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2014/09/29 Successor Agency Oversight Board Agenda Packet o))Ht Lr ra, .1 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 AGENDA Monday, September 29, 2014, 11:00 a.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_ OAK#4828-9933-4938 v2 Special Meeting Agenda September 29, 2014 Oversight Board for the Successor Agency City of Rohnert Park Page 2 of 3 11:00AM I. 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. Special meeting of Oversight Board for Successor Agency City of Rohnert Park held on September 10,2014,at 2 p.m. 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 I. Staff Report 2. Consideration of Resolution: a. Resolution for adoption: 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 (1) Board Motion/Discussion/Roll Call Vote(Cerreta Jolley_ Mackenzie Masterson Zane Thompson Ponton ) B. Consider Approving the Recognized Obligation Payment Schedule ("ROPS 14-15B")of the Successor Agency City of Rohnert Park for the Period January 1, 2015 —June 30, 2015 1. Staff Report 2. Consideration of Resolutions: a. Resolution for adoption: 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 (1) Board Motion / Discussion/ Roll Call Vote(Cerreta_ Jolley Mackenzie Masterson Zane Thompson_ Ponton ) 6. NEW MATTERS FOR FUTURE CONSIDERATION A. Schedule Special Meeting in February 2015 for ROPS 15-16A due to DOF by March 3, 2015. Meeting required between February 11-27. Special Meeting Agenda September 29, 2014 Oversight Board for the Successor Agency City of Rohnert Park Page 3 of 3 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 ,loHNrxi io 4. Ga • C�lIF04Kh MINUTES OF THE SPECIAL MEETING OVERSIGI-IT BOARD TO THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Wednesday, September 10, 2014 Rohnert Park City Hall, Council n bers 130 Avram Avenue, Rohnert Par. , ifornia 1. CALL TO ORDER The regular meeting of the Oversight Board to the • sor A_- City of Rohnert Park was called to order by Chair Marilyn Ponton at 2:02 '" September '014, in the Council Chambers, Rohnert Park City Hall, 130 Avr. • -nue, Rohnert P. , 'fornia. Present: Marilyn Ponton, Chair Abse Shirle• •e, Board Member Mike Thompson, Vice Chair James Cerreta, Board M - Kate Jolley, Board Mem. Jake Mackenzie, Board M- - Brian Masterson, Board Me Staff present: City M: • " s, Clerk • ., O" ight Board Counsel Strauss (via telephone). Public representatives p • si 2. ADMINISTER O • � , 1 F r I: CE T O PPOINTED OVERSIGHT BOARD MEMBER ' S " TA Chair ',•`i ton announce. item. ACTIO ` :rk of the Bo;•:: Tacata • ministered the Oath of Office to Board Member James Cerreta. 3. PLEDGE OF ALLE Led by Board Membe 'L... eta. 4. PUBLIC COMMENTS There were no comments from the public. 5. APPROVAL OF MINUTES A. Special meeting of Oversight Board for Successor Agency City of Rohnert Park held on July 22, 2014, at 2:00 p.m. Oversight Board— Minutes of Special Meeting(Page 2 of 2) September 10,2014 Successor Agency City of Rohnert Park ACTION: Moved/seconded (Masterson/Thompson) to approve minutes of the meeting of July 22, 2014. Motion carried by the following 5-0-1-1 vote: AYES: Jolley, Mackenzie, Masterson, Thompson, and Ponton. ABSTAINS: Cerreta, ABSENT: Zane. 6. MEETING ITEMS A. Purchase and Sale Agreement conveying property to McDonald's USA, LLC pursuant to Amended Long Range Property Management Plan Chair Ponton announced the item. City Manager Jenkins gave the staff report. ACTION: Moved/seconded (Jolley/Cerreta) to adopt Resolution No. OSB 2014-07 A Resolution of the Oversight Board for the Successor Agency City of Rohnert Park Approving a Purchase and Sale Agreement with McDonald's USA, LLC. Motion carried by the following 6-0- 0-1 vote: AYES: Cerreta, Jolley, Mackenzie, Masterson, Thompson, and Ponton. NOES: None. ABSTAINS: None. ABSENT: Zane. 7. NEW MATTERS FOR FUTURE CONSIDERATION Board discussed availability for special meeting schedule for September 29, 2014,at 11 a.m., and cancellation of regular meeting of October 8, 2014. 8. PUBLIC COMMENT ON NON-AGENDA ITEMS There were no comments from the public. 9. ADJOURNMENT ACTION: Chair Ponton adjourned the meeting at 2:15 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 R,,,, ITEM NO. 5A }1f/lei Mission Statement 4 6, "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: September 29, 2014 Submitted By: John McArthur, Director of Public Works and Community Services Agenda Title: Adoption of a Resolution Approving an Agreement Regarding Expenditure of Excess Bond Proceeds between the City of Rohnert Park and the Successor Agency RECOMMENDED ACTION: Staff recommends that the Oversight Board adopt a resolution approving the attached Agreement Regarding Expenditure of Excess Bond Proceeds (Agreement) between the City and the Successor Agency to the former Community Development Commission (Successor Agency) for expenditure of remaining proceeds from the issuance of the 2007R Tax Allocation Bonds. BACKGROUND: In April 2013, the City 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 the proceeds of bonds issued prior to January 1, 2011 in a manner that is consistent with the original bond covenants, as further provided in Health and Safety Code section 34191.4(c). Since receiving the Finding of Completion, the City, Successor Agency and Oversight Board have taken the following actions relating to the use of the remaining redevelopment bond proceeds: 1. February 11, 2014 - The City Council approved the list of proposed capital improvements of certain publicly-owned facilities("Public Improvements List"). 2. March 27, 2014 — Successor Agency staff obtained from bond counsel an opinion that the projects on the proposed Public Improvements List are consistent with the original bond covenants. 3. April 9, 2014 — The Oversight Board adopted a resolution finding that the projects on the proposed Public Improvements List are consistent with the Bonds covenants and directing Successor Agency staff to include the proposed public facilities improvements as expenditures of Excess Bond Proceeds on the Recognized Obligation Payment Schedule (ROPS) for the January-June 2015 (ROPS 14-15B)period. 1 OAK 114832-8862.6462 v2 • ITEM NO. 5A ANALYSIS: The next step in the process of implementing the proposed public improvements is to include the projects expected to be implemented within the first half of calendar year 2015 as expenditures of Excess Bond Proceeds on the Recognized Obligation Payment Schedule (ROPS) for the January-June 2015 (ROPS 14-15B) period. The projects included in the proposed ROPS were identified as high-priority projects in the Public Improvements List including: Benicia Pool Renovation, Sports Center Locker Room Renovation, Public Safety Main Station HVAC System Replacement, and Park Restroom Renovation. The attached Agreement between the City and the Successor Agency would transfer the remaining excess bond proceeds to the City for future use on projects identified in the Public Improvement List including: Community Center Roof Replacement, Performing Arts Center I-IVAC Replacement, Performing Arts Center Roof Replacement, Library Parking Lot Paving, Senior Center Roof Replacement, Senior Center Restroom Renovation, and Community Center Complex Parking Lot Paving. NEXT STEPS The Agreement is subject to DOF review. The Agreement requires the City to provide bi-annual written statements to the Successor Agency and Oversight Board identifying the amount of 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 14-15B including the Agreement, the Successor Agency will transfer the remaining redevelopment excess bond proceeds to the City, and the City will deposit those funds into an Excess Bond Proceeds Fund for the City's use in accordance with the terms, conditions, and purposes set forth in the Agreement. The total amount of unexpended redevelopment bond proceeds is currently $5.7 million. The amount of such proceeds dedicated for the high priority projects to be included in the ROPS for expenditure in the first half of 2015 is $1.6 million. The amount of the remaining excess bond proceeds that would be transferred to the City for future expenditure pursuant to the Agreement is$4.1 million. City Manager Approval Date: 9126/14 OSB Counsel Approval Date: 9122/14 Attachments: 1. Agreement 2. Resolution No. OSB 2014-08 3. Exhibit A to Resolution (Proposed Public Improvements list) 2 OAK 44832-8862-6462 v2 AGREEMENT REGARDING EXPENDITURE OF EXCESS BOND PROCEEDS This Agreement Regarding Expenditure of Excess Bond Proceeds (this "Agreement") is entered into effective as of , 2014 ("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 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 that certain Third Supplemental Indenture of Trust dated as of April 1, 2007 (supplemental to the Indenture of Trust dated as of May I, 1991), and executed by and between the CDC and Union Bank of California as trustee (collectively, the "Indenture"), the CDC issued Tax Allocation Bonds, Series 2007R Bonds in the original principal amount of $34,680,000 (the"Bonds"). C. Pursuant to the Indenture, proceeds from the sale of the 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 Certificate executed by the CDC in connection with issuance of the Bonds (the "Tax Certificate") and described in the Official Statement for the Bonds ("Official Statement"). The Tax Certificate and the Official Statement are on file with the City Clerk of the City of Rohnert Park. D. 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 xl 26 ("AB 26"). E. On April 26, 2013 the Successor Agency received its finding of completion from the Department of Finance. F. 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(hereafter, "Excess Bond Proceeds"). G. Health and Safety Code Section 34191.4(c) further provides that the expenditure of Excess Bond Proceeds must be listed separately on the ROPS. OAK i14851-i915-I543 v4 I H. The Tax Certificate provides that the 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 Bonds are to be used for projects that may include "public improvements in the downtown business district, including street improvements, landscaping, signage, and various infrastructure and traffic circulation improvements in the Project Area...." I. The oversight board for the Successor Agency("Oversight Board")approved the ROPS submitted by the Successor Agency for the January—July 2015 period which included infrastructure projects consistent with the Bonds issuance. They include: the Benicia Pool Renovation, Sport Center Locker Room Renovation, Public Safety Main Station HVAC System Replacement, and Park Restroom Renovation. J. Now that the Successor Agency has received its Finding of Completion, the Parties desire to enter into this Agreement to allow the Successor Agency to transfer the Excess Bond Proceeds to the City and to require the City to use the Excess Bond Proceeds for the purposes identified in and consistent with the Bonds covenants and the requirements of the CRL. K. 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 board of the Successor Agency by resolutions adopted on September 9, 2014. L. The execution of this Agreement by the Successor Agency was approved by the Oversight Board by resolution adopted on September 29, 2014. 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 Excess Bond Proceeds are expended in accordance with the requirements of this Agreement. 3. Use of Excess Bond Proceeds. The City agrees that it shall use the Excess Bond Proceeds solely for the purposes identified in Recitals H and I above,the projects identified in this Section 3, or, as determined by the City Council, for other infrastructure projects consistent with the Bonds covenants. Among other projects, the City agrees to use the Excess Bond Proceeds for the following infrastructure projects: Community Center Roof Replacement, Performing Arts Center HVAC Replacement, Library Parking Lot Paving, Senior Center Roof Replacement, Senior Center Restroom Renovation, and Community Center Complex Parking Lot Paving. City shall notify Successor Agency and Oversight Board if City Council decides to use the Excess Bond Proceeds for infrastructure projects not identified in Recital 1 or in this Section 3. OAK#4851-5985-I543 v4 2 4. Transfer of Excess Bond Proceeds. Within days of the execution of this Agreement, the Successor Agency shall transfer the remaining Excess Bond Proceeds to the City, and the City shall deposit such funds into an 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 an Excess Bond Proceeds Fund shall not be commingled with any City funds. As of the Effective Date, the amount of Excess Bond Proceeds not included in the ROPS submitted for the 2014-15 period equals the sum of Four Million Eight One Thousand Four Hundred Eighty and 00/100 Dollars ($4,081,480). 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 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 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. 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. OAK#4851-5985-I 543 v4 3 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: Joseph T. Callinan, 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 Marchetta Kenyon Elizabeth Ann Strauss City Attorney Oversight Board Counsel OAK#4851-5985-1543 v4 4 RESOLUTION NO. OSB 2014-08 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 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 CDC issued its Rohnert Park Redevelopment Project Tax Allocation Bonds, Series 2007R(the "Bonds") in the total original principal amount of$34,680,000; WHEREAS, the Bonds were issued pursuant to that certain Third Supplemental Indenture of Trust, dated as of April 1, 2007, between the CDC and Union Bank of California as trustee ("Trustee"), supplemental to a Master Indenture dated as of May 1, 1991 (collectively, the"Indenture"); WHEREAS, the Indenture requires that the Bonds proceeds be expended for redevelopment purposes and in compliance with federal Tax Code requirements, as further provided in the Tax Certificate executed by the CDC in connection with issuance of the Bonds and described in the Official Statement for the Bonds; WHEREAS, there are approximately $5.7 million in Excess Bond Proceeds remaining; WHEREAS, on February 11, 2014, the City Council of the City of Rohnert Park ("City") approved a list of proposed public improvements to be funded from Bonds proceeds ("Proposed Public Improvements"); OAK#4839-5479-9646 v] WHEREAS, bond counsel has provided an opinion that the expenditure of the Excess Bond Proceeds for the Proposed Public Improvements is consistent with the original Bonds covenants; WHEREAS, on April 9, 2014 the Oversight Board, by adoption of Resolution No. 2014- 04, found that the Proposed Public Improvements are consistent with the Bonds covenants and directed the staff of the Successor Agency to include all or a portion of the expenditures from the Excess Bond Proceeds for the Proposed Public Improvements on the ROPS for the January-June 2015 (ROPS 14-15B) period; WHEREAS, Successor Agency staff have prepared a proposed ROPS that includes the expenditure of Bonds proceeds for the following Proposed Public Improvements: the Benicia Pool Renovation, Sports Center Locker Room Renovation, Public Safety Main Station HVAC System Replacement, and Park Restroom Renovation; and WHEREAS, the Successor Agency desires to enter into an agreement with the City to • allow the Successor Agency to transfer the remaining Excess Bond Proceeds to the City and to require the City to use the Excess Bond Proceeds for the purposes identified in and consistent with the Bonds covenants and the requirements of the CRL. 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 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 January-June 2015 (ROPS 14-15B) period and to take such other and further actions as are deemed necessary to carry out the purposes and intent of this Resolution. DULY AND REGULARLY ADOPTED this 291H day of September, 2014. 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#4839-5479-9646 vl T .I 0 0 o v o 0 0 0 0 0 o C--) o 'I'N CO O O CO CD CD CTO O 0 CV C--) Co CO O r- O CD II) O V o N CO CT) N V V c)I- c O O r co N a) V O CO V CO (O r c).- V) co O) CO O r CO CO CO O N- co O r c0 O f� co CO r CO CV N r CV CV CO CV O ti 41 r r r V tf) O d Ca (f) CO +-) V O O O O O 0 O O O O CV V O O O CD CTO O O (N 0 CO O O O O O N CO O7 1---- 0 to t.f) O) O (I) (-4 O •c LI) CO O V ,a_' o) Q) CO V CI) L() N r CO CVO — (1 CO (!) O CD O O O O 0 O O O 0 O N O O O O O O O O O CO7. 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CITY OF ROHNERT PARK OVERSIGHT BOARD AGENDA Meeting Date: September 29, 2014 Submitted By: Betsy Howze, Finance Director Prepared By: Betsy Howze, Finance Director Agenda Title: Approve the ROPS 14-15B of the Successor Agency to the former Community Development Commission of the City of Rohncrt Park RECOMMENDED ACTION: Consider and adopt the attached Resolution approving the ROPS 14-15B (Recognized Obligation Payment Schedule for the period January 1, 2015 to June 30, 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 14-15B must be submitted to the Sonoma County Auditor-Controller Treasurer-Tax Collector, State Controller's Office and Department of Finance no later than October 3, 2014, after approval by the oversight board. ANALYSIS: The attached ROPS 14-15B addresses $2,836,434 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 January 1, 2015 to June 30, 2015, and an obligation for prior eligible administrative costs. In addition, with the receipt of the Notice of Completion, the Successor Agency is now eligible to include certain new enforceable obligations on the 14-15B ROPS. 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 in the amount of$5,700,064. The loan from the City was found to be for legitimate redevelopment purposes and approved by the Oversight Board as an enforceable obligation on September 16, 2013. The loan has been recalculated in accordance with DOF guidelines to use the LAIF quarterly interest rate as of the date the Oversight Board approved the loan as an enforceable obligation. In addition, the principal balance has been increased to include interest that has accrued during the period September 2013 to June 30, 2014. The current principal outstanding is $2,095,382, with a projected repayment amount including principal and interest of$2,157,867 (repayment based on I 1 ' ITEM NO. 5B an amortization schedule thru 2036). The amortization schedule is subject to change based upon the maximum allowable payment under Statue 34191.4 (b). On April 9, 2014 the Oversight Board adopted a resolution finding that the projects on the proposed Public Improvements List are consistent with the original bond covenants. On September 9, 2014 the City and the Successor Agency adopted a resolution approving an agreement between the City and Successor Agency regarding expenditure of the excess bond proceeds, and on September 25, 2014, the Successor Agency approved ROPS 14-15B which includes the use of excess bond proceeds in the amount of$5,700,064. Staff recommends that the Oversight Board consider and adopt the attached Resolution approving the ROPS 14-15B. 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 October 3, 2014. In accordance with AB1484, staff will also post the approved ROPS on the Successor Agency's website. City Manager Approval Date: 9/26/14 Board Counsel Approval Date: 9/26/14 Attachments: 1. Resolution approving ROPS 14-15-B 2. Exhibit A to Resolution: ROPS 14-I5B 2 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 WHEREAS, the Redevelopment Dissolution Law (AB IX 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 January 1, 2015 - June 30, 2015 ("ROPS 14-15B") must be submitted to the Sonoma County Auditor-Controller Treasurer-Tax Collector, State Controller's Office and Department of Finance no later than October 3, 2014, 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 September 23, 2014; WHEREAS, the Oversight Board on September 16, 2013 by Resolution No. OSB 2013-05 found 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")had been made for legitimate redevelopment purposes; WHEREAS, in accordance with the requirements of Health and Safety Code Section 34191.4(b),the attached ROPS provides, among other things, for partial repayment of the Loan; WHEREAS, Successor Agency staff have calculated the current outstanding balance of the Loan to be $2,095,382; OAK#4822-8097-4110 v4 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 Oversight Board hereby reaffirms its prior finding that the Loan was made for a legitimate redevelopment purpose and approves repayment of the outstanding balance of the Loan and interest thereon in accordance with the requirements of Health and Safety Code Section 34191.4(b). Section 2. The Oversight Board hereby finds that the partial repayment of the Loan as listed on the attached ROPS does not exceed the maximum allowable payment pursuant to Health and Safety Code Section 34191.4(b). Section 3. The Recognized Obligation Payment Schedule for the period of January 1, 2015 — June 30, 2015 ("ROPS 14-15B") in the form attached to this resolution and incorporated herein by reference, is hereby approved. Section 4. 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 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 29th day of September, 2014. 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#4822-11097-4110 v4 73 R d () Cr) 00 'a- N. (NI C) V N a., • O O I,. (.D ... V - @ i _ccd. 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'� a0• > m a.M 2F- n 9 • • •n. 0 K ,•n. ,,, •a m Oa Y • •a ° K amn. • c m C rl (AU CC(e0 W ea m ( a KCCGC WC) Cam V CCCCU W cctra W 0, mi-- a q • C._' 3 �I Q � � en ,en v a u C r m a o • u 7 vi V O L.) ac Recognized Obligation Payment Schedule (ROPS 14-15B) - Report of Prior Period Adjustments Reported for the ROPS 13-14B (January 1, 2014 through June 30, 2014) Period Pursuant to Health and Safety Code (HSC) section 34186 (a) (Report Amounts in Whole Dollars) ROPS 13-14B Successor Agency (SA) Self -reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14B (January through June 2014) period, The amount of Redevelopment PropertyTax Trust Fund (RPTTF) approved forthe ROPS 14-158 fJanuary throuah June 2015) Deriod will be offset by the SA's self-reoorted ROPS 13-14B prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self -reported by SAs are subject to audit by the county auditor -controller (CAC) and the State Controller. A 1 B C D E F G H l J K L M N O P O R S T Non-RPTTF Expenditures RPTTF Expenditures Bond Proceeds Reserve Balance Other Funds Non -Adman Admin Net SA Non-Admin and Admin PPA (Amount Used to Offset ROPS 14-15B Requested RPTTF) Item # Project Name / Debt Obligation Authorized Actual Authorized Actual Authorized Actual Authorized Available RPTTF (ROPS 13-14B distributed + all other available as of 0111/14) Net Lesser of Authorized / Available Actual Difference (If K is less than L. the difference is zero) Authorized Available RPTTF (ROPS 13-14B distributed + all otter available as of 0111/14) Net Lesser of Authorized / Available Actual Difference (1f total aclual exceeds total aulharized, the total dlRQrenco r'F zero) Net Difference (M+R) SA Comments $ $ $ 1.365.388 $ 1,360,692 $ $ $ 1.178,369 $ 1.178.369 $ 1,178.369 $ 1.178.367 $ 2 $ $ $ $ - $ $ 2 1 1999 Tax Allocation Bonds 395,000 390.304 2 2001 Tax Allocation Bonds s70,J8 970,388 3 2007R Tax Allocation Bonds 486,959 486.959 486.959 486.959 4 2007H Tax Allocation Bonds 338.991 1 338.991 338.991 338,989 2 2 5 2003 LRRB's 90% Paid by CDC 352.419 352.419 352.419 352.419 61 AdmInistrative Allowance 7 Fund Contribution - 8 Affordable Housing Loan - 9 Affordable Housing Loan - - 10 HousiEy Staff Support 11 Housl Maintenance - 12 Burke, Williams and Sorenson 13 Rohnen Park Community Center Improvements 14 Recreational and Community Facilities Improvements - - - 15 Commercial Building Improvement Program M Temporary Fire Station Facility _ - 17 Community Sion Program 18 Neighborhood Beautification Program 19 Avram Development/Former City Hall Reuse 20 Southwest Fire Station Reuse - - 21 Rohnert'Park Housing Rehabtlllation Loan Program 22 Assistance to Community Based Organizations 23 Southwest Boulevard SholpO22 Center Site i 24 Acquisition of Affordability Covenants 25 Subsidies for Non -Profit Development 26 Community Center Complex CDC uCCQ. sorA�ency ❑issolutieh a i ROPS ROPS 4-198 Ra nert P rk ROPS 14-156 ,alidation coy -19-14.xlsx - ai 1 1 1 1 1 1 .o i 1 ; I U f . 1 = ; I t I • t aJ •• 1 a I I • 1 I I s i I 1 ! i 7 i f 1 RI D.,. 1 1 ( e I I 1 i i 1 a i { 1 Q 1 Et13 ((F ! t iI I i i ! s . • 1 i . 3 • 1 1 al 33 # t o j 1 i ' 1 4 i t �! 1 I 3 i 1 E 7` I I 1 t , i 1 j r ..E CT ` 1 1 t 1 a, 1 1 ' { 11 i 1 • I a1 1 Q0 I t i { r COZ' ? j 1 1 i t - et O Q c+> 1 i j 1 N , 1 < a� I ff 1 p d U t i O o v a� Cl) I I, ' j .. i }q I X NN a) ± 1I 1 } 4 a! 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