TO:
VIA:
FROM:
DATE:
Successor Agency
to the Redevelopment Agency of the Cit of Placentia
AGENDA REPORT
SUCCESSOR AGENCY
CITY ADMINISTRATOR/EXECUTIVE DIRECTOR
SUCCESSOR AGENCY STAFF
JANUARY 18, 2022
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 22-23) FOR JULY 1, 2022 THROUGH JUNE 30, 2023
FISCAL
IMPACT: RPTTF FUNDED NON -ADMIN OBLIGATIONS: $1,965,589 RPTTF FUNDED ADMINISTRATIVE OVERHEAD: $ 151,142
TOTAL ROPS 22-23 EXPENDITURE REQUEST: $2,116,731
SUMMARY:
Pursuant to Health and Safety Code ("HSC") 34177 (I), successor agencies are required to prepare and submit a Recognized Obligation Payment Schedule ("ROPS") detailing each enforceable obligation that requires property tax revenue to satisfy debt of the former Redevelopment Agency for a twelve-month reporting period. This action respectfully requests the Successor Agency's review and approval of the ROPS 2022-23, which covers the twelve-month reporting period of July 1, 2022 through June 30, 2023.
RECOMMENDATION:
It is recommended that the Successor Agency take the following action:
Approve Resolution RSA -2022-01, a Resolution of the City Council of the City of Placentia, California, acting as the Successor Agency to the Redevelopment Agency of the City of Placentia, approving and adopting the Recognized Obligation Payment Schedule for the period of July 1, 2022 to June 30, 2023 (ROPS 22-23).
DISCUSSION:
Pursuant to HSC 34177 (I), the Successor Agency is required to prepare a ROPS that identifies the enforceable obligations of the former Redevelopment Agency and the sources of funds for the repayments. ROPS 22-23, covering the period of July 1, 2022 through June 30, 2023, must be approved by the Countywide Oversight Board of the County of Orange ("Countywide Oversight Board") and submitted to the State Department of Finance ("DOF") no later than February 1, 2022.
1. h.
Jan. 18, 2022
City Council/Successor Agency Agenda
January 18, 2022
The Countywide Oversight Board meeting will be held on Tuesday, January 28, 2022 and submitted to the DOF prior to February 1, 2022. Pursuant to Health and Safety Code 34177(m), the DOF has 45 days from submission after Countywide Oversight Board approval to review the ROPS and object to any enforceable obligations. If the ROPS is not submitted by the deadline, the City is subject to a $10,000 fine for every day the ROPS is late and the administrative cost allowance for the Successor Agency is reduced by 25% after 10 days. At this time, Staff has prepared the ROPS 22-23 for the Successor Agency Board's review and approval.
FISCAL IMPACT:
Proposed ROPS 22-23 expenditures to be paid from the Redevelopment Property Tax Trust Fund (RPTTF) total $2,116,731. Non -administrative enforceable obligations total $1,965,589 while the administrative overhead request totals $151,142. The administrative overhead request represents an approved allocation amount that the Successor Agency is authorized to receive pursuant to Health and Safety Code 34171.
Prepared by:
cessor Agency
Reviewed and approved:
IVA /en Er,t • • son
Interim Director of Finance
Reviewed and approved:
ega
A ist.rit to the City Administrator/
Economic Development Manager
Reviewed and approved:
Damien R. Arrula
City Administrator/Executive Director
Attachments:
1. Successor Agency Board Resolution RSA -2022-01 — Approving and Adopting the ROPS for 2022-23
2. Recognized Obligation Payment Schedule for July 1, 2022 to June 30, 2023 (ROPS 22-23)