2017/01/11 Successor Agency Oversight Board Other •
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City of Rohnert Park • 130 Avram Avenue • Rohnert Park, California 94928
PHONE: (707) 588-2227 • FAX: (707) 794-9248 ♦ WEB:www.rpcity.org
OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK
(Successor Agency of the Former Community Development Commission of the
City of Rohnert Park)
REGULAR ANNUAL MEETING AGENDA
Wednesday, January 11, 2017, 2:00 p.m.
MEETING LOCATION: CITY HALL - COUNCIL CHAMBER
130 Avram Avenue, Rohnert Park, California
The Oversight Board welcomes your attendance, interest and participation at its public meetings.
Oversight Board agendas and minutes may be viewed at the City of Rohnert Park website at:
www.rpcity.org.
PUBLIC HEARINGS
The Oversight Board may discuss and/or take action on any or all of the items listed on this agenda. if
you challenge decisions of the Oversight Board or the Successor Agency City of Rohnert Park in court.
you may be limited to raising only those issues you or someone else raised at public hearing(s)described
in this agenda, or in written correspondence delivered to the Successor Agency City of Rohnert Park,at,
or prior to the public hearing(s).
PUBLIC COMMENTS
For public comment on items listed or not listed on the agenda,or on agenda items if unable to speak at
the scheduled time(limited to three minutes per appearance and a 30 minute total time limit,or allocation
of time based on number of speaker cards submitted)
PLEASE FILL OUT A SPEAKER CARD PRIOR TO SPEAKING
*SEE NOTE AT THE END OF THIS AGENDA
Copies of all staff reports and documents subject to disclosure that relate to each item of business referred
to on the agenda are available for public inspection before each regularly scheduled Board meeting at City
Hall, located at 130 Avram Avenue. Any writings or documents subject to disclosure that are provided to
all,or a majority of all.of the members of the Board regarding any item on this agenda after the agenda has
been distributed will also be made available for inspection at City Hall during regular business hours.
ANNOUNCEMENT: Please turn off all pagers, cellular telephones and all other communication devices
upon entering the Rohnert Park Council Chamber. Use of these devices causes electrical interference with
the sound recording and TV broadcast systems.
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Regular Annual Meeting Agenda Jar#vary 11,2017
Oversight Board for the Successor Agency City of Rohnert Park Page 2 of 3
2:00 PM
I. CALL TO ORDER/ROLL CALL(Cerreta_Jolley_Masterson Thompson
Zane_Mackenzie Pawson )
2. PLEDGE OF ALLEGIANCE
3. PUBLIC COMMENTS
Persons wishing to address the Board on any Consent Calendar item or on Successor Agency
City of Rohnert Park business not listed on the Agenda may do so at this time. Each speaker will
be allotted 3 minutes. Those wishing to address the Oversight Board on any report item listed on
the Agenda should submit a "Speaker Card" to the Clerk before announcement of agenda item.
4. APPROVAL OF MINUTES
A. Regular meeting of Oversight Board for Successor Agency City of Rohnert Park held on
April 13, 2016,at 2:00 PM
1. Board Motion/ Discussion/Vote(Cerreta_Jolley_Masterson_Thompson
Zane_Mackenzie_Pawson )
5. MEETING ITEMS
A. Election of Officers
1. Staff Report
2. Nomination and Election of Officers
3. Consideration of Resolution for adoption: Resolution No. OSB 2017-01 A Resolution of
the Oversight Board to the Successor Agency City of Rohnert Park Affirming Selection of
Officers
a. Board Motion /Discussion / Roll Call Vote(Cerreta Jolley_ Masterson
Thompson_Zane Mackenzie_Pawson )
B. Receive Series 2007R Excess Bond Proceeds Expenditure Report
I. Staff Report
C. Repayment Schedule for Amounts Owed to the City of Rohnert Park by the Former
Community Development Commission of the City of Rohnert Park
1. Staff Report
2. Consideration of Resolution for adoption: Resolution No. OSB 2017-02 A Resolution of
the Oversight Board for the Successor Agency City of Rohnert Park Amending the
Repayment Schedule for Amounts Owed to the City of Rohnert Park by the Former
Community Development Commission of the City of Rohnert Park
a. Board Motion/Discussion /Roll Call Vote(Cerreta Jolley_ Masterson_
Thompson Zane Mackenzie_ Pawson )
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Regular Annual Meeting Agenda January 11,2017
Oversight Board for the Successor Agency City of Rohnert Park Page 3 of 3
D. Annual Recognized Obligation Payment Schedule(ROPS) 17-18 of the Successor Agency to
the Former Community Development Commission of the City of Rohnert Park
1. Staff Report
2. Consideration of Resolution for adoption: Resolution No. OSB 2017-03 A Resolution of
the Oversight Board for the Successor Agency City of Rohnert Park Approving the
Annual Recognized Obligation Payment Schedule For July 1, 2017—June 30,2018,
("ROPS 17-18"), Pursuant To Section 34177 (o)of the California Health And Safety Code
a. Board Motion/Discussion /Roll Call Vote(Cen-eta_Jolley Masterson
Thompson Zane Mackenzie_Pawson )
b. NEW MATTERS FOR FUTURE CONSIDERATION
7. PUBLIC COMMENT ON NON-AGENDA ITEMS
Members of the public may address the Oversight Board on matters that are within the Oversight
Board's jurisdiction and not on today's calendar. Each speaker shall have up to three minutes to
make pertinent public comments unless the Oversight Board adopts a shorter period. It is strongly
recommended that members of the public who wish to address the Oversight Board should fill
out a"Speaker Card" provided by the Clerk, and submit the completed card to the Clerk.
8. ADJOURNMENT
DISABLED ACCOMMODATION
If you have a disability which requires an interpreter or other person to assist you while attending this Board
meeting, please contact the Clerk of the Board at(707)588-2205 at least 72 hours prior to the meeting to ensure
arrangements for accommodation by the City. Please notify the Clerk's Office as soon as possible if you have a
visual impairment requiring meeting materials to he produced in another format(Braille,audio-tape,etc.)
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ITEM 4A
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MINUTES OF THE REGULAR MEETING
OVERSIGHT BOARD
TO THE SUCCESSOR AGENCY CITY OF ROHNERT PARK
Wednesday,April 13,2016
Rohnert Park City Hall, Council Chambers
130 Avram Avenue,Rohnert Park, California
1. CALL TO ORDER
The regular meeting of the Oversight Board to the Successor Agency City of Rohnert Park was
called to order by Vice Chair Mike Thompson at 2:00 p.m. on April 13, 2016, in the Council
Chambers, Rohnert Park City Hall, 130 Avram Avenue, Rohnert Park, California.
Present: James Cerreta, Board Member Absent: Shirlee Zane, Board Member
Kate Jolley, Board Member Jake Mackenzie,Chair
Brian Masterson, Board Member
Mary Grace Pawson, Board Member
Mike Thompson, Vice Chair
Staff present: City Manager Jenkins, Clerk of the Board Tacata, Oversight Board Counsel Strauss
(via telephone), John McArthur.
Public representatives present: None.
2. PLEDGE OF ALLEGIANCE
Led by Board Member Pawson.
3. PUBLIC COMMENTS
There were no comments from the public.
4. APPROVAL OF MINUTES
A. Special meeting of Oversight Board for Successor Agency City of Rohnert Park held on January
27, 2016 at 1 1:30 a.m.
ACTION: Moved/seconded (Masterson/Pawson) to approve minutes of the special meeting of
January 27, 2016. Motion carried by the following 4-0-2-1 roll call vote: AYES: Jolley,
Masterson, Pawson, and Thompson; NOES: None; ABSENT: Zane and Mackenzie;
ABSTENTIONS: Cerreta.
5. MEETING ITEMS
A. Election of Officers
Vice Chair Thompson announced the item. City Manager Jenkins gave the staff report.
Oversight Board— Minutes of Regular Meeting(Page 2 of 2) April 13,2016
Successor Agency City of Rohnert Park
Motion by Board Member Masterson to nominate Mary Grace Pawson to Chair of the Oversight
Board. Board Member Cerreta seconded. Motion carried by the following 5-0-2-0 roll call vote:
AYES: Cerreta, Jolley, Masterson, Thompson and Pawson. NOES: None. ABSENT: Zane and
Mackenzie; ABSTENTIONS: None.
Motion by Board Member Jolley to nominate Jake Mackenzie to Vice-Chair of the Oversight
Board. Board Member Cerreta seconded. Motion carried by the following 5-0-2-0 roll call vote:
AYES: Cerreta, Jolley, Masterson, Thompson and Pawson. NOES: None. ABSENT: Zane and
Mackenzie; ABSTENTIONS: None.
Moved/seconded (Mackenzie/Masterson) to adopt Resolution No. OSB 2016-02 A Resolution of
the Oversight Board for the Successor Agency City of Rohnert Park Affirming Selection of
Officers. Motion carried by the following 5-0-2-0 roll call vote: AYES: Cerreta, Jolley,
Masterson, Thompson and Pawson. NOES: None. ABSENT: Zane and Mackenzie;
ABSTENTIONS: None.
B. Consider Resolution No. OSB 2016-03 A Resolution of the Oversight Board for the Successor
Agency City of Rohnert Park Adopting Amended and Restated Bylaws for the Oversight Board
for the Successor Agency City of Rohnert Park
Vice Chair Thompson announced the item. City Manager Jenkins gave the staff report.
ACTION: Moved/seconded (Pawson/Masterson)to adopt Resolution No. OSB 2016-03 A
Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Adopting
Amended and Restated Bylaws for the Oversight Board for the Successor Agency City of
Rohnert Park. Motion carried by the following 5-0-2-0 roll call vote: AYES: Cerreta, Jolley,
Masterson, Thompson and Pawson. NOES: None. ABSENT: Zane and Mackenzie;
ABSTENTIONS: None.
6. NEW MATTERS FOR FUTURE CONSIDERATION
None.
7. PUBLIC COMMENT ON NON-AGENDA ITEMS
There were no comments from the public.
8. ADJOURNMENT
ACTION: Vice Chair Thompson adjourned the meeting at 2:11 p.m.
Eydie Tacata, Clerk of the Board Michael Thompson, Vice Chair
Successor Agency City of Rohnert Park Oversight Board for the Successor Agency of
Rohnert Park
*o.Y,.L Mission Statement
ITEM NO. 5A
"We Care for Our Residents by Working Together to Build a
Better Community for Today and Tomorrow."
Ta:
CITY OF ROHNERT PARK
OVERSIGHT BOARD AGENDA
Meeting Date: January 11, 2017
Submitted By: Darrin Jenkins, City Manager
Prepared By: Ellen Beardsley, Administrative Assistant
Agenda Title: Election of Officers
RECOMMENDED ACTIONS:
(1) Elect one member of the Oversight Board of the Successor Agency City of Rohnert Park
("Board") to serve as Chair for a one-year term effective the next regularly scheduled or
special meeting;
(2) Elect one member to serve as Vice Chair of the Board for a one-year term; and
(3) Consider and adopt attached Resolution affirming the selection of Board officers.
BACKGROUND:
On April 11, 2012, the Board elected Shirlee Zane as Chair and Jake Mackenzie as Vice Chair of
the Board.
At its meeting in April 2013, the Board elected Shirlee Zane as Chair and Jake Mackenzie as
Vice Chair to serve their second consecutive term.
On April 9, 2014, the Board elected Marilyn Ponton as Chair and Michael Thompson as Vice
Chair to serve their first term,and on April 8, 2015, both were elected to serve their second
terms.
Due to the resignation of Chair Ponton, a special meeting was held on September 24, 2015, and
Jake Mackenzie was elected as Chair of the Oversight Board.
At its regular meeting on April 13, 2016, the Board elected Mary Grace Pawson to serve as
Chair, and Jake Mackenzie was elected as Vice Chair. At the same meeting, the Board approved
Resolution No. OSB 2016-03 which amended Article II, Section 5 of the Bylaws to permit the
Board to elect any Board Member as Chair and Vice Chair regardless of the number of years
they have served as officers.
"The Chair and Vice Chair shall be elected from among the members of the Board at the
first regular meeting of the Board. Thereafter. the (.'hair and Vice Chair shall be elected
from among the members of the Board at each annual meeting. Each officer shall hold
office until the next annual meeting of the Board following his/her election and until his/her
successor is elected and in once. Any such officer shall not be prohibited from succeeding
himself or herself. "
ITEM NO. 5A
Today's meeting is designated as the annual meeting of the Board at which election of officers is
to take place. Per the Amended Bylaws, all Board Members are eligible to be elected to the
office of Chair or Vice-Chair.
DISCUSSION:
A majority of the total membership of the Board (four members)constitutes a quorum for the
transaction of business. Four affirmative votes are required to approve any action taken by the
Board. It is recommended that the Chair open and close nominations to the Board for the election
of Chair. Votes will be cast for the nominee(s) by roll call vote. The nominee receiving at least
four affirmative votes will be elected as Chair.The same process would be facilitated by the
Chair for the election of a Vice Chair.
City Manager Approval Date: 12/30/16
City Attorney Approval Date: n/a
Board Attorney Approval Date: n/a
Attachment(s): Resolution No. OSB 2017-01
RESOLUTION NO. OSB 2017-01
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY CITY OF ROHNERT PARK
AFFIRMING SELECTION OF OFFICERS
WHEREAS, the Oversight Board for the Successor Agency City of Rohnert Park (the
"Board") organized itself pursuant to Chapter 4 (commencing with Section 34179) of Part 1.85 of
Division 24 of the Health and Safety Code;
WHEREAS, at the Board's initial meeting on April 11, 2012, the Board members were
sworn in as public officials, and by a majority vote of the Board, Shirlee Zane was elected Chair
and Jake Mackenzie elected Vice Chair of the Board;
WHEREAS, on June 22, 2012, the Board adopted Bylaws for the Oversight Board for the
Successor Agency City of Rohnert Park which established that at each annual meeting the Chair
and Vice Chair shall be elected from among the members of the Board; and
WHEREAS, an annual meeting of the Oversight Board was held on January 11, 2017, and
the Chair and Vice Chair of the Oversight Board were elected.
NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY OF ROHNERT PARK DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. The officers of the Board, elected in accordance with the Bylaws, are as follows:
Chair:
Vice Chair:
Section 2. This Resolution shall be effective the next regularly scheduled or special
meeting.
DULY AND REGULARLY ADOPTED this I I'''day of January. 2017.
ATTEST: OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY OF ROIINERT PARK
Eydie Tacata, Clerk of the Board Mary Grace Pawson, Chair
Cerreta: Jolley: Masterson: Thompson: Zane: Mackenzie: Pawson:
AYES: ( ) NOES: ( ) ABSENT: ( ) ABSTAIN: ( )
This page left intentionally blank.
"Y[ .PAR{ ITEM NO. 5B
Mission Statement
fi' "We Care for Our Residents by Working Together to Build a
Better Community for Today and Tomorrow."
CITY OF ROHNERT PARK
OVERSIGHT BOARD AGENDA REPORT
Meeting Date: January 11, 2017
Department: Public Works and Community Services
Submitted By: John McArthur, Director of Public Works&Community Services
Prepared By: Terrie Zwillinger, Project Coordinator
Agenda Title: Receive Series 2007R Excess Bond Proceeds Expenditure Report
RECOMMENDED ACTION:
Staff recommends that the Oversight Board receive the attached report of 2007R Excess Bond
proceeds expenditures for July 2016 through December 2016.
BACKGROUND:
Since receiving the Finding of Completion, the City, Successor Agency and Oversight Board
(OSB) have taken the following actions relating to the use of the remaining redevelopment bond
proceeds:
I) On February 11, 2014, the City Council approved $5.7 million in bond proceeds for
multiple facility improvement projects within the former Redevelopment Area (RDA).
On April 9, 2014, the project list was approved by the OSB and later approved by the
State Department of Finance.
2) On February 10, 2015, City Council approved an additional $627,546 in uncommitted
bond proceeds from the 1999 Tax Allocation Bonds (TABS) that will be used as
contingency funds for projects that have already been approved.
3) On May 22, 2007, the former Community Development Commission entered into a
reimbursement agreement with the City whereby the former Commission would fund
88% of the Eastside Sewer Main Phase 1 Improvement Project in advance of the City
receiving the money through public facilities finance. The Commission funded this
project from the 2007R Tax Allocation Bond proceeds. On August 25, 2015, the City
Council approved the use of an additional $10,055,725 in bond funds for projects in the
former RDA.
The Fiscal Year 2015/16 Budget anticipated that there would be sufficient funds available
in the Public Facility Finance Fee fund to repay $500,000 of the funds advanced for the
sewer project to the Successor Agency. The FY 2016/17 budget anticipates an additional
$500,000, for a total of$1,000,000. As these funds are repaid, they retain their identity
of bond proceeds and are therefore available to be used for the same purpose as when
issued, which is for capital projects within the former redevelopment area.
!Version 2 - 12/18/20151 1
ITEM NO. 5B
ANALYSIS:
The total amount of bond proceeds allocated to the bond project list is $16,383,271. Since
approving the Excess Bond Proceeds Agreement (Agreement), several of the public facility
improvement projects have been initiated.
Section 5 of the Agreement requires that the City provide the Successor Agency and Oversight
Board with a bi-annual written statement identifying the amount of Series 2007R Excess Bond
Proceeds expended in the January through June and July through December six-month periods.
The attached report details expenditures of excess bond proceeds on public improvements for the
six-month period of July 2016 through December 2016, in addition to the previously expended
funds.
As better cost estimates for the projects are received or projects are completed, project budgets
will be adjusted to re-distribute funds up to the amounts previously approved by City Council
and the Oversight Board.
STRATEGIC PLAN ALIGNMENT:
This item follows Strategic Plan Item D.2 by improving infrastructure. The bi-annual report is a
requirement of the 2007R Excess Bond Fund Agreement.
OPTIONS CONSIDERED
This report is required per the 2007R Excess Bond Proceeds agreements
Department Head Approval Date: 12/21/16
Finance Director Approval Date: 12/22/16
City Attorney Approval Date: N/A
City Manager Approval Date: 12/22/16
Attachments (list in packet assembly order):
1. 2007R Excess Bond Proceeds Bi-Annual Report BOND 1 and 2
2. 2007R Excess Bond Proceeds Bi-Annual Report BOND 3
[Version 2- I2/I8/20I51 2
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Rp""IOT rot ITEM NO. 5C
• x-- Mission Statement
"We Care for Our Residents by Working Together to Build a
Better Community for Today and Tomorrow."
CITY OF ROHNERT PARK
OVERSIGHT BOARD AGENDA
Meeting Date: January 11, 2017
Submitted By: Betsy Howze, Finance Director
Prepared By: Betsy Howze, Finance Director
Agenda Title: Amend the Repayment Schedule for Amounts Owed to the City of
Rohnert Park by the Former Community Development Commission
of the City of Rohnert Park
RECOMMENDED ACTION:
Consider and adopt the attached Resolution amending the repayment schedule for amounts owed
to the City of Rohnert Park by the former Community Development Commission of the City of
Rohnert Park.
BACKGROUND:
On September 16, 2013 the Oversight Board for the Successor Agency of the City of Rohnert
Park adopted a resolution approving repayment of amounts owed to the City by the former
Community Development Commission. The principal amount remaining on that loan was
$2,075,000, and per Health and Safety Code Section 34191.4(b)(2) interest on the remaining
principal amount of the loan shall be recalculated from origination at the Local Agency
Investment Fund ("LAIF") rate, and the loan shall be repaid to the City in accordance with a
defined schedule over a reasonable term of years at an interest rate not to exceed the LA IF rate.
Redevelopment dissolution law has been evolving and SB107 enacted numerous changes.
Important for this report is, effective September 22, 2015, Health and Safety Code Section
34191.4(b)(3) provides that any interest on the remaining principal amount of the Loan that was
previously unpaid after the original effective date of the loan shall be recalculated from the date
of origination of the loan as approved by the Community Development Commission on a
quarterly basis, at a simple interest rate of 3 percent. Within ten (10) days following the
Successor Agency's receipt of each semi-annual distribution of property taxes pursuant to Health
and Safety Code Section 34185 for the duration of the Term, the Successor Agency shall make a
payment to the City equal to the maximum amount allowed under Health and Safety Code
Section 34 I 91.4(b)(2)(A). Moneys repaid shall be applied first to the principal, and second to the
interest.
ANALYSIS:
To comply with SB 107, the outstanding principal and interest balance ("Outstanding Balance")
on the General Fund Loan was recalculated through June 30, 2024 as the actual end date is not
known at this time. (Exhibit A -General Fund Loan recalculation spreadsheet).The amount to be
paid back is calculated each year and any amounts available are requested through the
Recognized Obligation Payment Schedule, or ROPS. To give an approximation of the dollar
ITEM NO. 5C
value impact between the original calculation at the LA1F rate and the new rate at 3% at June 30,
2013: under the original calculation the outstanding balance was $2,763,514.90, and at June 30,
2013 under the new calculation the outstanding balance is $2,887,319.86, an increase to the City
of$123,804.96. This date was selected for comparison as it was the last date calculated on the
original schedule. The current Outstanding Balance as of December 31, 2016 is Two Million
One Hundred Seventy Five Thousand Eight Hundred Thirty One and 31/100 Dollars
($2,175,831.31), and $894,021.43 has been repaid to date.
Department Head Approval Date: December 19,2016
City Attorney Approval Date: December 21,2016
City Manager Approval Date: December 22,2016
Attachments:
I. Resolution
2. Exhibit A to Resolution
3. Attachment #
2
RESOLUTION NO. OSB 2017-02
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY CITY OF ROHNERT PARK AMENDING
THE REPAYMENT SCHEDULE FOR AMOUNTS OWED TO THE
CITY OF ROHNERT PARK BY THE FORMER
COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF ROHNERT PARK
WHEREAS,the Redevelopment Dissolution Law (ABIx 26, enacted June 28, 2013, as amended
by AB 1484, enacted June 26, 2013) provided for creation of the Successor Agency to the Community
Development Commission of the City of Rohnert Park("Successor Agency")and required the Successor
Agency to expeditiously wind-down the affairs of the former Community Development Commission as
directed by the oversight board created pursuant to Section 34179 of the California Health and Safety
Code("Oversight Board"); and
WHEREAS, pursuant to Health and Safety Code Section 34179.7, following the successful
completion of certain statutory prerequisites, the Successor Agency received a Finding of Completion
from the State of California Department of Finance by letter dated April 26, 2013;and
WHEREAS, Health and Safety Code Section 34191.4(b)(I)provides that following issuance of a
Finding of Completion, upon application by a successor agency, an oversight board may make a finding
that a loan from a city to a redevelopment agency was for legitimate redevelopment purposes, and
thereafter such loan shall be deemed an enforceable obligation of the former redevelopment agency; and
WHEREAS,on September 16, 2013,the Oversight Board adopted its Resolution No.OSB 2013-
05 and made a finding that the City of Rohnert Park ("City") and the former Community Development
Commission entered into that certain Amended and Restated Loan Agreement No. 2 dated February 27,
1990, as amended by Amendment No. 1 to the Amended and Restated Loan Agreement No. 2 dated
January 1, 1999, and Amendment No. 2 to the Amended and Restated Loan Agreement No. 2 dated
October 10, 2000("Loan Agreement") for legitimate redevelopment purposes; and
WHEREAS,the Oversight Board found that the City loaned a total of Five Million Four Hundred
and Sixty Thousand Dollars ($5,460,000) ("Loan") to the Community Development Commission, of
which Two Million Seventy Five Thousand Dollars($2,075,000) in principal and interest was outstanding
as of June 30 2013; and
WHEREAS, Resolution No.OSB 2013-05 provided, in accordance with the provisions of Health
and Safety Code Section 34191.4(b)(2) then in effect, that that the accumulated interest on the remaining
principal amount of the loan shall be recalculated from origination at the Local Agency Investment Fund
("LAIF") rate, and that the loan shall be repaid to the City in accordance with a defined schedule over a
reasonable term of years at an interest rate not to exceed the LAIN rate; and
WHEREAS, effective September 22, 2015, Health and Safety Code Section 34191.4(6)(3)
provides that any interest on the remaining principal amount of the Loan that was previously unpaid after
the original effective date of the loan shall be recalculated from the date of origination of the loan as
approved by the Community Development Commission on a quarterly basis, at a simple interest rate of 3
percent; and
WHEREAS, the enactment of Health and Safety Code Section 34191.4(b)(3) requires a
recalculation of the Loan; and
WHEREAS, the Loan Agreement provided for the City to loan funds to and advance funds on
behalf of the former Community Development Commission for costs and expenses incurred in connection
with the financing,acquisition and construction of a cultural arts facility.
NOW, THEREFORE, THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK DOES RESOLVE AS FOLLOWS:
Section 1. The Oversight Board directs that the Outstanding Balance of the Loan shall be repaid
to the City pursuant to the following terms and conditions:
A. Term. The term for repayment of the Outstanding Balance and interest thereon
("Term") shall continue until the date on which the Outstanding Balance and interest thereon have
been paid in full, as provided in Section 1 B below.
B. Schedule of Payments. Within ten (10) days following the Successor Agency's
receipt of each semi-annual distribution of property taxes pursuant to Health and Safety Code
Section 34185 for the duration of the Term, the Successor Agency shall make a payment to the
City equal to the maximum amount allowed under Health and Safety Code Section
34191.4(b)(2)(A). Moneys repaid shall be applied first to the principal, and second to the interest.
C. Interest Rate. Interest on the remaining Outstanding Balance shall continue to
accrue at the simple interest rate of 3 percent.
D. Recalculated Outstanding Loan Balance. The outstanding principal and interest
balance ("Outstanding Balance") on the General Fund Loan was recalculated through June 30,
2024(Exhibit A-General Fund Loan recalculation spreadsheet).The current Outstanding Balance
as of December 31, 2016 is Two Million One Hundred Seventy Five Thousand Eight Hundred
Thirty One and 31/100 Dollars($2,175,831.31).
Section 2. With the exception of changes made to Section 3 of Resolution OSB No. 2013-05 by
Section I of this Resolution, all other terms and provisions of Resolution OSB No. 2013-05
shall remain in effect.
Section 3. The staff of the Successor Agency is hereby authorized and directed to include as an
enforceable obligation on future Recognized Obligation Payment Schedules repayment of the
Outstanding Balance of the Loan and interest as allowed pursuant to State law and this Resolution
and to carry out the purposes and intent of this Resolution.
DULY AND REGULARLY ADOPTED at a regular meeting of the Oversight Board for the Successor
Agency City of Rohnert Park this 11th day of January, 2017.
OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY OF ROHNERT PARK
Chair Mary Grace Pawson
ATTEST:
Eydie Tacata, Clerk of the Board
NOTE: EXHIBIT A = Spreadsheet prepared by Betsy Howze
Cerreta: Jolley: Masterson: Thompson: Zane: Mackenzie: Pawson:
AYES: ( ) NOES: ( ) ABSENT: ( ) ABSTAIN: ( )
Exhibit A .
General Fund Loan to Former Redevlopment Agency
Recalcuation at 3% Interest to Reset Balance
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
06/15/00 06/30/00 3.000% $2,558.22 $2,075,000.00 $2,077,558.22
06/30/00 09/30/00 3.000% 15,690.41 2,075,000.00 2,093,248.63
09/30/00 12/31/00 3.000% 15,690.41 2,075,000.00 2,108,939.04
12/31/00 03/31/01 3.000% 15,349.32 2,075,000.00 2,124,288.36
03/31/01 06/30/01 3.000% 15,519.86 2,075,000.00 2,139,808.22
06/30/01 09/30/01 3.000% 15,690.41 2,075,000.00 2,155,498.63
09/30/01 12/31/01 3.000% 15,690.41 2,075,000.00 2,171,189.04
12/31/01 03/31/02 3.000% 15,349.32 2,075,000.00 2,186,538.36
03/31/02 06/30/02 3.000% 15,519.86 2,075,000.00 2,202,058.22
06/30/02 09/30/02 3.000% 15,690.41 2,075,000.00 2,217,748.63
09/30/02 12/31/02 3.000% 15,690.41 2,075,000.00 2,233,439.04
12/31/02 03/31/03 3.000% 15,349.32 2,075,000.00 2,248,788.36
03/31/03 06/30/03 3.000% 15,519.86 2,075,000.00 2,264,308.22
06/30/03 09/30/03 3.000% 15,690.41 2,075,000.00 2,279,998.63
09/30/03 12/31/03 3.000% 15,690.41 2,075,000.00 2,295,689.04
12/31/03 03/31/04 3.000% 15,519.86 2,075,000.00 2,311,208.90
03/31/04 06/30/04 3.000% 15,519.86 2,075,000.00 2,326,728.77
06/30/04 09/30/04 3.000% 15,690.41 2,075,000.00 2,342,419.18
09/30/04 12/31/04 3.000% 15,690.41 2,075,000.00 2,358,109.59
12/31/04 03/31/05 3.000% 15,349.32 2,075,000.00 2,373,458.90
03/31/05 06/30/05 3.000% 15,519.86 2,075,000.00 2,388,978.77
06/30/05 09/30/05 3.000% 15,690.41 2,075,000.00 2,404,669.18
09/30/05 12/31/05 3.000% 15,690.41 2,075,000.00 2,420,359.59
12/31/05 03/31/06 3.000% 15,349.32 2,075,000.00 2,435,708.90
03/31/06 06/30/06 3.000% 15,519.86 2,075,000.00 2,451,228.77
06/30/06 09/30/06 3.000% 15,690.41 2,075,000.00 2,466,919.18
09/30/06 12/31/06 3.000% 15,690.41 2,075,000.00 2,482,609.59
12/31/06 03/31/07 3.000% 15,349.32 2,075,000.00 2,497,958.90
03/31/07 06/30/07 3.000% 15,519.86 2,075,000.00 2,513,478.77
06/30/07 09/30/07 3.000% 15,690.41 2,075,000.00 2,529,169.18
09/30/07 12/31/07 3.000% 15,690.41 2,075,000.00 2,544,859.59
12/31/07 03/31/08 3.000% 15,519.86 2,075,000.00 2,560,379.45
03/31/08 06/30/08 3.000% 15,519.86 2,075,000.00 2,575,899.32
06/30/08 09/30/08 3.000% 15,690.41 2,075,000.00 2,591,589.73
09/30/08 12/31/08 3.000% 15,690.41 2,075,000.00 2,607,280.14
12/31/08 03/31/09 3.000% 15,349.32 2,075,000.00 2,622,629.45
03/31/09 06/30/09 3.000% 15,519.86 2,075,000.00 2,638,149.32
06/30/09 09/30/09 3.000% 15,690.41 2,075,000.00 2,653,839.73
09/30/09 12/31/09 .3.000% 15,690.41 2,075,000.00 2,669,530.14
12/31/09 03/31/10 3.000% 15,349.32 2,075,000.00 2,684,879.45
• 03/31/10 06/30/10 3.000% 15,519.86 2,075,000.00 2,700,399.32
06/30/10 09/30/10 3.000% 15,690.41 2,075,000.00 2,716,089.73
09/30/10 12/31/10 3.000% 15,690.41 2,075,000.00 2,731,780.14
12/31/10 03/31/11 3.000% 15,349.32 2,075,000.00 2,747,129.45
03/31/11 06/30/11 3.000% 15,519.86 2,075,000.00 2,762,649.32
06/30/11 09/30/11 3.000% 15,690.41 2,075,000.00 2,778,339.73
09/30/11 12/31/11 3.000% 15,690.41 2,075,000.00 2,794,030.14
12/31/11 03/31/12 3.000% 15,519.86 2,075,000.00 2,809,550.00
03/31/12 06/30/12 3.000% 15,519.86 2,075,000.00 2,825,069.86
06/30/12 09/30/12 3.000% 15,690.41 2,075,000.00 2,840,760.27
09/30/12 12/31/12 3.000% 15,690.41 2,075,000.00 2,856,450.68
12/31/12 03/31/13 3.000% 15,349.32 2,075,000.00 2,871,800.00
03/31/13 06/30/13 3.000% 15,519.86 2,075,000.00 2,887,319.86
06/30/13 09/30/13 3.000% 15,690.41 2,075,000.00 2,903,010.27
09/30/13 12/31/13 3.000% 15,690.41 2,075,000.00 2,918,700.68
12/31/13 03/31/14 3.000% 15,349.32 2,075,000.00 2,934,050.00
03/31/14 06/30/14 3.000% 15,519.86 2,075,000.00 2,949,569.86
06/30/14 09/30/14 3.000% 15,690.41 2,075,000.00 2,965,260.27
09/30/14 12/31/14 3.000% 15,690.41 2,075,000.00 2,980,950.68
01/01/15 01/01/15 Paym to Prin 1st (295,812.43) 2,685,138.25
12/31/14 03/31/15 3.000% 13,161.11 1,779,187.57 2,698,299.37
03/31/15 06/30/15 3.000% 13,307.35 1,779,187.57 2,711,606.72
06/30/15 09/30/15 3.000% 13,453.58 1,779,187.57 2,725,060.30
09/30/15 12/31/15 3.000% 13,453.58 1,779,187.57 2,738,513.88
01/01/16 01/01/16 Paym to Prin 1st (598,209.00) 2,140,304.88
12/31/15 03/31/16 3.000% 8,833.07 1,180,978.57 2,149,137.95
03/31/16 06/30/16 3.000% 8,833.07 1,180,978.57 2,157,971.03
06/30/16 09/30/16 3.000% 8,930.14 1,180,978.57 2,166,901.17
09/30/16 12/31/16 3.000% 8,930.14 1,180,978.57 2,175,831.31
12/31/16 03/31/17 3.000% 8,736.01 1,180,978.57 2,184,567.31
03/31/17 06/30/17 3.000% 8,833.07 1,180,978.57 2,193,400.38
06/30/17 09/30/17 3.000% 8,930.14 1,180,978.57 2,202,330.52
09/30/17 12/31/17 3.000% 8,930.14 1,180,978.57 2,211,260.66
12/31/17 03/31/18 3.000% 8,736.01 1,180,978.57 2,219,996.67
03/31/18 06/30/18 3.000% 8,833.07 1,180,978.57 2,228,829.74
06/30/18 09/30/18 3.000% 8,930.14 1,180,978.57 2,237,759.88
09/30/18 12/31/18 3.000% 8,930.14 1,180,978.57 2,246,690.02
12/31/18 03/31/19 3.000% 8,736.01 1,180,978.57 2,255,426.03
03/31/19 06/30/19 3.000% 8,833.07 1,180,978.57 2,264,259.10
06/30/19 09/30/19 3.000% 8,930.14 1,180,978.57 2,273,189.24
09/30/19 12/31/19 3.000% 8,930.14 1,180,978.57 2,282,119.38
12/31/19 03/31/20 3.000% 8,833.07 1,180,978.57 2,290,952.45
03/31/20 06/30/20 3.000% 8,833.07 1,180,978.57 2,299,785.52
06/30/20 09/30/20 3.000% 8,930.14 1,180,978.57 2,308,715.66
09/30/20 12/31/20 3.000% 8,930.14 1,180,978.57 2,317,645.80
12/31/20 03/31/21 3.000% 8,736.01 1,180,978.57 2,326,381.81
03/31/21 06/30/21 3.000% 8,833.07 1,180,978.57 2,335,214.88
06/30/21 09/30/21 3.000% 8,930.14 1,180,978.57 2,344,145.02
09/30/21 12/31/21 3.000% 8,930.14 1,180,978.57 2,353,075.16
12/31/21 03/31/22 3.000% 8,736.01 1,180,978.57 2,361,811.16
03/31/22 06/30/22 3.000% 8,833.07 1,180,978.57 2,370,644.24
06/30/22 09/30/22 3.000% 8,930.14 1,180,978.57 2,379,574.38
09/30/22 12/31/22 3.000% 8,930.14 1,180,978.57 2,388,504.52
12/31/22 03/31/23 3.000% 8,736.01 1,180,978.57 2,397,240.52
03/31/23 06/30/23 3.000% 8,833.07 1,180,978.57 2,406,073.59
06/30/23 09/30/23 3.000% 8,930.14 1,180,978.57 2,415,003.73
09/30/23 12/31/23 3.000% 8,930.14 1,180,978.57 2,423,933.87
12/31/23 03/31/24 3.000% 8,833.07 1,180,978.57 2,432,766.94
03/31/24 06/30/24 3.000% 8,833.07 1,180,978.57 2,441,600.02
Balances 1,260,621.45 1,180,978.57 2,441,600.02
Attachment 1
EXHIBIT A TO RESO #OSB2013 - 05
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
06/15/00 06/30/00 6.349% $ 5,414.04 $ 2,075,000.00 $ 2,080,414.04
06/30/00 07/31/00 6.443% 11,354.68 2,075,000.00 2,091,768.73
07/31/00 08/31/00 6.505% 11,463.95 2,075,000.00 2,103,232.68
08/31/00 09/30/00 6.502% 11,089.03 2,075,000.00 2,114,321.70
09/30/00 10/31/00 6.517% 11,485.10 2,075,000.00 2,125,806.80
10/31/00 11/30/00 6.538% 11,150.42 2,075,000.00 2,136,957.23
11/30/00 12/31/00 6.535% 11,516.82 2,075,000.00 2,148,474.04
12/31/00 01/31/01 6.372% 11,229.56 2,075,000.00 2,159,703.60
01/31/01 02/28/01 6.169% 9,819.70 2,075,000.00 2,169,523.30
02/28/01 03/31/01 5.976% 10,531.68 2,075,000.00 2,180,054.98
03/31/01 04/30/01 5.760% 9,823.56 2,075,000.00 2,189,878.54
04/30/01 05/31/01 5.328% 9,389.69 2,075,000.00 2,199,268.23
05/31/01 06/30/01 4.958% 8,455.77 2,075,000.00 2,207,723.99
06/30/01 07/31/01 4.635% 8,168.39 2,075,000.00 2,215,892.39
07/31/01 08/31/01 4.502% 7,934.00 2,075,000.00 2,223,826.39
08/31/01 09/30/01 4.288% 7,313.10 2,075,000.00 2,231,139.49
09/30/01 10/31/01 3.785% 6,670.41 2,075,000.00 2,237,809.90
10/31/01 11/30/01 3.526% 6,013.52 2,075,000.00 2,243,823.42
11/30/01 12/31/01 3.261% 5,746.95 2,075,000.00 2,249,570.38
12/31/01 01/31/02 3.068% 5,406.82 2,075,000.00 2,254,977.20
01/31/02 02/28/02 2.967% 4,722.81 2,075,000.00 2,259,700.01
02/28/02 03/31/02 2.861% 5,042.02 2,075,000.00 2,264,742.04
03/31/02 04/30/02 2.845% 4,852.09 2,075,000.00 2,269,594.13
04/30/02 05/31/02 2.740% 4,828.78 2,075,000.00 2,274,422.91
05/31/02 06/30/02 2.687% 4,582.62 2,075,000.00 2,279,005.53
06/30/02 07/31/02 2.714% 4,782.96 2,075,000.00 2,283,788.49
07/31/02 08/31/02 2.594% 4,571.48 2,075,000.00 2,288,359.97
08/31/02 09/30/02 2.604% 4,441.07 2,075,000.00 2,292,801.04
09/30/02 10/31/02 2.487% 4,382.91 2,075,000.00 2,297,183.95
10/31/02 11/30/02 2.301% 3,924.31 2,075,000.00 2,301,108.26
11/30/02 12/31/02 2.201% 3,878.89 2,075,000.00 2,304,987.14
12/31/02 01/31/03 2.103% 3,706.18 2,075,000.00 2,308,693.32
01/31/03 02/28/03 1.945% 3,096.01 2,075,000.00 2,311,789.34
02/28/03 03/31/03 1.904% 3,355.47 2,075,000.00 2,315,144.81
03/31/03 04/30/03 1.858% 3,168.78 2,075,000.00 2,318,313.59
04/30/03 05/31/03 1.769% 3,117.56 2,075,000.00 2,321,431.15
05/31/03 06/30/03 1.697% 2,894.20 2,075,000.00 2,324,325.35
06/30/03 07/31/03 1.653% 2,913.13 2,075,000.00 2,327,238.48
07/31/03 08/31/03 1.632% 2,876.12 2,075,000.00 2,330,114.60
R:\CDC\CDCoan Documents\b-25 00 Loan to GF -LAIF rate 1 of 4
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance loan Balance
08/31/03 09/30/03 1.635% 2,788.46 2,075,000.00 2,332,903.06
09/30/03 10/31/03 1.596% 2,812.68 2,075,000.00 2,335,715.73
10/31/03 11/30/03 1.572% 2,681.01 2,075,000.00 2,338,396.15
11/30/03 12/31/03 1.545% 2,122.80 2,075,000.00 2,341,119.55
12/31/03 01/31/04 1.528% 2,692.84 2,075,000.00 2,343,812.38
01/31/04 02/29/04 1.440% 2,374.03 2,075,000.00 2,346,186.41
02/29/04 03/31/04 1.474% 2,591.61 2,075,000.00 2,348,784.08
03/31/04 04/30/04 1.445% 2,464.42 2,075,000.00 2,351,248.50
04/30/04 05/31/04 1.426% 2,513.08 2,075,000.00 2,353,761.58
05/31/04 06/30/04 1.469% 2,505.35 2,075,000.00 2,356,266.93
06/30/04 07/31/04 1.604% 2,826.78 2,075,000.00 2,359,093.71
07/31/04 08/31/04 1.672% 2,946.61 2,075,000.00 2,362,040.32
08/31/04 09/30/04 1.1/1% 3,020.40 2,075,000.00 2,365,060.73
09/30/04 10/31/04 1.890% 3,330.80 2,075,000.00 2,368,391.53
10/31/04 11/30/04 2.003% 3,416.08 2,075,000.00 2,371,807.60
11/30/04 12/31/04 2.134% 3,760.81 2,0/5,000.00 2,375,568.41
12/31/04 01/31/05 2.264% 3,989.91 2,075,000.00 2,379,558.32
01/31/05 02/28/05 2.368% 3,769.34 2,075,000.00 2,383,327.66
02/28/05 03/31/05 2.542% 4,479.84 2,075,000.00 2,387,807.50
03/31/05 04/30/05 2.724% 4,645.73 2,075,000.00 2,392,453.23
04/30/05 05/31/05 2.856% 5,033.21 2,075,000 00 2,397,486.44
05/31/05 06/30/05 2.967% 5,060.16 2,075,000.00 2,402,546.60
06/30/05 07/31/05 3.083% 5,433.26 2,075,000.00 2,407,979.85
07/31/05 08/31/05 3.179% 5,602.44 2,075,000.00 2,413,582.30
08/31/05 09/30/05 3.324% 5,669.01. 2,075,000.00 2,419,251.31
09/30/05 10/31/05 3.458% 6,094.13 2,075,000.00 2,425,345.44
10/31/05 11/30/05 3.636% 6,201.12 2,075,000.00 2,431,546.57
11/30/05 12/31/05 3.808% 6,710.95 2,075,000.00 2,438,257.52
12/31/05 01/31/06 3.955% 6,970.01 2,075,000.00 2,445,227.53
01/31/06 02/28/06 4.043% 6,435.57 2,075,000.00 2,451,663.10
02/28/06 03/31/06 4.142% 7,299.57 2,075,000.00 2,458,962.66
03/31/06 04/30/06 4.305% 7,342.09 2,075,000.00 2,466,304.75
04/30/06 05/31/06 4.563% 8,041.51 2,075,000.00 2,474,346.26
05/31/06 06/30/06 4.700% 8,015.75 2,075,000.00 2,482,362.01
06/30/06 07/31/06 4.849% 8,545.53 2,075,000.00 2,490.907.54
07/31/06 08/31/06 4.946% 8,716 48 2,075,000.00 2,499,624.02
08/31/06 09/30/06 5.023% 8,566.62 2,075,000.00 2,508,190.64
09/30/06 10/31/06 5.098% 8,984.35 2,075,000.00 2,517,175.00
10/31/06 11/30/06 5.125% 8,740.58 2,075,000.00 2,525,915.58
11/30/06 12/31/06 5.129% 9,038.98 2,075,000.00 2,534,954.56
R:\CDC CDC Loan Document s\6-15.00 Loan to GF-LAIF rate 2 of 4
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
12./31/06 01/31/07 5.156% 9,086.57 2,075,000.00 2,544,041.13
01/31/07 02/28/07 5.181% 8,247.02 2,075,000.00 2,552,288.15
02/28/07 03/31/07 5.214% 9,188.78 2,075,000.00 2,561,476.93
03/31/0/ 04/30/07 5.222% 8,906.01 2,075,000.00 2,570,382.94
04/30/07 05/31/07 5.248% 9,248.70 2,075,000.00 2,579,631.64
05/31/07 06/30/07 5.250% 8,953.7/ 2,075,000.00 2,588,585.41
06/30/07 07/31/07 5.255% 9,261.04 2,075,000.00 2,597,846.45
07/31/07 08/31/07 5.253% 9,25/.51 2,075,000.00 2,607,103.96
08/31/0/ 09/30/07 5.231% 8,921.36 2,075,000.00 2,616,025.32
09/30/07 10/31/07 5.137% 9,053.08 2,075,000.00 2,625,078.41
10/31/07 11/30/07 4.962% 8,462.59 2,075,000.00 2,633,541.00
11/30/07 12/31/07 4.801% 8,460.94 2,075,000.00 2,642,001.94
12/31/07 01/31/08 4.620% 8,141.96 2,075,000.00 2,650,143.90
01/31/08 02/29/08 4.161% 6,859.95 2,075,000.00 2,657,003.85
02/29/08 03/31/08 3.777% 6,656.32 2,075,000.00 2,663,660.16
03/31/08 04/30/08 3.400% 5,798.63 2,075,000.00 2,669,458.79
04/30/08 05/31/08 3.072% 5,413.87 2,075,000.00 2,674,872.67
05/31/08 06/30/08 2.894% 4,935.66 2,075,000.00 2,679,808.32
06/30/08 07/31/08 2.787% 4,911.61 2,075,000.00 2,684,719.93
07/31/08 08/31/08 2.779% 4,89/.51 2,075,000.00 2,689,617.44
08/31/08 09/30/08 2.774% 4,731.00 2,075,000.00 2,694,348.44
09/30/08 10/31/08 2.709% 4,774.15 2,075,000.00 2,699,122.59
10/31/08 11/30/08 2.568% 4,379.67 2,075,000.00 2,703,502.26
11/30/08 12/31/08 2.353% 4,146.76 2,075,000.00 2,707,649.02
12/31/08 01/31/09 2.046% 3,605.72 2,075,000.00 2,711,254.75
01/31/09 02/28/09 1.869% 2,975.04 2,075,000.00 2,714,229.79
02/28/09 03/31/09 1.822% 3,210.96 2,075,000.00 2,717,440.75
03/31/09 04/30/09 1.607% 2,740 71 2,075,000.00 2,720,181.46
04/30/09 05/31/09 1.530% 2,696.36 2,075,000.00 2,722,877.82
05/31/09 06/30/09 1.377% 2,348.45 2,075,000.00 2,725,226.26
06/30/09 07/31/09 1.035% 1,824.01 2,075,000.00 2,727,050.27
07/31/09 08/31/09 0.925% 1,630.15 2,075,000.00 2,728,680.43
08/31/09 09/30/09 0.750% 1,279.11 2,075,000.00 2,729,959.54
09/30/09 10/31/09 0.646% 1,138.46 2,075,000.00 2,731,098.00
10/31/09 11/30/09 0.611% 1,042.05 2,075,000.00 2,732,140.05
11/30/09 12/31/09 0.569% 1,002.77 2,075,000.00 2,733,142.82
12/31/09 01/31/10 0.558% 983.38 2,075,000.00 2,734,126.19
01/31/10 02/28/10 0.577% 918.46 2,075,000 00 2,735,044.65
02/28/10 03/31/10 0.547% 963.99 2,075,000.00 2,736,008.65
03/31/10 04/30/10 0.588% 1,002.82 2,075,000.00 1,/37,011.47
R:\CDC\CDC Loan Documents\6 15-00 Loan to GF . LAIF rate 3 of 4
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
04/30/10 05/31/10 0.560% 986.90 2,075,000.00 2,737,998.37
05/31/10 06/30/10 0.528% 900.49 2,075,000.00 2,738,898.87
06/30/10 07/31/10 0.531% 935.80 2,075,000.00 2,739,834.66
07/31/10 08/31/10 0.513% 904.07 2,075,000.00 2,740,738.74
08/31/10 09/30/10 0.500% 852.74 2,075,000.00 2,741,591.48
09/30/10 10/31/10 0.480% 845.92 2,075,000.00 2,742,437.39
10/31/10 11/30/10 0.454% 774.29 2,075,000.00 2,743,211.68
11/30/10 12/31/10 0.462% 814.20 2,075,000.00 2,744,025.88
12/31/10 01/31/11 0.538% 948.13 2,075,000.00 2,744,974.01
01/31/11 02/28/11 0.512% 814.99 2,075,000.00 2,745,789.00
02/28/11 03/31/11 0.500% 881.16 2,075,000.00 2,746,670.17
03/31/11 04/30/11 0.588% 1,002.82 2,075,000.00 2,747,672.99
04/30/11 05/31/11 0.413% 727.84 2,075,000.00 2,748,400.83
05/31/11 06/30/11 0.448% 764.05 2,075,000.00 2,749,164.88
06/30/11 07/31/11 0.381% 671.45 2,075,000.00 2,749,836.33
07/31/11 08/31/11 0.408% 719.03 2,075,000.00 2,750,555.36
08/31/11 09/30/11 0.378% 644.67 2,075,000.00 2,751,200.03
09/30/11 10/31/11 0.385% 678.50 2,075,000.00 2,751,878.53
10/31/11 11/30/11 0.401% 683.90 2,075,000.00 2,752,562.43
11/30/11 12/31/11 0.382% 673.21 2,075,000.00 2,753,235.64
12/31/11 01/31/12 0.385% 678.50 2,075,000.00 2,753,914.13
01/31/12 02/29/12 0.389% 641.32 2,075,000.00 2,754,555.45
02/29/12 03/31/12 0.383% 674.97 2,075,000.00 2,755,230.42
03/31/12 04/30/12 0.367% 625.91 2,075,000.00 2,755,856.33
04/30/12 05/31/12 0.363% 639.73 2,075,000.00 2,756,496.06
05/31/12 06/30/12 0.358% 610.56 2,075,000.00 2,757,106_62
06/30/12 07/31/12 0.363% 639.73 2,075,000.00 2,757,746.35
07/31/12 08/31/12 0.377% 664.40 2,075,000.00 2,758,410.74
08/31/12 09/30/12 0.348% 593.51 2,075,000.00 2,759,004.25
09/30/12 10/31/12 0.340% 599.19 2,075,000.00 2,759,603.44
10/31/12 11/30/12 0.324% 552.58 2,075,000.00 2,760,156.02
11/30/12 12/31/12 0.326% 574.52 2,075,000.00 2,760,730.54
12/31/12 01/31/13 0.300% 528.70 2,075,000.00 2,761,259.24
01/31/13 02/28/13 0.286% 455.25 2,075,000.00 2,761,714.48
02/28/13 03/31/13 0.285% 502.26 2,075,000.00 2,762,216.75
03/31/13 04/30/13 0.264% 450.25 2,075,000.00 2,762,667.00
04/30/13 05/31/13 0.245% 431.77 2,075,000.00 2,763,098.77
05/31/13 06/30/13 0.244% 416.14 2,075,000.00 2,763,514.90
Total $ 688,514.90 S 2,075,000.00 $ 2,763,514.90
R:\CDC\CDC Loan Documents\6-15-00 Loan to GF-LAIF rate 4 of 4
QpurEEr Nit ITEM NO. 5 D
• Mission Statement
"We Care for Our Residents by Working Together to Build a
Better Community for Today and Tomorrow."
Ctiraa.''"
CITY OF ROHNERT PARK
OVERSIGHT BOARD AGENDA
Meeting Date: January 11, 2017
Submitted By: Betsy Howze, Finance Director
Prepared By: Betsy Howze, Finance Director
Agenda Title: Approval of the Annual Recognized Obligation Payment Schedule
(ROPS) 17-18 of the Successor Agency to the former Community
Development Commission of the City of Rohnert Park
RECOMMENDED ACTION:
Consider and adopt the attached Resolution approving the Annual ROPS 17-18 (Recognized
Obligation Payment Schedule for the period July 1, 2017 to June 30, 2018) of the Successor
Agency to the former Community Development Commission of the City of Rohnert Park.
BACKGROUND:
Health & Safety Code Section 34177 (o) requires successor agencies to submit the Recognized
Obligation Payment Schedule(ROPS)to the State Department of Finance (DOF).
The ROPS 17-I8 must be submitted to the Sonoma County Auditor-Controller-Treasurer-Tax
Collector, State Controller's Office and Department of Finance no later than February I, 2017,
after approval by the Oversight Board.
ANALYSIS:
The attached ROPS 17-18 addresses $6,479,795 in enforceable obligations to be paid from
Redevelopment Property Tax Trust Funds ("RPTTF"). The enforceable obligations include bond
debt payments, repayment of the City loan, use of bond proceeds, and the administrative cost
allowance for the period July 1, 2017 to June 30, 2018.
As previously reported, with the receipt of the Notice of Completion on April 26, 2013, the
Successor Agency is eligible to include previously unallowable items beginning with the ROPS
14-15B. These include I) repayment of a loan the City made to the former Community
Development Commission and 2) expenditure of the proceeds of bonds issued prior to December
31, 2010 for infrastructure projects.
The first annual City loan repayment in the amount of$298,505 was received in the ROPS 14-
15E period, and the second annual payment in the amount of $598,209 was received in the
ROPS 15-16B period. Based on the calculation comparing the residual balances of ROPS 14-15
and ROPS 15-16, the City was not eligible to receive a loan repayment for the ROPS 16-17
period. Since it is a rolling calculation, the City has prepared the calculation for ROPS 17-18
period and $546,860 is available and will be requested for the City loan repayment this ROPS
period.
ITEM NO. 5D
There are $10,055,725 in bond proceeds that were loaned to the Public Facility Finance Fee
Fund to build the Eastside Trunk Sewer Project. These funds are being repaid to the Successor
Agency with developer fees as funds become available for capital improvements within the
project area. The current outstanding balance per the ROPS schedule is $9,055,725, and we are
including a $500,000 request for the ROPS 17-18.
Staff recommends that the Oversight Board consider and adopt the attached Resolution
approving the ROPS 17-18. If approved, staff will submit the approved ROPS to the Sonoma
County Auditor-Controller-Treasurer-Tax-Collector, State Controller's Office and the Depart-
ment of Finance by February 1, 2017. In accordance with AB1484, staff will also post the
approved ROPS on the Successor Agency's website.
Department Head Approval Date: December 19, 2016
City Attorney Approval Date: December 21,2016
City Manager Approval Date: December 22,2016
Attachments:
I. Resolution approving ROPS 17-18
2. Exhibit A to Resolution: ROPS 17-18
2
RESOLUTION NO. OSB 2017-03
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY
CITY OF ROHNERT PARK APPROVING THE ANNUAL
RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR
JULY 1,2017—JUNE 30,2018 ("ROPS 17-18"),PURSUANT TO SECTION 34177 (o) OF
THE CALIFORNIA HEALTH AND SAFETY CODE
WHEREAS,the Redevelopment Dissolution Law(AB 1X 26,enacted June 28,2011,as amended
by AB 1484, enacted June 27,2012,and hereinafter,"Dissolution Law")provided for the creation of
the Successor Agency City of Rohnert Park ("Successor Agency"), as successor agency to the
Community Development Commission of the City of Rohnert Park ("Commission") and required
the Successor Agency,among other things,to expeditiously wind down the Commission's affairs,
while continuing to meet the Commission's enforceable obligations and overseeing completion of
redevelopment projects and disposing of the assets and properties of the Commission, all as
directed by the oversight board created pursuant to Section 34179 of the Health and Safety Code
("Oversight Board"); and
WHEREAS,Section 34177(o)of the Health and Safety Code requires the Successor Agency,
following approval by the Oversight Board, to submit to the State Department of Finance
("DOF"), the State Controller, and the Sonoma County Auditor-Controller-Treasurer-Tax
Collector ("County Auditor") for review, the Recognized Obligation Payment Schedules
("ROPS") in the manner provided by the Department of Finance; and
WHEREAS,pursuant to the Dissolution Law, the ROPS for the period of July 1,2017 to June
30,2018("ROPS 17-18")must be submitted to the Sonoma County Auditor-Controller-Treasurer-
Tax Collector, State Controller's Office and Department of Finance no later than February 1,2017,
after approval by the Oversight Board; and
WHEREAS, Successor Agency staff have prepared the attached ROPS, which was approved
by the Successor Agency's governing board on January 10. 2017; and
WHEREAS, Successor Agency staff have submitted the attached ROPS to the Oversight
Board for review and approval, and at the same time have provided a copy of the attached ROPS
to the County Administrative Officer, the County Auditor and DOF, all as required pursuant to
Health and Safety Code Section 34177 (o).
NOW, THEREFORE,THE OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CITY OF ROHNERT PARK DOES RESOLVE AS FOLLOWS:
Section I. The Recognized Obligation Payment Schedule for the period of July 1, 2017 to
June 30, 2018 ("ROPS 17-18") in the form attached to this Resolution as Exhibit A and
incorporated herein by reference, is hereby approved.
Section 2. The staff of the Successor Agency is hereby directed to submit the ROPS to DOF,
the State Controller and the County Auditor-Controller-Treasurer-Tax-Collector, and post the
ROPS on the Successor Agency's website in accordance with I lealth and Safety Code Section
OAK#4822-8(t47-41 10+4
34177(I)(2)(C). and to cooperate with DOF to the extent necessary to obtain DOF's acceptance of
the ROPS, correct clerical errors or omissions including, if necessary, making modifications to the
ROPS determined by the City Manager to be reasonable and financially feasible to meet its legally
required financial obligations.
DULY AND REGULARLY ADOPTED by the Oversight Board for the Successor Agency
City of Rohnert Park this I Ith day of January, 2017.
OVERSIGHT BOAR[) FOR THE SUCCESSOR
AGENCY CITY OF ROEINERT PARK
Chair Mary Grace Pawson
ATTEST:
Eydie Tacata, Clerk of the Board
Cerreta: Jolley: Masterson: Thompson: Zane: Mackenzie: Pawson:
AYES: ( ) NOES: ( ) ABSENT: ( ) ABSTAIN: ( )
OAK N4822-8097-41 10 v4
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Rohnert Paris Recognized Obligatlon Payment Schedule (ROPS 17-18) - ROPS Detail
July 1, 2017 through June 30, 2018
Report Amounts in Whole Dollars)
A
B
C
D
E
F
G
H
I
J
K
L
M
N
0
P
Q
R
5
T
U
U
W
Item #
Project Name/Debt Obligation
Obligation Type
Contract/Agreement
Execution Date
Conlract/Agreemenl
Termination Dale
Payee
Description/Project Scope
Project Area
Total Outstanding
Debt or Obligation
Retired
ROPS 17-10
Total
17-18A Jul - December)
17-1 BA
Total
17.186 Janus - June)
17-18B
Total
Fund Sources
Fund Sources
Bond Proceeds
Reserve
Balance
Other Funds
RPTTF
Admin RPTTF
Band Proceeds
Reserve
Balance
Ol7rer Funds
RPTfF
Admin RPTTF
S 97.500.735
S 6,479.795
5 -
5 -
5
S 2.316.911
S 125.W0
S 2.441,911
5� �SMODD
S -
5 -
S 3,412.BB4 1
S 125,DDD
S 4,0W.WA
1
1999 Tax Allocation Bon6a
Bonds lssued On or Before
1l2711999
f!~1035
Union Bank
Bands issue to fund non.jlpu -
29,115,o00
N
S 930,000
-
S
930.P00
5 nno 000
2
20D1 Tax Allocation Bonds
Bonds Issued On or Before
12/31/10
912520D7
8 12020
Union Hank
Bonds retunding Issue
2,462,563
N
S 821.813
S
921,813
S E2f;813
3
2007R Tax Allocation Bonds
(Bonds Issued On or Before
twill
3/28/2007
u/172037
Union Bank
Bonds issue for nPn-housing pmjerds
30,825,209
N
S 1,726,770
1,293.885
5 1,293.585
432,885
S 432.895
4
2007H Tax Allocafion Bonds
Bonds issued On orBetore
12/31/10
37287-ZO07
2112038
Union Bank
Bonds issue to fund housing projects
20,042,903
N
S 1,260.482
954.091
S 954,091
3D6,391
S 006.391
5
2003 LRRB's 90% Paid by CDC
Bonds Issued On or Before
12131/10
V117/2003
7/1/2025
Union Bank
Lease Revenue Refunding Bonds
3,555,934
N
S 443,870
68,935
5 68,535
374,935
S 374.D35
5
AdmmisVallve Allowance
.Admin Costs
1112D14
6730/2014
City of Rohnert Park
Support costs (e"g„ Executive
Director, CFO, Legal, etc.) 2011-02
250,000
N
S 250,00
125,000
S 125,ODO
125,D00
S 125"ODD
32
Oily General Fund Loan
-City/County Loan (Prior
06/28/17 , Cash exchange
511512000
1/2/2036
City of Rohnert Park
Loan made by Cny of Rohnert Park
General Fund
2,193,401
N
5 546.860
S
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35
.Agreement With the City of Ronnert
(Park regarding expenditure of
excess bond Proceeds
Bond Funded Project —Pre-
2011
'9242015
SIM2f115
City of Ronnert Park
Transfer of bond proceeds that will be
ispenl in a future ROPS period
9,055,725
N
S 500,000
S
500,D00
5 560,WD
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Rohnert Park Recognized Obligation Payment Schedule (ROPS 17-18) - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 I 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 bv an enforceable obligation. For tips on how to complete the Report of Cash Balances Form see Cash Balance Ti s Sheet.
A
B
C
D
E
F
G
H
I
Fund Sources
Bond Proceeds
Reserve Balance
Other
RPTTF
Prior ROPS
Prior ROPS
period balances
RPTTF
Bonds issued
Bonds issued
and DDR RPTTF
distributed as
Rent,
Non-Admin
on or before
on or after
balances
reserve for
grants,
and
Cash Balance Information by ROPS Period
12/31/10
01/01/11
retained
future period(s)
interest, etc.
Admin
Comments
ROPS 15-16B Actuals (01/01/16 - 06130/16)
1
Beginning Available Cash Balance (Actual 01101116)
2,255,194
109,392
4,696
526,893
(114,077)
12-31-15 ending balances from 16-17 ROPS
2
Revenue/Income (Actual 06/30/16)
RPTTF amounts should tie to the ROPS 15-16B distribution from the
County Auditor -Controller during January 2016
1,345
10,009
3,247,233
3
Expenditures for ROPS 15-16B Enforceable Obligations (Actual
Column H. Trustee errored and did not request
06/30/16)
calendar year IDS payment for the 1999 and
2001 bonds in January, 2016. Retained cash
500,000
1,982,108
was paid to trustee in July, 2016
4
Retention of Available Cash Balance (Actual 06/30/16)
Column C - Bond Reserves held by Trustee.
RPTTF amount retained should only include the amounts distributed as
Column G- Revenue Sharing agreement paid out
reserve for future period(s)
in January, 2017. Column H - Trustee errored
and did not request calendar year IDS payment
for the 1999 and 2001 bonds. Retained cash of
1,756,444
509,753
1,265,526
$1,265,526 was paid to trustee in July, 2016
5
ROPS 15-16B RPTTF Balances Remaining
No entry required
6
Ending Actual Available Cash Balance
CtoG=(1 +2-3-4), H=(1 +2-3-4-5)
$ 95
$ -
$ 109,392
$ 4,696
$ 27,149
$ (114,478)
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