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SA-10Successor Agency Meeting: July 24, 2012 Santa Monica, California RESOLUTION NO. 10 (SA) A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESOR AGENCY APPROVING AND ADOPTING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR JANUARY 2013 — JUNE 2013 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 Nos. 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, the California Legislature adopted, and the Governor signed, Assembly Bill No. 1484 enacted as Stats. 2012, ch. 25 (hereinafter AB 1484) into law; and WHEREAS, AB 1484, requires the Santa Monica Redevelopment Successor Agency to submit to the Los Angeles County Auditor - Controller the ROPS for the period ending June 30, 2013; and WHEREAS, AB 1484, requires the Santa Monica Redevelopment Successor Agency to submit to the State of California Department of Finance the ROPS for the period ending June 30, 2013, which has been approved by the Oversight Board, no later than September 1, 2012; 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 1 i environment; and WHEREAS, the Successor Agency has reviewed and duly considered the Recognized Obligation Payment Schedule for the period January 2013 — June 2013, 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 Recognized Obligation Payment Schedule for the period January 2013 — June 2013, 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) Submit the Recognized Obligation Payment Schedule to the County Auditor- Controller for review; (2) Submit the Recognized Obligation Payment Schedule to the Oversight Board for approval; (3) Submit an electronic copy of the Recognized Enforceable Obligation Payment Schedule to the State Department of Finance for approval; (4) Designate a Successor Agency representative to respond to all questions related to the Recognized Obligation Payment Schedule; and 3 (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 TO FORM: � � •7 r MAR "A JONq S MOUT IE SL c ssor Abe cy Counsel au<am.,ne.revmimn.m . p ow..a>°,` vmv.cWad�roww�. aecod ,caaox�o.ncx..n.�x. :cxccoLe Payments by month Category Project Name/ Debt Obligation Project Area Source of Funds Payee Description Jan Feb March April May June Total Loans 1) Wells Fargo Term Loan Earthquake RPTTF Wells Fargo Loan Payment 399,343 471,429 471,429 471,429 471,429 471,429 2,756,488 2) Bank of America Term Loan Earthquake RPTTF Bank of America Loan Payment 2,404,546 - - - - 2,404,54fi Loan Reserves 3) Wells Fargo Term Loan Earthquake Reserve Balance from prior RPTTF Wells Fargo Loan Payment 4,357,800 - - 4,357,800 payment 4) Bank of America Tenn Loan Earthquake Reserve Balance from prior RPTTF Bank of America Loan Payment 2,019,696 - - 2,019,696 payment Bond Reserves 5) 2011 Earthquake RDA Bonds Earthquake Reserve Balance from Bond Union 2011 Earthquake RDA Bonds reserve as required 2,262,413 - - 2,262,413 Proceeds BanVReserves by the bond indenture' 6) 2002 Oman Park Bonds Ocean Park Reserve Balance from Bond Mellon 2002 Oman Park Bonds reserve as required by 1,749,260 1,749,260 Proceeds SanklReserws the bond indenture' 7) 2002 Ocean Park Bontl - Plan Ocean Park RPTTF Bank/Special 20M Oman Park Bonds Plan Limit Special Fund 2,153,246 2,153,246 Limit Special Fund Fund per Indenture Contracts 8) Civic Center Joint Use Agreement Earthquake 2011 Earthquake RDA Bond Santa Monica Contract for Civic Center Joint Use project (FY 4,065,000 4,065,000 Proceeds' Malibu School 2010 -11 Payment) District 9) Civic Center Joint Use Agreement Earthquake RPTTF' Santa Monica Contract for Civic Center Joint Use project (FY 4,065,000 - 4,065,000 Malibu Schaal 2011 -12 Payment) District 10) Civic Center Joint Use Agreement Earthquake RPTTF° Santa Monica Contract for Civic Center Joint Use project (FY 4,065,000 4,0651000 Malibu School 2012 -13 Payment) District 11) Successor Housing Agency Earthquake RPTTF Housing Authority Employee and affordable housing administrative 166,221 166,221 166,221 166,221 166,221 166,221 997,326 Administrative Costs costs 12) RDA Pension Liabilities Earthquake RPTTF Successor Unfunded Actuarial Accrued Liability 4,235 4,235 4,235 4,235 4,235 4,235 25,407 Agency 13) Ocean Park Lease Ocean Park RPTTF lA County 175 Oman Park Blvd. Lease 166,349 - - - - 166,349 Housing Authority Notes 14) 1976 Promissory Notes Downtown RPTTF° City of Santa Property acquisition note payment (FY2011 -12 1,580,308 1,580,308 Monica Payment) 15) 1978 Promissory Notes Downtown RPTTF° City of Santa Property acquisition note payment (FY 2012 -13 1,649,458 1,649,458 Monica Payment) 16) 2003 Promissory Note A Earthquake RPTTF Parking Authority Downtown Parking Structures 1E acquisition note 2,551,505 2,551,505 Payment 17) 2003 Promissory Note B Earthquake RPTTF Parking Authority Downtown Parking Structures l E acquidbon note 1,118,820 1,118,820 payment Successor 18) 1959 High Place (High Place Earthquake° B of A Loan Proceeds and Lowand Community Corp. Afffordable housing development (45 units for law 100,000 300,000 775,000 775,000 775,000 T 5,000 3,500,000 Housing East); affordable housing loans Moderate Income Housing Fund of Santa Monica Income large families) Authority 19) FAME: 175419th, 175318th, Earthquake 8 of Loan Proceeds FAME Develop, Affordable Housing Development (49 units for low 500,000 500,000 500,000 387,143 1,887,143 1924 -30 Euclid; affordable Corp, income seniors) housing loan 20) High Place West: 194254 High Earthquake° B of A Loan Proceeds Community Corp. Affordable Housing Development (47 units for low 614,258 614,258 614,258 614,256 614,258 614,258 3,685,548 Plain; affordable housing loan ° of Santa Monica income families) 21) Senior Voucher Program Earthquake Low and Moderate Income Housing Various Property Rental subsidies for seniors who were formerly 84,000 84,000 84,000 84,000 84,000 84,000 504,000 Fund Owners homeless (82 vouchers) Legal Services 22) Successor Agency and Oversight, Ali RPTTF Successor Legal Services Cost? 71,072 71,072 71,072 71,072 71,072 71,072 426,431 Board legal services Agency 6,canavyenrydtlw MJenbp Kymrydtiv CiNdSVN WnIn YPegx� PE aOWnibxaaVKHixXNUtP Category Project Name/ Debt Obligation ProjectArea Source of Funds Payee Description Payments by month Jan Feb March April May June Total Financial Services 23) Successor Agency financial services and support All RPTTF Successor Agency ALP due diligence and Accoutring (MGO)and Finandal Analysis (PRAG, KMA, A. Kotin) 25,000 25,000 25,000 25,000 25,000 25,goo 150,000 Administrative Costs 24) Successor Administrative Cost Allowance AN RPTTF Successor Agency 3% Administration Casts10 141,672 141,672 141,672 141,672 141,672 141,672 B50,029 Tatar 48890774 'Per AB 26 and AS 1484, the total includes the Successor Agency's enforceable obligatons requiring RPTTF funds, obligations that would be paid with funds on reserve and any other non - RPTTF sources. The total obligations requiring new RPTTF funds is $24,109,885. 1) Amount shown is already in a reserve account. 2) Amount was paid with 2011 Earthquake RDA Bond proceeds. RPTTF funds were not received for this debt. The Department of Finance (DOF) denied Nis item as an enforceable obligation. Amount shown in the month of January 2013 is for the payment that was due for FY 10 -11 and is carried over from January 2012. 3) RPTTF funds were not received for this debt The Department of Finance (DCF) denied this item as an enforceable obligation. Amount shown in the month of January 2013 is for the payment that was due for FY 11 -12 and is carried over from June 2012. 4) Amount shown in the month of June 2013 is the payment amount due for FY 12 -13. 5) Loan of $2,002,000 executed 811612002; additional loan of $ 1,093,000 executed 623/2006; additional loan of $1,331,155 executed 11/302009; additional loan obligation letter of $8,589,870 executed 3192011 and 3/7/2012; $4,204,670 of total loan amount disbursed to 6) Resolution 444, provides that the use of tax revenues from the Earthquake Project Area for affordable housing outside the redevelopment project area is of benefit to the project area. 7) Loan of $4,424,711 executed 61162009; adi itiOnal loan obligation letter of $5, 285,289 executed 6/302010 and $1,765,000 executed on 3012011; loan agreement executed 11 /172011; $5, 235,655 of total loan amount disbursed to data 8) Loan of$953,111 executed 11/302009; additional loan obligation leherof$7, 082,370 executed 71142010 and loan agreement executed 9116 /2011; $4, 349,934 oftotal loan amount disbursedto date; 9) Amount is an estimate for Successor Agency and Oversight Board legal services. Cast include City Attorney's Office, Renne Sloan Holtzman Sloan, Spreading Yocca Carlson Rauth, and Kane, Bailer, Berkman 10) Amount shown does not take into account amounts already on reserve. Adopted and approved this 24th day of July, 2012. 'hard Bloom, Chair I, Maria M. Stewart, Agency Secretary of the City of Santa Monica, do hereby certify that the foregoing Resolution No. 10 (SA) was duly adopted at the meeting of the Santa Monica Redevelopment Successor Agency held on the 24th day of July 2012, by the following vote: Ayes: Agency members: Noes: Agency members: Holbrook, McKeown, O'Connor, O'Day, Chair Bloom, Chair Pro Tern Davis None Absent: Agency members: Shriver ATTEST: 1-� A���-7L Maria M. Stewart, Age cy Secretary