R41 (SAS)Successor Agency Meeting: December 13, 2022 Santa Monica, California
RESOLUTION NO. 41 (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESSOR AGENCY
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD
JULY 1, 2023 THROUGH JUNE 30, 2024
WHEREAS, pursuant to ABx 1 26, enacted on June 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 July 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 County’s 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, 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
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
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County Auditor-Controller (“CAC”) no later than February 1 of each year, commencing February
1, 2016; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to hold a
regular meeting on January 10, 2023; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to review and
duly consider the Recognized Obligation Payment Schedule for the period July 2023 – June
2024, 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 2023-24 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 2023-24 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 2023 – June 2024, 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;
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and
(2) Submit an electronic copy of the Recognized Obligation Payment Schedule to the State
Department of Finance for approval; and Designate a Successor Agency representative to
respond to all questions related to the Recognized Obligation Payment Schedule; and
(3) 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:
DOUGLAS SLOAN
Successor Agency Counsel
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Exhibit 1
Recognized Obligation Payment Schedule (ROPS 23-24)
DocuSign Envelope ID: 830FDFEB-A8C4-4795-B203-F2B1B70D4504
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary
Filed for the July 1, 2023 through June 30, 2024 Period
Successor Agency: Santa Monica
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
23-24A Total
(July -
December)
23-24B Total
(January -
June)
ROPS 23-24
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) $ 9,118,714 $ 5,525,985 $ 14,644,699
F RPTTF 8,930,214 5,525,985 14,456,199
G Administrative RPTTF 188,500 - 188,500
H Current Period Enforceable Obligations (A+E) $ 9,118,714 $ 8,825,985 $ 17,944,699
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 23-24) - ROPS Detail
July 1, 2023 through June 30, 2024
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
23-24 Total
ROPS 23-24A (Jul - Dec)
23-24A
Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$256,594,176 $17,944,699 $- $- $- $8,930,214 $188,500 $9,118,714 $- $- $3,300,000 $5,525,985 $- $8,825,985
1 2011
Earthquake
RDA Bonds
Bonds Issued
After 12/31/10
06/07/
2011
07/01/2042 Union
Bank
Bond
Payment
Earthquake 71,134,825 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 30,531,684 N $4,373,895 - - - 4,373,895 - $4,373,895 - - - - - $-
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 19,746,667 N $4,516,591 - - - 2,290,606 - $2,290,606 - - - 2,225,985 - $2,225,985
24 Arizona and 4th
Notes
Miscellaneous 10/13/
2010
01/01/2042 Multiple
entities
Mixed-use
development
with public
plaza and
underground
parking
Earthquake 65,100,000 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 4,938,500 N $188,500 - - - - 188,500 $188,500 - - - - - $-
34 Bond Trustee
Fees- 2011
Earthquake
RDA Bonds
Fees 06/07/
2011
07/01/2042 Union
Bank of
California
Annual Bond
Administrative
Fees
Earthquake 36,000 N $2,000 - - - 2,000 - $2,000 - - - - - $-
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 6,500 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 65,100,000 N $3,300,000 - - - - - $- - - - 3,300,000 - $3,300,000
DocuSign Envelope ID: 830FDFEB-A8C4-4795-B203-F2B1B70D4504
Santa Monica
Recognized Obligation Payment Schedule (ROPS 23-24) - Report of Cash Balances
July 1, 2020 through June 30, 2021
(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 20-21 Cash Balances
(07/01/20 - 06/30/21)
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 07/01/20)
RPTTF amount should exclude "A" period distribution
amount.
2,262,414 829,224
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
20 7,640 33,420,623 D2 and F2 are for interest earned and return
of security deposit
3 Expenditures for ROPS 20-21 Enforceable Obligations
(Actual 06/30/21)
77,978 32,391,104
4 Retention of Available Cash Balance (Actual 06/30/21)
RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
2,262,434
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
No entry required 1,029,519
6 Ending Actual Available Cash Balance (06/30/21)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $758,886 $- F6 includes Other Funds authorized for
use in future periods.
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Santa Monica
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes
July 1, 2023 through June 30, 2024
Item # Notes/Comments
1
2
5
13 Variable interest rate. Payment based on Fed Funds rate published on 11/30/2022 + 2% inflator.
24
30
34
35
40
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Adopted and approved this 13th day of December, 2022.
__________________________
Gleam Davis, Chair
I, Denise Anderson-Warren, Agency Secretary of the City of Santa Monica, do
hereby certify that Resolution No. 41 (SA) was duly adopted at the meeting of the Santa
Monica Redevelopment Successor Agency held on the 13th day of December, 2022, by
the following vote:
AYES: Agency members: Brock, de la Torre, Parra, Torosis, Zwick
Chair Davis, Chair Pro Tem Negrete
NOES: Agency members: None
ABSENT: Agency members: None
ATTEST:
________________________________________
Denise Anderson-Warren, Agency Secretary
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