RESOLUTION NO. SA 2024-_
A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
REDEVELOPMENT AGENCY OF THE CITY OF MERCED,
APPROVING A RECOGNIZED OBLIGATION PAYMENT
SCHEDULE (ROPS 24-25) INCLUDING ADMINISTRATIVE
BUDGET FOR JULY 1, 2024 THROUGH JUNE 30, 2025
WHEREAS, the Successor Agency to the Redevelopment Agency of the City of Merced (the "Successor Agency") is charged with implementing recognized enforceable obligations and winding down of the affairs of the former Redevelopment Agency of the City of Merced (the "Agency") in accordance with the California Health and Safety Code; and
WHEREAS, Health and Safety Code Section 34177 requires the Successor Agency to prepare and adopt a "Recognized Obligation Payment Schedule" that lists all obligations of the former redevelopment agency that are enforceable within the meaning of subdivision (d) of Section 34171 for twelve- month periods, including July 1, 2024 through June 30, 2025, including an administrative cost budget; and WHEREAS, applicable law requires that the ROPS 24-25 for the period July 1, 2024 through June 30, 2025 must be submitted to the Department of Finance and the State Controller's office, after approval by the Oversight Board, no later than February 1, 2024 or be subject to penalties; and
WHEREAS, the Oversight Board to the Successor Agency will consider approval of the Recognized Obligation Payment Schedule 24-25 for the period July 1, 2024 through June 30, 2025, and the administrative cost budget, on January 25, 2024; and WHEREAS, all other legal prerequisites to the adoption of this Resolution have occurred.
NOW, THEREFORE, THE SUCCESSOR AGENCY TO THE REDEVELOPMENT
AGENCY OF THE CITY OF MERCED, DOES HEREBY RESOLVE, DETERMINE AND ORDER AS FOLLOWS:
SECTION 1. The Recitals set forth above are true and correct and incorporated herein by reference.
SECTION 2. The Successor Agency hereby approves (a) the Schedule attached hereto as Exhibit A as the Recognized Obligation Payment Schedule 24-25 for the period here to a 2x ibi for the R R30S period. Pursue to raine sate detection 34173, the Successor Agency's liability, including, but not limited to, its liability for the obligations on the attached schedule, is limited to the total sum of property tax revenues it receives pursuant to Part 1.85 of AB X1 26.
SECTION 3. The Executive Director, or his or her designee, is hereby authorized to submit the ROPS 24-25 and administrative cost budget to such parties as may be required in accordance with the Health & Safety Code, and to take such other actions on behalf of the Successor Agency with respect to the ROPS 24-25 and administrative cost budget as may be necessary in accordance with applicable law.
SECTION 4. If any provision of this Resolution or the application thereof to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution which can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 5. This Resolution shall take effect from and after the date of its passage and adoption in accordance with, and subject to, all applicable requirements of the Health & Safety Code.
PASSED, APPROVED AND ADOPTED at a regular meeting of the Successor Agency to the Redevelopment Agency of the City of Merced, held this 2nd day of January, 2024.
AYES: Council Members:
NOES: Council Members:
ABSENT: Council Members:
ABSTAIN: Council Members:
MATTHEW SERRATTO,
CHAIRPERSON
Chairperson,
Successor Agency to the
Or Mercepment Agency of the City
ATTEST:
D. SCOTT MOBRIDE, SECRETARY
Assistant/Deputy Secretary
APPROVED AS TO FORM:
CRAIG J. CORNWELL, GENERAL COUNSEL
Sais C Cornell 12-21-2023
General Counsel Date
Attachments:
Exhibit A - ROPS 24-25
Exhibit B - Administrative Budget
Exhibit A
Recognized Obligation Payment Schedule (ROPS 24-25) - Summary Filed for the July 1, 2024 through June 30, 2025 Period Successor Agency: Merced City
County: Merced
24-25A Total 24-25B Total ROPS 24-25
Current Period Requested Funding for Enforceable (January - Obligations (ROPS Detail) (July- Total
December) June)
A Enforceable Obligations Funded as Follows (B+C+D) $ 170,456 $ $ 170,456 Bond Proceeds
Reserve Balance -
D Other Funds 170,456 170,456
Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 1,128,832 273,637 $ 1,402,469 F RPTTF 1,078,832 223,637 1,302,469
Administrative RPTTF 50,000 50,000 100,000
H Current Period Enforceable Obligations (A+E) $ 1,299,288 $ 273,637 $ 1,572,925 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. Is/
Signature Date
Merced City
Recognized Obligation Payment Schedule (ROPS 24-25) - ROPS Detail July 1, 2024 through June 30, 2025
- = z >
ROPS 24-25A (Jul - Dec) ROPS 24-25B (Jan - Jun)
Obligation Agreement Agreement Project Total ROPS Fund Sources 24-25A Fund Sources 24-25B lem Project Name Type Execution Termination Payee Description Area Outstanding Retired 24-25 Total Total Date Date Obligation Total Bond Reserve Other RPTTF Admin Bond Reserve Other| Admin Proceeds Balance Funds RPTTF Proceeds Balance Funds RPTTF RPTTF $15,741,600 $1.572,925 S- $170,456 $1,078,832 $50,000 $1,299,288 $ $223,637 $50,000 $273,637 Bonds Issued 05/29/ 12/31/2023 U.S. Bank Debt payment Project On or Before 2003 Area #2
12/31/10
Fees 03/25/ 12/31/2023 U.S. Bank Bond agent Project
1999 professional Area #2
- Fees 12/31/2023 Kosmont Continuing Project
Companies Disclosure Area #2
Remediation 04/16/ 01/01/2023 Various Environmental Project - 1992 Environmental Guarantee Area #2
Consultants Remediation
Remediation 11/07/ 01/01/2023 Various Environmental Project - 2005 Environmental Guarantee Area #2
Consultants - Remediation
Provost & P
Fees 11/13/ 09/01/2038 Kosmont Continuing Gateways 6,000 $6,000 6,000 $6,000 2003 Companies Disclosure
OPA/DDA/ 04/16/ 06/30/2025 Costco, Inc. Casting Lot & Area t Project Construction and various
Related
Rights DDA
and others
Fees 07/01/ 06/30/2025 Eide Baily Annual Audit All 2,500 $2,500 2,500 $2,500 LLP Fees for Bond
Compliance 6/
30/22
Fees 07/01/ 06/30/2024 Eide Bailly, Annual Audit All 2,500 $2,500 2,500 $2,500 2023 LLP Fees for Bond
Remediation 01/01/ 01/01/2023 Provost & R Street Project Pritchard Property Area #2
Clean-up
Remediation 01/01/ 01/01/2023 Provost & EPA Merced Project Pritchard Center Area #2
M N >
ROPS 24-25A (Jul - Dec) ROPS 24-25B (Jan - Jun)
Agreement Agreement Project Total ROPS Fund Sources 24-25A Fund Sources 24-25B am Project Name Obligation Execution Termination Payee Description Outstanding Retired 24-25 Type Area [Reserve Other Total Bond Admin
Date Obligation Total RPTTF Admin Proceeds Balance Fund RPTTF Proceeds Balance Funds RPTTF RPTTF
Pritchard Brownfield
Testing Assessment
73 Successor Legal 07/01/ 06/30/2025 Liebold 10,000 $10,000 5,000 $5,000 5,000 $5,000 Agency Legal 2024 McClendon & Services for
Counsel Mann
compliance,
project
administration
& contract/
DIAOPA
compliance
per HSC
34171 (b) -
Costco
property,
remediation
and related
property
matters
75 Project #2/ Miscellaneous 07/13/ 06/30/2025 Various Obligation to Project Lease of 1993 Lease Area #2
Successor Property to
Agency Costco &
grant of
Option to
Parking Lot Purchase
Option to Property to
Purchase Costco
76 R Street Remediation 12202 12/31/2025 Provost & Remediation Project 393,000 $393,000 393,000 $393,000 Remediation Pritchard of R Street Area #2
Properties per
Consultant
Services
Agreement
between
Successor
Agency and
Provost and
Prichard
90 Costco Property 07/01/ 06/30/2025 Kosmont Services for 15,000 $15,000 7,500 $7,500 7,500 $7,500 Property and i Maintenance 2024 Companies/ bond, project remediation City of & contract/
activities Merced
compliance
per HSC
34171 (b) -
Costco
related and
LL I - S T = >
ROPS 24-25A (Jul - Dec) ROPS 24-25B (Jan - Jun)
Agreement Agreement Project ROPS Fund Sources 24-25A Fund Sourcos 24-25B tem Project Name Obligation Execution Termination Payee Description Outstanding Retired 24-25 Type Area Total Reserve Admin Total Bond Admin
Date Date Obligation Other RPTTF Proceeds Baiance Funds RPTTF Proceeds Balance Funds RPTTF RPTTF
remediation
(ROPS lines
18,55 and
56)
94 Successor Admin Costs 02/01/ 09/01/2038 Various Admin costs All 100,000 $100,000 - 50,000 $50,000 - 50,000 $50,000 Agency 2012
Administration
Costs
100 Gateways Tax Refunding 071221 09/01/2038 Wilmington Debt Payment Gateways 15,200,100 $1,031,425 - 170,456 654,832 $825,288 206,137 - $206,137 Allocation Bonds Issued 2015 Trust NA
Refunding After 6/27/12
Bonds 2015
Series A
102 Gateways/ Fees 07/22/ 09/01/2038 Wilmington Bond agent Gateways 2,500 $2,500 2,500 $2,500 Trustee 2015 Trust NA professional
Services services
105 Conveyance Property 07/011 06/30/2025 Various 10,000 $10,000 5,000 $5,000 5,000 $5,000 Dispositions 2024 Vendors Arials.
costs
Insurance,
escrow,
closing and
other costs
Merced City
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(1), 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
Reserve Rent, grants, Non-Admin
on or before on or after Balances retained interest, etc. and Admin 12/31/10 01/01/11 for future
period(s)
1 Beginning Available Cash Balance (Actual 07/01/21) 2,185,177 1,392,459 601,034 41,805 E1 - 2003 Tab Reserve + 19-20 and 20-21 RPTTF amount should exclude "A" period distribution PPAs + 2022 ROPS #76 amount.
2 Revenue/Income (Actual 06/30/22) (8,317) 125,581 3,359,071 RPTTF amount should tie to the ROPS 21-22 total
distribution from the County Auditor-Controller
3 Expenditures for ROPS 21-22 Enforceable Obligations 1,098,000 35,875 2,132,134 E1 - 2003 Tab Reserve +2022 ROPS #76 (Actual 06/30/22)
Retention of Available Cash Balance (Actual 06/30/22) 2,176,860 294,459 520,284 1,055,000 E4 - 19-20 and 20-21 PPAs F4 - Approved for RPTF amount retained should only include the amounts 23-24 ROPS distributed as reserve for future periods)
ROPS 21-22 RPTF Prior Period Adjustment No entry required 213,742 RPTTF amount should tie to the Agency's ROPS 21-22 PPA
form submitted to the CAC
6 Ending Actual Available Cash Balance (06/30/22) $170,456 C to F = (1 + 2-3-4), G = (1 + 2-3-4 - 5)
-
Merced City
Recognized Obligation Payment Schedule (ROPS 24-25) - Notes July 1, 2024 through June 30, 2025
Item # Notes/Comments
4 9
10 18
45 46
55 56
73 75
76 90
94 100
102
105
EXHIBIT B
ADMINISTRATIVE BUDGET (ROPS 24-25)
Amount
Kosmont $15,000.00
PPC $20,000.00
Merced $30,000.00
Liebold $25,000.00
Other $10,000.00
$100,000.00