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
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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
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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
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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 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:
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MAR "A JONq S MOUT IE
SL c ssor Abe cy Counsel
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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