Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Coronado
County: San Diego
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
24-25A Total
(July -
December)
24-25B Total
(January -
June)
ROPS 24-25
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ - $ - $ - B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds - - -
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 22,053,729 $ 1,388,785 $ 23,442,514 F RPTTF 21,737,410 1,388,785 23,126,195
G Administrative RPTTF 316,319 - 316,319
H Current Period Enforceable Obligations (A+E) $ 22,053,729 $ 1,388,785 $ 23,442,514 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. /s/
Signature Date
Coronado
Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS
24-25 Total
ROPS 24-25A (Jul - Dec)
24-25A
Total
ROPS 24-25B (Jan - Jun)
24-25B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds
RPTTF
Admin
RPTTF
$105,213,935 $23,442,514 $- $- $- $21,737,410 $316,319 $22,053,729 $- $- $- $1,388,785 $- $1,388,785 17 Debt Service Reentered
Agreements
05/29/
2012
06/30/2036 City of
Coronado
Beach Facilities -
Lifeguard Tower Case
No. 34-2013-80001694
Coronado 49,275 N $5,570 - - - 2,785 - $2,785 - - - 2,785 - $2,785 30 Successor
Agency
Administrative
Expenses
Admin
Costs
11/15/
2005
06/30/2036 City of
Coronado
Successor Agency
administrative
obligations relating to
maintaining payments
on enforceable
obigations and other
activities as required by
AB1X 26 for July 1,
2016 to June 30, 2017.
Coronado 2,905,160 N $316,319 - - - - 316,319 $316,319 - - - - - $- 46 Village
Theatre
Property
Taxes
OPA/DDA/
Construction
08/05/
2008
05/31/2026 Five Star
Theatres
Inc.
Reimbursement of
Property Taxes per
Participation
Agreement
Coronado 44,500 N $44,500 - - - 44,500 - $44,500 - - - - - $- 51 Legal
Services
Litigation 02/01/
2012
04/17/2023 Colantuono
Highsmith
& Whatley
Defend Third Party
litigation against
Successor Agency
regarding case: "The
Affordable Housing
Coalition of San Diego
v. Sandoval, et al."
Case No.
34-2012-80001158-CUWM-GDS
Coronado - Y $- - - - - - $- - - - - - $-
64 Hospital
Acquisition
Agreement
OPA/DDA/
Construction
01/09/
2009
01/08/2024 Coronado
Hospital
Foundation
Enforceable Obligation
for current year.
Coronado - N $- - - - - - $- - - - - - $-
66 2018 TARB
Debt Service
Refunding
Bonds
Issued After
6/27/12
10/04/
2018
09/01/2033 U.S. Bank Refunding of 2000,
2003 housing, 2003
non-housing, 2005,
2006 TABs, and
reentered agreements
63,005,000 N $10,526,125 - - - 9,140,125 - $9,140,125 - - - 1,386,000 - $1,386,000 67 2018 TARB
Debt Service
Turbo
Redemption
Refunding
Bonds
Issued After
6/27/12
10/04/
2018
09/01/2033 U.S. Bank Refunding of 2000,
2003 housing, 2003
non-housing, 2005,
2006 TABs, and
reentered agreements
39,150,000 N $12,545,000 - - - 12,545,000 - $12,545,000 - - - - - $- 68 Bond
Administration
Fees 10/04/
2018
09/01/2033 U.S. Bank Trustee Fees for 2018
TARB
60,000 N $5,000 - - - 5,000 - $5,000 - - - - - $-
Coronado
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 (l), 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.
A B C D E F G H
ROPS 21-22 Cash Balances
(07/01/21 - 06/30/22)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/21)
RPTTF amount should exclude "A" period distribution
amount.
2 Revenue/Income (Actual 06/30/22)
RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor-Controller
9,287,785 181,345 15,311,289 E2= TARB Reserve Principal & Interest F2=Interest Receivable (Lifeguard tower/Tarb
Acct 820-10412 $152.5K & 820-11130 $29K)
G2=ROPS 21-22A ($12.89M) & ROPS
21-22B ($2.4M)
3 Expenditures for ROPS 21-22 Enforceable Obligations
(Actual 06/30/22)
18,092,715 from FY20-21 PPA Worksheet
4 Retention of Available Cash Balance (Actual 06/30/22) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
-
5 ROPS 21-22 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 21-22 PPA
form submitted to the CAC
No entry required 134,735 from FY20-21 PPA Worksheet
6 Ending Actual Available Cash Balance (06/30/22)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $9,287,785 $181,345 $(2,916,161)
Coronado
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item # Notes/Comments
17 This is payments number 23 due on 12/30/2024 ($1,540 principal and $1,245 interest, total of $2,785) and number 24 due on 6/30/2025 ($1,578 principal and $1,207 interest, total of $2,785) 30 With total outstanding debts of approx. $105 million, the City accounting staff established an expense allocation methodology that starts with determining staff along with their approx. percentage of their time participating in SA affairs. These affairs include processing SA payments, processing payroll for participating staff, preparing, reviewing & submitting MSRB reports, monitoring, receiving & calculating property tax bills for item #46, and establishing & maintaining escrow account for payment of item #64.
The average participating percentage for all staff members (for ROPS 2024-25 13.8%) is then used to allocate City Hall utilities expenses. the ROPS 2024-25 the calculated admin cost is $316,319. 46 Ad Valorem taxes as per participation agreement dated August 5, 2008. This amount is an estimated amount based on the previous year.
51 The Order of the Court of Appeal formally listed the remaining Respondents in the appeal.
Consistent with the Court’s removal of Coronado from the case’s “Parties and Attorneys” list, this Order does not list any of Coronado. The case is now closed. 64 The 15th and last installment of hospital land purchased as per participation agreement and its amendments will be finalized as part of the FY2023-24 ROPS. Last payment due is around January 2024.
66 The amount requested in ROPS 2024-25 includes: 1) September 1, 2024 principal and interest payment of $7,565,000 and $1,575,125, respectively, "A Period"; and 2) March 1, 2025 Interest only payment of $1,386,000 "B Period". Total of the two payments above for period A & B is $10,526,125. 67 Please see Turbo Calculation schedule
68