R22 (SA)Successor Agency Meeting: February 10, 2015 Santa Monica,
California
RESOLUTION NO. 22 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESSOR
AGENCY APPROVING AND ADOPTING THE RECOGNIZED OBLIGATION
PAYMENT SCHEDULE FOR JULY 2015 — DECEMBER 2015
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 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 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
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 December 31, 2015, for its review before approval by the Oversight Board; 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 December 31, 2015, which has to be approved by the Oversight Board,
0
no later than March 3, 2015; 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 2015 — December 2015,
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 July 2015 — December 2015,
inclusive, attached as Exhibit 1 (referenced hereinafter as "the Recognized Obligation
Payment Schedule ").
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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
(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.
IMASiA D AS TO F RM:
MOU RIE
Counsel
Exhibit 1: Recognized Obligation Payment Schedule (ROPS 15 -16A) July- December
2015
n
EXHIBIT 1
(To Follow)
5
c
Exhibit 1
Recognlmd Obligation Prymmd Schedule (ROPS15 -16N -BOPS Detail
July 1,=51hmugh December3l, 2016
(aapanamuas.n wane oouan)
Taal
Recognized Obligation Payment Schedule (RODS 15 -16A) - Notes
July 1, 2015 through December 30, 2015
Item #
Notes /Comments
17
2003 Promissory Note A: The Santa Monica Successor Agency received a Finding of Completion from the Department of Finance on January 16, 2015. Pursuant
to 34191.4 (b)(2), the Oversight Board has found that this loan was made for a legitimate redevelopment purpose and is thus an enforceable obligation. The total
outstanding obligation reflects the remaining principal amount of the loan. The Successor Agency will seek repayment of the remaining principal amount of the loan
plus accumulated interest calculated pursuant to Section 34191.4(b)(2), in accordance with the repayment schedule approved by the Oversight Board. The RPTTF
requested funding for repayment of this loan during the ROPS 15 -16A period reflects the amount approved in the repayment schedule by the Oversight Board.
18
2003 Promissory Note B: The Santa Monica Successor Agency received a Finding of Completion from the Department of Finance on January 16, 2015. Pursuant
to 34191.4 (b)(2), the Oversight Board has found that this loan was made for a legitimate redevelopment purpose and is thus an enforceable obligation. The total
outstanding obligation'', reflects the remaining principal amount of the loan. The Successor Agency will seek repayment of the remaining principal amount of the loan
plus accumulated interest calculated pursuant to Section 34191.4(b)(2), in accordance with the repayment schedule approved by the Oversight Board.The RPTTF
requested funding for repayment of this loan during the ROPS 15 -16A period reflects the amount approved in the repayment schedule by the Oversight Board.
34
Bond Trustee Fees -2011 Earthquake RDA Bonds: The $2,253 bond trustee fees will be paid from the prior period RPTTF (ROPS 14 -15B), see Reserve Balance.
35
Bond Trustee Fees -2006 Earthquake RDA Series A Bonds: The $1,130 bond trustee fees will be paid from the prior period RPTTF (ROPS 14 -15B), see Reserve
Balance.
39
Parking Structures 7 & 8 Improvement Project: In 2010 Macerich entered into a Parking Structure Improvements Completion and Funding Agreement with the
City of Santa Monica as the agent for the Redevelopment Agency to provide construction management services for the construction of certain improvements on
parking structures 7 &',8. Macerich conducted an internal audit and determined that there is an outstanding $175,878 payment due from the former Redevelopment
Agency to Macerich to cover costs per the Completion and Funding Agreement.
Adopted and approved this 10th day of February, 2015.
L�L- 71tc, un�
Kevin McKeown, Chair
I, Sarah Gorman, Agency Secretary of the City of Santa Monica, do hereby
certify that the foregoing Resolution No. 22 (SA) was duly adopted at the meeting of the
Santa Monica Redevelopment Successor Agency held on the 10th day of February
2015, by the following vote:
Ayes: Agency members: Himmelrich, O'Connor, O'Day, Winterer
Chair McKeown , Chair Pro Tern Vazquez
Noes: Agency members:
Absent: Agency members: Davis
ATTEST:
Sarah Gorman, Agency Secretary