,000,000 Functions and O emtibns 14) Administrative Cast At RORF Sb..rAgency° FY 2011- 12 5% Administration Costs - 3]],978 3]],978 377,978 377,978 37$978 1,889,890 Iowan 15) Oversight Board Costs All RORF medurAcenev, Oversight Sears Meeting Costs' 10,000 10.000 10,000 10,000 10,000 50,000 16) 1978 Promissory Notes Dcwntovm RORF City of Santa Monica Propartyacquisflon 1,714,000 1,714,000 T7) AS 1290 Statutory pass- Earthquake Successor LA County General Fund Estimated AB 1290 Pass - through Payments 1,228,971 - 1,228,971 Through Payment Agency for November2011 through January20126 Custodial 18) AS 1290 Statutory pass- Downtown Successor LA County General Fund Estimated AS 1290 Pass - through Payments 118,708 - - - 118,708 Through Payment Agency for November2011 through January2012s Custodial Account Various Taxing Entities Estimated Pass - through Payment for - 6,005,035 - 6,005,035 19) FY 11 -12 Pass - Through Ex Earthquake Successor Agency November 2011 through January2012c Account 20) FY 11 -12 PassThrough ESC Downtown Sucxuor Various Taxing Entities Estimated Pass -through Payment for - 172.342 - 1]2,342 Agency November 2011 through January20126 Custodial Account 21)ERAF FY 10-11 Earthquake Reserve LA C.Un ERAFS 1202546 _ 1,202,546 �) ERAF Impound FY 10 -11 EaMquake Reserve LA Coun ERAF impound° 2,789.150 _ _ _ _ 2,789,150 Total. 44,95] 023 1) All payments due in the monm of January 2012 have been paid 2) 2006 reserve amount is based on me maximum annual principal and interest payment due for 2006 Earthquake RDA Sens A and B bonds combined. 3) City of Santa Monica has elected to he designated as me Successor Agency. 4) Listed expenditures are estimates. 5) Pass - through payment amounts are earned over from November 2011Jan 2012. 6) Amounts are tamed overfmm FY2010 -2011. These amounts maybe adjusted pending me final outcome of the tAUSO Case Pep.10, Adopted and approved this 28th day of February, 2012. Richard Bloom, Chair I, Denise Anderson - Warren, Acting City Clerk of the City of Santa Monica, do hereby certify that the foregoing Resolution No. 1 (SA) was duly adopted at the meeting of the Santa Monica Redevelopment Successor Agency held on the 28th day of February 2012, by the following vote: Ayes: Agency members: Holbrook, McKeown O'Connor, O'Day, Shriver, Chair Bloom, Chair Pro Tern Davis Noes: Agency members: Absent: Agency members: Abstain: Agency members: ATTEST: Denise Anderson - Warren, Agency Secretary