2013/09/16 Successor Agency Oversight Board Resolution (4) • i
RESOLUTION NO. OSB 2013-05
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY CITY OF ROHNERT PARK APPROVING
REPAYMENT OF 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 1x 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");
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;
WHEREAS, Health and Safety Code Section 34191.4(b)(I) provides that following
issuance of a Finding of Completion, upon application by a successor agency, an oversight board
may make a finding that a loan from a city to a redevelopment agency was for legitimate
redevelopment purposes, and thereafter such loan shall be deemed an enforceable obligation of
the former redevelopment agency;
WHEREAS, Health and Safety Code Section 34191.4(b)(2) provides that if an oversight
board find that the loan is an enforceable obligation, 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 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 LAIF rate;
WHEREAS,the City of Rohnert Park ("City") and the former Community Development
Commission entered into that certain Amended and Restated Loan Agreement No. 2 dated
February 27, 1990, as amended by Amendment No. 1 to the Amended and Restated Loan
Agreement No. 2 dated January 1, 1999, and Amendment No. 2 to the Amended and Restated
Loan Agreement No. 2 dated October 10, 2000 ("Loan Agreement"); 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:
OAK#4842-0933-3781 v5
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Section 1. The Oversight Board hereby finds and determines that, pursuant to the Loan
Agreement, 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 Seven Thousand Dollars ($2,075,000) in principal and interest prior to
recalculation was outstanding ras of June 30, 2013 (from the audited Community
Development Commission financial statements as of June 30,2011).
Section 2. The Oversight Board hereby finds and determines that the Loan was for
legitimate redevelopment purposes and that repayment of the Loan shall be recognized as
an enforceable obligation pursuant to Health and Safety Code Section 34191.4(b)(1).
Section 3. 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 earlier of: (i) the date on which the Outstanding
Balance and interest thereon have been paid in full, as provided in Section 3.B below, or
(ii)January 2, 2036.
B. Schedule of Payments. Within ten (10) days following the Successor
Agency's receipt of the first property tax distribution pursuant to Health and Safety Code
Section 34185 to include funds for the repayment of the Outstanding Balance, and within
ten (10) days following the Successor Agency's receipt of each subsequent semi-annual
distribution 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).
C. Interest Rate. Interest on the remaining Outstanding Balance shall
continue to accrue at the LAIF rate until expiration of the Term as provided in Section
3.A. above.
D. Recalculated Outstanding Loan Balance. Using historical Local Agency
Investment Fund ("LAIF") rates in accordance with Health and Safety Code Section
34191.4(b), the outstanding principal and interest balance ("Outstanding Balance") on the
General Fund Loan was recalculated through June 30, 2013 (Exhibit A - General Fund
Loan recalculation spreadsheet). The Outstanding Balance is Two Million Seven Hundred
Sixty Three Thousand Five Hundred Fourteen and 90/100 Dollars ($2,763,514.90).
Section 4. 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 Health and Safety Code
Section 34191.4(h)(2)and to carry out the purposes and intent of this Resolution.
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DULY AND REGULARLY ADOPTED at a special meeting of the Oversight Board for
the Successor Agency City of Rohnert Park this 16th day of September, 2013.
OVERSIGHT BOARD FOR THE SUCCESSOR
AGENCA . ROHNERT PARK
Chair Shirlee
ATTEST:
4,
Clerk of the Board Eydie Tacata
Zane: AYE Mackenzie: AYE Babonis: AYE Calvert: AYE Jenkins: AYE Jolley: ABSENT Thompson:AYE
AYES:( 6 ) NOES:( 0 ) ABSENT: ( 1 ) ABSTAIN: (0 )
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EXHIBIT A TO RESO #05B2013 - 05
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
06/15/00 06/30/00 6.349% $ 5,414.04 $ 2,075,000.00 $ 2,080,414.04
06/30/00 07/31/00 6.443% 11,354.68 2,075,000.00 2,091,768.73
07/31/00 08/31/00 6.505% 11,463.95 2,075,000.00 2,103,232.68
08/31/00 09/30/00 6.502% 11,089.03 2,075,000.00 2,114,321.70
09/30/00 10/31/00 6.517% 11,485.10 2,075,000.00 2,125,806.80
10/31/00 11/30/00 6.538% 11,150.42 2,075,000.00 2,136,957.23
11/30/00 12/31/00 6.535% 11,516.82 2,075,000.00 2,148,474.04
12/31/00 01/31/01 6.372% 11,229.56 2,075,000.00 2,159,703.60
01/31/01 02/28/01 6.169% 9,819.70 2,075,000.00 2,169,523.30
02/28/01 03/31/01 5.976% 10,531.68 2,075,000.00 2,180,054.98
03/31/01 04/30/01 5.760% 9,823.56 2,075,000.00 2,189,878.54
04/30/01 05/31/01 5.328% 9,389.69 2,075,000.00 2,199,268.23
05/31/01 06/30/01 4.958% 8,455.77 2,075,000.00 2,207,723.99
06/30/01 07/31/01 4.635% 8,168.39 2,075,000.00 2,215,892.39
07/31/01 08/31/01 4.502% 7,934.00 2,075,000.00 2,223,826.39
08/31/01 09/30/01 4.288% 7,313.10 2,075,000.00 2,231,139.49
09/30/01 10/31/01 3.785% 6,670.41 2,075,000.00 2,237,809.90
10/31/01 11/30/01 3.526% 6,013.52 2,075,000.00 2,243,823.42
11/30/01 12/31/01 3.261% 5,746.95 2,075,000.00 2,249,570.38
12/31/01 01/31/02 3.068% 5,406.82 2,075,000.00 2,254,977.20
01/31/02 02/28/02 2.967% 4,722.81 2,075,000.00 2,259,700.01
02/28/02 03/31/02 2.861% 5,042.02 2,075,000.00 2,264,742.04
03/31/02 04/30/02 2.845% 4,852.09 2,075,000.00 2,269,594.13
04/30/02 05/31/02 2.740% 4,828.78 2,075,000.00 2,274,422.91
05/31/02 06/30/02 2.687% 4,582.62 2,075,000.00 2,279,005.53
06/30/02 07/31/02 2.714% 4,782.96 2,075,000.00 2,283,788.49
07/31/02 08/31/02 2.594% 4,571.48 2,075,000.00 2,288,359.97
08/31/02 09/30/02 2.604% 4,441.07 2,075,000.00 2,292,801.04
09/30/02 10/31/02 2.487% 4,382.91 2,075,000.00 2,297,183.95
10/31/02 11/30/02 2.301% 3,924.31 2,075,000.00 2,301,108.26
11/30/02 12/31/02 2.201% 3,878.89 2,075,000.00 2,304,987.14
12/31/02 01/31/03 2.103% 3,706.18 2,075,000.00 2,308,693.32
01/31/03 02/28/03 1.945% 3,096.01 2,075,000.00 2,311,789.34
02/28/03 03/31/03 1.904% 3,355.47 2,075,000.00 2,315,144.81
03/31/03 04/30/03 1.858% 3,168.78 2,075,000.00 2,318,313.59
04/30/03 05/31/03 1.769% 3,117.56 2,075,000.00 2,321,431.15
05/31/03 06/30/03 1.697% 2,894.20 2,075,000.00 2,324,325.35
06/30/03 07/31/03 1.653% 2,913.13 2,075,000.00 2,327,238.48
07/31/03 08/31/03 1.632% 2,876.12 2,075,000.00 2,330,114.60
R:\CDC\CDC Loan Documents\6-15-00 Loan to GF- LAIF rate 1 of 4
0 0
General Fund loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
08/31/03 09/30/03 1.635% 2,788.46 2,075,000,00 2,332,903.06
09/30/03 10/31/03 1.596% 2,812.68 2,075,000.00 2,335,715.73
10/31/03 11/30/03 1.572% 2,681.01 2,075,000.00 2,338,396.75
11/30/03 12/31/03 1.545% 2,722.80 2,075,000.00 2,341,119.55
12/31/03 01/31/04 1.528% 2,692.84 2,075,000.00 2,343,812.38
01/31/04 02/29/04 1.440% 2,374.03 2,075,000.00 2,346,186.41
02/29/04 03/31/04 1.474% 2,597.67 2,075,000.00 2,348,784.08
03/31/04 04/30/04 1.445% 2,464.42 2,075,000.00 2,351,248.50
04/30/04 05/31/04 1.426% 2,513.08 2,075,000.00 2,353,761.58
05/31/04 06/30/04 1.469% 2,505.35 2,075,000.00 2,356,266.93
06/30/04 07/31/04 1.604% 2,826.78 2,075,000.00 2,359,093.71
07/31/04 08/31/04 1.672% 2,946.61 2,075,000.00 2,362,040.32
08/31/04 09/30/04 1.771% 3,020.40 2,075,000.00 2,365,060.73
09/30/04 10/31/04 1.890% 3,330.80 2,075,000.00 2,368,391.53
10/31/04 11/30/04 2.003% 3,416.08 2,075,000.00 2,371,807.60
11/30/04 12/31/04 2.134% 3,760.81 2,075,000.00 2,375,568.41
12/31/04 01/31/05 2.264% 3,989.91 2,075,000.00 2,379,558.32
01/31/05 02/28/05 2.368% 3,769.34 2,075,000.00 2,383,327.66
02/28/05 03/31/05 2.542% 4,479.84 2,075,000.00 2,387,807.50
03/31/05 04/30/05 2.724% 4,645.73 2,075,000.00 2,392,453.23
04/30/05 05/31/05 2.856% 5,033.21 2,075,000.00 2,397,486.44
05/31/05 06/30/05 2.967% 5,060.16 2,075,000.00 2,402,546.60
06/30/05 07/31/05 3.083% 5,433.26 2,075,000.00 2,407,979.85
07/31/05 08/31/05 3.179% 5,602.44 2,075,000.00 2,413,582.30
08/31/05 09/30/05 3.324% 5,669.01 2,075,000.00 2,419,251.31
09/30/05 10/31/05 3.458% 6,094.13 2,075,000.00 2,425,345.44
10/31/05 11/30/05 3.636% 6,201.12 2,075,000.00 2,431,546.57
11/30/05 12/31/05 3.808% 6,710.95 2,075,000.00 2,438,257.52
12/31/05 01/31/06 3.955% 6,970.01 2,075,000.00 2,445,227.53
01/31/06 02/28/06 4.043% 6,435.57 2,075,000.00 2,451,663.10
02/28/06 03/31/06 4.142% 7,299.57 2,075,000.00 2,458,962.66
03/31/06 04/30/06 4.305% 7,342.09 2,075,000.00 2,466,304.75
04/30/06 05/31/06 4.563% 8,041.51 2,075,000.00 2,474,346.26
05/31/06 06/30/06 4.700% 8,015.75 2,075,000.00 2,482,362.01
06/30/06 07/31/06 4.849% 8,545.53 2,075,000.00 2,490,907.54
07/31/06 08/31/06 4.946% 8,716.48 2,075,000.00 2,499,624.02
08/31/06 09/30/06 5.023% 8,566.62 2,075,000.00 2,508,190.64
09/30/06 10/31/06 5.098% 8,984.35 2,075,000.00 2,517,175.00
10/31/06 11/30/06 5.125% 8,740.58 2,075,000.00 2,525,915.58
11/30/06 12/31/06 5.129% 9,038.98 2,075,000.00 2,534,954.56
R:\CDC\CDC Loan Documents\6-15-00 Loan to GF - LAI( rate 2 of 4
0 0
General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
12/31/06 01/31/07 5.156% 9,086.57 2,075,000.00 2,544,041.13
01/31/07 02/28/07 5.181% 8,247.02 2,075,000.00 2,552,288.15
02/28/07 03/31/07 5.214% 9,188.78 2,075,000.00 2,561,476.93
03/31/07 04/30/07 5.222% 8,906.01 2,075,000.00 2,570,382.94
04/30/07 05/31/07 5.248% 9,248.70 2,075,000.00 2,579,631.64
05/31/07 06/30/07 5.250% 8,953.77 2,075,000.00 2,588,585.41
06/30/07 07/31/07 5.255% 9,261.04 2,075,000.00 2,597,846.45
07/31/07 08/31/07 5.253% 9,257.51 2,075,000.00 2,607,103.96
08/31/07 09/30/07 5.231% 8,921.36 2,075,000.00 2,616,025.32
09/30/07 10/31/07 5.137% 9,053.08 2,075,000.00 2,625,078.41
10/31/07 11/30/07 4.962% 8,462.59 2,075,000.00 2,633,541.00
11/30/07 12/31/07 4.801% 8,460.94 2,075,000.00 2,642,001.94
12/31/07 01/31/08 4.620% 8,141.96 2,075,000.00 2,650,143.90
01/31/08 02/29/08 4.161% 6,859.95 2,075,000.00 2,657,003.85
02/29/08 03/31/08 3.777% 6,656.32 2,075,000.00 2,663,660.16
03/31/08 04/30/08 3.400% 5,798.63 2,075,000.00 2,669,458.79
04/30/08 05/31/08 3.072% 5,413.87 2,075,000.00 2,674,872.67
05/31/08 06/30/08 2.894% 4,935.66 2,075,000.00 2,679,808.32
06/30/08 07/31/08 2.787% 4,911.61 2,075,000.00 2,684,719.93
07/31/08 08/31/08 2.779% 4,897.51 2,075,000.00 2,689,617.44
08/31/08 09/30/08 2.774% 4,731.00 2,075,000.00 2,694,348.44
09/30/08 10/31/08 2.709% 4,774.15 2,075,000.00 2,699,122.59
10/31/08 11/30/08 2.568% 4,379.67 2,075,000.00 2,703,502.26
11/30/08 12/31/08 2.353% 4,146.76 2,075,000.00 2,707,649.02
12/31/08 01/31/09 2.046% 3,605.72 2,075,000.00 2,711,254.75
01/31/09 02/28/09 1.869% 2,975.04 2,075,000.00 2,714,229.79
02/28/09 03/31/09 1.822% 3,210.96 2,075,000.00 2,717,440.75
03/31/09 04/30/09 1.607% 2,740.71 2,075,000.00 2,720,181.46
04/30/09 05/31/09 1.530% 2,696.36 2,075,000.00 2,722,877.82
05/31/09 06/30/09 1.377% 2,348.45 2,075,000.00 2,725,226.26
06/30/09 07/31/09 1.035% 1,824.01 2,075,000.00 2,727,050.27
07/31/09 08/31/09 0.925% 1,630.15 2,075,000.00 2,728,680.43
08/31/09 09/30/09 0.750% 1,279.11 2,075,000.00 2,729,959.54
09/30/09 10/31/09 0.646% 1,138.46 2,075,000.00 2,731,098.00
10/31/09 11/30/09 0.611% 1,042.05 2,075,000.00 2,732,140.05
11/30/09 12/31/09 0.569% 1,002.77 2,075,000.00 2,733,142.82
12/31/09 01/31/10 0.558% 983.38 2,075,000.00 2,734,126.19
01/31/10 02/28/10 0.577% 918.46 2,075,000.00 2,735,044.65
02/28/10 03/31/10 0.547% 963.99 2,075,000.00 2,736,008.65
03/31/10 04/30/10 0.588% 1,002.82 2,075,000.00 2,737,011.47
R:\CDC\CDC Loan Documents\6-15-00 Loan to GF- LAIF rate 3 of 4
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General Fund Loan
6-30-13 Balance
LAIF Historical Interest Rate
Interest
Interest Accrued
Start Date End Date Rate (Repaid) Principal Balance Loan Balance
04/30/10 05/31/10 0.560% 986.90 2,075,000.00 2,737,998.37
05/31/10 06/30/10 0.528% 900.49 2,075,000.00 2,738,898.87
06/30/10 07/31/10 0.531% 935.80 2,075,000.00 2,739,834.66
07/31/10 08/31/10 0.513% 904.07 2,075,000.00 2,740,738.74
08/31/10 09/30/10 0.500% 852.74 2,075,000.00 2,741,591.48
09/30/10 10/31/10 0.480% 845.92 2,075,000.00 2,742,437.39
10/31/10 11/30/10 0.454% 774.29 2,075,000.00 2,743,211.68
11/30/10 12/31/10 0.462% 814.20 2,075,000.00 2,744,025.88
12/31/10 01/31/11 0.538% 948.13 2,075,000.00 2,744,974.01
01/31/11 02/28/11 0.512% 814.99 2,075,000.00 2,745,789.00
02/28/11 03/31/11 0.500% 881.16 2,075,000.00 2,746,670.17
03/31/11 04/30/11 0.588% 1,002.82 2,075,000.00 2,747,672.99
04/30/11 05/31/11 0.413% 727.84 2,075,000.00 2,748,400.83
05/31/11 06/30/11 0.448% 764.05 2,075,000.00 2,749,164.88
06/30/11 07/31/11 0.381% 671.45 2,075,000.00 2,749,836.33
07/31/11 08/31/11 0.408% 719.03 2,075,000.00 2,750,555.36
08/31/11 09/30/11 0.378% 644.67 2,075,000.00 2,751,200.03
09/30/11 10/31/11 0.385% 678.50 2,075,000.00 2,751,878.53
10/31/11 11/30/11 0.401% 683.90 2,075,000.00 2,752,562.43
11/30/11 12/31/11 0.382% 673.21 2,075,000.00 2,753,235.64
12/31/11 01/31/12 0.385% 678.50 2,075,000.00 2,753,914.13
01/31/12 02/29/12 0.389% 641.32 2,075,000.00 2,754,555.45
02/29/12 03/31/12 0.383% 674.97 2,075,000.00 2,755,230.42
03/31/12 04/30/12 0.367% 625.91 2,075,000.00 2,755,856.33
04/30/12 05/31/12 0.363% 639.73 2,075,000.00 2,756,496.06
05/31/12 06/30/12 0.358% 610.56 2,075,000.00 2,757,106.62
06/30/12 07/31/12 0.363% 639.73 2,075,000.00 2,757,746.35
07/31/12 08/31/12 0.377% 664.40 2,075,000.00 2,758,410.74
08/31/12 09/30/12 0.348% 593.51 2,075,000.00 2,759,004.25
09/30/12 10/31/12 0.340% 599.19 2,075,000.00 2,759,603.44
10/31/12 11/30/12 0.324% 552.58 2,075,000.00 2,760,156.02
11/30/12 12/31/12 0.326% 574.52 2,075,000.00 2,760,730.54
12/31/12 01/31/13 0.300% 528.70 2,075,000.00 2,761,259.24
01/31/13 02/28/13 0.286% 455.25 2,075,000.00 2,761,714.48
02/28/13 03/31/13 0.285% 502.26 2,075,000.00 2,762,216.75
03/31/13 04/30/13 0.264% 450.25 2,075,000.00 2,762,667.00
04/30/13 05/31/13 0.245% 431.77 2,075,000.00 2,763,098.77
05/31/13 06/30/13 0.244% 416.14 2,075,000.00 2,763,514.90
Total $ 688,514.90 $ 2,075,000.00 $ 2,763,514.90
R:\CDC\CDC Loan Documents\6-15-00 Loan to GF- LAIF rate 4 of 4