TO: SUCCESSOR AGENCY
BOARD TO THE SAN JOSE
REDEVELOPMENT
AGENCY
FROM: Maria Öberg
SUBJECT: See Below DATE: May 19, 2025
Approved
Date:
5/22/25
SUBJECT: S uccessor Agency to the San José Redevelopment Agency Approval of the July 1, 2025 through June 30, 2026 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2025-26
RECOMMENDATION
Successor Agency Board to the San José Redevelopment Agency adopt resolutions approving the:
(a) Administrative Budget for July 1, 2025 through June 30, 2026; and
(b) Recognized Obligation Payment Schedule 2025-26 and authorizing payment for items thereon, which details the obligations of the Successor Agency Board to the San José Redevelopment Agency for the period of July 1, 2025 through June 30, 2026.
SUMMARY AND OUTCOME
The Administrative Budget illustrates the City of San José (City) allocation of personnel and professional service resources. The Recognized Obligation Payment Schedule 2025-26 (ROPS 25-26) includes financial obligations of the Successor Agency Board to the San José Redevelopment Agency (Successor Agency Board) for the reporting period of July 1, 2025 through June 30, 2026. Approval of the resolutions by the Successor Agency Board provides budgetary authority to incur expenditures subject to the availability of funds and in accordance with the established priority of obligations.
COUNCIL AGENDA: 6/10/25
FILE: 25-653
ITEM: 9.1
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 19, 2025
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2025 through June 30, 2026 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2025-26
BACKGROUND
Under the legislation dissolving redevelopment agencies, a successor agency is required to submit an Administrative Budget and Recognized Obligation Payment Schedule each fiscal year to the County of Santa Clara Countywide Oversight Board and the California Department of Finance (DOF) for their respective approvals.
The County of Santa Clara completed its review of ROPS 25-26 and issued a Notice of No Objection on January 13, 2025. The Administrative Budget and ROPS 25-26 were approved by the Countywide Oversight Board on January 30, 2025 and submitted to the DOF on January 31, 2025, prior to the February 1 submission deadline. The DOF completed its review and released its final determination of enforceable obligations listed on the ROPS 25-26 and approval of Redevelopment Property Tax Trust Fund funding on March 21, 2025.
ANALYSIS
In accordance with the legislative requirement, the Successor Agency has developed an Administrative Budget and Recognized Obligation Payment Schedule, summarized below.
A. Administrative Budget for July 1, 2025 through June 30, 2026
The Successor Agency Administrative Budget (Attachment 1) summarizes provisions for professional services and City personnel costs. Professional services for fiscal year (FY) 2025-26 include banking and external audit services. Each budget line item references the payee’s name, description of work, and budgetary comparison between FY 2024-25 and FY 2025-26. The Successor Agency Administrative Budget for FY 2025-26 totals $193,217 reflecting a decrease of $113,038 or (37.0%) from the approved Administrative Budget for FY 2024-25.
City personnel costs for the Successor Agency Administrative Budget (Attachment 2) show additional detail, including full-time equivalents (FTE) and associated salary (including retirement and fringe benefits) costs the City allocates to support the Successor Agency in FY 2025-26. City staff assignments include the City Attorney’s Office (0.025 FTE), City Manager’s Office (0.005 FTE), and Finance Department (0.48 FTE). This represents an FTE equivalent of 0.51 for FY 2025-26, down from 0.89 FTE in FY 2024-25. This represents a reduction of approximately $115,000 (49%) compared to FY 2024-25 and is the result of a new process as of this year.
Historically, the City submitted an annual budget for personnel costs to the Successor Agency and was reimbursed by the County for the budgeted amount. The City recorded
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 19, 2025
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2025 through June 30, 2026 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2025-26
the budgeted amount as expenditures each year under the Successor Agency Fund to balance the revenue received.
As requested by the County Oversight Board, the City started tracking actual personnel resources spent on Successor Agency projects in FY 2024-25. The personnel cost portion of the Administrative Budget for FY 2025-26 was developed with preliminary staff time reported for FY 2024-25. City staff records actual time worked on Successor Agency assignments in 0.25 hour increments on timecards. At the end of the fiscal year, the City will request reimbursement from the Successor Agency for aggregate personnel resource spent on Successor Agency assignments throughout the year.
If the actual administrative costs are more than the approved budget, the City will file an amended ROPS in the following year to request reimbursement for the excess cost amount. If the actual administrative costs are less than the approved budget, a prior period adjustment report will be filed and the excess Redevelopment Property Tax Trust Fund revenue will be applied to obligations on a future ROPS.
The funding source for FY 2025-26 Successor Agency Administrative Budget is the Redevelopment Property Tax Trust Fund, a property tax increment revenue fund.
B. Recognized Obligation Payment Schedule
Recognized Obligation Payment Schedule – Summary, shows a budget of $199,102,040 to pay for enforceable obligations from July 1, 2025 through June 30, 2026 (Attachment 3). The funding sources include:
• A reserve amount from ROPS 24-25 in the amount of $54,550,000; • Other funds in the amount of $1,508,526; and
• Redevelopment Property Tax Trust Fund in the amount of $143,043,514.
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, 2022 through June 30, 2023 (ROPS 22-23). The prior period adjustments for ROPS 22-23 resulted an excess Redevelopment Property Tax Trust Fund distribution of $51,321, which will be netted against the authorized Redevelopment Property Tax Trust Fund revenue distributed for ROPS 25-26.
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 19, 2025
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2025 through June 30, 2026 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2025-26
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, 2025, the County of Santa Clara Controller-Treasurer sent a Notice of No Objection for ROPS 25-26 (Attachment 4) via email.
D. Review of ROPS by DOF
The DOF completed its review of ROPS 25-26 on March 21, 2025. Based on a sample of line items reviewed and application of the law, the DOF approved all the items listed on the ROPS 25-26 and issued a Final Determination Letter (Attachment 5) via email.
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 25-26 reflects financial obligations due during the reporting period of July 1, 2025 through June 30, 2026. The Successor Agency has sufficient funds to pay for all enforceable obligations, including administrative costs.
COORDINATION
This memorandum was prepared in coordination with the City Attorney’s Office and the City Manager’s Budget Office.
PUBLIC OUTREACH
This memorandum will be posted on the City’s Council Agenda website for the June 10, 2025 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 10, 2025 City Council meeting.
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 19, 2025
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2025 through June 30, 2026 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2025-26
COMMISSION RECOMMENDATION AND INPUT
No commission recommendation or input is associated with this action.
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/
Maria Öberg
Chief Financial Officer
For questions, please contact Maria Öberg, Chief Financial Officer of the Successor Agency, at [email protected]
or 408.535.7011
ATTACHMENTS:
1 - Successor Agency Administrative Budget
2 - Successor Agency Personnel Costs Administrative Budget 3 - Recognized Obligation Payment Schedule (ROPS 25-26) 4 - County of Santa Clara Notice of No Objection to ROPS 5 - DOF Final Determination Letter ROPS 25-26
Attachment #1
City of San Jose
Personnel costs for operations (refer to
Attachment #2) 235,860 60,400 60,400 120,800 (115,060)
Macias, Gini & O'Connell LLP Financial Audit Services - Annual Audit 67,395 69,417 0 69,417 2,022 Wells Fargo Bank General banking service fees 3,000 1,500 1,500 3,000 0 306,255 131,317 61,900 193,217 (113,038)
Change %
-37%
APPROVED
BUDGET FY24-25
TOTAL
BUDGET
25-26A
BUDGET
25-26B
BUDGET
25-26
Successor Agency Administrative Budget
ROPS 2025-26
July 2025-June 2026
CHANGEPAYEE DESCRIPTION OF WORK
Attachment #2
PCN Employee Name Personnel by Position 24-25
FTE 24-25 ROPS 25-26 FTE Position Total
(1.0 FTE)
Allocated to
SARA ROPS
25-26
Estimate
ROPS
25-26A
ROPS
25-26B
ROPS
25-26
TOTAL
Attorney's Office
P_00009174 Kevin Fisher Assistant City Attorney 0.10 54,300 0.020 559,052 11,181 5,591 5,591 11,181 P_00000270 Sarah Tapia Legal Admin Assistant 0.00 0.005 181,433 907 454 454 907
0.10 54,300 0.025 740,485 12,088 6,044 6,044 12,088 City Manager's Office - Budget Office
P_00007205 Christopher Petak Senior Executive Analyst 0.00 - 0.005 291,295 1,456 728 728 1,456
0.00 - 0.005 291,295 1,456 728 728 1,456 Finance Department
P_00000184 Yolanda Ayala Accounting Technician 0.00 0.005 177,148 886 443 443 886 P_00000213 Maria Guerrero Accounting Technician 0.00 0.005 196,732 984 492 492 984 P_00000167 Jaime Fonseca Accountant II 0.00 0.005 199,121 996 498 498 996 P_00021959 Molly Kuhlmann-Haley Analyst II 0.05 8,666 0.000 203,070 - - - - P_00022740 Joshua Goshay Analyst II 0.00 0.010 159,127 1,591 796 796 1,591 P_00016679 Tanner Warner Debt Administrator 0.05 12,672 0.010 299,358 2,994 1,497 1,497 2,994 P_00021585 Qianyu Sun Deputy Director, Debt and Treasury 0.02 7,335 0.005 386,594 1,933 966 966 1,933 P_00018148 Victor Lo Deputy Director, Accounting 0.02 6,931 0.005 398,928 1,995 997 997 1,995 P_00000146 Maria Oberg Director/SARA Chief Financial Officer 0.05 23,089 0.005 474,647 2,373 1,187 1,187 2,373 P_00008147 Kevin Freimarck Financial Analyst 0.25 58,495 0.100 240,396 24,040 12,020 12,020 24,040 P_00017221 Vicky Szeto Principal Accountant 0.00 0.050 294,165 14,708 7,354 7,354 14,708 P_00014854 Brianna Mora Mendoza Senior Account Clerk 0.00 0.005 146,967 735 367 367 735 P_00017349 Ruiwen Su Senior Accountant 0.35 64,373 0.250 196,514 49,129 24,564 24,564 49,129 P_00000200 Alex Rojas Senior Investigator Collector 0.00 0.005 231,343 1,157 578 578 1,157 P_00017223 Margarita Barrios Senior Office Specialist 0.00 0.005 140,267 701 351 351 701 P_00019257 Rebecca Todd Staff Specialist 0.00 0.005 158,624 793 397 397 793 P_00019874 Kei Motonishi-Romero Supervising Accountant 0.00 0.010 224,213 2,242 1,121 1,121 2,242
0.79 181,560 0.480 4,127,214 107,255 53,628 53,628 107,255 Total Wages 0.89 235,860.00 0.51 5,158,994.00 120,799.87 60,399.93 60,399.93 120,799.87 % change in FTE from 24-25 -43%
% change in salaries from 24-25 -49%
Cost change from 24-25 (115,060)
Successor Agency to the Redevelopment Agency
Personnel Costs - Administrative Budget
2025-26 ROPS
July 1, 2025 - June 30, 2026
Recognized Obligation Payment Schedule (ROPS 25-26) - Summary Filed for the July 1, 2025 through June 30, 2026 Period Successor Agency: San Jose
County: Santa Clara
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total
(July -
December)
25-26B Total
(January -
June)
ROPS 25-26
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 56,058,526 $ - $ 56,058,526 B Bond Proceeds - - -
C Reserve Balance 54,550,000 - 54,550,000
D Other Funds 1,508,526 - 1,508,526
E Redevelopment Property Tax Trust Fund (RPTTF)
(F+G)
$ 70,832,214 $ 72,211,300 $ 143,043,514
F RPTTF 70,700,897 72,149,400 142,850,297
G Administrative RPTTF 131,317 61,900 193,217
H Current Period Enforceable Obligations (A+E) $ 126,890,740 $ 72,211,300 $ 199,102,040 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
1 San Jose
Recognized Obligation Payment Schedule (ROPS 25-26) - ROPS Detail July 1, 2025 through June 30, 2026
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
T
ype
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS 25-26
Total
ROPS 25-26A (Jul - Dec)
25-26A Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$1,590,992,031 $199,102,040 $- $54,550,000 $1,508,526 $70,700,897 $131,317 $126,890,740 $- $- $- $72,149,400 $61,900 $72,211,300 69 Successor
Agency Bond
Activities
Professional
Services
01/01/
2014
06/30/2023 Arbitrage
Service
Arbitrage rebate
calculation
services
Merged - N $- - - - - - $- - - - - - $-
85 Asset
Management/
Successor
Agency's Lease
Obligations (refer
to "Notes"
section)
Property
Maintenance
01/01/
2014
06/30/2026 Miscellaneous
Vendors
Utilities,
insurance and
maintenance for
Successor
Agency
Properties
Merged 1,200 N $1,200 - - - 1,200 - $1,200 - - - - - $- 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 45,000 N $15,000 - - - 15,000 - $15,000 - - - - - $- 143 Successor
Agency Bond
Activities
Professional
Services
07/01/
2025
06/30/2030 Tax Increment
Fiscal
Consultant
Fiscal
consultant
services
including
analysis of tax
increment data
Merged 125,000 N $25,000 - - - 25,000 - $25,000 - - - - - $- 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 45,000 N $15,000 - - - 15,000 - $15,000 - - - - - $- 162 Property
Disposition
Costs (refer to
"Notes" section)
Property
Maintenance
07/01/
2014
06/30/2025 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
2 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 25-26
Total
ROPS 25-26A (Jul - Dec)
25-26A Total
ROPS 25-26B (Jan - Jun)
25-26B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
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 (Tax
Allocation
Taxable and
T
ax-Exempt
Refunding
Bonds)
Merged 120,432,375 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 921,150,864 N $106,842,248 - 54,550,000 1,508,526 39,010,947 - $95,069,473 - - - 11,772,775 - $11,772,775 262 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 112,886,375 N $31,528,625 - - - 29,635,125 - $29,635,125 - - - 1,893,500 - $1,893,500 263 Series 2017
Refunding
Bonds ("Merged
Area")
Fees 12/21/
2017
08/01/2035 Wilmington
Trust
Fiscal Agent
Fees for bond
administrative
services
Merged 33,000 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 436,080,000 N $56,487,500 - - - - - $- - - - 56,487,500 - $56,487,500 268 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
Expenses for
Successor
Agency
Admin Costs 07/01/
2020
06/30/2036 Various
Vendors
Annual
administrative
fees for SARA
operations
Merged 193,217 N $193,217 - - - - 131,317 $131,317 - - - - 61,900 $61,900 Attachment 3
3 San Jose
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.
A B C D E F G H
ROPS 22-23 Cash Balances
(07/01/22 - 06/30/23)
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 07/01/22)
RPTTF amount should exclude "A" period distribution
amount.
49,440,000 2,657,689 2,312,855 Reserve Beginning Balance is line 265 on ROPS 21-22B period. Other Funds Beginning
Balance is the sum of all Cash GL Beginning
Balances minus the Reserve Beginning
Balance minus the RPTTF Beginning Balance
minus the RPTTF distributed to the
Successor Agency in June 2022. The RPTTF
Beginning Balance is the excess RPTTF from
PPA 19-20, PPA 20-21 and PPA 21-22 shown
on the DOF Final Determination letters for
ROPS 22-3, ROPS 23-24, and ROPS 24-55.
2 Revenue/Income (Actual 06/30/23)
RPTTF amount should tie to the ROPS 22-23 total
distribution from the County Auditor-Controller
1,508,528 141,858,792 Other Funds Revenue is all revenue earned from the Successor Agency Cash Accounts in
the 22-23 fiscal year. RPTTF Revenue is
distributed from the County in June 2022 and
January 2023 shown on the County letters.
3 Expenditures for ROPS 22-23 Enforceable Obligations
(Actual 06/30/23)
49,440,000 660,862 92,916,232 Reserve Balance Expenditure amount is a portion of the amount paid for debt service for
line 261 in August 2022 on the 22-23 PPA
Attachment 3
4 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.
A B C D E F G H
ROPS 22-23 Cash Balances
(07/01/22 - 06/30/23)
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
report. Other Funds Expenditure amount is
shown on the 22-23 PPA report. RPTTF
Expenditure amount is shown on the 22-23
PPA minus line 265 (Reserve for 23-24
ROPS).
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)
1,996,829 51,204,094 Other Funds Retention amount is equal to ending actual available cash balance in Other
Funds column shown on 20-21 and 21-22
Cash Reports used for debt service in FYs
23-24 and 24-25. RPTTF Retention is the
amount on line 265 from PPA 22-23 reserved
for debt service in August 2023 plus the
excess RPTTF 20-21 PPA plus excess
RPTTF 21-22 PPA shown on DOF Final
Determination letters used for debt service in
23-24 and 24-25.
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
No entry required 51,321 Amount shown on the 22-23 PPA that will be used to pay line 261 debt service on the
ROPS 25-26.
6 Ending Actual Available Cash Balance (06/30/23)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $1,508,526 $- Amount will be used to pay for line 261 debt service on the ROPS 25-26.
Attachment 3
5 San Jose
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes July 1, 2025 through June 30, 2026
Item # Notes/Comments
69 There is no contract in place; there will be one when the refunding of 2017 Bonds occurs. 85 Billy DeFrank Community Center
138
143 RFP in progress to hire a consultant.
144 not required to submit a budgeted amount
149
162
260
261
262
263
265
268
269
Attachment 3
6 County of Santa Clara
Finance Agency
County Government Center
70 West Hedding Street, East Wing 2nd floor
San Jose, California 95110-1705
(408) 299-5206 FAX 287-7629
NOTICE OF NO OBJECTION TO ROPS
City of San Jose Successor Agency
200 E. Santa Clara St. 14th Floor
San Jose, CA 95113
January 13, 2025
Redevelopment Dissolution Countywide Oversight Board of Santa Clara County 70 West Hedding Street
San Jose, CA 95110
Department of Finance
915LStreet
Sacramento, CA 95814
ROPS Period: ROPS 25-26 (July 1, 2025-June 30, 2026)
Successor Agency: City of San Jose
To the Successor Agency, Countywide Oversight Board, and Depaitment 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 Depa1tment 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,
Margaret Olaiya
Director, Finance Agency
County of Santa Clara
Attachment: ROPS 25-26 as submitted to the County Auditor-Controller by Successor Agency Board of Supervisors: Sylvia Arenas, Betty Duong, Otto Lee, Susan Ellenberg, Margaret Abe-Koga County Executive: James R. Williams
Attachment 4
1 Recognized Obligation Payment Schedule (ROPS 25-26) - Summary Filed for the July 1, 2025 through June 30, 2026 Period SuccessorAgency: San Jose
County: Santa Clara
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
25-26A Total
(July
December)
25-26B Total
(January
June)
ROPS 25-26
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 56,058,526 $ - $ 56,058 ,526 B Bond Proceeds
C Reserve Balance
D Other Funds
E Redevelopment Property Tax Trust Fund (RPTTF)
(F+G)
F RPTTF
G Administrative RPTTF
54,550,000
1,508,526
.$ 70,832,214
70,700,897
131,317
54,550,000
1,508,526
$ 72,211,300 $ 143,043,514
72,149,400 142,850,297
61,900 193,217
H Current Period Enforceable Obligations (A+E) $ 126,890,740 $ 72,211,300 $ 199,102,040 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. /s/
Name Title
----------------
Signature Date
Attachment 4
2 A B C D E F G
Obligation Agreement Agreement Item Project Name Execution Termination Payee Description # Type Date Date 69 Successor Professional 01/01/ 06/30/2023 Arbitrage Arbitrage rebate Agency Bond Services 2014 Service calculation
Activities services
85 Asset Property 01/01/ 06/30/2026 Miscellaneous Utilities, ManagemenV Maintenance 2014 Vendors insurance and
Successor maintenance for
Agency's Lease Successor
Obligations (refer Agency
to "Notes" Properties
section)
138 Successor Professional 07/01/ 06/30/2028 Ross Ongoing Agency Services 2023 Financial financial advisor
operations (refer services on an
to "Notes" as-needed
section) basis
143 Successor Professional 07/01/ 06/30/2030 Tax Increment Fiscal Agency Bond Services 2025 Fiscal consultant
Activities Consultant services
including
analysis of tax
increment data
144 May 2001 Miscellaneous 05/22/ 06/30/2035 County of County Pass- Amended & 2001 Santa Clara Through
Restated Payments
Agreement (refer annual formula
to "Notes" based on tax
section) increment
growth.
149 Jones Hall- Legal 10/01/ 06/30/2028 Jones Hall Legal services Successor 2010 on an as-
Agency SARA needed basis to
Activities (refer support bond
to "Notes" and
section) administrative
issues.
162 Property Property 07/01/ 06/30/2025 Miscellaneous Potential Disposition Maintenance 2014 Vendors solicitation
Costs (refer to expenses
"Notes" section) associated with
the disposition
of Agency-
owned
properties as
approved in the
Successor
Agency's Long
Range Property
Management
Plan.
San Jose
Rec ognized Obligation Payment Schedule (ROPS 25-26) - ROPS Detail July 1, 2025 through June 30, 2026
H I J K L M N 0
ROPS 25-26A (Jul· Dee)
Project Total ROPS 25-26 Fund Sources Outstanding Retired Area Obligation Total Bond Reserve Other Proceeds Balance Funds RPTTF
$1,590,992,031 $199,102,040 $- $54,550,000 $1,508,526 $70,700,897 Merged . N $- .
Merged 1,200 N $1,200 . . 1,200
Merged 45,000 N $15,000 . . - 15,000
Merged 125,000 N $25,000 . . 25,000
Merged N $-
Merged 45,000 N $15,000 . . 15,000
Merged . N $- . . . .
p Q R s T u V w
RQPS 25,26B (.Jan , Jun)
Fund Sources 25-26B 25-26A Total
Admin Bond Reserve Other Admin Total
RPTTF Proceeds Balance Funds RPTTF RPTTF
$131,317 $126,890,740 � $- S: $72, 14l),400 $61,900 s1i.211,39g . $- . . - . . $-
. $1,200 . . . . . $-
. $15,000 . . . - . $-
. $25,000 . . . . $-
$- . $-
$15,000 . . . . . $-
. $- . . . . . $-
Attachment 4
3 A B C D E F G H I J K L M N 0 p a R s T u V w
ROPS 25-26A (Jul· Dec) RQl!S gS-16!! (.Jan" Ju11i •
Obligation Agreement Agreement Project Total ROPS 25-26 Fund Sources Fund Sources 25-26B Item Project Name Execution Termination Payee Description Outstanding Retired 25-26A Total Type Date Date Area Obligation To tal Bond Reserve Other Admin Bond Reserve Other Admin Total Proceeds Balance Funds RPTTF RPTTF Proceeds Balance Funds RPTTF RPTTF 260 2017 Successor Refunding 12121/ 08/01/2035 Wilmington This authorizes Merged 120,432,375 N $3,991,250 - - - 1,995,625 - $1,995,625 - - - 1,995,625 - $1,995,625 Agency Senior Bonds Issued 2017 Trust the issuance of
Refunding After 6/27 /12 $1,413,150,000
Bonds Series A ($1,333,325,000
and
$79,825.000)
aggregate
principal
amount (Tax
Allocation
Taxable and
Tax-Exempt
Refunding
Bonds)
261 2017 Successor Refunding 12/21/ 08/01/2034 Wilmington This authorizes Merged 921,150,864 N $106,842,248 - 54,550,000 1,508,526 39,010,947 - $95,069,473 - - - 11,772,775 - $11,772,775 Agency Senior Bonds Issued 2017 Trust the issuance of
Refunding After 6/27/12 $264,390,000
Bonds Series A- aggregate
T principal
amount (Tax
Allocation
Refunding
Bonds)
262 2017 Successor Refunding 12/21/ 08/01/2029 Wilmington This authorizes Merged 112,886,375 N $31,528,625 - - - 29,635,125 $29,635,125 - - 1,893,500 - $1,893,500 Agency Bonds Issued 2017 Trust the issuance of
Subordinate After 6/27 /12 $264,390,000
Refunding aggregate
Bonds Series B principal
amount (Tax
Allocation
Refunding
Bonds)
263 Series 2017 Fees 12/21/ 08/01/2035 Wilmington Fiscal Agent Merged 33,000 N $3,000 - - 3,000 - $3,000 - - - - - $- Refunding 2017 Trust Fees for bond
Bonds ("Merged administrative
Area") services
265 Allowable Bond Refunding 12/21/ 08/01/2035 Wilmington Per indenture, Merged 436,080,000 N $56,487,500 - - - - - $- - - 56,487,500 - $56,487,500 Reserve- Bonds Issued 2017 Trust the Agency is
Pursuant to After 6/27/12 required to
Health and reserve 50% of
Safety Code principal paid in
§34171(d)(1)(A). Aug debt
service period in
the January
RPTTF
distribution
268 Series 2017A, Fees 12/21/ 08/01/2035 Standard & Annual Merged - N $- - - $- - - - - $- Series 2017A-T, 2017 Poor's, Fitch analytical
Series 20178 review of
(Merged Area) Ratings
Agencies
269 Administrative Admin Costs 07/01/ 06/30/2036 Various Annual Merged 193,217 N $193,217 - - 131,317 $131,317 - - - - 61,900 $61,900 Expenses for 2020 Vendors administrative
Successor fees for SARA
Agency operations
Attachment 4
4 San Jose
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 (I), 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.
A B C D E F G H
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
Prior ROPS ROPS 22-23 Cash Balances RPTTF and Comments (07/01/22 - 06/30/23) Bonds issued Bonds issued Reserve Rent, grants, Non-Ad min 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 07/01/22) 49,440,000 2,657,689 2,312,855 Reserve Beginning Balance is line 265 on RPTTF amount should exclude "A" period distribution ROPS 21-22B period. Other Funds Beginning amount. Balance is the sum of all Cash GL Beginning
Balances minus the Reserve Beginning
Balance minus the RPTTF Beginning Balance
minus the RPTTF distributed to the
Successor Agency in June 2022. The RPTTF
Beginning Balance is the excess RPTTF from
PPA 19-20, PPA 20-21 and PPA 21-22 shown
on the DOF Final Determination letters for
ROPS 22-3, ROPS 23-24, and ROPS 24-55.
2 Revenue/Income (Actual 06/30/23) 1,508,528 141,858,792 Other Funds Revenue is all revenue earned RPTTF amount should tie to the ROPS 22-23 total from the Successor Agency Cash Accounts in distribution from the County Auditor-Controller the 22-23 fiscal year. RPTTF Revenue is distributed from the County in June 2022 and
January 2023 shown on the County letters.
3 Expenditures for ROPS 22-23 Enforceable Obligations 49,440,000 660,862 92,916,232 Reserve Balance Expenditure amount is a (Actual 06/30/23) portion of the amount paid for debt service for line 261 in August 2022 on the 22-23 PPA
Attachment 4
5 Pursuant to Health and Safety Code section 34177 (I), 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.
A B C D E F G H
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
ROPS 22-23 Cash Balances Prior ROPS
RPTTF and Comments (07/01/22 - 06/30/23) Bonds issued Bonds issued Reserve Rent, grants, Non-Ad min on or before on or after Balances retained interest, etc. and Admin 12/31/10 01/01/11 for future period(s)
report. Other Funds Expenditure amount is
shown on the 22-23 PPA report. RPTTF
Expenditure amount is shown on the 22-23
PPA minus line 265 (Reserve for 23-24
ROPS).
4 Retention of Available Cash Balance (Actual 06/30/23) 1,996,829 51,204,094 Other Funds Retention amount is equal to RPTTF amount retained should only include the amounts ending actual available cash balance in Other distributed as reserve for future period(s) Funds column shown on 20-21 and 21-22 Cash Reports used for debt service in FYs
23-24 and 24-25. RPTTF Retention is the
amount on line 265 from PPA 22-23 reserved
for debt service in August 2023 plus the
excess RPTTF 20-21 PPA plus excess
RPTTF 21-22 PPA shown on DOF Final
Determination letters used for debt service in
23-24 and 24-25.
5 ROPS 22-23 RPTTF Prior Period Adjustment No entry required 51,321 Amount shown on the 22-23 PPA that will be RPTTF amount should tie to the Agency's ROPS 22-23 PPA used to pay line 261 debt service on the form submitted to the CAC ROPS 25-26.
6 Ending Actual Available Cash Balance (06/30/23) $- $- $- $1,508,526 $- Amount will be used to pay for line 261 C to F = (1 + 2 - 3 -4), G = (1 + 2 - 3 - 4 -5) debt service on the ROPS 25-26.
Attachment 4
6 San Jose
Recognized Obligation Payment Schedule (ROPS 25-26) - Notes July 1, 2025 through June 30, 2026
Item # Notes/Comments
69 There is no contract in place; there will be one when the refunding of 2017 Bonds occurs. 85 Billy DeFrank Community Center
••••••••• •••••••• •• •••••••••••••••••••••••••
138
143 RFP in progress to hire a consultant.
144 not required to submit a budgeted amount
149
162
260
261
262
263
265
268
269
... ......... ..................
Attachment 4
7 Transmitted via e-mail
March 21, 2025
Kevin Freimarck, Financial Analyst
City of San Jose
200 East Santa Clara Street, 13th Floor
San Jose, CA 95113
2025-26 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, 2025 through June 30, 2026 (ROPS 25-26) to the California Department of Finance (Finance) on January 31, 2025. Finance has completed its review of the ROPS 25-26.
Based on a sample of line items reviewed and application of the law, Finance approves all the items listed on the ROPS 25-26 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, 2022 through June 30, 2023 (ROPS 22-23) period. The ROPS 22-23 prior period adjustment (PPA) will offset the ROPS 25-26 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 $142,992,192, as summarized in the Approved RPTTF Distribution table (see Attachment).
RPTTF distributions occur biannually, one distribution for the July 1, 2025 through December 31, 2025 period (ROPS A period), and one distribution for the January 1, 2026 through June 30, 2026 period (ROPS B period), based on Finance's approved amounts.
Since this determination is for the entire ROPS 25-26 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 25-26. 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 - DOF Final Determination Letter ROPS 25-26 The ROPS 25-26 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 25-26 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
[email protected].
Sincerely,
Cheryl L. McCormick, CPA
Chief, Office of State Audits and Evaluations
cc: Qianyu Sun, Deputy Director of Debt, City of San Jose Margaret Oliaya, Finance Agency Director, Santa Clara County Brian Darrow, Countywide Oversight Board Representative Kevin Freimarck
March 21, 2025
Attachment 5
Attachment 5
Approved RPTTF Distribution
July 2025 through June 2026
ROPS A ROPS B Total
RPTTF Requested $ 70,700,897 $ 72,149,400 $ 142,850,297 Administrative RPTTF Requested 131,317 61,900 193,217
Total RPTTF Requested 70,832,214 72,211,300 143,043,514 RPTTF Authorized 70,700,897 72,149,400 142,850,297
Administrative RPTTF Authorized 131,317 61,900 193,217
ROPS 22-23 Prior Period Adjustment (PPA) (51,322) 0 (51,322) Total RPTTF Approved for Distribution $ 70,780,892 $ 72,211,300 $ 142,992,192 Kevin Freimarck
March 21, 2025