R37 (SAS)Successor Agency Meeting January 12, 2021 Santa Monica, California
RESOLUTION NO. 37 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESSOR AGENC
APPROVING THE RECOGNIED OBLIGATION PAMENT SCHEDULE FOR THE PERIOD
JUL 1, 2021 THROUGH JUNE 30, 2022
WHEREAS, pursuant to ABx 1 26, enacted on une 28, 2011, and as subsequently
amended by AB 1484, SB 341, and SB 107 ("Dissolution Act"), the Redevelopment Agency to
the City of Santa Monica was dissolved as of February 1, 2012, and the City of Santa Monica
elected to serve as the Successor Agency to the former Redevelopment Agency to the City of
Santa Monica (Successor Agency) and
WHEREAS, pursuant to Health and Safety Code Section 34179 (q), commencing on
and after uly 1, 2018, in the County of Los Angeles, where more than 40 oversight boards
were created by the Dissolution Act, the oversight boards were consolidated into five
consolidated oversight boards each encompassing one of the Countys five supervisorial
districts and
WHEREAS, the Third Supervisorial District Consolidated Oversight Board ("Third
District Consolidated Oversight Board") has jurisdiction over the Successor Agency of the
Former Redevelopment Agency to the City of Santa Monica and
WHEREAS, the Third District Consolidated Oversight Board held a regular meeting on
anuary 12, 2021 and
WHEREAS, Section 34177(a)(3) of the Health and Safety Code, as reformed by the
California Supreme Court in California Redevelopment Association v. Matosantos (2011) 53
Cal. 4th 231, provides that commencing on May 1, 2012, only those payments listed in a
Recognized Obligation Payment Schedule (ROPS) may be made by the Successor Agency
from the funds specified in the ROPS and
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
WHEREAS, Section 34177(o) of the Health and Safety Code requires that the Successor Agency
submit an oversight board-approved ROPS to the Department of Finance (“DOF”) and County Auditor-
Controller (“CAC”) no later than February 1 of each year, commencing February 1, 2016; and
WHEREAS, the Third District Consolidated Oversight Board has reviewed and duly
considered the Recognized Obligation Payment Schedule for the period July 2021 – June
2022, inclusive, attached as Exhibit 1, and other written evidence presented at the meeting, if
any; and
WHEREAS, under Title 14 of the California Code of Regulations, Section 15061(b)(3),
the approval of the FY 2021-22 ROPS is exempt from the requirements of the California
Environmental Quality Act (“CEQA”), in that it can be seen with certainty that there is no possibility
that the FY 2020-21 ROPS will have any significant effect on the environment.
NOW THEREFORE, THE SUCCESSOR AGENCY DOES HEREBY RESOLVE AND
FIND 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 Recognized
Obligation Payment Schedule for the period July 2021 – June 2022, inclusive, attached hereto
as Exhibit 1 (referenced hereinafter as “the Recognized Obligation Payment Schedule”).
SECTION 3. The Successor Agency authorizes the Community Development Director to:
(1) Submit the Recognized Obligation Payment Schedule to the County Auditor-Controller
for review; and
(2) Submit an electronic copy of the Recognized Obligation Payment Schedule to the
State Department of Finance for approval; and
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(3) Designate a Successor Agency representative to respond to all questions related to
the Recognized Obligation Payment Schedule; and
(4) Take such other actions and execute such other documents as are appropriate to
effectuate the intent of this Resolution.
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:
GEORGE S. CARDONA
Interim Successor Agency Counsel
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
Exhibit 1
Recognized Obligation Payment Schedule (ROPS 21-22)
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
Recognized Obligation Payment Schedule (ROPS 21-22) - Summary
Filed for the July 1, 2021 through June 30, 2022 Period
Successor Agency: Santa Monica
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
21-22A Total
(July -
December)
21-22B Total
(January -
June)
ROPS 21-22
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ - $ 3,300,000 $ 3,300,000
B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds - 3,300,000 3,300,000
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 9,048,333 $ 5,397,254 $ 14,445,587
F RPTTF 8,784,082 5,397,254 14,181,336
G Administrative RPTTF 264,251 - 264,251
H Current Period Enforceable Obligations (A+E) $ 9,048,333 $ 8,697,254 $ 17,745,587
Certification of Oversight Board Chairman:
Name Title
Pursuant to Section 34177 (o) of the Health and Safety
code, I hereby certify that the above is a true and
accurate Recognized Obligation Payment Schedule for
the above named successor agency. /s/
Signature Date
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Santa Monica
Recognized Obligation Payment Schedule (ROPS 21-22) - ROPS Detail
July 1, 2021 through June 30, 2022
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS
21-22 Total
ROPS 21-22A (Jul - Dec)
21-22A
Total
ROPS 21-22B (Jan - Jun)
21-22B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$289,434,826 $17,745,587 $- $- $- $8,784,082 $264,251 $9,048,333 $- $- $3,300,000 $5,397,254 $- $8,697,254
1 2011
Earthquake
RDA Bonds
Bonds Issued
After 12/31/10
06/07/
2011
07/01/2042 Union
Bank
Bond
Payment
Earthquake 75,659,650 N $2,262,413 - - - 2,262,413 - $2,262,413 - - - - - $-
2 2006
Earthquake
RDA Series A
Bonds
Bonds Issued
On or Before
12/31/10
04/27/
2006
07/01/2029 Union
Bank
Bond
Payment
Earthquake 39,295,874 N $4,382,308 - - - 4,382,308 - $4,382,308 - - - - - $-
5 2011
Earthquake
RDA Bonds
(Reserve)
Reserves 06/07/
2011
07/01/2042 Union
Bank
2011
Earthquake
RDA Bonds
reserve as
required by
the bond
indenture
Earthquake - N $- - - - - - $- - - - - - $-
13 Bank of
America Term
Loan
Third-Party
Loans
05/08/
2008
07/15/2028 Bank of
America
Bank of
America Loan
Payment
Earthquake 24,242,425 N $4,233,315 - - - 2,136,061 - $2,136,061 - - - 2,097,254 - $2,097,254
16 1978
Promissory
Notes
City/County
Loan (Prior
06/28/11),
Property
transaction
10/24/
1978
06/29/2028 City of
Santa
Monica
Property
acquisition
note payment
Downtown - Y $- - - - - - $- - - - - - $-
17 2003
Promissory
Note A
City/County
Loan (Prior
06/28/11),
Property
transaction
12/14/
2004
01/01/2033 Parking
Authority
Downtown
Parking
Structures 1-6
acquisition
note payment
Earthquake - Y $- - - - - - $- - - - - - $-
18 2003
Promissory
Note B
City/County
Loan (Prior
06/28/11),
Property
transaction
12/14/
2004
01/01/2033 Parking
Authority
Downtown
Parking
Structures 1-6
acquisition
note payment
Earthquake - Y $- - - - - - $- - - - - - $-
24 Arizona and 4th
Notes
Miscellaneous 10/13/
2010
01/01/2042 Multiple
entities
Mixed-use
development
with public
plaza and
underground
parking
Earthquake 71,700,000 N $3,300,000 - - - - - $- - - 3,300,000 - - $3,300,000
30 Successor
Administrative
Cost Allowance
Admin Costs 02/01/
2012
06/30/2014 Successor
Agency
3%
Administration
Costs
All 6,787,777 N $264,251 - - - - 264,251 $264,251 - - - - - $-
34 Bond Trustee Fees 06/07/07/01/2042 Union Annual Bond Earthquake 40,000 N $2,000 - - - 2,000 - $2,000 - - - - - $-
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS
21-22 Total
ROPS 21-22A (Jul - Dec)
21-22A
Total
ROPS 21-22B (Jan - Jun)
21-22B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Fees- 2011
Earthquake
RDA Bonds
2011 Bank of
California
Administrative
Fees
35 Bond Trustee
Fees- 2006
Earthquake
RDA Series A
Bonds
Fees 04/27/
2006
07/01/2029 Union
Bank of
California
Annual Bond
Administrative
Fees
Earthquake 9,100 N $1,300 - - - 1,300 - $1,300 - - - - - $-
40 Arizona and
4th-
Reimbursement
Agreement
Miscellaneous 06/23/
2010
01/01/2042 City of
Santa
Monica
Mixed-use
development
with public
plaza and
underground
parking
Earthquake 71,700,000 N $3,300,000 - - - - - $- - - - 3,300,000 - $3,300,000
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
Santa Monica
Recognized Obligation Payment Schedule (ROPS 21-22) - Report of Cash Balances
July 1, 2018 through June 30, 2019
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other
funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A B C D E F G H
ROPS 18-19 Cash Balances
(07/01/18 - 06/30/19)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/18)
RPTTF amount should exclude "A" period distribution
amount.
- 2,267,095 - 195,832 -
2 Revenue/Income (Actual 06/30/19)
RPTTF amount should tie to the ROPS 18-19 total
distribution from the County Auditor-Controller
- 21,731 - 2,950 30,052,469 D2 and F2 are for interest earned.
3 Expenditures for ROPS 18-19 Enforceable Obligations
(Actual 06/30/19)
- - - 35 29,958,746
4 Retention of Available Cash Balance (Actual 06/30/19)
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
- 2,288,826 - - -
5 ROPS 18-19 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 18-19 PPA
form submitted to the CAC
No entry required
93,723
6 Ending Actual Available Cash Balance (06/30/19)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $198,747 $-
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
Santa Monica
Recognized Obligation Payment Schedule (ROPS 21-22) - Notes
July 1, 2021 through June 30, 2022
Item # Notes/Comments
1
2
5
13 Variable interest rate. Payments based on actual interest rate from most recent bill received plus a 1%
escalation.
16
17
18
24
30
34
35
40
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A
Adopted and approved this 12th day of January, 2021.
________________________________________
Sue Himmelrich, Chair
I, Denise Anderson-Warren, Agency Secretary of the City of Santa Monica, do
hereby certify that Resolution No. 37 (SA) was duly adopted at the meeting of the
Santa Monica Redevelopment Successor Agency held on the 12th day of January,
2021, by the following vote:
AYES: Agency members:
NOES: Agency members:
ABSENT: Agency members:
Brock, Davis, De La Torre, McKeown, Parra
Chair Himmelrich, Chair Pro Tem McCowan
None
None
ATTEST:
________________________________________
Denise Anderson-Warren, Agency Secretary
DocuSign Envelope ID: B638AEAF-D7BF-4CA1-BADF-E02321D6511A