RSA-4Successor Agency Meeting: April 10, 2012 Santa Monica, California
RESOLUTION NO. 4 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY
APPROVING AND ADOPTING THE AMENDED RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR FEBRUARY 2012 — JUNE 2012
WHEREAS, pursuant to the California Community Redevelopment Law (Health and
Safety Code Section 33000 at seq.), 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. x1 26 and x1 27 (2011 -2012 16t Ex. Sess.) enacted as Stats. 2011, 1" 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 Health and Safety Code, 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
WHEREAS, Section 34177(a)(1) of the Health and Safety Code, as reformed by the
1 of 4
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 Health and Safety Code, 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, on February 28, 2012, the Successor Agency approved a draft Recognized
Obligation Payment Schedule for the period February 2012 — June 2012, inclusive; and
WHEREAS, subsequent to the adoption of the draft Recognized Obligation Payment
Schedule for the period February 2012 — June 2012, inclusive, Successor Agency staff
recommended changes to the schedule based upon information provided by the County
Auditor - Controller; and
WHEREAS, the Successor Agency has reviewed and duly considered the amended
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.
2 of 4
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 amended
Recognized Obligation Payment Schedule for the period February 2012 — June 2012, inclusive,
attached as Exhibit 1 (referenced hereinafter as "the Recognized 2Obligation Payment
Schedule ").
SECTION 3. The Successor Agency authorizes the Chief Administrative Officer or his
designee to:
9
(1) Obtain certification of the amended Recognized Obligation Payment Schedule by the
County Auditor - Controller;
(2) Submit the amended Recognized Obligation Payment Schedule to the Oversight
Board for approval;
(3) Submit copies of the amended 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 amended 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 amended Recognized Obligation Payment Schedule; and
3 of 4
(5) Take such other actions and execute such other documents as are appropriate to
effectuate the intent of this Resolution and to implement the amended 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 TO FORM:
MA HA JYgn S MOU RIE
Siac or cy C o nsel
4 of 4
Exhibit 1
Successor Agency of the Redevelopment Agency of the City of Santa Monica
All Project Areas
AMENDED DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Six Months Ended June 30, 2012
Per AB 26
1) All payments due in me month Of January 2012 have been paid.
2) City of Santa Monica has elected to be designated as the Successor Agency.
3) Pass-through payment amounts are bar ied over from November 2011 -Jan 2012.
4) Amounts are carried over from FY 2010-2011. These amounts maybe adjusted pending the final outcome of the LAUSD Case
Page 1 of 1
Payments by month
Project Name / Debt
Obligation
Project Area
Source Of
Funds
Payee
Description
Jan' Feb March April May June Total
1)
Wells Fargo Tenn Loan
Earthquake
RORF -
Wells Fargo
Public uses. including affordable housing
-
81,096
81,096
81,096
81,096
81,096
405,480
2)
2011 Earthquake RDA Bonds
Earthquake
RORF
Union Bank
Public uses, including affordable housing
-
-
-
-
3)
2011 Earthquake RDA Bonds
Earthquake
Reserve
Union Bank/Reserves
2011 Earthquake RDA Bonds Reserves
2,262,413
-
-
-
-
2,262,413
Reserves
Balance from
Bond
4)
2006 Earthquake RDA Series
A Bonds
Earthquake
RORF
Union Bank
Property acquisition and improvements
-
-
-
5)
2006 Earthquake RDA Series
Earthquake
RORF
Union Bank
Property acquisition and improvements
-
-
-
Bonds
6)
2002 Ocean Park Bonds
Ocean Park
RORF
Mellon Bank
Property acquisition and development
-
-
-
-
-
'n in affordable housing
7)
2002 Ocean Park Bond
Ocean Park
Reserve
Mellon Bank/Reserves
2002 Ocean Park Bonds reserves
-
1,749,260
-
-
1,749,260
Payment Reserves
Balance from
Bond
8)
2002 Oman Park Bond - Plan
Ocean Park
Reserve
Bank/Spedal Fund
2002 Oman Park Bonds Plan Limit Special
-
1,695,919
-
-
-
1,695,919
Limit Special Fund
Fund per Indenture
9)
Civic Center Joint Use
Earthquake
RORF
Santa Monica Malibu School
Civic Center Joint Use Project
-
-
-
4,065,000
4,065,000
Agreement
District
10)
Bank of America Line of
Earthquake
RORF
Bank of America
Affordable housing development
-
-
-
-
edit
11)
Affordable Housing
Earthquake
RORF
Housing Authority
Agreement to perform affordable housing
-
-
1,000,000
1,000,000
Armament
functions and operations
12)
Administrative Cost
All
RORF
Successor Agency°
FY 2011- 125% Administration Costs
-
244,821
244,821
244,821
244,821
244,821
1,224,104
13)
1978 Promissory Notes
Downtown
RORF
City of Some Monica
Property acquisition
-
1,714,000
1,714,000
14)
AS 1290 Statutory pass-
Earthquake
Successor
LA County General Fund
Estimated AS 1290 Pass- ihmugh Payments
-
1,228,971
-
-
1,228,971
Through Payment
Agency
for November 2011 through January 20123
Custodial
Amnurt
Successor
15)
AB 1290 Statutory pass-
Downtown
LA County General Fund
Estimated All 1290 Pass- through Payments
-
118,708
-
-
118,708
Through Payment
Agency
for November 2011 through January 20123
Custodial
16)
FY 11 -12 Pass - Through Est.
Earthquake
Successor
Various Taxing Entities
Estimated Pass - through payment for
-
6,005,035
-
-
6,005,035
Agency
November 2011 through January 20123
Custodial
-
17)
FY 11 -12 Pass- Through Est.
Dovmtonvn
Successor
Various Taxing Entities
Estimated Pass - through payment for
-
-
172,342
-
172,342
Agency
November 2011 through January 20123
Custodial
Reserve
18)
ERAF FY 10-11
Earthquake
LA County
ERAF" -
1,202,546
_
_
1,202,546
19)
ERAF Impound FY 10-11
Earthquake
Reserve
LA County
ERAF Impound"
-
2,789.150
-
_
2,789,150
Total
- 24.408,824
1) All payments due in me month Of January 2012 have been paid.
2) City of Santa Monica has elected to be designated as the Successor Agency.
3) Pass-through payment amounts are bar ied over from November 2011 -Jan 2012.
4) Amounts are carried over from FY 2010-2011. These amounts maybe adjusted pending the final outcome of the LAUSD Case
Page 1 of 1
Adopted and approved this 10th day of April, 2012.
Rich rd Bloom, Chair
I, Maria M. Stewart, Agency Secretary of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 4 (SAS) was duly adopted at the meeting of the
Santa Monica Redevelopment Successor Agency held on the 10th day of April 2012, by
the following vote:
Ayes: Agency members: Holbrook, O'Connor, Shriver,
Chair Bloom, Chair Pro Tom Davis
Noes: Agency members:
Absent: Agency members: 'McKeown, O'Day
ATTEST:
�f 4 --
Maria M. Stewart, Agency Secretary