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2012/06/04 Successor Agency Oversight Board Agenda Packet C fi fit M\l`•. 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, June 4, 2012, 3:30 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 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 ally or all of the items listed on this agenda. I I 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 Till: FIND 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 Thursday 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 June 4,2012 Oversight Board for the Successor Agency City of Rohnert Park Page 2 of 2 3:30PM 1. CALL TO ORDER/ROLL CALL(Zane_Mackenzie_Babonis_Calvert_Jenkins_ Jolley_Thompson ) 2. 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 three minutes.Those wishing to address the Oversight Board on any report item listed on the Agenda should submit a"Speaker Card" to the Clerk of the Board before announcement of that agenda item. 3. MEETING ITEMS A. Approving the Amended Recognized Obligation Payment Schedules(ROPS) of the Successor Agency City of Rohnert Park for the Period January 1 - June 30, 2012 Recommended Board Action: Consider and adopt Resolution No.OSB 2012-06 Approving Amended Recognized Obligation Payment Schedule (ROPS)of the Successor Agency City of Rohnert Park for the Period January 1 -June 30, 2012 4. 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. 5. 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 Secretary 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.) ,�0"NfliT P"RR ITEM NO. 3A -1,- :- Mission Statement '9" ' G= "We Care for Our Residents by Working Together to Build a Better Community for Today and Tomorrow." C.,iipoaK`" CITY OF ROHNERT PARK OVERSIGHT BOARD AGENDA Meeting Date: June 4, 2012 Submitted By: Gabriel A. Gonzalez, City Manager Prepared By: Eydie Tacata, Management Analyst Agenda Title: Approving the Amended Recognized Obligation Payment Schedule (ROPS) of the Successor Agency City of Rohnert Park for the Period January 1 - June 30, 2012 RECOMMENDED ACTION: Consider and approve Amended First Recognized Obligation Payment Schedule for January 1, 2012 to June 30, 2012 pursuant to Section 34177 of the California Health and Safety Code. BACKGROUND: The initial draft of the ROPS for the period of January 1, 2012 through June 30, 2012 ("First ROPS") was reviewed and approved on February 28, 2012 by the City Council of the City of Rohnert Park acting as Successor Agency and was subsequently submitted to the Sonoma County Auditor-Controller to be certified in accordance with the Dissolution Act. As it was becoming apparent that the Auditor-Controller would not be able to certify the First ROPS by the April 15 deadline specified in the Dissolution Act for successor agencies to submit certified ROPS to the Department of Finance (DOF), the Oversight Board reviewed the First ROPS at their April 11, 2012 meeting and approved the First ROPS with Resolution No. OSB 2012-02. The First ROPS was submitted in time to meet the deadline as recommended by the DOF. Since the time of the submission of the First ROPS to DOF, two bills were received by the City, and are due and payable prior to June 30, 2012. In order for these bills to be paid, they must be included in the First ROPS for January 1, 2012 through June 30, 2012. The First ROPS would need to be amended and re-submitted to DOF and the County Auditor-Controller. DISCUSSION: The two bills (i.e. enforceable obligations) are as follows: • S192,183.17 to the Internal Revenue Service for arbitrage rebate payment in connection with the issuance of Rohnert Park Redevelopment Project Tax Allocation Bonds Series 2007R and Housing Series 2007H. Once every five years during the life of these bonds, the City must calculate whether or not an arbitrage rebate payment must be made. An arbitrage rebate payment represents the amount of arbitrage earnings on bond proceeds and certain other related funds, except for earnings that are not required to be rebated under limited exemptions provided under the Internal Revenue 1 ITEM NO. 3A Code. Willdan Financial Services recently submitted a report to the City with the arbitrage rebate liability calculation for the first five-year bond period from April 18, 2007 to April 18, 2012. A rebate liability of$192,183.17 was calculated. This amount is due to the IRS 60 days from the end of the fifth bond year, which is June 17, 2012. • $12,927 to the County of Sonoma for residual balance due in connection with Health & Safety Code 34183, which provides that county auditor-controllers remit property tax increment after deductions for their administrative costs as allowed by Health& Safety Code 34182. This $12,927 balance is a result of increased costs for the Sonoma County Auditor-Controller in hiring outside auditors to handle the ROPS audits and certifications from the Sonoma County jurisdictions and from updated calculations of tax increment distributions that the Auditor-Controller will remit to the Successor Agency City of Rohnert Park. Staff recommends that the First ROPS for January 1, 2012 through June 30, 2012 be amended to include the above-described obligations. The Amended First ROPS (Exhibit A to attached Resolution) includes these obligations as Line 17 and Line 23. The City Council of the City of Rohnert Park acting as Successor Agency reviewed and approved the Amended First ROPS at their meeting of May 22, 2012. Staff recommends that the Oversight Board consider and approve the attached Resolution adopting the Amended First ROPS, Exhibit A to the Resolution. Should the Amended First ROPS be approved by the Oversight Board, the next step will be for staff to submit the Amended First ROPS to the Sonoma County Auditor-Controller and State Department of Finance. City Manager Approval Date: 5/31/12 City Attorney Approval Date: 5/31/12 Attachments: 1. Resolution 2. Exhibit A to Resolution: Amended First ROPS 2 RESOLUTION NO.OSB 2012-06 A RESOLUTION OF THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK APPROVING THE AMENDED FIRST RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR JANUARY 1 —JUNE 30,2012,PURSUANT TO SECTION 34177 OF THE CALIFORNIA HEALTH AND SAFETY CODE WHEREAS, in accordance with Section 34171(j) of the California Community Redevelopment Law (I lealth& Safety Code § 33000 et seq.) ("CRL"), the City Council of the City of Rohnert Park ("City" or "City Council," as applicable) is the successor agency to the former Community Development Commission of the City of Rohnert Park ("Commission"), and is responsible for, among other things, winding down the dissolved Commission's affairs, continuing to meet the Commission's enforceable obligations, 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 CRL ("Oversight Board"); WHEREAS, the Successor Agency submitted to the State Department of Finance ("DOF"), the State Controller, and the Sonoma County Auditor-Controller ("County Auditor") for review by April 15, 2012, a draft First Recognized Obligation Payment Schedule for the period January 1 through June 30, 2012 ("First ROPS") which was reviewed and approved by the Oversight Board for the Successor Agency City of Rohnert Park ("Oversight Board") on April 11, 2012; WHEREAS, since the time the First ROPS was approved by the Oversight Board and submitted to the County Auditor and DOF, the City has received notification of two obligations due and payable prior to June 30, 2012 and which were not included in the First Recognized Obligation Payment Schedule; WHEREAS, at their meeting of May 22, 2012, the City Council of the City of Rohnert Park acting as Successor Agency considered and approved an Amended First ROPS which included the two obligations; and WHEREAS, in order to make payment on these two financial obligations, the Amended First ROPS must be approved by the Oversight Board and submitted for review to the County Auditor and DOF. NOW,THEREFORE,THE OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK DOES RESOLVE AS FOLLOWS: Section 1. The Oversight Board hereby adopts the Amended First Recognized Obligation Payment Schedule,attached hereto as Exhibit A. Section 2. The City Manager is hereby directed to submit the Amended First Recognized Obligation Payment Schedule to the Sonoma County Auditor-Controller and to take any other actions that may be required in order to obtain approval, including, without limitation, making 1 of 6 amendments to the Amended First Recognized Obligation Payment Schedule required by the Sonoma County Auditor-Controller. DULY AND REGULARLY ADOPTED by the Oversight Board for the Successor Agency City of Rohnert Park this 4th day of June,2012. OVERSIGHT BOARD FOR THE SUCCESSOR AGENCY CITY OF ROHNERT PARK Chair ATTEST: Eydie Tacata, Clerk of the Board OAK#4827-7159-0414 vt 2 of 6 A A .A ' ' A § r. s 1 o i F. 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