2017/01/11 Successor Agency Oversight Board Resolution 0
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 (AB 1 x 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)(1)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 fornmer 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 LA1F rate; and
WHEREAS, 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
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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 l 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 1 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.
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DULY AND REGULARLY ADOPTED at a regular meeting of the Oversight Board for the Successor
Agency City of Rohnert Park this 11 th day of January, 2017.
OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCY CJITY-OT�ROHNERT PARK
K
Chair Mary Gra Pawson
ATTEST:
tg;/L+:- --
Eydie Tacata, Clerk of the Board
NOTE: EXHIBIT A = Spreadsheet prepared by Betsy Howze
Downey: l3415 Jolley: Q,S Masterson:tees Thompson: QS Zane: Q S Mackenzie: Pawson:
AYES: ( 6 ) NOES: ( ) ABSENT: ( 1 ) ABSTAIN: ( 0 )
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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
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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
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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