R30 (SA)Successor Agency Meeting November 1, 2016 Santa Monica, California
RESOLUTION NUMBER (SA)
A RESOLUTION OF THE SANTA MONICA
REDEVELOPMENT SUCCESSOR AGENCY APPROVING
AND ADOPTING THE LAST AND FINAL RECOGNIZED
OBLIGATION PAYMENT SCHEDULE FOR
JULY 2017 — DECEMBER 2042
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 st Ex. Sess.) enacted as Stats. 2011, 1 st 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
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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;
WHEREAS, the California Legislature adopted, and the Governor signed, Senate
Bill No. 107 enacted as Stats. 2015 ch. 325 (hereinafter SB 107) into law; and
WHEREAS, SB 107 authorizes the Santa Monica Redevelopment Successor
Agency to submit a Last and Final Recognized Obligation Payment Schedule, which lists
the remaining enforceable obligations and the total outstanding obligation and a schedule
of remaining payments for each enforceable obligation, for approval by the Oversight
Board and the Department of Finance if specified conditions are met as set forth under
Section 34191.6(a) of the Redevelopment Law; and
WHEREAS, SB 107 authorizes the Santa Monica Redevelopment Successor
Agency to submit to the Los Angeles County Auditor -Controller the Last and Final ROPS
for the periods beginning July 1, 2017 and ending December 31, 2042, for its review after
approval by the Oversight Board; and
WHEREAS, SB 107 authorizes the Santa Monica Redevelopment Successor
Agency to submit to the State of California Department of Finance the Last and Final
ROPS, which must be approved by the Oversight Board, at any time beginning January
1, 2016; and
WHEREAS, the conditions set forth under Section 34191.6(a) of the
Redevelopment Law have been met; 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, in March 2011, the Redevelopment Agency obtained a bank loan from
Wells Fargo Bank ("Bank Loan"), to be secured by redevelopment tax increment; and
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WHEREAS, the Bank Loan was issued to provide funds to construct certain parks
and public facilities within the City's redevelopment project areas; and
WHEREAS, the Bank Loan can be prepaid at any time; and
WHEREAS, the Successor Agency has reviewed and duly considered the Last
and Final Recognized Obligation Payment Schedule for the periods beginning July 2017
and ending December 2042 ("Final ROPS"), inclusive, attached as Exhibit 1, and other
written evidence presented at the meeting, if any; and
WHEREAS, the Final ROPS provides for prepayment of the Bank Loan in 2017
from funds currently held by the Successor Agency and/or allocated to the Successor
Agency by the County Auditor -Controller after approval of the Final ROPS by the
Department of Finance.
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 Last
and Final Recognized Obligation Payment Schedule for the period(s) beginning July 2017
and ending December 2042, inclusive, attached as Exhibit 1 (referenced hereinafter as
"the Last and Final 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 Last and Final Recognized Obligation Payment Schedule to the
County Auditor -Controller for review;
(2) Submit the Last and Final Recognized Obligation Payment Schedule to the
Oversight Board for approval;
(3) Submit an electronic copy of the Last and Final 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 Last and Final 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
Last and Final 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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Adopted and approved this 1slday of November, 2016.
Tony 1 azquez, Chai(L�> Q:5
Y
I, .Denise Anderson -Warren, Agency Secretary of the City of Santa Monica, do
hereby certify that the foregoing Resolution No. 30 (SA) was duly adopted at the
meeting of the Santa Monica Redevelopment Successor Agency held on the 18t day of
November 2016, by the following vote:
Ayes: Agency members: Davis, Himmelrich, McKeown, O'Connor, O'Day,
Chair Vazquez, Chair Pro Tem Winterer
Noes: Agency members: None
Absent: Agency members: None
ATTEST:
Nju� k /YI Aft�,k� -t- -
Denise Anderson -Warren, Agency Secretary