TO:
VIA:
FROM:
DATE:
Successor Agency
to the Redevelopment Agency of the Ci of Placentia
SUCCESSOR AGENCY
CITY ADMINISTRATOR/EXECUTIVE DIRECTOR
SUCCESSOR AGENCY STAFF
JANUARY 10, 2023
AGENDA REPORT
SUBJECT: RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 23-24) FOR JULY 1, 2023 THROUGH JUNE 30, 2024
FISCAL
IMPACT:
SUMMARY:
RPTTF FUNDED NON -ADMIN OBLIGATIONS:
OTHER FUNDS FUNDED OBLIGATIONS:
RPTTF FUNDED ADMINISTRATIVE OVERHEAD:
TOTAL ROPS 23-24 EXPENDITURE REQUEST:
$1,469,576
$ 37,583
$ 120,876
$1,628,035
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 2023-24, which covers the twelve-month reporting period of July 1, 2023 through June 30, 2024.
RECOMMENDATION:
It is recommended that the Successor Agency take the following action:
Approve Resolution RSA -2023-01, 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, California approving and adopting the Recognized Obligation Payment Schedule for the period of July 1, 2023 to June 30, 2024 (ROPS 23-24).
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 23-24, covering the period of July 1, 2023 through June 30, 2024, 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, 2023.
1.i.
Jan 10, 2023
City Council/Successor Agency Agenda
January 10, 2023
The Countywide Oversight Board meeting will be held on Tuesday, January 24, 2023 and submitted to the DOF prior to February 1, 2023. 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 23-24 for the Successor Agency Board's review and approval.
FISCAL IMPACT:
Proposed ROPS 23-24 expenditures to be paid from the Redevelopment Property Tax Trust Fund (RPTTF) total $1,590,452. Non -administrative enforceable obligations total $1,469,576 while the administrative overhead request totals $120,876. 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:
A f -6r bfic-
BritMo , Jan ette
St ff o S..ccessor Agency A ist nt t• ' e City Administrator/ Econ rnic Development Manager
Reviewed and approved:
Reviewed and approved:
Jennife La Aman
Director of Finance
Reviewed and a
Damien R. Arrula
City Administrator/Executive Director
Attachments:
1. Successor Agency Board Resolution RSA -2023-01 — Approving and Adopting the ROPS for 2023-24
2. Recognized Obligation Payment Schedule for July 1, 2023 to June 30, 2024 (ROPS 23-24)