RSA-5Successor Agency Meeting: April 10, 2012 Santa Monica, California
RESOLUTION NO. 5 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY
APPROVING AND ADOPTING THE AMENDED RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR JULY 2012 — DECEMBER 2012
WHEREAS, pursuant to the California Community Redevelopment Law (Health and
Safety Code Section 33000 et 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 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. x1 26 and x1 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 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
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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 July 2012 — December 2012, inclusive; and
WHEREAS, subsequent to the adoption of the draft Recognized Obligation Payment
Schedule for the period July 2012 — December 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 July 2012 — December 2012, inclusive,
attached as Exhibit 1, and other written evidence presented at the meeting, if any.
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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 July 2012 — December 2012,
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 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
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(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.
MA SHA JO S MOUT IE
Su ssor a cy Couns
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ExhibA 1
Successor Agency of the Redevelopment Agency of the City of Santa Monies
All Project Areas
AMENDED DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
SN Months Ended December 31, 2012
Per AS 26
1) City of Sam is already is a reserve account
2) City of Same Monica has elected
estimates
to be designated as the Successor Agency.
3) Lined expend'paym are estimates.
4) Pa suns a h payment amounts are 1 mad 1. overfrom
Thee Nmounts maybe dj 2012.
5) Amounts are wined over from FY 20re0Q011. These amounts maybe adjusted pending the final outcome of the LAUSD Case
Fagetal
Payments by month
Project Name I Debt
Source o1
Obligation
Project Area
Funds
Payee
Description
July Aug Sept Oct Nov Dec Total
1)
Wells Fargo Tenn Loan
Earthquake
RORF
Wells Fargo
Public uses, including affordable housing
4,357,800
72,086
72,086
72,086
72,086
72,086
4,718,230
2)
Wells Fargo Tenn Loan
Earthquake
RORF
Wells Fargo
Public uses, Including affordable housing
-
-
-
4,357,000
4,357,800
(Reserve for Jan. 2013
(Reserve for Jan. 2013 Payment)
Payment)
3)
2011 Earthquake RDA
Earthquake
RORF
Union Bank
Public uses, Including affordable housing
1,131,206
-
-
1,131,206
4)
2011 EaMquake RDA
Earthquake
Reserve
Union BanWReserves
2011 Earthquake RDA Bonds reserve as
-
2,262,413
-
-
2,262,413
Bonds Reserves
Balance from
required perthe bond indenture
Bond
5
1201 Earthquake RDA
Earthquake
RORF
Union BanWReserves
2011 Earthquake RDA Bonds reserve for
-
-
-
-
1,131.206
1,131,206
Bonds (Reserve for Jan.
Jan. 2013 payment
6)
2006 Earthquake RDA Bends
A Bonds
Earthquake
RORF
Union Bank
Property acquisition and improvements
1,113,647
-
1,113,647
7)
2006 EaMquake RDA Sedes
Earthquake.
RORF
Union Bank
2006 Earthquake RDA Series A Bond
-
1,113,647
1,113,647
A Bonds (Reserve for Jan,
reserve forJan. 2013 Payment
8)
2006 Earthquake RDA Sends
8 Send,
Earthquake
RORF
Union Bank
Property acquisition and improvements
2,115,138
-
-
2,115,138
9)
2006 Earthquake RDA Series
Earthquake
ROPP
Union Bank
2006 EaMquake RDA Series B Bond
-
-
-
55,000
55,000
S Bonds (Reserve for Jan.
IMA Pay—nn)
reserve for Jan. 2013 Payment
'
10)
2002 Ocean Park Bonds
Ocean Park
RORF
Mellon Bank
Property acquisition and development,
2002 Ocean Park Bontls reserves as
1,499,005
-
-
1,499,005
17)
2002 Ocean Park Bond
Ocean Park
Reserve
BanWReserves
1,749,260
-
-
1,749,260
Reserves
Balance from
required peram bond indenture
Bond
12)
2002 Ocean Park Bond-
Ocean Park
Reserve
Mellon BanWSpeclal Fund
2002 Ocean Park Bonds Plan Limn Special
1,695,919
-
-
1,695,919
Plan Limit SPOON Fund
Fund perthe bond indenture'
13)
2002 Ocean Park Bond
Ocean Park
RORF
Cgy of Same Monica
2002 Ocean Park Bond reserve for Jan.
-
-
219,630
219,630
(Reserve for Jan. 2013
2013 Payment
14)
Bank ofAmenda Line of
Credit
Earthquake
RORF
Bank of Amen
Affordable housing development
1,987,390
-
-
-
1,987,390
15)
Bank of America line of
Earthquake
RORF
Bank of America
Affordable housing development(Resery
-
-
2,019,696
2,019,696
Credit (Reserve for Jan. 2013
forJan. 2013 Payment)
16)
Ancona and 40 Notes
Payable
Earthquake
RORF
Spuryin at al
Property acquitition(Reserve for Jan. 2013
-
-
-
-
3,300,000
3,300,000
175
Administrative Cost
All
RORF
SuwessarAgencya
FY2012- 133% Administration Costs
123,808
123,808
123,808
123,808
123,808
123,808
742,848
lowance
18)
AS 1290 Statutory pass
EaMquake
Successor
LA County General Fund
Estimated AS 1290 Passthrough payments
1,228,971
-
1,228,8]1
Through Payment
Agency
for November2011 through January 2012°
Custodial
19)
AS 1290 Statutory pass-
Downtown
Succe ssor
IA County General Fund
Estimated AS 1290 Pass -through payments
-
118,708
-
-
-
118.708
Through Payment
Agency
for November2011 through January 2012°
Custodial
20)
FY 11 -12 Pass - Through Eat
EaMquake
Successor
Various Taxing Entities
Estimated Passthmugh payments for
-
6,005,035
-
6,005,035
Agency
November 2011 through January 2012°
Custodial
21)FY11-
12PassThrough Est
Downtown
Successor
Various Taring Entities
Estimated Pass -through payments for
172,342
-
172,342
Agency
November 2011 through January 2012°
Custodial
�)
1 ERAF FY 10 -11
lEarmquake
Reserve
1LCOunny
ERAFS
-
1202$46
_
1,202,546
23)
1 ERAF Impound FY 10 -11
lEartinqualbe
IReserve
11-Acounly
I ERAF Impounds
2.789.150
-
_
2,789,150
Total 41,9851939
1) City of Sam is already is a reserve account
2) City of Same Monica has elected
estimates
to be designated as the Successor Agency.
3) Lined expend'paym are estimates.
4) Pa suns a h payment amounts are 1 mad 1. overfrom
Thee Nmounts maybe dj 2012.
5) Amounts are wined over from FY 20re0Q011. These amounts maybe adjusted pending the final outcome of the LAUSD Case
Fagetal
Adopted and approved this 10th day of April, 2012.
Richard Bloom, Chair
I, Maria M. Stewart, Agency Secretary of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 5 (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 Tem Davis
Noes: Agency members:
Absent: Agency members: McKeown , O'Day
ATTEST:
Maria M. Stewart, Ag ncy Secretary