RSA-2Successor Agency Meeting: February 28, 2012 Santa Monica, California
RESOLUTION NO. 2 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY
APPROVING AND ADOPTING THE RECOGNIZED OBLIGATION PAYMENT
SCHEDULE FOR JULY2012 — DECEMBER 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 1B 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 1'� 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 July 2012 — December 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 July 2012 — December 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.
APPROVZa TO FOR
L
MA SHA NES MO,UTRIE
Suceesso gency Counsel
3
Exhibit t
Successor Agency of Me Redevelopment Agency of Me City of Sane Monica
All ProjectAreas
DRAFT RECOGNIZE D OBLIGATION PAYMENT SCHEDULE
Six Months Ended Demmber31.2012
Per AB 26
1) 2006 reserve amount is based on Me mammum annual principal and interest payment due for2006 Earthquake RDA $ones A and B bonds combined.
2) $1,695,919 is already in a reserve account an additional $2,153,246 is required to m added to Me reserve amount per the 2002 OF Bond Indenture. $2,153,246 is the amount needed Rom the RORF for this period.
3) City of Santa Monica has elagad to be designated as the Successor Agency. -
4) Listed expenditures are saturates.
5) Pass -through payment amounts are banned over from November 2011 -Jan 2012. .
6) Amounts are mmed overfrom FY2010.2011. These amounts may be adjusted pending Me final outcome of the IAUSD Case
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Payments by month
Project Name / Debt
Source of
Obligation
Project Area
Funds
Payee
Description
July Aug Sept Oct Nov Dee Tout
1)
Walls Fargo Tame Loan
Earthquake
POPP
Wells Fargo
Publicuses, inciuding offodable housing
72,086
no$
72,086
72,086
4,423,819
4,712,223
2)
2011 Earthquake RDA Bonds
Earthquake
RORF
Union Bank
Public uses, including affordable housing,
1,131,206
1,131.206
3)
2011 Earthquake RDA Bontls
Earthquake
Reserve
Union Bank(Reserves
2011 Earthquake RDA Bonds Reserves
2262,413
2,262,413
Reserves
Balance from
Bond
Freedom
4)
2006 Earthquake RDA Series
Earthquake
RORF
Union Bank
Property aquisition and improvements
1,113,647
1,113,647
onds
5)
2006 Earthquake RDA Series
Earthquake
RORF
Union Bank
Property acquisition and improvements
-
-
55,000
55,000
B Bontls
6)
thomment Stabilization
Earthquake
RORF
Union EmrddReserves
21)6 Earthquake RDA Series A and B
4,452,569
-
4,452,569
Reserve
I
Bonds Inuement StalhiMmion Reserves'
7)
2002 Ocean Park Bonds
Ocean Park
RORF
Mallon Bank
Property acquisition and Development,
-
-
219,630
219,630
including affiancloble housing
8)
2002 Ocean Park Bond
Oscan Park
Reserve
Mellon Bank/Reserves
2002 Ocean Park Bonds Reserves
1,749,260
-
1,749,260
Payment Reserves
Balance from
Bond
Proceeds
9)
2002 Oman Park Bond-
Oman Park
RORF
Mallon Sank/Special Fund
2002 Oman Park Bonds Plan. Limit Special
3,849,165
-
3,849,165
Plan Limit Special Fund
Fund Per Indent..'
10)
175 Ocean Pont Bind Lease
Oman Park
POPP
Housing Authority of Me
175 Ocean Park Bbd Lease Payments
-
166,349
166,349
Paramedic
1—n. of I os An alas
11)
Bank of Amerm We of
Earthquake
FORT
Bank of America
Affonnable Housing Development
-
2,019,696
2,019,696
Credit -
12)Arizonaand4thNotes
Earthquake
RORF
Spurtid at at
Property aqulailion
3,300,000
3,300,000
Payable
13)
Promissory Noes: 2003
EaMquake
RORF
Parking Authority
Promissory Note
-
-
2,551,505
2,551,505
Parking Structures 1.6
Ack,imfifien
14)
Promissory Notes: 2003
Earthquake
POPP
Parting Authority
Promissory Note
1,118,820
1,118,820
Parking Structures 1b
AmylsWPn
15)
Administrative Cast
All
RORF
SMeadedr Agency'
FY 2012- 133% Administration Costs
201,391
201,391
201,391
201,391
201,391
201,391
1,208,346
Allowance
16)
Oversight Board Costs
All
POPP
SuccessorA en '
Oveml ht Board Meeting Costs4
10,000
10,000
10,000
10,000
10,000
10,000
60,000
7
AS 1290 Statutory pass
Earthquake
Successor
IA County General Fund
Estimated AB 1290 Pass -through Payments
1,228,911
1,228,971
Through Payment
Agency
for November2011 through January2012a
-
Custodial
18)
AB 1290 Statuary past/
Desmovm
Successor
LA County General Fund
Estimated AS 1290 Pass -through Payments
118,706
118,708
Through Payment
Agency
for November 2011 through January 2012°
Custodial
Account
19)
FY 11 -12 PassT dmgh Est.
EaMquake
$uccessor
Various Taking Entities
Estimated Passthrou9h Payment for
-
-
6,005,035
6,005,035
Agency
November 2011 thmugh January 2012'
Custodial
Account
207)
FY 11 -12 PawThrough Est
Downtown
Successor
Various Taking Entties
Estimated Passthrough Payment for
112.342
172,342
Agency
November2011 through January2012a
Custodial
Account
21)
ERAF FY 10.11
Earthquake
Reserve
LACb.d
ERAF'
1202546
_
1,202,546
22)
ERAF Impound FY 10-11
Earthquake
Reserve
LA County
JEW Impounda
2788150
_
_
2,789,150
Total 40,278,235
1) 2006 reserve amount is based on Me mammum annual principal and interest payment due for2006 Earthquake RDA $ones A and B bonds combined.
2) $1,695,919 is already in a reserve account an additional $2,153,246 is required to m added to Me reserve amount per the 2002 OF Bond Indenture. $2,153,246 is the amount needed Rom the RORF for this period.
3) City of Santa Monica has elagad to be designated as the Successor Agency. -
4) Listed expenditures are saturates.
5) Pass -through payment amounts are banned over from November 2011 -Jan 2012. .
6) Amounts are mmed overfrom FY2010.2011. These amounts may be adjusted pending Me final outcome of the IAUSD Case
Page 1 oft
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. 2 (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:
Noes: Agency members:
Absent: Agency members:
Abstain: Agency members:
Holbrook, McKeown O'Connor, O'Day, Shriver,
Chair Bloom, Chair Pro Tern Davis
ATTEST:
Denise Anderson- Warren,
Agency Secretary