1 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
RESOLUTION NO. SA 2024-XX
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
MORENO VALLEY , CALIFORNIA, SERVING AS
SUCCESSOR AGENCY TO THE COMMUNITY
REDEVELOPMENT AGENCY OF THE CITY OF MORENO
VALLEY APPROVING THE RECOGNIZED OBLIGATIO N
PAYMENT SCHEDULE AND ADMINISTRATIVE B UDGET
FOR THE PERIOD OF JULY 1, 2025 THROUGH JUNE 30,
2026 (ROPS 25-26), AND AUTHORIZING THE CITY
MANAGER ACTING FOR T HE SUCCESSOR AGENCY OR
HIS/HER DESIGNEE TO MAKE MINOR MODIFICATIONS
THERETO
WHEREAS, the City Council of the City of Moreno Valley agreed to serve as successor agency to the Community Redevelopment Agency of the City of Moreno Valley (“Former RDA”) commencing upon dissolution of the Former RDA on February 1, 2012 pursuant to Assembly Bill x1 26, as amended by AB 1484; and WHEREAS, pursuant to Health and Safety Code Section 34177(l), before each fiscal period, the successor agency to a dissolved rede velopment agency such as the Former RDA is required to adopt a draft Recognized Obligation Payment Schedule (“ROPS”) that lists all of the obligations that are “enforceable obligations” within the meaning of Health and Safety Code Section 34171, and which identifies a source of payment for each such obligation from among (i) the Low and Moderate Income Housing Fund; (ii) bond proceeds; (iii) reserve balances; (iv) the administrative cost allowance; (v) revenues from rents, concessions, interest earnings, an d asset sales; and (vi) the Redevelopment Property Tax Trust Fund established by the County Auditor-Controller to the extent no other source of funding is available or payment from property tax is contractually or statutorily required; and
WHEREAS, the City of Moreno Valley (“City”), acting as the successor agency to the Former RDA (“Successor Agency”) has prepared a ROPS and an administrative budget covering the period July 1, 2025 through June 30, 2026 (“ROPS 25-26”); and
WHEREAS, the draft ROPS must be concurrently submitted to the County Administrative Officer, the County Auditor -Controller, the State Department of Finance, and the Countywide Oversight Board for County of Riverside (“Oversight Board”).
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF MORENO VALLEY, SERVING AS THE SUCCESSOR AGENCY, DOES HEREBY RESOLVE AS FOLLOWS:
2 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
SECTION 1. RECITALS
That the foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution.
SECTION 2. APPROVAL OF ROPS 25-26 AND ADMINISTRATIVE
BUDGET
That the City Council acting on behalf of the Successor Agency hereby approve and adopt ROPS 25-26 and the related administrative budget , in substantially the form attached hereto as Exhibit “A” and Exhibit “B”, respectively.
SECTION 3. TRANSMITTAL
That City staff, acting for the Successor Agency, is directed to transmit the ROPS 25-26 to the Oversight Board, County Administrative Officer, the County Auditor - Controller, and the State Department of Finance.
SECTION 4. OTHER ACTS
That the City Manager, acting for the Successor Agency, or his/her designee is hereby authorized to make minor modifications to the ROPS 25-26, and each officer of the City, acting for the Successor Agency, is hereby authorized and directed, jointly and severally, to execute and deliver such documents and instruments and to do such things which may be necessary or proper to effectuate the purposes of this Resolution, and any such actions previously taken by such officers are hereby ratified, approved and confirmed. Such acts shall include, but shall not be limited to, reformatting of the ROPS 25-26 as may be required by the Department of Finance or Oversight Board.
SECTION 5. SEVERABILITY
That 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 City Council acting for the Successor Agency hereby declares that it would have adopted this Resolution irrespective of the invalidity of any particular portion thereof.
SECTION 6. EFFECTIVE DATE
That this Resolution shall take effect immediately upon adoption.
3 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
SECTION 7. CERTIFICATION
That the City Clerk acting for the Successor Agency shall certify to the passage of this Resolution and enter it into the book of original resolutions.
APPROVED AND ADOPTED this 3rd day of December 2024.
___________________________
Ulises Cabrera
Mayor
City of Moreno Valley
acting for Successor Agency
ATTEST:
_______________________________
M. Patricia Rodriguez, City Clerk
acting for Successor Agency
APPROVED AS TO FORM:
__________________________________
Steve Quintanilla, City Attorney
acting for Successor Agency
4 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
RESOLUTION JURAT
STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss.
CITY OF MORENO VALLEY )
I, M. Patricia Rodriguez , City Clerk of the City of Moreno Valley, California, do hereby certify that Resolution No. SA 2024-__ was duly and regularly adopted by the City Council of the City of Moreno Valley at a regular meeting thereof held on t he 3rd day of December 2024 by the following vote:
AYES:
NOES:
ABSENT:
ABSTAIN:
(Council Members, Mayor Pro Tem and Mayor)
___________________________________
M. PATRICIA RODRIGUEZ, CITY CLERK
(SEAL)
5 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
EXHIBIT “A”
ROPS 25-26 COVERING JULY 1, 2025 THROUGH JUNE 30, 2026
SEE ATTACHED
6 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
Successor Agency:Moreno Valley
County: Riverside
$ - $ - $ - - - - - - - - - - $ 2,995,757 $ 1,554,541 $ 4,550,297 2,870,757 1,429,541 4,300,297
125,000 125,000 250,000
$ 2,995,757 $ 1,554,541 $ 4,550,297 Name Title
/s/
Signature Date
Certification of Oversight Board Chairman:
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.
G Administrative RPTTF
H Current Period Enforceable Obligations (A+E)
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G)
F RPTTF
Recognized Obligation Payment Schedule (ROPS 25-26)
Summary Filed for the July 1, 2025 through June 30, 2026 Period A Enforceable Obligations Funded as Follows (B+C+D)
B Bond Proceeds
C Reserve Balance
D Other Funds
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total
(July - December)
25-26B Total
(January - June)
ROPS
25-26 Total
7 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
A B C D E F G H
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 07/01/22) RPTTF amount should exclude A" period distribution amount" - - - - 2 Revenue/Income (Actual 06/30/23) RPTTF amount should tie to the ROPS 22-23 total distribution from the County Auditor- Controller
- - - - 3,349,676 3 Expenditures for ROPS 22-23 Enforceable Obligations
(Actual 06/30/23) - - - - 3,583,412 4 Retention of Available Cash Balance (Actual 06/30/23) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
- - - - - 5 ROPS 22-23 RPTTF Prior Period Adjustment RPTTF
amount should tie to the Agency's ROPS 22-23 PPA form
submitted to the CAC
282,742
6 Ending Actual Available Cash Balance (06/30/23)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5) $ - $ - $ - $ - $ (516,478) No entry required
Moreno Valley
Recognized Obligation Payment Schedule (ROPS 25-26)
Report of Cash Balances July 1, 2022 through June 30, 2023 (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.
ROPS 22-23 Cash Balances
(07/01/22 - 06/30/23)
Fund Sources
Comments
Bond Proceeds
8 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
Bond
Proceeds
Reserve
Balance Other Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance Other Funds RPTTF Admin
RPTTF
$60,268,689 $4,550,297 -$ -$ -$ $2,870,757 $125,000 $2,995,757 -$ -$ -$ $1,429,541 $125,000 $1,554,541 13 CalPERS
Retirement Liability
Unfunded Liabilities 7/1/2012 7/1/2031 The California
Public
Employees'
Retirement
System
(CalPERS)
Unfunded PERS
Retirement
Liability Acct
Original
Area
96,986 N $13,855 - - - 13,855 - $13,855 - - - - - -$ 14 Retiree Medical
Trust (CERBT)
Unfunded Liabilities 7/1/2012 7/1/2031 California
Employers'
Retiree Medical
Trust(CERBT)/Cal
PERS
Unfunded Retiree
Medical Trust
Acct
Original
Area
31,233 N $4,461 - - - 4,461 - $4,461 - - - - - -$ 17 Towngate
Acquisition Note
Third-Party Loans 5/3/2004 6/30/2044 City of Moreno
Valley
Participation
Agreement
Original
Area
14,626,841 N $1,400,000 - - - 700,000 - $700,000 - - - 700,000 - $700,000 19 Robertson's Ready
Mix, Inc. OPA
OPA/DDA/Constru
ction
9/26/2006 9/30/2028 Robertson's
Ready Mix, Inc.
Owner
Participation
Agreement
Original
Area
$0 Y $0 - - - - - $0 - - - - - -$ 24 Payroll
Costs/Operating
Costs
Admin Costs 1/1/2015 6/30/2018 City of Moreno
Valley/Employees
Successor
Agency's Payroll
& Operating
Costs
Original
Area
250,000 N $250,000 - - - - 125,000 $125,000 - - - - 125,000 $125,000 88 2017 Refunding of
the 2007 Tax
Allocation Bonds
Series A
Refunding Bonds
Issued After
6/27/12
8/23/2017 8/1/2038 Wells Fargo Bank Debt service
payments for
bonds issued to
finance various
capital projects
Original
Area
45,263,628 N $2,881,981 - - - 2,152,441 - $2,152,441 - - - 729,541 - $729,541 ROPS 25-26B (Jan - Jun)
Fund Sources 25-26B
Total
Project
Area Retired
ROPS
25-26
Total
Moreno Valley
Recognized Obligation Payment Schedule (ROPS 25-26)
ROPS Detail July 1, 2025 through June 30, 2026
Total
Outstanding
Obligation
Item # Project Name Obligation Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description 25-26A
Total
ROPS 25-26A (Jul - Dec)
Fund Sources
9 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
Item # Notes/Comments
13 14
17 19 The 15-year term expired for the Owner Participation Agreement. Final payment was processed on 5/30/2024 for period ending 6/30/2023.
24 88
The Total Outstanding Obligation for FY 24/25 only included principal outstanding. The FY 25/26 ROPS is correcting the Total Outstanding Obligation to include the total annual debt service, principal and interest.
Moreno Valley
Recognized Obligation Payment Schedule (ROPS 25-26)
Notes July 1, 2025 through June 30, 2026
10 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
EXHIBIT “B”
ADMINISTRATION BUDGET COVERING JULY 1, 2025 THROUGH JUNE 30, 2026
SEE ATTACHED
11 Resolution No. SA 2024-XX
Date Adopted: December 3, 2024
Expense Claisifications FY 2024/25
Amended Budget
FY 2025/26
Proposed Budget
Salaries/Benefits 97,789$ 97,789$ Professional Services 145,411 145,411 Admisitrative Expenses 6,800 6,800 Total Administrative Budget 250,000$ 250,000$ Administrative Budget