AGENDA
ITEM
28 AGENDA
ITEM
CALEXICO California 28
WHERE CALIFORNIA AND MEXICO MEET
(Successor Agency)
DATE: February 21, 2024
TO: Successor Agency Board Members
APPROVED BY: Esperaza Coli- Name, Cly ManagerE eutro Director my Cale Were PREPARED BY: Sandra Fonseca, Finance Manager St
SUBJECT: Adopt Resolution No. 2024-_ _ Approving the Recognized Obligation Payment Schedule 24-25 A and B of the Successor Agency to the Community Redevelopment Agency of the City of Calexico for the period of July 2024 through June 2025
Recommendation:
It is recommended that the Board of Directors adopt the attached resolution approving the Recognized Obligation Payment Schedule ("ROPS") 24-25 A and B of the Successor Agency to the Community Redevelopment Agency of the City of Calexico ("Successor Agency") for the period of July 2024 through June 2025.
Background:
Pursuant to Health and Safety Code ("HS") § 34172 (a) (1), the Community Redevelopment Agency of the City of Calexico was dissolved on February 1, 2012. Consistent with the provisions of the HSC, the City Council of the City of Calexico previously elected to serve in the capacity of the Successor Agency. Per HSC § 34179, the Successor Agency previously established the Calexico Oversight Board to assist in winding-down the former redevelopment agency through June 30, 2018, at which time it was dissolved by operation of law. Consistent with HSC § 34179 (i), on July 1, 2018, the Imperial Countywide Oversight Board (the "CWOB") was established to assist in winding-down the dissolved redevelopment agencies within the County of Imperial.
Discussion & Analysis:
Per HSC § 34177 (o) (1), the Successor Agency is required to prepare a ROPS before each twelve- month fiscal year period. The purpose of the ROPS is to request authorization for Redevelopment Property Tax Trust Fund ("RPTTF") money (formerly known as tax increment funding) to meet the Successor Agency's enforceable obligations. Pursuant to HSC § 34180 (g), CWOB approval is required for the establishment of each ROPS. Pursuant to HSC § 34177 (o) (1), a CWOB-approved -1-
ROPS 24-25 A and B for the period of July 2024 through June 2025 must be submitted to the State Department of Finance ("DOF") and to the County Auditor-Controller ("CAC") not later than February 1st for each ROPS cycle ("Submission Deadline"). The CWOB has approved Calexico's ROPS 24-25 A and B during its January 2024 meeting.
It is, therefore, proposed that the Successor Agency adopt the attached Resolution approving ROPS 24-25 A and B, which is included as Exhibit "A" to the Resolution.
Fiscal Impact:
Pursuant to HSC § 34177, the Successor Agency is legally required to continue to make payments due for enforceable obligations. The Successor Agency's and the CWOB's approval of the ROPS 24-25 A and B will ensure that the Successor Agency has the authority to continue to pay its enforceable obligations. ROPS 24-25 A and B will be submitted to DOF and the CAC by the Submission Deadline.
In addition, the CAC is responsible for distributing RPTTF, which occurs in two tranches; one by the first week of January and the other by the first week of June each year. The CAC divides the RPTTF into three parts. The first part is for pass-through funding to eligible taxing entities that are required by an agreement or statute. The second part is for successor agencies to fund approved enforceable obligations included within an approved ROPS. The third part is for the distribution of any remaining surplus funding to the taxing entities that are entitled to a share of the general tax levy (GTL") in proportion to their respective shares of the GTL. The City is entitled to a portion of any surplus RPTTF and has received such funding for the last several years. In that regard, the City includes an estimate of surplus RPTTF within its annual revenue budget for its general fund.
Coordinated With:
Steven H. Dukett, Managing Director, Development Services Division, TKE Engineering, Inc.
Attachment:
Resolution (including its Exhibit A, which is ROPS 24-25). -2-
RESOLUTION NO. 2024-_-SA
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO
THE COMMUNITY REDEVELOPMENT AGENCY TO THE CITY OF CALEXICO APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 24-25 A & B FOR THE PERIOD OF JULY 2024 THROUGH JUNE 2025 AND APPROVING CERTAIN
RELATED ACTIONS
WHEREAS, pursuant to Health and Safety Code (the "HS") § 34172 (a) (1), the Community Redevelopment Agency of the City of Calexico was dissolved on February 1, 2012; and WHEREAS, consistent with the provisions of the HSC, the City Council of the City of Calexico previously elected to serve in the capacity of the Successor Agency to the Community Redevelopment Agency of the City of Calexico (the "Successor Agency"); and WHEREAS, pursuant to HSC § 34179, the Successor Agency previously established the Calexico Oversight Board to assist in winding-down of the former redevelopment agency through June 30, 2018, at which time it was dissolved by operation of law; and WHEREAS, consistent with HSC § 34179 (i), on July 1, 2018 the Imperial Countywide Oversight Board (the "CWOB") was established to assist in winding-down the dissolved redevelopment agencies within the County of Imperial; and WHEREAS, per HSC § 34177 (o) (1), the Successor Agency is required to prepare a Recognized Obligation Payment Schedule (the "ROPS") before each twelve-month fiscal year period; and
WHEREAS, pursuant to HSC § 34180 (g), CWOB approval is required for the establishment of each ROPS; and
WHEREAS, pursuant to HSC § 34177 (o) (1), a CWOB-approved ROPS 24-25 A and B for the period of July 2024 through June 2025 must be submitted to the State Department of Finance and to the County Auditor-Controller not later than February 1s for each ROPS cycle (the "Submission Deadline"); and
WHEREAS, pursuant to HSC § 34177, the Successor Agency is legally required to continue to make payments due for enforceable obligations; and WHEREAS, approval of this Resolution will establishment of ROPS 24-25 A and B and will ensure that the Successor Agency has the authority to continue to pay its enforceable obligations; and
WHEREAS, it is proposed that the Successor Agency approve the establishment of the Successor Agency's ROPS 24-25 A and B, which is attached hereto as Exhibit "A"; and WHEREAS, the CWOB approved Calexico's ROPS 24-25 A and B during its January 2024 meeting and it has been filed with the State Department of Finance and the County Auditor- Controller by the Submission Deadline; and
WHEREAS, this Resolution has been reviewed with respect to applicability of the California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code of Regulations, Title 14, § 15000 et seq., hereafter the "Guidelines"), and the City's environmental guidelines; and
WHEREAS, this Resolution does not constitute a "project" for purposes of CEQA, as that term is defined by Guidelines § 15378, because this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, per § 15378 (b) (5) of the Guidelines; and
WHEREAS, all the prerequisites with respect to the approval of this Resolution have been met.
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the Successor Agency to the Community Redevelopment Agency of the City of Calexico, as follows:
Section 1. The foregoing recitals are true and correct and are a substantive part of this Resolution.
Section 2. The Successor Agency's ROPS 24-25 A and B, which is attached hereto as Exhibit "A", is approved, inclusive of each enforceable obligation.
Section 3. The amount requested for enforceable obligation No. 16, the Successor Agency's Administrative Cost Allowance, is consistent with the provisions of HSC § 34171 (b) and is thus considered fair and reasonable.
Section 4. The City Manager, in her capacity as the Executive Director of the Successor Agency, or designee, is authorized to: i) post that ROPS 24-25 A and B on the City's website, ii transmit the ROPS 24-25 A and B to the State Department of Finance. the State Controller's Office and the County Auditor-Controller for their review within the timeframe and in the manner prescribed by the HSC; and iii make ministerial revisions to ROPS 24-25 A and B, which may include, but are not limited to restating the information included within ROPS 24-25 A and B in any format that may be requested by the State Department of Finance, take such other actions and execute such other documents as are necessary to effectuate the intent of this Resolution, and to implement ROPS 24-25 A and B on behalf of the Successor Agency, including authorizing and causing such payments.
Section 5. This Resolution is not a "project" for purposes of CEQA, as that term is defined by Guidelines § 15378, because this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the environment, per § 15378 (b) (5) of the Guidelines.
Section 6. This Resolution shall take effect upon the date of its adoption.
PASSED, APPROVED AND ADOPTED this 7 day of February 2024.
Raul Urena, Chairman
Successor Agency to the Community
Redevelopment Agency of the City of
Calexico
ATTEST:
Veronica L. Alvarado, Secretary to the
Successor Agency to the Community
Redevelopment Agency of the City of Calexico
APPROVED AS TO LEGAL FORM:
City Attorney
CERTIFICATION:
I, Veronica L. Alvarado, Secretary for the Successor Agency to the Community Redevelopment Agency of the City of Calexico, do hereby certify that the foregoing Resolution No. 2024-_-SA was duly adopted by the Successor Agency to the Community Redevelopment Agency of the City of Calexico at a meeting thereof held on the 7* day of February, 2024, by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
Veronica L. Alvarado, Secretary to the
Successor Agency to the Community
Redevelopment Agency of the City of
Calexico
EXHIBIT "A"
SUCCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY OF CALEXICO
RECOGNIZED OBLIGATION PAYMENT SCHEDULE 24-25 A and B
(JULY 2024 THROUGH JUNE 2025)
(See Attachment)
Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Calexico
County: Imperial
24-25A Total 24-25B Total ROPS 24-25
Current Period Requested Funding for Enforceable (July- (January - Total
Obligations (ROPS Detail) December) June)
A Enforceable Obligations Funded as Follows (B+C+D) $ 2,087,539 $ 11,250 $ 2,098,789 B Bond Proceeds
C Reserve Balance 1,854,464 1,854,464
D Other Funds 233,075 11,250 244,325
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) 224,300 $ 2,226,290 $2,450,590 27,000 2,226,290 2,253,290
G Administrative RPTTF 197,300 197,300
H Current Period Enforceable Obligations (A+E) $ 2,311,839 $ 2,237,540 $ 4,549,379 Certification of Oversight Board Chairman:
Name Title
Pursuant to Section 34177 (o) of the Health and Safety
code, I hereby certify that the above is a true and
accurate Recognized Obligation Payment Schedule for
the above named successor agency. /sl
Signature Date
Calexico
Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025
ROPS 24-25A (Jul - Dec) ROPS 24-25B (Jan - Jun)
Item Obligation Axection Termination Total ROPS Fund Sources 24-25A Fund Sources 24-25B Project Name Type Payee Description Area Outstanding Retired 24-25 Date Obligation Total Bond Reserve Other Bond Reserve Other RPTTF Admin Balance RPTTF RPTTF Proceeds Balance Funds RPTTF
Proceeds Funds
S16,144,344 $4,549,379 S-$1,854,464 $233,075 $27,000 $197,300 $2,311,839 S- $11,250 $2,226,290 S-$2,237,540 Securities Fees 02/221 02/01/2034 Bank of New Annual Merged 7,000 $7,000 7,000 $7,000 Servicing York, Mellon Securities Project
Trust Co., Servicing for
N.A. all TABs
Continuing Fees 06/30/ 02/01/2034 Kosmont Annual Merged 7,700 $7,700 7,700 S7,700 Disclosure Transactions Disclosure Project
Services, Services for
Inc. all TABS
16 Successor 02/01/ 02/01/2034 City of Successor Merged 250,000 $250,000 52,700 - 197,300 $250,000| Agency Costs 2012 Calexico Agency
Administrative Administrative Project
Cost Allocation Cost
Allocation
21 2014 Refunding Refunding 11/18/ 306,750 $168,250 79,500 $79,500 88,750 $88,750 TABs (Interest Bonds 08/01/2028 Bank, Me on Re 20034 ° Moject York, Mellon the 2003A Only)(Successor Issued After Trust Co., and 2003C
Agency Only) 6/27/12 N.A. TABS
Successor
Agency
Interest Only)
23 2014 Refunding Refunding 11/18/ 08/01/2028 Bank of New Refunding of Merged 3,180,000 |$1,820,000 - 1,405,000 - $1,405,000 415,000 $415,000 TABS (Principal Bonds 2014 York Mellon the 20034 Project Reduction Issued After Trust Co., and 2003C
Only)(Successor 6/27/12 N.A. TABS
Agency Only) (Successor
Principal
Reduction
Only)
24 2014 Refunding Refunding 11/18/ 08/01/2028 Bank of New Refunding of Merged 72,875 $26,625 15,375 $15,375 - 11,250 $11,250 TABS (CUSD Bonds 2014 York, Mellon the 2003A Project
Interest Only) Issued After Trust Co., and 2003C
6/27/12 N.A. TABS (CUSD
Interest Only)
25 2014 Refunding Ponding 2014/ 08/01/2028 Bank of New Refunding of Merged 615,000 $165,000 - 165,000 - $165,000 TABS (CUSD Bonds York, Mellon the 2003A Project
Principal Issued After Trust Co., and 2003C
Reduction Only) 6/27/12 N.A. TABS (CUSD
Principal
Reduction
Only)
[LRPMP Property 06/17/ 06/30/2024 Selected Customary Merged 20,000 $20,000 - 20,000 $20,000 Implementation Dispositions 2015 vendors for transaction Project Only)
(Principal
2011 TABS N.A.
2006 and Trust Co., (Principal Only) 12/31/10
Project York, Mellon the 2000, Issued After 2020 Refunding TABS - $1,420,000 - 1,420,000 - $220,000 220,000 $1,640,000 08/01/2033 Bank of New Refunding of Merged 10,320,000 01/22/ Bonds 31 2020A Only)
(Interest
2011 TABs N.A.
2006 and Trust Co., 12/31/10 (Interest Only)
Project York, Mellon the 2000, Refunding TABs Issued After 2020 $294,840 294,840 $149,964 149,964 $444,804 1,365,019 08/01/2033 Bank of New Refunding of Merged 01/22/ Bonds 30 2020A LRPMP
property per fees, etc.
Legal, costs, to sale of real
costs related appraisals,
RPTTF RPTTF Proced Balance Founds RPTTF RPTTF Funds Balance Proceeds Admin Bond Admin Other Reserve Bond Total Obligation Date Date Type Total Total Area Payee
24-25B Fund Sources 24-25A Fund Sources 24-25 Project Outstanding Retired Description Execution Termination Item Project Name ROPS Total Oblication Agreement Agreement
ROPS 24-25B (Jan - Jun) ROPS 24-25A (Jul - Dec)
> = J - I
Calexico
Recognized Obligation Payment Schedule (ROPS 24-25) - Report of Cash Balances July 1, 2021 through June 30, 2022
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (I), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
Prior ROPS
ROPS 21-22 Cash Balances RPTTF and Comments
(07/01/21 - 06/30/22) Bonds issued Bonds issued
on or before on or after Balances retained hierest, to. and Arming 12/31/10 01/01/11
for future
period(s)
Beginning Available Cash Balance (Actual 07/01/21) 2,032,102 1,751,443 63,081 RPTTF amount should exclude "A" period distribution
Revenue/Income (Actual 06/30/22) 592 52,701 2,128,947
RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor-Controller
Expenditures for ROPS 21-22 Enforceable Obligations 45 1,751,443 521,897 357,742 (Actual 06/30/22)
Retention of Available Cash Balance (Actual 06/30/22) 2,032,649 440,826 1,830,666 RPTTF amount retained should only include the amounts
distributed as reserve for future periods)
ROPS 21-22 RPTTF Prior Period Adiustment 3,620
No entry required
RPTTF amount should tie to the Agency's ROPS 21-22 PPA
form submitted to the CAC
Ending Actual Available Cash Balance (06/30/22) $- $52,700 C to F = (1 + 2-3-4), G= G + 2-3-4 - 5)
Calexico
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item# Notes/Comments
7 9
16 21
25 28
30 31