Successor Agency Meeting: December 12, 2023 Santa Monica, California RESOLUTION NO. (SA)
A RESOLUTION OF THE SANTA MONICA REDEVELOPMENT SUCCESSOR AGENCY
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JULY 1, 2024 THROUGH JUNE 30, 2025
WHEREAS, pursuant to ABx 1 26, enacted on June 28, 2011, and as subsequently amended by AB 1484, SB 341, and SB 107 ("Dissolution Act"), the Redevelopment Agency to the City of Santa Monica was dissolved as of February 1, 2012, and the City of Santa Monica elected to serve as the Successor Agency to the former Redevelopment Agency to the City of Santa Monica (“Successor Agency”); and
WHEREAS, pursuant to Health and Safety Code Section 34179 (q), commencing on and after July 1, 2018, in the County of Los Angeles, where more than 40 oversight boards were created by the Dissolution Act, the oversight boards were consolidated into five consolidated oversight boards each encompassing one of the County’s five supervisorial districts; and WHEREAS, the Third Supervisorial District Consolidated Oversight Board ("Third District Consolidated Oversight Board") has jurisdiction over the Successor Agency of the Former Redevelopment Agency to the City of Santa Monica; and
WHEREAS, Section 34177(a)(3) of the Health and Safety Code, as reformed by the California Supreme Court in California Redevelopment Association v. Matosantos (2011) 53 Cal. 4th 231, provides that commencing on May 1, 2012, only those payments listed in a Recognized Obligation Payment Schedule (“ROPS”) may be made by the Successor Agency from the funds specified in the ROPS; and
WHEREAS, Section 34177(o) of the Health and Safety Code requires that the Successor Agency submit an oversight board-approved ROPS to the Department of Finance (“DOF”) and County Auditor-Controller (“CAC”) no later than February 1 of each year, commencing February 1, 2016; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to hold a regular meeting on January 9, 2024; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to review and duly consider the Recognized Obligation Payment Schedule for the period July 2024 – June 2025, inclusive, attached as Exhibit 1, and other written evidence presented at the meeting, if any; and
WHEREAS, under Title 14 of the California Code of Regulations, Section 15061(b)(3), the approval of the FY 2024-25 ROPS is exempt from the requirements of the California Environmental Quality Act (“CEQA”), in that it can be seen with certainty that there is no possibility that the FY 2024-25 ROPS will have any significant effect on the environment.
NOW THEREFORE, THE SUCCESSOR AGENCY DOES HEREBY RESOLVE AND FIND AS FOLLOWS:
SECTION 1. The Successor Agency hereby finds and determines that the foregoing recitals are true and correct.
SECTION 2. The Successor Agency hereby approves and adopts the Recognized Obligation Payment Schedule for the period July 2024 – June 2025, inclusive, attached hereto as Exhibit 1 (referenced hereinafter as “the Recognized Obligation Payment Schedule”).
SECTION 3. The Successor Agency authorizes the Community Development Director to:
(1) Submit the Recognized Obligation Payment Schedule to the County Auditor-Controller for review; and
(2) Submit an electronic copy of the Recognized Obligation Payment Schedule to the State Department of Finance for approval; and Designate a Successor Agency representative to respond to all questions related to the Recognized Obligation Payment Schedule; and (3) Take such other actions and execute such other documents as are appropriate to effectuate the intent of this Resolution.
SECTION 4. The Secretary of the Successor Agency shall certify the adoption of this Resolution and thenceforth and thereafter the same shall be in full force and effect.
APPROVED AS TO FORM:
DOUGLAS SLOAN
Successor Agency Counsel
Exhibit 1
Recognized Obligation Payment Schedule (ROPS 24-25)
24-25A (July - December) 24-25B (January - June)
Fund Sources Fund Sources
Item
#
Project Name/Debt
Obligation Obligation Type
Agreeme
nt
Execution
Date
Agreement
Terminatio
n Date Payee Description
Project
Area
Total
Ouststanding
Debt or
Obligation Retired?
ROPS 24-
25 Total
Bond
Proceeds
Reserv
e
Balanc
e
Other
Funds RPTTF
Admin
RPPTF
Period A
Total
Bond
Proceeds
Reserv
e
Balanc
e Other Funds RPTTF
Admin
RPPTF Period B Total
240,231,330 - - - - 8,747,886 129,335 8,877,221 - - 3,300,000 5,346,185 - 8,646,185 1 2011 Earthquake RDA
Bonds
Bonds Issued
After 12/31/10
06/07/11 07/01/42 Union Bank Bond Payment Earthquak
e
68,872,412
N
2,262,413 2,262,413 -
2 2006 Earthquake RDA
Series A Bonds
Bonds Issued On
or Before 12/31/10
04/27/06 07/01/29 Union Bank Bond Payment Earthquak
e
26,157,789
N
4,369,608 4,369,608 -
13 Bank of America Term
Loan
Third-Party Loans 05/08/08 07/15/28 Bank of America Bank of America Loan Payment
Earthquak
e 16,623,429
N
2,112,565 2,112,565 2,046,185 2,046,185
24 Arizona and 4th Notes Miscellaneous 10/13/10 01/01/42 Multiple entities Mixed-use development with public plaza and
underground parking
Earthquak
e
61,800,000
N
- 3,300,000 3,300,000
30 Successor
Administrative Cost
Allowance
Admin Costs 02/01/12 06/30/14 Successor
Agency
3% Administration Costs All
4,938,500 129,335 129,335 -
34 Bond Trustee Fees2011 Earthquake RDA
Bonds
Fees 06/07/11 07/01/42 Union Bank of
California
Annual Bond
Administrative Fees
Earthquak
e
34,000 N
2,000 2,000 -
35 Bond Trustee Fees2006 Earthquake RDA
Series A Bonds
Fees 04/27/06 07/01/29 Union Bank of
California
Annual Bond
Administrative Fees
Earthquak
e
5,200 N
1,300 1,300 -
40 Arizona and 4thReimbursement
Agreement
Miscellaneous 06/23/10 01/01/42 City of Santa
Monica
Mixed-use development
with public plaza and
underground parking
Earthquak
e
61,800,000 N
- 3,300,000 3,300,000
Santa Monica ROPS 2024-25 - Report of Cash Balances
July 1, 2021 through June 30, 2022
A B C D E F G H
ROPS 21-22 Cash Balances
(07/01/21 - 06/30/22)
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 07/01/21) RPTTF amount should exclude A" period distribution amount"
- 2,262,435 - 1,780,914 -
2 Revenue/Income (Actual 06/30/22)
RPTTF amount should tie to the ROPS 20-21 total
distribution from the County Auditor-Controller
- 798 - 423 14,351,863 D2 and F2 are for interest earned 3 Expenditures for ROPS 21-22 Enforceable Obligations
(Actual 06/30/22)
- - - 93,724 13,470,045
4 Retention of Available Cash Balance (Actual 06/30/22) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
- 2,263,233 -
5 ROPS 21-22 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 21-22 PPA
form submitted to the CAC
No entry required 881,818
6 Ending Actual Available Cash Balance (06/30/22) C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
- 0 - 1,687,613 0 F6 includes Other Funds authorized for use in future periods.