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RESOLUTION NO. 2025-SA___
RESOLUTION OF THE BOARD OF THE SUCCESSOR AGENCY TO
THE CULVER CITY REDEVELOPMENT AGENCY ADOPTING A
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) FOR
THE PERIOD JULY 1, 2025 THROUGH JUNE 30, 2026, AND
APPROVING CERTAIN RELATED ACTIONS.
WHEREAS, the former Culver City Redevelopment Agency (“Former CCRA”) was a redevelopment agency in the City of Culver City (“City”), duly created pursuant to the California Community Redevelopment Law (Par t 1 (commencing with Section 33000) of Division 24 of the California Health and Safety Code) (“Redevelopment Law”); and WHEREAS, the Former CCRA was resp onsible for the administration of redevelopment activities within the City; and
WHEREAS, Assembly Bill X1 26 (2011-2012 1
st Ex. Sess.) (“AB 26”) was
signed by the Governor of California on June 28, 2011, making certain changes to the Redevelopment Law and the California Health and Safety Code (“Health and Safety Code”), including adding Part 1.8 (commencing with Section 34161) (“Part 1.8”) and Part 1.85 (commencing with Section 34170) (“Part 1.85”) to Division 24 of the Health and Safety Code; and
WHEREAS, pursuant to AB 26, as modi fied by the California Supreme Court on December 29, 2011 by its decision in California Redevelopment Association v.
Matosantos, all California redevelopment agencies, including the Former CCRA, were dissolved on February 1, 2012, and successor agencies were designated and vested with the responsibility of paying, performing and enforcing the enforceable obligations of the former redevelopment agencies and expeditious ly winding down the business and fiscal affairs of the former redevelopment agencies; and
WHEREAS, the City Council of the City adopted Resolution No. 2012-R001 on January 9, 2012, pursuant to Part 1.85 of AB 26, electing for the City to serve as the
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successor agency to the Former CCRA upon the dissolution of the Former CCRA under AB 26 (“Successor Agency”); and
WHEREAS, on February 6, 2012, the Board of Directors of the Successor Agency (the “Successor Agency Board”), adopted Resolution No. 2012-SA001 naming itself the “Successor Agency to the Culver City Redevelopment Agency”, the sole name by which it will exercise its powers and fulfill its duties pursuant to Part 1.85 of AB 26, and establishing itself as a separate legal entity with rules an d regulations that will apply to the governance and operations of the Successor Agency; and
WHEREAS, as part of the FY 2012-2 013 State budget package, on June 27, 2012, the Legislature passed and the Governor signed Assembly Bill No. 1484 (“AB 1484”, Chapter 26, Statutes 2012). Although the primary purpose of AB 1484 is to make technical and substantive amendments to AB 26 based on issues that have arisen in the implementation of AB 26, AB 1484 imposes addi tional statutory provisions relating to the activities and obligations of successor agencies and to the wind down process of former redevelopment agencies; and
WHEREAS, on September 23, 2015, the Legislature passed and the Governor signed Senate Bill No. 107 (“SB 107”, Chapter 325, Statutes of 2015). SB 107 imposed further statutory provisions r elating to the wind down process of former redevelopment agencies, including extending the Recognized Obligation Payment Schedule period from six months to a full fiscal year; and
WHEREAS, AB 26 as amended by AB 1484 and SB 107 are collectively referred to hereinafter as the “Dissolution Act”; and
WHEREAS, Health and Safety Code Section 34179 as amended by the Dissolution Act established a seven (7) member local entity with respect to each successor agency and such entity was titled the “oversight board.” The oversight board was established for the Successor Agency (hereinafter referred to as the “Oversight Board”) and all seven (7) members were appointed to the Oversight Board pursuant to Health and Safety Code Section
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34179. The duties and responsibilities of the Oversight Board are primarily set forth in Health and Safety Code Sections 34179 through 34181 of the Dissolution Act; and WHEREAS, pursuant to Health and Safety Code Section 34179(q), commencing on and after July 1, 2018, the County of Los Angeles, where more than 40 oversight boards were created by the Dissolution Act, shall have five consolidated oversight boards each encompassing the five supervisorial districts; and WHEREAS, the Second District Consolidated Oversight Board (hereinafter referred to as "Oversight Board") has jurisdiction over the Successor Agency; and WHEREAS, pursuant to Health and Safety Code Section 34171(h), on and after July 1, 2012, a “Recognized Obligation Payment Schedule” (“ROPS”) means the document setting forth the minimum payment amounts and due dates of payments required by enforceable obligations for each fiscal year as provided in Health and Safety Code Section 34177(o). Therefore, the amounts listed on a ROPS are solely estimates of minimum payment amounts required of the Successor Agency for enforceable obligations for the upcoming fiscal period; and
WHEREAS, pursuant to Health and Safe ty Code Section 34177(o) of the Dissolution Act, the Successor Agency is required to submit the ROPS for the period of July 1, 2025 through June 30, 2026, after its approval by the Oversight Board, to the Department of Finance and the County Auditor-Controller no later than February 1, 2025; and WHEREAS, the ROPS covering the period from July 1, 2025 through June 30, 2026 (the “ROPS 25-26”), is attached to this Resolution as Exhibit “A”, and is presented to the Successor Agency for review and approval; and
WHEREAS, if adopted by the Successor Agency, the ROPS 25-26 shall thereafter be submitted to the Oversight Board for review and approval. In this regard, Health and Safety Code Section 34177(l)(2)(B) of the Dissolution Act requires the Successor Agency to submit a copy of the ROPS 25-26 to the County Administrative Officer, the County
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Auditor-Controller, and the Department of Finance at the same time that the Successor Agency submits the ROPS 25-26 to the Oversight Board for approval; and WHEREAS, pursuant to Health and Sa fety Code Section 34177(l)(2)(C) of the Dissolution Act, a copy of the Oversight Board-approved ROPS 25-26 shall be submitted to the County Auditor-Controller and both the State Controller’s Office and the Department of Finance and shall be posted on the Successor Agency’s internet website; and WHEREAS, pursuant to Health and Safety Code Section 34177(o)(1) of the Dissolution Act, the Successor Agency shall submit a copy of the Oversight Board-approved ROPS 25-26 to the Department of Finance electronically and the Successor Agency shall complete the ROPS 25-26 in the manner provided by the Department of Finance; and WHEREAS, pursuant to Health and Safety Code Section 34183(a)(2) of the Dissolution Act, the County is required to make a payment of property tax revenues (i.e., former tax increment funds) to the Successor Agency on June 1, 2025 and January 2, 2026 for payments to be made toward recognized obligations listed on the ROPS 24-25; and WHEREAS, pursuant to Health and Safety Code Section 34177(l)(3) of the Dissolution Act, the ROPS 25-26 shall be forward looking to the next 12 months; and WHEREAS, according to Health and Safety Code Section 34177(l)(1) of the Dissolution Act, for each recognized obligati on, the ROPS 25-26 shall identify one or more of the following sources of payment: (i) Low and Moderate Income Housing Funds, (ii) bond proceeds, (iii) reserve balance s, (iv) administrative cost allowance, (v) the Redevelopment Property Tax Trust Fund but only to the extent no other funding source is available or when payment from property tax revenues is re quired by an enforceable obligation or by the provisions of Part 1.85 of the Dissolution Act, and (vi) other revenue sources, including rents, concessions, asset sale proceeds, interest ea rnings, and any other revenues derived from the Former CCRA as approved by the Oversight B oard in accordance with Part 1.85 of the Dissolution Act; and
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WHEREAS, it is the intent of the Dissolution Act that the ROPS serve as the designated reporting mechanism for disclosing the Successor Agency’s minimum annual payment obligations by amount and source and that the County Auditor-Controller will be responsible for ensuring that the Successor Agency receives revenues sufficient to meet the requirements of the ROPS during each annual period; and WHEREAS, the proposed ROPS 25-26 attac hed to this Resolution as Exhibit “A” is consistent with the requirem ents of the Health and Safety Code , the Dissolution Act and other applicable law; and
WHEREAS, ROPS 25-26 contains the schedules for payments on enforceable obligations required of the Successor Agency for the applicable 12-month period and sources of funds for payment as required pursuant to Health and Safety Code Section 34177(l); and WHEREAS, pursuant to Health and Safety Code Section 34177(o), the ROPS 25-26 as approved by the Oversight Board shall be submitted to the Department of Finance and the County Auditor-Controller by February 1, 2025. Section 34177(o) further provides that the Department of Finance shall make its determination of the enforceable obligations and the amounts and funding sources of enforceable obligations no later than April 15, 2025 and that the Successor Agency may, within five (5) business days of the Department of Finance’s determination, request an additional review by the Department of Finance and an opportunity to meet and confer on disputed it ems. In the event of a meet and confer and request for additional review, the meet and confer period may vary but the Department of Finance shall notify the Successor Agency and the County Auditor-Controller as to the outcome of its review at least 15 days before the date of property tax distribution on July 1, 2025; and
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WHEREAS, this Resolution has been reviewed with respect to applicability of the California Environmental Quality Act (“CE QA”), the State CEQA Guidelines (California Code of Regulations, Title 14, Sections 15000 et seq., hereafter the “Guidelines”), and the City’s environmental guidelines; and
WHEREAS, this Resolution is not a “project” for purposes of CEQA, as that term is defined by Guidelines Section 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 Section 15378(b)(5) of the Guidelines; and WHEREAS, all of the prerequisites wi th respect to the approval of this Resolution have been met.
NOW, THEREFORE, the Board of the Successor Agency to the Culver City Redevelopment Agency DOES HEREBY RESOLVE as follows:
SECTION 1. The foregoing recitals are true and correct and are a substantive part of this Resolution.
SECTION 2. The adoption of this Resolution is not intended to and shall not constitute a waiver by the Successor Agency of any constitutional, legal or equitable rights that the Successor Agency may have to challenge , through any administrative or judicial proceedings, the effectiveness and/or legality of all or any portion of AB 26, AB 1484 and/or SB 107, any determinations rendered or actions or omissions to act by any public agency or government entity or division in the implementation of AB 26, AB 1484 and/or SB 107, and any and all related legal and factual issue, and the Successor Agency expressly reserves any and all rights, privileges, and defenses available under law and equity.
SECTION 3. The Successor Agency Board hereby approves and adopts the ROPS 25-26, substantially in the form attached to this Resolution as Exhibit “A”.
SECTION 4. The Executive Director, or designee, of the Successor Agency is hereby authorized and directed to: (i) provide the ROPS 25-26 to the Oversight Board for
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review and approval and concurrently submit a copy of the ROPS 25-26 to the County Administrative Officer, the County Auditor-Contr oller, and the Department of Finance; (ii) submit the ROPS 25-26, as approved by the Oversight Board, to the Department of Finance (electronically) and the County Auditor-Controller no later than February 1, 2025; (iii) submit a copy of the ROPS 25-26 , as approved by the Oversight Board, to the State Controller’s Office and post the ROPS 25-26 on the Successor Agency’s internet website (being a page on the Internet website of the City of Culver City); (iv) revise th e ROPS 25-26, and make such changes and amendments as necessary, bef ore official submittal of the ROPS 25-26 to the Department of Finance, in order to complete the ROPS 25-26 in the manner provided by the Department of Finance and to conform the ROPS 25-26 to the form or format as prescribed by the Department of Finance; (v) make other non-substantive changes and amendments to the ROPS 25-26 as may be approved by the Executive Director of the Successor Agency and its legal counsel; and (vi ) take such other actions and execute such other documents as are necessary to effectuate the intent of this Resolution on behalf of the Successor Agency.
SECTION 5. The Successor Agency hereby designates Lisa Soghor, Chief Financial Officer, as the official designated to whom the Department of Finance may make a request for review in connection with actions taken by the Successor Agency Board of Directors.
SECTION 6. The staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution, inc luding requesting additional review by the Department of Finance and an opportunity to me et and confer on any disputed items, and any such actions previously taken by such officers and staff are hereby ratified and confirmed.
SECTION 7. The Successor Agency Board determines that this Resolution is not a “project” for purposes of CEQA, as that term is defined by Guidelines Section 15378, -8-
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because this Resolution is an organizational or administrative activity that will not result in a direct or indirect physical change in the env ironment, per Section 15378(b)(5) of the Guidelines.
SECTION 8. If any provision of this Reso lution or the application of any such provision to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Successor Agency Board declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion of this Resolution.
SECTION 9. This Resolution shall take effect immediately upon its adoption.
APPROVED AND ADOPTED, this day of , 2025.
DAN O’BRIEN, Chair
Successor Agency to the Culver City
Redevelopment Agency
ATTEST: APPROVED AS TO FORM:
JEREMY BOCCHINO, Secretary HEATHER BAKER, Successor Agency Counsel
APPROVOOOOOO ED AS TO FORM:
Recognized Obligation Payment Schedule (ROPS 25-26) - Summary Filed for the July 1, 2025 through June 30, 2026 Period Successor Agency: Culver City
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total
(July -
December)
25-26B Total
(January -
June)
ROPS 25-26
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 6,426,625 $ - $ 6,426,625 B Bond Proceeds - - -
C Reserve Balance 6,426,625 - 6,426,625
D Other Funds - - -
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 250,095 $ 6,275,845 $ 6,525,940 F RPTTF 108,000 6,133,750 6,241,750
G Administrative RPTTF 142,095 142,095 284,190
H Current Period Enforceable Obligations (A+E) $ 6,676,720 $ 6,275,845 $ 12,952,565 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
Culver City
Recognized Obligation Payment Schedule (ROPS 25-26) - ROPS Detail July 1, 2025 through June 30, 2026
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$30,603,940 $12,952,565 $- $6,426,625 $- $108,000 $142,095 $6,676,720 $- $- $- $6,133,750 $142,095 $6,275,845 6 2011 Tax
Allocation
Bonds
Bonds
Issued
After 12/
31/10
03/01/
2011
11/01/2028 US Bank
as Trustee
Bond issue
to fund non-
housing
projects
Merged - N $- - - - - - $- - - - - - $-
7 Debt
Service
Trustee
Fees
Fees 10/20/
1993
11/01/2028 US Bank Debt Service
account
maintenance
fees
charged by
trustee
Merged 5,000 N $5,000 - - - 2,500 - $2,500 - - - 2,500 - $2,500 8 Arbitrage
Rebate
Calculations
Fees 06/01/
2002
11/01/2028 BLX
(Bond
Logistix
LLC)
Arbitrage
rebate
calculations
on
outstanding
bond
issuances
as required
by the
Internal
Revenue
Service
Merged 10,000 N $10,000 - - - 3,000 - $3,000 - - - 7,000 - $7,000 9 Continuing
Disclosure
Filing -
Existing
Bonds
Fees 05/10/
2011
11/01/2028 UFI /
Keyser
Marsten
Associates
File required
continuing
disclosure
documents
related to
outstanding
bond
issuances
as required
by the Bond
Covenants
Merged 7,000 N $7,000 - - - 2,500 - $2,500 - - - 4,500 - $4,500 10 Legal
Services -
Existing
Litigation
and
Property
Disposition
Legal 11/01/
1978
11/23/2029 Kane
Ballmer
Berkman
Legal
services
necessary
for preparing
purchase
and sale
agreements
and other
legal
Merged 200,000 N $200,000 - - - 100,000 - $100,000 - - - 100,000 - $100,000
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
25-26 Total
ROPS 25-26A (Jul - Dec)
25-26A
Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
documents
related to
property
disposition.
Also for
existing
litigation.
14 SA Admin
Allowance
Admin
Costs
07/01/
2015
12/31/2015 City of
Culver
City
Staff costs,
contractual
services,
OB/SA
meeting
costs, City
overhead for
support of
SA
operations
Merged 284,190 N $284,190 - - - - 142,095 $142,095 - - - - 142,095 $142,095 54 2017
Refunding
Tax
Allocation
Bonds
Bonds
Issued
After 12/
31/10
12/04/
2017
11/01/2028 US Bank
as Trustee
Debt service
for refunding
TABs
24,487,875 N $6,836,500 - 6,426,625 - - - $6,426,625 - - - 409,875 - $409,875 55 2017
Refunding
Tax
Allocation
Bonds -
Reserve
Bonds
Issued
After 12/
31/10
12/04/
2017
11/01/2028 US Bank
as Trustee
Build
required
reserve for
full bond
year
payment per
indenture
5,609,875 N $5,609,875 - - - - - $- - - - 5,609,875 - $5,609,875 Culver City
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes July 1, 2025 through June 30, 2026
Item # Notes/Comments
6 7
8 9
10 14
54 55