Memorandum - rev. 5/31/2023 — San Jose City Council, June 6, 2023

TO: SUCCESSOR AGENCY TO FROM: Rick Bruneau

THE SAN JOSE REDEVELOPMENT

AGENCY BOARD

SUBJECT: SEE BELOW DATE: May 15, 2023

Approved Date
5/23/23

SUBJECT: SUCCESSOR AGENCY TO THE SAN JOSE REDEVELOPMENT AGENCY APPROVAL OF THE JULY 1, 2023 – JUNE 30, 2024 ADMINISTRATIVE

BUDGET AND ANNUAL RECOGNIZED OBLIGATION PAYMENT
SCHEDULE 2023-2024

RECOMMENDATION

Successor Agency Board to the San José Redevelopment Agency adopt resolutions approving:

(a) The Administrative Budget for July 1, 2023 through June 30, 2024; and

(b) The Recognized Obligation Payment Schedule 2023-24 and authorizing payment for items on Recognized Obligation Payment Schedule 2023-24, which details the obligations of the Successor Agency Board to the San José Redevelopment Agency for the period of July 1, 2023 through June 30, 2024.

SUMMARY AND OUTCOME

The Recognized Obligation Payment Schedule 2023-24 (ROPS 23-24) includes obligations of the Successor Agency Board to the San José Redevelopment Agency (Successor Agency) due during the reporting period of July 1, 2023 through June 30, 2024. The Administrative Budget illustrates the City of San José (City) allocation of personnel and professional service resources.

Approval of these resolutions by the Successor Agency Board provides budget authority for expenditures as available funding permits in accordance with the priority of obligations.

COUNCIL AGENDA: 6/6/23
FILE: 23-844
ITEM: 9.1

SUCCESSOR AGENCY BOARD
Date: May 15, 2023
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2023 – June 30, 2024 Administrative Budget and Annual Recognized Obligation Payment Schedule 2023 -2024

Page 2 ends

BACKGROUND

Under the legislation dissolving redevelopment agencies, a successor agency is required to submit a Recognized Obligation Payment Schedule (ROPS) and Administrative Budget every fiscal year to the Countywide Oversight Board and the California Department of Finance (DOF) for their approval.

The following documents related to the ROPS 23-24 are provided in support of this recommendation:

• Attachment 1: Successor Agency Administrative Budget 2023-24 ROPS • Attachment 2: Successor Agency Personnel Costs for Administrative Budget 2023-24 ROPS
• Attachment 3: Recognized Obligation Payment Schedule (ROPS 23-24) – Summary (approved by Countywide Oversight Board and DOF)
• Attachment 4: Notice of No Objection Letter to ROPS
• Attachment 5: DOF Final Determination Letter ROPS 23-24

ROPS 23-24 was approved by the Countywide Oversight Board on January 27, 2023 and submitted to the DOF on January 31, 2023, prior to the February 1 submission deadline. The DOF completed its review and released its final determination of enforceable obligations listed on the ROPS 23-24 and approval of Redevelopment Property Tax Trust Fund funding on March 24, 2023.

ANALYSIS

A. Successor Agency Administrative Budget for July 1, 2023 – June 30, 2024

The Redevelopment Dissolution Law requires the Successor Agency prepare an Administrative Budget for the County Oversight Board approval.

The Successor Agency Administrative Budget 2023-24 ROPS (Attachment 1) summarizes provisions for professional services and City personnel costs. Professional services for fiscal year (FY) 2023-24 include banking, external audit, and foreclosures services. Each budget line item references the payee name, description of work, and budgetary comparison between FY 2022-23 and FY 2023-24. The Successor Agency Administrative Budget for FY 2023-24 totals $359,401, reflecting an increase of $78,800 or 28.0% from the approved Administrative Budget for FY 2022-23.

Personnel costs for the Administrative Budget 2023-24 ROPS (Attachment 2) show additional detail, including full-time equivalents (FTEs) and associated salary (including retirement and fringe benefits) costs the City allocates to support the Successor Agency in FY 2023-24. City

Page 3 ends

staff assignments include the City Attorney’s Office (0.15 FTE), the Office of Economic Development and Cultural Affairs (0.05 FTE), and Finance Department (0.79 FTE).

The County Oversight Board, at its September 2022 meeting, directed the Successor Agency to transfer 22 Covenants, Conditions, and Restrictions Agreements to the City. The City Attorney’s Office will be supporting the City’s effort during FY 2023-24 in these assignments. Additionally, the City Attorney’s Office will support the foreclosure efforts on loans in default and non- performing Disposition and Development Agreements.

The Director of the Office of Economic Development and Cultural Affairs will assist with the transfers of the 22 outstanding Covenants, Conditions, and Restrictions Agreements from the Successor Agency to the City. Additionally, the Director will lead the efforts to explore options to compel performance under the Fulton Street Ventures Disposition and Development Agreement or seek other alternatives to commence development of the property located on the north side of East St. James Street between North First Street and Second Street.

There is an increase of 25%, or $52,428, in personnel costs from FY 2022-23.

The funding source for FY 2023-24 Successor Agency Administrative Budget is Redevelopment Property Tax Trust Fund, a property tax increment revenue fund.

B. ROPS 23-24

Attachment 3 - Recognized Obligation Payment Schedule (ROPS 23-24) – Summary, shows a budget of $195,734,366 to pay for enforceable obligations from July 2023 to June 2024. The funding sources include:

• A reserve amount from the previous ROPS 22-23 in the amount of $51,017,500; • Other revenue funds in the amount of $1,528,468; and
• Redevelopment Property Tax Trust Fund in the amount of $143,188,398

Pursuant to California Health and Safety Code section 34186 (c), successor agencies are required to report differences between actual payments and past estimated obligations (prior period adjustments) for the period of July 1, 2020 through June 30, 2021 (ROPS 20-21). The prior period adjustments for ROPS 20-21 resulted an excess Redevelopment Property Tax Trust Fund distribution of $146,936, which will be netted against authorized Redevelopment Property Tax Trust Fund in ROPS 23-24.

C. Review of ROPS by County Auditor-Controller

The County of Santa Clara Auditor-Controller is authorized, but not required, to review the ROPS and transmit objections to any items not demonstrated to be enforceable obligations to the Successor Agency, Countywide Oversight Board, or DOF. On January 13, 2023, the County of

Page 4 ends

Santa Clara Controller-Treasurer sent a Notice of No Objection to ROPS letter (Attachment 4) via email.

D. Review of ROPS by DOF

The DOF completed its review of ROPS 23-24 on March 24, 2023. Based on a sample of line items reviewed and application of the law, DOF approved all of the items listed on the ROPS 23- 24 (Attachment 5 - DOF Final Determination Letter ROPS 23-24).

EVALUATION AND FOLLOW-UP

The California Health and Safety Code section 34177 (o) (1) (E) allows the Successor Agency to amend its ROPS once prior to October 1 during the reporting period.

COST SUMMARY/IMPLICATIONS

The ROPS 23-24 reflects obligations due during the reporting period of July 1, 2023 through June 30, 2024. The Successor Agency has sufficient funds to pay for all enforceable obligations, including administrative costs previously funded by the City.

COORDINATION

This memorandum was prepared in coordination with the City Attorney’s Office and City Manager’s Budget Office.

PUBLIC OUTREACH

This memorandum will be posted on the City’s Council Agenda website for the June 6, 2023 City Council meeting. The City Council is also the Successor Agency Board and will convene as the Successor Agency Board to consider this memorandum during the June 6, 2023 City Council meeting.

COMMISSION RECOMMENDATION AND INPUT

No commission recommendation or input is associated with this action.

Page 5 ends

CEQA

Not a Project, File No. PP17-004, Government Funding Mechanism or Fiscal Activity with no commitment to a specific project which may result in a potentially significant physical impact on the environment.

PUBLIC SUBSIDY REPORTING

This item does not include a public subsidy as defined in section 53083 or 53083.1 of the California Government Code or the City’s Open Government Resolution.

/s/

RICK BRUNEAU
Chief Financial Officer

Attachments:
• Attachment 1: Successor Agency Administrative Budget 2023-24 ROPS • Attachment 2: Successor Agency Personnel Costs For Administrative Budget 2023-24 ROPS
• Attachment 3: Recognized Obligation Payment Schedule (ROPS 23-24) - Summary • Attachment 4: Notice of No Objection to ROPS Letter
• Attachment 5: DOF Final Determination Letter ROPS 23-24

For more information, contact Rick Bruneau, Chief Financial Officer for the Successor Agency, at 408-535-7011 or via email at [email protected].

Attachment 1
City of San Jose
Personnel costs for operations (refer to
Attachment #2) $213,882 $133,155 $133,155 $266,310 $52,428 Macias, Gini & O'Connell LLP Financial Audit Services - Annual Audit 63,719 70,091 0 70,091 6,372 Foreclosure Company 35 E Santa Clara St - Dr Eu 0 20,000 0 20,000 20,000 Wells Fargo Bank General banking service fees 3,000 1,500 1,500 3,000 0 $280,601 $224,746 $134,655 $359,401 $78,800
Change %
28%

SUCCESSOR AGENCY ADMINISTRATIVE BUDGET
2023-24 ROPS
JULY 1, 2023 - JUNE 30, 2024

VARIANCE
FROM
2022-23PAYEE DESCRIPTION OF WORK

APPROVED
BUDGET FY22-23
TOTAL
BUDGET 23-
24A
BUDGET 23-
24B
BUDGET 23-
24 Attachment 2
PCN Personnel by Position 22-23
FTE 22-23 ROPS 23-24
FTE
ROPS
23-24A
ROPS
23-24B
ROPS
23-24
TOTAL
Attorney's Office
P_00008490 Senior Deputy City Attorney 0.05 $7,731 $7,730 $15,461 P_00009174 Assistant City Attorney 0.10 25,002 25,002 50,004

0.10 46,732 0.15 $32,733 $32,732 $65, 465
Economic Development and Cultural Affairs
P_00021647 Director, Economic Development 0.05 13,052 13,052 26,104 - - 0.05 $13,052 $13,052 $26,104 Finance Department
P_00021959 Analyst 0.05 3,961 3,962 7,923 P_00016679 Debt Administrator 0.05 6,731 6,731 13,462 P_00018148 Deputy Director, Accounting 0.02 3,599 3,599 7,198 P_00021585 Deputy Director, Debt and Treasury 0.02 3,388 3,388 6,776 P_00000146 Director/SARA Chief Financial Officer 0.05 10,578 10,577 21,155 P_00008147 Financial Analyst 0.25 26,948 26,949 53,897 P_00017349 Senior Accountant 0.35 32,165 32,165 64,330

0.79 167,150 0.79 $87,370 $87,371 $174, 741
Total Wages 0.89 213,882 0.99 $133,155 $133,155 $266,310 % change in FTE from 22-23 11%
% change in salaries from 22-23 25%
Cost
change from 22-23 52,428$

0.10 additional personnel

SUCCESSOR AGENCY

PERSONNEL COSTS FOR ADMINISTRATIVE BUDGET
2023-24 ROPS
JULY 1, 2023 - JUNE 30, 2024
Recognized Obligation Payment Schedule (ROPS 23-24) - Summary Filed for the July 1, 2023 through June 30, 2024 Period Successor Agency: San Jose
County: Santa Clara
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
23-24A Total
(July -
December)
23-24B Total
(January -
June)
ROPS 23-24
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 52,545,968 $ - $ 52,545,968 B Bond Proceeds - - -
C Reserve Balance 51,017,500 - 51,017,500
D Other Funds 1,528,468 - 1,528,468
E Redevelopment Property Tax Trust Fund (RPTTF)
(F+G)
$ 70,893,177 $ 72,295,221 $ 143,188,398
F RPTTF 70,668,431 72,160,566 142,828,997
G Administrative RPTTF 224,746 134,655 359,401
H Current Period Enforceable Obligations (A+E) $ 123,439,145 $ 72,295,221 $ 195,734,366 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
Attachment 3
San Jose
Recognized Obligation Payment Schedule (ROPS 23-24) - ROPS Detail
July 1, 2023 through June 30, 2024

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 23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$1,983,491,268 $195,734,366 $- $51,017,500 $1,528,468 $70,668,431 $224,746 $123,439,145 $- $- $- $72,160,566 $134,655 $72,295,221 69 Successor
Agency Bond
Activities
Professional
Services
01/01/
2014
06/30/2023 BLX Group,
LLC
Arbitrage rebate
calculation
services
Merged - N $- - - - - - $- - - - - - $-
85 Asset
Management/
Successor
Agency's Lease
Obligations (refer
to "Notes"
section)
Property
Maintenance
01/01/
2014
06/30/2024 Miscellaneous
Vendors
Utilities,
insurance and
maintenance for
Successor
Agency
Properties
Merged 1,000 N $1,000 - - - 1,000 - $1,000 - - - - - $- 138 Successor
Agency
operations (refer
to "Notes"
section)
Professional
Services
07/01/
2023
06/30/2028 Ross
Financial
Ongoing
financial advisor
services on an
as-needed
basis
Merged 75,000 N $15,000 - - - 15,000 - $15,000 - - - - - $- 143 Successor
Agency Bond
Activities
Professional
Services
07/01/
2020
06/30/2025 Urban
Analytics,
LLC
Fiscal
consultant
services
including
analysis of tax
increment data
Merged 46,000 N $23,000 - - - 13,000 - $13,000 - - - 10,000 - $10,000 144 May 2001
Amended &
Restated
Agreement (refer
to "Notes"
section)
Miscellaneous 05/22/
2001
06/30/2035 County of
Santa Clara
County Pass-
Through
Payments -
annual formula
based on tax
increment
growth.

Merged - N $- - - - - - $- - - - - - $-
149 Jones Hall-
Successor
Agency SARA
Activities (refer
to "Notes"
section)
Legal 10/01/
2010
06/30/2028
Jones Hall Legal services
on an as-
needed basis to
support bond
and
administrative
issues.

Merged 75,000 N $15,000 - - - 15,000 - $15,000 - - - - - $- 162 Property
Disposition
Costs (refer to
"Notes" section)
Property
Maintenance
07/01/
2014
06/30/2023 Miscellaneous
Vendors
Potential
solicitation
expenses
associated with
the disposition
of Agency-
owned
properties as
approved in the
Successor
Agency's Long
Range Property
Management
Plan.

Merged - N $- - - - - - $- - - - - - $-
Attachment 3

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 23-24
Total
ROPS 23-24A (Jul - Dec)
23-24A Total
ROPS 23-24B (Jan - Jun)
23-24B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
259 Arbitrage Rebate Bonds Issued
On or Before
12/31/10
07/01/
2017
06/30/2023 Internal
Revenue
Service
Positive
arbitrage
payment
Merged - N $- - - - - - $- - - - - - $-
260 2017 Successor
Agency Senior
Refunding
Bonds Series A
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2035 Wilmington
Trust
This authorizes
the issuance of
$1,413,150,000
($1,333,325,000
and
$79,825.000)
aggregate
principal
amount (T
ax
Allocation
Taxable and
Tax-Exempt
Refunding
Bonds)
Merged 128,414,875 N $3,991,250 - - - 1,995,625
- $1,995,625 - - - 1,995,625 - $1,995,625
261 2017 Successor
Agency Senior
Refunding
Bonds Series A-
T
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2034 Wilmington
Trust
This authorizes
the issuance of
$264,390,000
aggregate
principal
amount (Tax
Allocation
Refunding
Bonds)
Merged 1,135,089,867 N $107,011,590 - 51,017,500 1,528,468 40,252,681 - $92,798,649 - - - 14,212,941 - $14,212,941 262 2017 Successor
Agency
Subordinate
Refunding
Bonds Series B
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2029 Wilmington
Trust
This authorizes
the issuance of
$264,390,000
aggregate
principal
amount (Tax
Allocation
Refunding
Bonds)
Merged 176,033,625 N $31,587,625 - - - 28,373,125 - $28,373,125 - - - 3,214,500 - $3,214,500 263 Series 2017
Refunding
Bonds ("Merged
Area")
Fees 12/21/
2017
08/01/2035 Wilmington
Trust
Fiscal Agent
Fees for bond
administrative
services
Merged 39,000 N $3,000 - - - 3,000 - $3,000 - - - - - $- 265 Allowable Bond
Reserve-
Pursuant to
Health and
Safety Code
§34171(d)(1)(A).

Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2035 Wilmington
Trust
Per indenture,
the Agency is
required to
reserve 50% of
principal paid in
Aug debt
service period in
the January
RPTTF
distribution
Merged 543,357,500 N $52,727,500 - - - - - $- - - - 52,727,500 - $52,727,500 268 Series 2017A,
Series 2017A-T,
Series 2017B
(Merged Area)
Fees 12/21/
2017
08/01/2035 Standard &
Poor's, Fitch
Annual
analytical
review of
Ratings
Agencies
Merged - N $- - - - - - $- - - - - - $-
269 Administrative Admin Costs 07/01/ 06/30/2036 Various Annual Merged 359,401 N $359,401 - - - - 224,746 $224,746 - - - - 134,655 $134,655 Attachment 3

A B C D E F G H
ROPS 20-21 Cash Balances
(07/01/20 - 06/30/21)
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 07/01/20)
RPTTF amount should exclude "A" period distribution
amount.
46,625,000 14,523,226 Reserve Balance is line 265 on 19-20 Period B. The Other Funds column balance is the
total of beginning balances for July 2020 in
G/L minus ReserveBalance amount minus
RPTTF distribution in June 2020.
2 Revenue/Income (Actual 06/30/21)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
789,978 136,275,567 The amount in the Other Funds column is the sum of revenue and interest earned in 20-21.

Amount in RPTTF is distributed from County
in June 2020 and January 2021.
3 Expenditures for ROPS 20-21 Enforceable Obligations
(Actual 06/30/21)
46,625,000 8,768,244 88,158,631 All amounts reported are from PPA 20-21 that were submitted to the County in October
2022. One amount is excluded in the RPTTF
column ($47,970,000) and reported below in
the Retention of Available Cash Balance line.

This amount is reserved for the August 2021
debt service, so it is not considered an
expenditure.
4 Retention of Available Cash Balance (Actual 06/30/21) RPTTF amount retained should only include the amounts
5,016,492 47,970,000 Amount in Other Funds is the excess funds in 18-19 and 19-20 Cash Report used for debt
Attachment 3
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.

Non-Admin
and Admin
distributed as reserve for future period(s) service in ROPS 21-22 and ROPS 22-23 on line 261; amount in RPTTF is being reported
on line 265 in RPTTF column on PPA 20-21
and reserved for ROPS 21-22.
5 ROPS 20-21 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 20-21 PPA
form submitted to the CAC
No entry required 146,936 The amount is from PPA 20-21 which was sent to the County and will be used to pay
debt service on line 261 for ROPS 23-24.
6 Ending Actual Available Cash Balance (06/30/21)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $1,528,468 $- The available amount will be used as Other Funds to pay debt service on line
261 for ROPS 23-24.

Attachment 3
San Jose
Recognized Obligation Payment Schedule (ROPS 23-24) - Notes July 1, 2023 through June 30, 2024
Item # Notes/Comments
69 85 Insurance cost for one building, Billy de Frank.
138
143
144
149
162
259
260
261
262
263
265
268
269
273
Attachment 3Page 7
County of Santa Clara
Finance Agency
Controller-Treasurer
County Government Center
70 West Hedding Street, East Wing 2nd floor
San Jose, California 95110-1705
(408) 299-5205 FAX 287-7629
Board of Supervisors: Sylvia Arenas, Cindy Chavez, Otto Lee, Susan Ellenberg, S. Joseph Simitian County Executive: Jeffrey V. Smith

NOTICE OF NO OBJECTION TO ROPS
January 1, 2023
City of San José Successor Agency
200 E. Santa Clara St. 14th Floor
San Jose, CA 95113
Redevelopment Dissolution Countywide Oversight Board of Santa Clara County 70 West Hedding Street
San Jose, CA 95110
Department of Finance
915 L Street
Sacramento, CA 95814
ROPS Period: ROPS 23-24 (July 1, 2023 – June 30, 2024)
Successor Agency: City of San José
To the Successor Agency, Countywide Oversight Board, and Department of Finance:

Pursuant to Health and Safety Code section 34182.5, our office has reviewed the Recognized Obligation Payment Schedule (ROPS) submitted by the above-noted successor agency for the above-noted period. After reviewing all items and funding sources, the Santa Clara County Auditor-Controller does not object to any items or funding sources on the submitted ROPS.

Please note items and/or funding sources are subject to change by the Department of Finance Cash Balance Review and that items and/or funding sources not questioned during this review are subject to subsequent review if they are included on a future ROPS. We also reserve the right to object to an item and/or funding source (including, but not limited to, the use of fund balance) on a future ROPS, even if no objection was made on a preceding ROPS.

Sincerely yours,
Maria Öberg
Controller-Treasurer
County of Santa Clara
Attachment: ROPS 23-24 as submitted to the County Auditor-Controller by Successor Agency Attachment 4
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Attachment 4
Transmitted via e-mail
March 24, 2023
Julia H. Cooper, Chief Financial Officer
City of San Jose
200 East Santa Clara Street, 13th Floor
San Jose, CA 95113
2023-24 Annual Recognized Obligation Payment Schedule
Pursuant to Health and Safety Code (HSC) section 34177 (o) (1), the City of San Jose Successor Agency (Agency) submitted an annual Recognized Obligation Payment Schedule for the period July 1, 2023 through June 30, 2024 (ROPS 23-24) to the California Department of Finance (Finance) on February 1, 2023. Finance has completed its review of the ROPS 23-24.

Based on a sample of line items reviewed and application of the law, Finance approves all of the items listed on the ROPS 23-24 at this time.

Pursuant to HSC section 34186, successor agencies are required to report differences between actual payments and past estimated obligations (prior period adjustments) for the July 1, 2020 through June 30, 2021 (ROPS 20-21) period. The ROPS 20-21 prior period adjustment (PPA) will offset the ROPS 23-24 Redevelopment Property Tax Trust Fund (RPTTF) distribution. The amount of RPTTF authorized includes the PPA resulting from the County Auditor-Controller’s review of the PPA form submitted by the Agency.

The Agency’s maximum approved RPTTF distribution for the reporting period is $143,041,462, as summarized in the Approved RPTTF Distribution table (see Attachment).

RPTTF distributions occur biannually, one distribution for the July 1, 2023 through December 31, 2023 period (ROPS A period), and one distribution for the January 1, 2024 through June 30, 2024 period (ROPS B period), based on Finance's approved amounts.

Since this determination is for the entire ROPS 23-24 period, the Agency is authorized to receive up to the maximum approved RPTTF through the combined ROPS A and B period distributions.

This is our final determination regarding the obligations listed on the ROPS 23-24. This determination only applies to items when funding was requested for the 12-month period. If a determination by Finance in a previous ROPS is currently the subject of litigation, the item will continue to reflect the determination until the matter is resolved.

Attachment 5
The ROPS 23-24 form submitted by the Agency and this determination letter will be posted on our website:
http://dof.ca.gov/Programs/Redevelopment/ROPS/
This determination is effective for the ROPS 23-24 period only and should not be conclusively relied upon for future ROPS periods. All items listed on a future ROPS are subject to Finance's review and may be adjusted even if not adjusted on this ROPS or a preceding ROPS. The only exception is for items that have received a Final and Conclusive determination from Finance pursuant to HSC section 34177.5 (i). Finance’s review of Final and Conclusive items is limited to confirming the scheduled payments as required by the obligation.

The amount available from the RPTTF is the same as the amount of property tax increment available prior to the enactment of the redevelopment dissolution law.

Therefore, as a practical matter, the ability to fund the items on the ROPS with property tax increment is limited to the amount of funding available to the Agency in the RPTTF.

Please direct inquiries to Joshua Mortimer, Supervisor, or Mathew Rios, Staff, at (916)
322-2985.

Sincerely,

JENNIFER WHITAKER
Program Budget Manager
cc: Kevin Freimarck, Financial Analyst, City of San Jose Margaret Oliaya, Finance Agency Director, Santa Clara County Jenny Treis, Countywide Oversight Board Representative
Julia H. Cooper
March 24, 2023

Page 2 ends

Attachment 5
Attachment
Approved RPTTF Distribution
July 2023 through June 2024
ROPS A ROPS B Total
$ 70,668,431 $ 72,160,566 $ 142,828,997
224,746 134,655 359,401
70,893,177 72,295,221 143,188,398
70,668,431 72,160,566 142,828,997
224,746 134,655 359,401
(146,936) 0 (146,936)
RPTTF Requested
Administrative RPTTF Requested
Total RPTTF Requested
RPTTF Authorized
Administrative RPTTF Authorized
ROPS 20-21 Prior Period Adjustment (PPA)
Total RPTTF Approved for Distribution $ 70,746,241 $ 72,295,221 $ 143,041,462 Julia H. Cooper
March 24, 2023

Page 3 ends

Attachment 5

San Jose City CouncilJune 6, 2023

San Jose City Council
June 6, 2023