Attachment 2 - ROPS 24-25 for the period of July 1, 2024 through June 30, 2025 — Lake Elsinore City Council, January 9, 2024

Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Lake Elsinore
County: Riverside
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) $ 1,680,929 $ 307,019 $ 1,987,948 B Bond Proceeds - - -
C Reserve Balance 1,260,000 - 1,260,000
D Other Funds 420,929 307,019 727,948
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 11,269,440 $ 10,572,136 $ 21,841,576 F RPTTF 11,046,620 10,349,317 21,395,937
G Administrative RPTTF 222,820 222,819 445,639
H Current Period Enforceable Obligations (A+E) $ 12,950,369 $ 10,879,155 $ 23,829,524 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
Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025

Total
outstanding
debt or
obligation is
estimated
based on
projections of
tax revenue
growth at 2%
per annum. If
property values
and
corresponding
revenues grow
at a higher or
lower rate than
2% per annum,
the total
obligation will
similarly
increase or
decreased.

DDA pledges a
portion of tax
increment for
so long as the
Agency
receives tax
increment
Project
II and
III
50,755,343 N $2,132,953 - - - 375,828 - $375,828 - - - 1,757,125 - $1,757,125 13 Summerly DDA
Extraordinary
Infrastructure
Fund

OPA/DDA/
Construction
03/11/2011 09/08/2038 Mc Millin
Summerly
LLC
DDA pledges a
portion of
property tax
revenues
through 2038.

Total
outstanding
debt or
obligation is
estimated
based on
projections of
tax revenue
growth at 2%
per annum. If
property values
Project
II and
III
10,371,755 N $428,270 - - - 11,823 - $11,823 - - - 416,447 - $416,447

DDA pledges a
portion of tax
increment for
so long as the
Agency
receives tax
increment.
18 City
Reimbursement
LERA
Bond
Reimbursement
Agreements
07/01/
2000
02/01/2032 City of Lake
Elsinore
City
Reimbursement
LERA - Debt
Service
All - Y $- - - - - - $- - - - - - $-
20 Housing Fund
Loan
Third-Party
Loans
12/01/
1995
09/08/2038 Housing
Fund
Payments on
principal and
interest on loan
of bond
proceeds from
the housing
fund. Payments
made in any
given fiscal
year are
calculated and
disbursed
based on
available
property tax
revenue funds
after
deductions for
payment of all
other debts and
obligations of
the Agency.

All 9,774,213 N $9,774,213 - - 120,000 6,230,753 - $6,350,753 - - - 3,423,460 - $3,423,460 22 Legal Services Fees 09/27/
2005
06/30/2025 Leibold
McClendon
& Mann
Legal services
for projects,
bonds & DDA/
Stadium
Agreement
compliance.

All 35,000 N $35,000 - - - 17,500 - $17,500 - - - 17,500 - $17,500 23 Consultant
Fees
Fees 10/23/
2007
09/08/2025 HdL Coren
& Cone
Tax Projections
for bond & DDA
compliance
All 25,500 N $25,500 - - - 12,750 - $12,750 - - - 12,750 - $12,750 28 Estimated Admin Costs 02/01/ 09/08/2038 City of Lake City Staff All 445,639 N $445,639 - - - - 222,820 $222,820 - - - - 222,819 $222,819

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
Admin Cost 2012 Elsinore Support/other
admin
reimbursement
29 Stadium
License
Agreement
Miscellaneous 03/15/
2001
12/31/2026 Lake
Elsinore
Storm, LP
License to use
stadium for
baseball games
Project
III
2,134,132 N $607,948 - - 300,929 - - $300,929 - - 307,019 - - $307,019 30 Stadium
Maintenance
Agreement
Property
Maintenance
03/15/
2001
12/31/2026 Lake
Elsinore
Storm, LP
Agreement to
maintain
baseball field
and facilities
Project
III
- N $- - - - - - $- - - - - - $-
31 Stadium
Concession
Agreement
Miscellaneous 01/30/
2002
12/31/2026 Golden
State
Concessions
and
Catering
Provision of
concessions for
baseball games
Project
III
- N $- - - - - - $- - - - - - $-
32 Stadium
Operation and
Maintenance
Property
Maintenance
01/01/
2013
09/08/2038 Various Operation and
maintenance of
the baseball
stadium
Project
III
35,000,000 N $- - - - - - $- - - - - - $-
33 Interim Stadium
Management
Agmt.

Miscellaneous 01/01/
2013
09/30/2023 Lake
Elsinore
Storm, LP
Stadium
Maintenance
and
Management
Project
III
2,624,782 N $2,624,782 - - - 1,265,849 - $1,265,849 - - - 1,358,933 - $1,358,933 35 Administrative
Reimbursement
RPTTF
Shortfall
02/01/
2012
09/08/2038 City of Lake
Elsinore
Repayment for
City Staff
Support/other
All - N $- - - - - - $- - - - - - $-
39 Bond
Disclosure
Services
Fees 01/28/
2015
02/15/2038 Urban
Futures
Bond
disclosure
compliance
All 279,000 N $24,000 - - - - - $- - - - 24,000 - $24,000 40 Property
Maintenance
Property
Maintenance
09/13/
2009
06/30/2019 Various Maintenance
cost on Agency
property
Project
III
- N $- - - - - - $- - - - - - $-
41 Subordinated
Tax Allocation
Refunding
Bonds, Series
2015
Bonds Issued
After 12/31/10
08/25/
2015
09/01/2038 Wilmington
Trust
Bond issue to
refund Tax
Allocation
Revenue
Bonds, 2011
Series A and
Local Agency
Revenue
Bonds, 2011
Series A
All 4,029,066 N $471,956 - 120,000 - 175,878 - $295,878 - - - 176,078 - $176,078 42 Fiscal Agent
Fees
Fees 08/01/
2015
09/01/2038 Wilmington
Trust
Annual fiscal
agent fees for
bonds issues
All 144,000 N $15,000 - - - 8,500 - $8,500 - - - 6,500 - $6,500 44 Reconveyance
Cost
Property
Dispositions
05/01/
2015
06/30/2025 Various Appraisals,
Title Insurance,
Escrow and
Closing Cost
All 12,000 N $12,000 - - - 6,000 - $6,000 - - - 6,000 - $6,000 45 Arbitrage Fees Fees 01/28/
2015
02/15/2038 Various Arbitrage fees
for bonds
All 63,000 N $9,000 - - - 6,000 - $6,000 - - - 3,000 - $3,000

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
46 Third Lien Tax
Allocation
Bonds, Series
2018A
Bonds Issued
After 12/31/10
03/05/
2018
03/01/2038 Wilmington
Trust
Bond issue to
refund
Developer
Obligation
II and
III
2,370,088 N $152,794 - - - 76,397 - $76,397 - - - 76,397 - $76,397 47 Third Lien Tax
Allocation
Bonds, Series
2018B
(Federally
Taxable)
Bonds Issued
After 12/31/10
03/05/
2018
03/01/2038 Wilmington
Trust
Bond issue to
refund
Developer
Obligation
II and
III
7,793,425 N $590,068 - - - 295,034 - $295,034 - - - 295,034 - $295,034 48 Subordinated
Tax Allocation
Refunding
Bonds, Series
2019A
Bonds Issued
After 12/31/10
03/05/
2018
03/01/2038 Wilmington
Trust
Bond issue to
refund
Developer
Obligation
II and
III
11,782,625 N $883,875 - 157,500 - 363,375 - $520,875 - - - 363,000 - $363,000 49 Interim Stadium
Management
Agmt.

RPTTF
Shortfall
01/01/
2013
06/30/2038 Lake
Elsinore
Storm, LP
Stadium
Maintenance
and
Management
Project
III
- N $- - - - - - $- - - - - - $-
50 Tax Allocation
Refunding
Bonds, Series
2019B
(Housing-Set-
Aside)
Bonds Issued
After 12/31/10
10/04/
2019
09/01/2025 Wilmington
Trust,
National
Association
Bond issue to
refund Tax
Allocation
Revenue
Bonds, 2010
Series B
ALL 2,142,586 N $1,068,445 - 347,500 - 361,430 - $708,930 - - - 359,515 - $359,515 52 Tax Allocation
Refunding
Bonds, Series
2020A
Bonds Issued
After 12/31/10
04/01/
2020
09/01/2030 Wilmington
Trust,
National
Association
Bond issue to
refund the Tax
Allocation
Revenue
Bonds, 2010
Series C
Project
I and
Project
II
15,325,100 N $2,634,600 - 635,000 - 892,500 - $1,527,500 - - - 1,107,100 - $1,107,100 54 Third Lien Tax
Allocation
Bonds, Series
2020B
Bonds Issued
After 12/31/10
12/23/
2020
03/01/2038 Wilmington
Trust,
National
Association
Bond issue to
refund
Developer
Obligation
Project
II and
Project
III
6,398,000 N $305,000 - - - 152,500 - $152,500 - - - 152,500 - $152,500 55 Third Lien Tax
Allocation
Bonds, Series
2020C
(Federally
Taxable)
Bonds Issued
After 12/31/10
12/23/
2020
03/01/2038 Wilmington
Trust,
National
Association
Bonds issue to
refund
Developer
Obligation
Project
II and
Project
III
3,528,664 N $459,206 - - - 229,603 - $229,603 - - - 229,603 - $229,603 58 City
Reimbursement
LERA
Bonds Issued
After 12/31/10
12/29/
2021
02/01/2032 City of Lake
Elsinore
City
Reimbursement
- LERA Debt
Service
All 10,161,950 N $1,129,275 - - - 564,900 - $564,900 - - - 564,375 - $564,375 Lake Elsinore
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.
2,093,429 2,084,986
2 Revenue/Income (Actual 06/30/22)
RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor-Controller
679,221 17,537,120
3 Expenditures for ROPS 21-22 Enforceable Obligations
(Actual 06/30/22)
2,093,429 559,221 18,514,396
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)
120,000 585,000
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 50,760
6 Ending Actual Available Cash Balance (06/30/22)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $- $471,950
Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item # Notes/Comments
12 13
18 20
22 23
28 29 Stadium License Fee is due to the Successor Agency pursuant to the Stadium License Agreement.

The License Fee for the twelve month period covered by ROP 24-25 is credited under the terms of the Interim Stadium Management Agreement.
30 The obligation for Item 30 for the twelve month period covered by ROPS 24-25 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 31 The obligation for Item 31 for the twelve month period covered by ROPS 24-25 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 32 The obligation for Item 32 for the twelve month period covered by ROPS 24-25 are incorporated into Line 33 in accordance with the terms of the Interim Stadium Management Agreement. 33 Line 33 includes the Successor Agency obligations for Maintenance Fee, Interim Management Fee and estimated Capital Repairs under the Ninth Amendment and the First Amendment thereto and the Tenth Amendment to the Interim Stadium Mangement Agreement for the period July 1, 2024 through June 30, 2025.
35 39
40 41
42 44
45 46
47 48
49 50
52 54
55 Lake Elsinore
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item # Notes/Comments
58

Lake Elsinore City CouncilJanuary 9, 2024

Lake Elsinore City Council
January 9, 2024