1 RESOLUTION NO. SA 2024-XX
A RESO
LUTION OF THE SUCCESSOR AGENCY OF THE CITY OF
FULLERTON, CALIFORNIA, APPROVING AND ADOPTING THE
RECOGNI
ZED OBLIGATION PAYMENT SCHEDULE 202 4-2025 AND
ADMI
NISTRATIVE BUDGET ALLOWANCE (PERIOD COVERING JULY 1,
2024 –
JUNE 30, 2025)
WHEREAS, the City of Fullerton established the Successor Agency to the Fullerton Redevelopment Agency (the "Successor Agency") to take certain actions to wind down the affairs of the for mer Fullerton Redevelopment Agency in accordance with the California Health and Safety Code.
WHEREAS, the City will submit the Rec ognized Obligation P ayment Schedule (ROPS) prepared by the Successor Agency to the County Ov ersight Board for their approval pursuant to Health and Safety Code Sec tion 34177, WHEREAS, the ROPS contains a list of enforceable obligations including, but not limited to, the following:
1. existing bond debt payments
2. contracts, leases and agreements
3. administering ongoing affordable housing and loan programs
4. a stipulated judgement
5. administrative budget allowance.
WHEREAS, the ROPS includes all funds the City of Fullerton Suc cessor Agency will need to carry out the dissolution process of the former Fullerton Redevelopment Agency and shall identify the funding source of pay ment for the enforceable obligations listed on the ROPS pursuant to Health and Safety Code Section 34177(l)(1) .
WHEREAS, Successor Agenc y staff has prepared the Recognized Obligation Payment Schedule 2024 - 2025 and administrativ e budget allowance for July 1, 2024 through June 30, 2025.
NOW, THEREFORE , THE SUCCESSOR AGENCY OF THE CITY OF
FULLERTON RESOLVES AS FOLLOWS:
1. The above recitals are true and correct and incorporated by reference herein.
2. The Successor Agency approves the Recognized Obligation P ayment Schedule 2024-2025 and administrative budget allowance (for J uly 1, 2024 through June 30, 2025).
2 3. The City will transmit a ex ecuted copy of this Res olution, including the ROPS 2024-2 025, to the Orange County Oversight Board.
4. The Secretary shall certify to adoption of this Resolution.
ADOPTED BY THE SUCCESSOR AGENCY OF THE CITY OF FULLERTON, CALIFORNIA ON JANUARY 16, 2024.
Nicholas Dunlap
Mayor
ATTEST:
Lucinda Williams, MMC
Secretary
Date
Attachments:
• Attachment 1 - Recognized Obligation Payment Schedule 2024-25 3 EXHIBIT A
Fullerton Successor Agency
Recognized Obligation Payment Schedule 2024-25 (ROPS 2024-25) Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Fullerton
County: Orange
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) $ 10,912,039 $ 4,100,812 $ 15,012,851 F RPTTF 10,787,202 3,975,975 14,763,177
G Administrative RPTTF 124,837 124,837 249,674
H Current Period Enforceable Obligations (A+E) $ 10,912,039 $ 4,100,812 $ 15,012,851 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
Fullerton
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
$24,407,351 $15,012,851 $- $- $- $10,787,202 $124,837 $10,912,039 $- $- $- $3,975,975 $124,837 $4,100,812 11 Lease: Ron
Miller
Miscellaneous 08/01/
2004
08/01/2024 Ronald F
Miller Trust
Property
lease
Merged 13,503 N $13,503 - - - 13,503 - $13,503 - - - - - $- 23 Affordable
Housing
Project
Monitoring
Unfunded
Liabilities
01/01/
2014
06/30/2098 Various
Consultants
and City of
Fullerton
Annually
inspect and
monitor 11
affordable
housing
projects with
long term
covenants.
Merged 9,474,000 N $120,000 - - - 60,000 - $60,000 - - - 60,000 - $60,000 27 Administrative
Cost
Allowance FY
2024-25
Admin Costs 07/01/
2024
06/30/2025 Fullerton
Successor
Agency
Administrative
expenses for
Successor
Agency
Merged 249,674 N $249,674 - - - - 124,837 $124,837 - - - - 124,837 $124,837 28 Affordable
Housing
Administration
and Reporting
Unfunded
Liabilities
01/01/
2015
06/30/2023 Various
Consultants
and City of
Fullerton
Administer 69
down
payment
assistance
laond and two
home
ownership
projects with
45 affordable
housing
agreements,
and prepare
required
annual
reports to
State and
Federal
agencies.
Merged 260,000 N $260,000 - - - 260,000 - $260,000 - - - - - $- 49 Bond Debt
Service Fees
Fees 07/01/
1998
06/30/2028 US Bank
and Wells
Fargo
Bond Debt
Service Fees
Merged 50,000 N $9,500 - - - - - $- - - - 9,500 - $9,500 60 2015 Tax
Allocation
Refunding
Bonds
(refunded
1998
Revenue
Bonds)
Refunding
Bonds Issued
After 6/27/12
01/28/
2015
12/31/2025 US Bank Debt service
payment on
2015 Tax
Allocation
Refunding
Bonds
Merged 1,698,375 N $1,698,375 - - - 647,750 - $647,750 - - - 1,050,625 - $1,050,625 62 Miller Miscellaneous 07/06/ 08/01/2024 Ronald F Purchase of Merged 6,000,000 N $6,000,000 - - - 6,000,000 - $6,000,000 - - - - - $-
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
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
Property
Purchase
2004 Miller
Family
Trust
real estate
per Purchase
and Sale
Agreement
dated 7/6/
2004
63 2020 Series A
& B Tax
Allocation
Refunding
Bonds
Refunding
Bonds Issued
After 6/27/12
09/01/
2020
12/31/2027 US Bank Refunding
bonds
Merged
Project
Area
6,661,799 N $6,661,799 - - - 3,805,949 - $3,805,949 - - - 2,855,850 - $2,855,850 Fullerton
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.
52,735
2 Revenue/Income (Actual 06/30/22)
RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor-Controller
45,815 9,367,206
3 Expenditures for ROPS 21-22 Enforceable Obligations
(Actual 06/30/22)
9,335,441
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)
52,735
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
6 Ending Actual Available Cash Balance (06/30/22)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $45,815 $31,765
Fullerton
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item # Notes/Comments
11 23
27 28
49 60
62 Successor Agency Agreement Signed & Executed - Purchase Agreement is Triggered upon Lease Expiration
63