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