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2015/02/11 Successor Agency Oversight Board Agenda Packet w, 1 r I• CAL7tda Mtw City of Rohnert Park • 130 Avram Avenue ♦ Rohnert Park, California 94928 PHONE: (707) 588-2227 ♦ FAX: (707) 792-1876 • 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) SPECIAL MEETING AG EN I)A Wednesday, February 11, 2015, 1:30 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. Special Meeting Agenda February 11,2015 Oversight Board for the Successor Agency City of Rohnert Park Page 2 of 3 1:30 PM 1. CALL TO ORDER/ROLL CALL (Cerreta_Jolley Mackenzie_Masterson__ Zane_Thompson Ponton_ ) 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. Minutes for Special meeting of Oversight Board for Successor Agency City of Rohnert Park held on September 29, 2014,at 11 AM. 1. Board Motion/Vote(Cerreta Jolley Mackenzie Masterson Zane_ Thompson Ponton ) B. Minutes for Special meeting of Oversight Board for Successor Agency City of Rohnert Park held on December 1, 2014, at 3:15 PM. 1. Board Motion/Vote(Cerreta Jolley Mackenzie Masterson Zane Thompson Ponton ) 5. MEETING ITEMS A. Agreement Regarding Expenditure of Excess Bond Proceeds between the City of Rohnert Park and the Successor Agency 1. Staff Report 2. Consideration of Resolution: a. Resolution for adoption: Resolution No. OSB 2015-01 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving an Agreement Regarding Expenditure of Series 1999 Excess Bond Proceeds (1) Board Motion/ Discussion /Roll Call Vote(Cerreta Jolley Mackenzie Masterson Zane Thompson Ponton ) B. Consider Approving the Recognized Obligation Payment Schedule("ROPS 15-16A")of the Successor Agency City of Rohnert Park for the Period July 1, 2015 — December 31, 2015 1. Staff Report 2. Consideration of Resolution: a. Resolution for adoption: Resolution No. OSB 2015-02 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving the Recognized Obligation Payment Schedule For July 1, 2015 — December 31, 2015, ("ROPS 15- 16A"), Pursuant To Section 34177 ol'the California Health And Safety Code (1) Board Motion/ Discussion/ Roll Call Vote (Cerreta Jolley Mackenzie Masterson_Zane Thompson Ponton ) Special Meeting Agenda February 11,2015 Oversight Board for the Successor Agency City of Rohnert Park Page 3 of 3 6. NEW MATTERS FOR FUTURE CONSIDERATION A. Reminder of upcoming Regular Oversight Board meeting on April 8, 2015, at 2 PM. Election of officers will be on the agenda. 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 be produced in another format(Braille,audio-tape,etc.) This page left intentionally blank. ITEM 4.A `1.011MERT MINUTES OF THE SPECIAL MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Monday, September 29, 2014 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 Chair Marilyn Ponton at 11:00 AM on September 29, 2014, in the Council Chambers, Rohnert Park City Hall, 130 Avram Avenue, Rohnert Park, California. Present: Marilyn Ponton, Chair Absent: Kate Jolley,Board Member Mike Thompson, Vice Chair James Cerreta, Board Member Jake Mackenzie, Board Member Brian Masterson, Board Member Shirlee Zane, Board Member Staff present: City Manager Jenkins, Clerk of the Board Tacata, Oversight Board Counsel Strauss (via telephone), Finance Director Howze, Finance Technical Advisor Ross. Public representatives present: None. 2. PLEDGE OF ALLEGIANCE Led by Chair Ponton. 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 September 10, 2014, at 2 PM. ACTION: Moved/seconded (Mackenzie/Thompson) to approve minutes of the meeting of September 10, 2014. Motion carried by the following 5-0-1-1 vote: AYES: Cerreta, Mackenzie, Masterson. Thompson, and Ponton. ABSENT: Jolley, ABSTAINS: Zane. 5. MEETING ITEMS A. Agreement Regarding Expenditure of Excess Bond Proceeds between the City of Rohnert Park and the Successor Agency Chair Ponton announced the item. City Manager Jenkins gave the staff report. Oversight Board — Minutes of Special Meeting(Page 2 of 2) September 29,2014 Successor Agency City of Rohnert Park ACTION: Moved/seconded (Mackenzie/Zane)to adopt Resolution No. OSB 2014-08 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving an Agreement Regarding Expenditure of Excess Bond Proceeds between the City of Rohnert Park and the Successor Agency. Motion carried by the following 6-0-0-1 roll call vote: AYES: Cerreta, Mackenzie, Masterson, Zane, Thompson, and Ponton. NOES: None. ABSTAINS: None. ABSENT: Jolley. B. Consider Approving the Recognized Obligation Payment Schedule ("ROPS 14-15B")of the Successor Agency City of Rohnert Park for the Period January I, 2015—June 30, 2015 Chair Ponton announced the item. City Manager Jenkins gave the staff report. ACTION: Moved/seconded (Mackenzie/Masterson) to adopt Resolution No. OSB 2014-09 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving the Recognized Obligation Payment Schedule For January 1, 2015—June 30,2015, ("ROPS 14-15B"), Pursuant To Section 34177 of the California Health And Safety Code. Motion carried by the following 6-0-0-1 roll call vote: AYES: Cerreta, Mackenzie, Masterson, Zane, Thompson, and Ponton. NOES: None. ABSTAINS: None. ABSENT: Jolley. 6. NEW MATTERS FOR FUTURE CONSIDERATION Board discussed availability for special meeting needed in February to approve next ROPS Schedule. Board set next meeting date for Wednesday, February 11, 2015, at 1:30 PM. 8. PUBLIC COMMENT ON NON-AGENDA ITEMS There were no comments from the public. 9. ADJOURNMENT ACTION: Chair Ponton adjourned the meeting at 11:31 AM. Eydie Tacata, Clerk of the Board Marilyn Ponton, Chair Successor Agency City of Rohnert Park Oversight Board for the Successor Agency of Rohnert Park ITEM 4.B ERT r,,RA 19 "� '`�.�.�win CACIPOR O+ MINUTES OF THE SPECIAL MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Monday, December 1, 2014 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 Chair Marilyn Ponton at 3:20 PM on December 1, 2014, in the Council Chambers, Rohnert Park City Hall, 130 Avram Avenue, Rohnert Park, California. Present: Marilyn Ponton, Chair Absent: Jake Mackenzie, Board Member James Cerreta, Board Member Mike Thompson, Vice Chair Kate Jolley, Board Member 444 Shirlee Zane, Board Member Brian Masterson, Board Member Staff present: City Manager Jenkins, Clerk of the Board l acata, Oversight Board Counsel Strauss (via telephone), Finance Director Tlowze, Senior Management Analyst Atkins. Public representatives present: None. 2. PLEDGE OF ALLEGIANCE Led by Chair Ponton. 3. PUBLIC COMMENTS There were no comments from the public. 4. MEETING ITEMS A. Authorization of Transfer of Housing Assets to the City of Rohnert Park Chair Ponton announced the item. City Manager Jenkins gave the staff report. ACTION: Moved/seconded (Jolley/Cerreta)to adopt Resolution No. OSB 2014-10 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving Housing Asset Transfer between the City of Rohnert Park and the Successor Agency. Motion carried by the following 4-0-0-3 roll call vote: AYES: Cerreta, Jolley, Masterson, and Ponton. NOES: None. ABSTAINS: None. ABSENT: Mackenzie, Thompson, Zane. 6. PUBLIC COMMENT ON NON-AGENDA ITEMS There were no comments from the public. Oversight Board— Minutes of Special Meeting(Page 2 of 2) December 1,2014 Successor Agency City of Rohnert Park 7. ADJOURNMENT ACTION: Chair Ponton adjourned the meeting at 3:29 PM. Eydie Tacata, Clerk of the Board Marilyn Ponton, Chair Successor Agency City of Rohnert Park Oversight Board for the Successor Agency of Rohnert Park 4�xv¢ei PARR `lliJ ITEM NO. 5A :y t 62 ,'Vlrssinu Statement cAL 1►0.x," "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: February 11, 2015 Department: Public Works and Community Services Submitted By: John McArthur, Director of Public Works& Community Services Agenda Title: Oversight Board Adoption of Resolution Approving an Agreement Regarding Expenditure of Series 1999 Excess Bond Proceeds RECOMMENDED ACTIONS: Staff recommends the Oversight Board adopt a resolution approving an agreement between the City of Rohnert Park and the Successor Agency to the former Community Development Commission (Successor Agency) for expenditure of remaining excess proceeds from the issuance of the 1999 Tax Allocation Bonds. BACKGROUND: As previously reported, in April 2013 the City of Rohnert Park received from the State Department of Finance (DOF)the Finding of Completion for the City of Rohnert Park Successor Agency. Pursuant to the terms of AB 1X 26 as amended by AB 1484 (collectively the "Redevelopment Dissolution Act"), the Successor Agency can now utilize bond proceeds in a manner that is consistent with the original bond covenants, as further provided in Health and Safety Code section 34191.4(c). In September 2014, the Oversight Board approved an agreement regarding expenditure of the 2007R excess bond proceeds between the City and the Successor Agency, and said agreement was included in the ROPS 14-15B (Recognized Obligation Payment Schedule for the period January 1, 2015 thru June 30, 2015). Since that time staff has identified an additional $627,546 of Series 1999 Tax Allocation bond proceeds that are available to fund projects within the project area. ANALYSIS: The attached Agreement between the City and the Successor Agency would transfer the remaining excess bond proceeds for the Series 1999 Tax Allocation Bonds to the City for future use on projects already identified in the September 2014 Agreement that have been identified as needing additional funding to complete. The updated listing including amounts for each project has been included as Exhibit A Proposed Public Improvements List. If approved, the Agreement will be submitted to the DOF for final approval. The proposed use of the bond funds has been included in the ROPS 15-16A (July 1, 2015 thru December 31, 2015) in the amount of$627,546. The Agreement requires the City to provide bi-annual written statements to the Successor Agency and ITEM NO. 5A Oversight Board identifying the amount of Series 1999 excess bond proceeds expended pursuant to the Agreement during the applicable six-month period and briefly describing the funded projects. Following DOF approval of the ROPS 15-16A including this Agreement, work on the projects will be eligible to commence. The City will expend the funds in accordance with the terms, conditions, and purposes set forth in the Agreement. Department Head Approval Date: February 3,2015 City Manager Approval Date: February 3,2015 City Attorney Approval Date: February 3, 2015 Board Attorney Approval Date: February 3, 2015 Attachments (lisi in packet assembly order): 1. Agreement Regarding Expenditure of Excess Bond Proceeds 2. Exhibit A to Agreement: Proposed Public Improvements List 3. Resolution No. OSB 2015-01 AGREEMENT REGARDING EXPENDITURE OF SERIES 1999 EXCESS BOND PROCEEDS (Rohnert Park Redevelopment Project Tax Allocation Bonds Series 1999) This Agreement Regarding Expenditure of Series 1999 Excess Bond Proceeds (this "Agreement") is entered into effective as of , 2015 ("Effective Date")by and between the Successor Agency to the Community Development Commission of the City of Rohnert Park("Successor Agency")and the City of Rohnert Park, a municipal corporation ("City"). The Successor Agency and the City are hereinafter collectively referred to as the "Parties." RECITALS A. Pursuant to authority granted under the Community Redevelopment Law (California Health and Safety Code Section 33000 et seq.) ("CRL"), the former Community Development Commission of the City of Rohnert Park ("CDC")had responsibility to implement the Rohnert Park Redevelopment Project Area(the "Project Area"), originally approved by Ordinance No. 479 enacted by the City Council of the City of Rohnert Park (the"City Council"). B. Pursuant to Resolution No. 2012-10 adopted by the City Council on January 10,2012, the City agreed to serve as the Successor Agency to the CDC commencing on February 1, 2012 pursuant to Assembly Bill lx 26 ("AB 26"). C. On April 26, 2013 the Successor Agency received its finding of completion from the Department of Finance. D. Health and Safety Code Section 34191.4(c) provides that a successor agency that has been issued a finding of completion by the Department of Finance may use proceeds of bonds issued before December 31, 2010 for the purposes for which the bonds were sold. Further, the Successor Agency may designate the use of and commit indebtedness obligation proceeds that were derived from bonds issued for redevelopment purposes on or before December 31, 2010, and that remain available after the satisfaction of enforceable obligations that have been approved on a Recognized Obligation Payment Schedule ("ROPS") and that are consistent with the bond obligation covenants ("Excess Bond Proceeds"). E. Health and Safety Code Section 34191.4(c) further provides that the expenditure of Excess Bond Proceeds must be listed separately on the ROPS. F. The City and the Successor Agency have previously entered into that certain Agreement Regarding Expenditure of Excess Bond Proceeds dated as of September 29, 2014 to allow the Successor Agency to transfer to the City the Excess Bond Proceeds (the "Series 2007 Excess Bond Proceeds") remaining from the issuance of certain Tax Allocation Bonds, Series 2007R Bonds in the original principal amount of$34,680,000 (the "Series 2007 Bonds") and to require the City to use the Series 2007 Excess Bond Proceeds for the purposes identified in and consistent with the Series 2007 Bonds covenants and the requirements of the CRL. 1 OAK#4851-1247-88RI G. Pursuant to that certain First Supplemental Indenture of Trust dated as of January 1, 1999 (supplemental to the Indenture of Trust dated as of May 1, 1991), and executed by and between the CDC and U.S. Bank Trust National Association as trustee (collectively, the "Indenture"), the CDC issued Tax Allocation Bonds, Series 1999 Bonds in the original principal amount of$11,936,650.95 (the "Series 1999 Bonds"). H. Pursuant to the Indenture, proceeds from the sale of the Series 1999 Bonds are required to be used solely for the purposes of redevelopment and in compliance with the requirements of the federal Tax Code as further provided in the Tax and Nonarbitrage Certificate executed by the CDC in connection with issuance of the Series 1999 Bonds (the "Tax Certificate") and described in the Official Statement for the Series 1999 Bonds("Official Statement"). The Tax Certificate and the Official Statement are on file with the City Clerk of the City of Rohnert Park. 1. The Tax Certificate provides that the Series 1999 Bonds are to be sold and delivered for the purpose of financing certain capital costs of the Issuer, and the Official Statement provides that the proceeds of the Series 1999 Bonds are to be used to finance capital improvements in the Project Area. J. The City and the Successor Agency desire to use the Series 1999 Excess Bond Proceeds consistent with the Series 1999 Bonds covenants to pay costs related to capital improvements of certain publicly-owned facilities located in the Project Area and identified in Exhibit A to this Agreement("Proposed Public Improvements"), incorporated herein by this reference. K. The Parties now desire to enter into this Agreement to allow the Successor Agency to transfer the remaining Series 1999 Excess Bond Proceeds to the City and to require the City to use the Series 1999 Excess Bond Proceeds for the purposes identified in and consistent with the Series 1999 Bonds covenants and the requirements of the CRL. L. The execution of this Agreement was approved by the City Council acting in its capacity as the governing board of the City and in its capacity as the governing hoard of the Successor Agency by resolutions adopted on , 2015. M. The execution of this Agreement by the Successor Agency was approved by the Oversight Board by resolution adopted on , 2015. NOW, THEREFORE, in consideration of the mutual covenants, conditions and promises herein contained, the Parties hereby agree as follows. AGREEMENT 1. Incorporation of Recitals. The Parties acknowledge the truth of the foregoing Recitals which by this reference are incorporated into this Agreement. 2. Term. The term of this Agreement shall commence on the Effective Date, and shall continue in effect until the date that all Series 1999 Excess Bond Proceeds are expended in accordance with the requirements of this Agreement. 2 OAK#4851-4247-8881 1,3 3. Use of Series 1999 Excess Bond Proceeds. The City agrees that it shall use the Series 1999 Excess Bond Proceeds solely for the purposes identified in Recitals I and J above, the projects identified in this Section 3, or, as determined by the City Council, for other infrastructure projects consistent with the Series 1999 Bonds covenants. Among other projects, the City agrees to use the Series 1999 Excess Bond Proceeds for the following infrastructure projects: B-Pool Renovation and New Restroom, Sports Center Locker Rooms Retrofit, Public Safety Main HVAC Replacement, A-Park Restroom Renovation and L-Park Restroom Renovation. City shall notify Successor Agency and Oversight Board if City Council decides to use the Series 1999 Excess Bond Proceeds for infrastructure projects not identified in Recitals I or J or in this Section 3. 4. Transfer of Excess Bond Proceeds. Within 120 days of the execution of this Agreement, subject to DOF approval of the inclusion of this Agreement on the ROPS 15-16A, the Successor Agency shall transfer the remaining Series 1999 Excess Bond Proceeds to the City, and the City shall deposit such funds into a Series 1999 Excess Bond Proceeds Fund for City's use solely in accordance with the terms, conditions, and purposes set forth in this Agreement. Funds deposited into a Series 1999 Excess Bond Proceeds Fund shall not be commingled with any City funds. As of the Effective Date, the amount of Series 1999 Excess Bond Proceeds not separately identified on the ROPS for project expenditures during the ROPS 15-16A period equals the sum of Six Hundred Twenty Seven Thousand Five Hundred Forty Five and 62/100 Dollars ($627,545.62). 5. Bi-annual Report to Successor Agency. City shall provide Successor Agency and Oversight Board with a bi-annual written statement identifying the amount of Series 1999 Excess Bond Proceeds expended in the January through June and July through December six-month periods, the date of the expenditure, and a brief description of the projects funded with the Series 1999 Excess Bond Proceeds. 6. Project Approvals; Environmental Review. This Agreement is not intended to limit in any manner the discretion of City in connection with the issuance of approvals and entitlements for the projects described in this Agreement, including without limitation, the undertaking and completion of any required environmental review pursuant to CEQA and NEPA, as applicable, and the review and approval of plans and specifications. 7. Severability. If any term, provision, covenant, or condition set forth in this Agreement is held by the final judgment of a court of competent jurisdiction to be invalid, void, or unenforceable, the remaining provisions, covenants, and conditions shall continue in full force and effect to the extent that the basic intent of the Parties as expressed herein can be accomplished. In addition, the Parties shall cooperate in good faith in an effort to amend or modify this Agreement in a manner such that the purpose of any invalidated or voided provision, covenant, or condition can be accomplished to the maximum extent legally permissible. 8. No Third-Party Beneficiaries; Assignments. Nothing in this Agreement is intended to create any third-party beneficiaries to this Agreement, and no person or entity other than the Successor Agency and the City, and the permitted successors and assigns of either of them. shall be authorized to enforce the provisions of this Agreement. 3 c)Ak#41 0 I-4247-888I .3 9. Further Assurances. Each Party agrees to execute, acknowledge and deliver all additional documents and instruments, and to take such other actions as may be reasonably necessary to carry out the intent of the transactions contemplated by this Agreement. 10. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California. 11. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. 12. Amendments. This Agreement may be modified or amended, in whole or in part, only by an instrument in writing, executed by the Parties. IN WITNESS WHEREOF, the Parties have executed this Agreement effective as of the date first written above. CITY: SUCCESSOR AGENCY: City of Rohnert Park Successor Agency to the Community Development Commission of the City of Rohnert Park By: By: Amy O. Ahanotu_ Mayor Darrin Jenkins, City Manager City of Rohnert Park ATTEST: ATTEST: By: By: JoAnne Buergler, City Clerk Eydie Tacata, Oversight Board Clerk APPROVED AS TO FORM: APPROVED AS TO FORM: By: By: Michelle Marchctta Kenyon Elizabeth Ann Strauss City Attorney Oversight Board Counsel 4 OAK#42151-4247-8881 v3 Q C) U) O O 0 0 0 O O 0 O 0 In Cu 0 U) CO N CD O O O O CD N CO -I-. NCO CO ,-- O CD V O N C 00 (A N- U) m I- N (D co- . L1') N O V m CO V CO N O V U) CO CO CO c0 C. CO O N I 5 V V CO V N N - N N C7 CO x Q) - (D LJJ 0 CO v) d O LO O O o O O O O O O O (U) Cu C w' O Lo CO N co O co O co N D O NN CO CO - CO 0 'ct O N 00 Q) N C - + f— OO f- CO N O) V U) (O O V O G C _ = N 7 CO CLi) C) - CO N U CA E � E - co C • (�l • � - R C O . J G C 0 m LV U ..-, 0 F- C co O O O O O O O C) O O 0 0 O O O O O O 0 O O O O C) C) O O O O O O O O O O O f9 C) O (D CO V N O O O V O V V .� 3 4 O CO CO 0 N CO CO CO CO N00 O .i.. 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J O a- This page left intentionally blank. RESOLUTION NO. OSB 2015-01 RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK APPROVING AN AGREEMENT REGARDING EXPENDITURE OF SERIES 1999 EXCESS BOND PROCEEDS WHEREAS, the Redevelopment Dissolution Law(ABIx 26, enacted June 28, 2011, as amended by AB 1484, enacted June 27, 2012) provided for creation of the Successor Agency ("Successor Agency")to the Community Development Commission of the City of Rohnert Park ("CDC") and required the Successor Agency to expeditiously wind down the affairs of the CDC as directed by the oversight board created pursuant to Section 34179 of the California Health and Safety Code ("Oversight Board"); WHEREAS, 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; WHEREAS, Health and Safety Code Section 34191.4(c) provides that once a finding of completion has been issued by the Department of Finance, the successor agency is authorized to use bond proceeds for the purposes for which the bonds were sold; WHEREAS, the Successor Agency may designate the use of and commit indebtedness obligation proceeds that were derived from indebtedness issued for redevelopment purposes on or before December 31, 2010, and that remain available after the satisfaction of enforceable obligations that have been approved on a Recognized Obligation Payment Schedule ("ROPS") and that are consistent with the indebtedness obligation covenants (hereafter, "Excess Bond Proceeds"); WHEREAS, the Oversight Board previously approved by Resolution No. OSB 2014-08 adopted September 29, 2014, and the City of Rohnert Park ("City") and the Successor Agency thereafter entered into, that certain Agreement Regarding Expenditure of Excess Bond Proceeds dated as of September 29, 2014 to allow the Successor Agency to transfer to the City the Excess Bond Proceeds (the "Series 2007 Excess Bond Proceeds") remaining from the issuance of certain Tax Allocation Bonds, Series 2007R Bonds in the original principal amount of$34,680,000 (the "Series 2007 Bonds") and to require the City to use the Series 2007 Excess Bond Proceeds for the purposes identified in and consistent with the Series 2007 Bonds covenants and the requirements of the Community Redevelopment Law; WHEREAS, the CDC issued its Rohnert Park Redevelopment Project Tax Allocation Bonds, Series 1999 (the"Series 1999 Bonds") in the total original principal amount of $11,936,650.95; WHEREAS, the Series 1999 Bonds were issued pursuant to that certain First Supplemental Indenture of Trust, dated as of January 1, 1999, between the CDC and U.S. Bank Trust National Association as trustee("Trustee"), supplemental to an Indenture of Trust dated as of May 1, 1991 (collectively, the"Indenture"); OAK#4833-1481-2449 v3 r WHEREAS, the Indenture requires that the Series 1999 Bonds proceeds be expended for redevelopment purposes and in compliance with federal Tax Code requirements, as further provided in the Tax and Nonarbitrage Certificate executed by the CDC in connection with issuance of the Series 1999 Bonds and described in the Official Statement for the Series 1999 Bonds; WHEREAS, there are $627,545.62 in Excess Bond Proceeds from the Series 1999 Bonds ("Series 1999 Excess Bond Proceeds") remaining; WHEREAS, the City of Rohnert Park("City")and the Successor Agency desire to use the Series 1999 Excess Bond Proceeds consistent with the Series 1999 Bonds covenants to pay costs related to capital improvements of certain publicly-owned facilities located in the Rohnert Park Redevelopment Project Area and identified in the agreement accompanying this Resolution; and WHEREAS, the Successor Agency desires to enter into an agreement with the City to allow the Successor Agency to transfer the remaining Series 1999 Excess Bond Proceeds to the City and to require the City to use the Series 1999 Excess Bond Proceeds for the purposes identified in and consistent with the Series 1999 Bonds covenants and the requirements of the Community Redevelopment Law. NOW, THEREFORE,BE IT RESOLVED by the Oversight Board for the Successor Agency City of Rohnert Park, as follows: 1. The Oversight Board hereby finds and determines that the foregoing recitals are true and correct and are incorporated herein. 2. Based on the foregoing recitals, the Oversight Board hereby approves and authorizes the execution of the Agreement Regarding Expenditure of Series 1999 Excess Bond Proceeds ("Bond Agreement") in the form attached to the staff report accompanying this Resolution. 3. The staff of the Successor Agency is hereby directed to include the Bond Agreement on the ROPS for the July-December 2015 (ROPS 15-16A)period and to take such other and further actions as are deemed necessary to carry out the purposes and intent of this Resolution. OAK#4833-1481-2449 v3 DULY AND REGULARLY ADOPTED by the Oversight Board for the Successor Agency City of Rohnert Park this 11'h day of February, 2015. ATTEST: OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Eydie Tacata, Clerk of the Board Marilyn Ponton, Chair Cerreta: Jolley: Mackenzie: Masterson: Zane: Thompson: _ Ponton: AYES:( ) NOES: ( ) ABSENT: ( ) ABSTAIN: ( ) OAK#4833-1481-2449 v3 This page left intentionally blank. iptINsirr P,q•,► ITEM NO. 5B 0'"' -— Mission Statement '$> "We Care for Our Residents by Working Together to Build a Better Community for Today and Tomorrow." 4 LI,OR$ CITY OF ROHNERT PARK OVERSIGHT BOARD AGENDA Meeting Date: February 11, 2015 Submitted By: Betsy Howze, Finance Director Prepared By: Betsy Howze, Finance Director Agenda Title: Approval of the Recognized Obligation Payment Schedule(ROPS) 15- 16A 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 ROPS 15-16A (Recognized Obligation Payment Schedule for the period July 1, 2015 to December 31, 2015) of the Successor Agency to the former Community Development Commission of the City of Rohnert Park. BACKGROUND: Health & Safety Code Section 34177 (m)(1)requires successor agencies to submit the Recognized Obligation Payment Schedule (ROPS)to the State Department of Finance (DOF). The ROPS 15-16A must be submitted to the Sonoma County Auditor-Controller Treasurer-Tax Collector, State Controller's Office and Department of Finance no later than March 3, 2015, after approval by the Oversight Board. ANALYSIS: The attached ROPS 15-16A addresses $2,103,222 in enforceable obligations to be paid from Redevelopment Property Tax Trust Funds("RPTTF"). The enforceable obligations include bond debt payments and the administrative cost allowance for the period July 1, 2015 to December 31, 2015. 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 1) 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- 15B period, and the second annual payment will be requested in the ROPS 15-16B period; therefore. it is not included in this request. With regard to bond proceeds. we have identified an additional $627,546 in uncommitted bond proceeds from the 1999 Tax Allocation Bonds (TABS) that will be used as contingency funds for 1 ITEM NO. 5B projects that have already been approved. Furthermore, we have identified $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 will be repaid to the Successor Agency with developer fees as funds become available, and will be addressed in future ROPS. Staffrecommends that the Oversight Board consider and adopt the attached Resolution approving the ROPS 15-16A. If approved, staff will submit the approved ROPS to the Sonoma County Auditor-Controller Treasurer-Tax Collector, State Controller's Office and the Department of Finance by March 3, 2015. In accordance with AB 1484, staff will also post the approved ROPS on the Successor Agency's website. Department Head Approval Date: February 2, 2015 City Manager Approval Date: February 3, 2015 City Attorney Approval Date: February 3, 2015 Board Attorney Approval Date: February 3,2015 Attachments: 1. Resolution approving ROPS 15-16A 2. Exhibit A to Resolution: ROPS 15-16A RESOLUTION NO. OSB 2015-02 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR JULY 1, 2015 - DECEMBER 31, 2015 ("ROPS 15-16A"), PURSUANT TO SECTION 34177 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"); WHEREAS, Section 34177(1)(2) 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") which include enforceable obligations and Successor Agency administrative costs for six-month periods; WHEREAS, pursuant to the Dissolution Law, the ROPS for the period of July 1, 2015 — December 31, 2015 ("ROPS 15-16A") must be submitted to the Sonoma County Auditor- Controller-Treasurer-Tax Collector, State Controller's Office and Department of Finance no later than March 3, 2015, after approval by the Oversight Board; WHEREAS, Successor Agency staff have prepared the attached ROPS, which was approved by the Successor Agency's governing board on February 10, 2015; 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(1)(2)(B). NOW,THEREFORE,THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK DOES RESOLVE AS FOLLOWS: Section 1. The Recognized Obligation Payment Schedule for the period of July 1, 2015 — December 31, 2015 ("ROPS 15-16A") 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 and post the ROPS on the Successor Agency's OAK N4822.8097-1110 v4 website in accordance with Health and Safety Code Section 34177(1)(2)(C), and to cooperate with DOF to the extent necessary to obtain DOF's acceptance of the ROPS, 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 11th day of February, 2015. OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Marilyn Ponton, Chair ATTEST: Eydie Tacata, Clerk of the Board Cerreta: Jolley: Mackenzie: Masterson: Zane: Thompson: Ponton: AYES: ( ) NOES: ( ) ABSENT: ( ) ABSTAIN: ( ) oAk#4822-8097-4110 v4 Ca ILO LI) N N O N- N ' N N ' N 0 1) O CO CO N N O CA (NI N N N r CO LC) N N O h N N N N 0 .c N N O N- N N 0 O O O CCO CO a- Q) c- V a-- t- a- r- O Cn CO N a- CO N N N N X tf? to EA to L R E E 3 C c () 3 a 'a LL C C 7) 15Q 9 H C IL CO Q) H •B n- a_ a LL a) N r o a O (AN C a) Cr I 3 3 U) LLB CL LL a) c- Q Na) LL - (N i LL N- a) c6 C) E f""• H a E C CO CC 1 tT Q 3 F CC c o C z (5 pa a) E N m . .c t t O 3 03 Q U 0) CU •17 O O. 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