Successor Agency Meeting: December 17, 2024 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, 2025 THROUGH JUNE 30, 2026
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 7, 2025; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to review and duly consider the Recognized Obligation Payment Schedule for the period July 2025 – June 2026, 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 2025-26 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 2025-26 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 2025 – June 2026, 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 25-26)
25-26A (July - December) 25-26B (January - June)
Fund Sources Fund Sources
Ite
m #
Project
Name/Debt
Obligation
Obligation
Type
Agreem
ent
Executi
on Date
Agreem
ent
Termina
tion
Date Payee Description
Project
Area
Total
Outstanding
Debt or
Obligation
Retir
ed?
ROPS
24-25
Total
Bo
nd
Pr
oc
ee
ds
Rese
rve
Bala
nce
Oth
er
Fun
ds RPTTF
Admin
RPPTF
Period A
Total
Bo
nd
Pro
cee
ds
Rese
rve
Bala
nce
Other
Funds RPTTF
Adm
in
RPP
TF
Period B
Total
222,766,017 - - - - 8,487,616 64,416 8,552,032 - - 3,300,000 5,217,121 - 8,517,121 1 2011 Earthquake
RDA Bonds
Bonds Issued
After 12/31/10
06/07/
11 07/01/4
2 Union Bank Bond Payment Earthqu
ake
66,609,999
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 07/01/2
9 Union Bank Bond Payment Earthqu
ake
21,789,219
N
4,368,570 4,368,570 -
13 Bank of America
Term Loan
Third-Party
Loans
05/08/
08 07/15/2
8 Bank of
America
Bank of America
Loan Payment
Earthqu
ake 12,831,599
N
1,853,333 1,853,333 1,917,121 1,917,121
24 Arizona and 4th
Notes
Miscellaneous 10/13/
10 01/01/4
2 Multiple
entities
Mixed-use
development with
public plaza and
underground
parking
Earthqu
ake
58,500,000
N
- 3,300,000 3,300,000
30 Successor
Administrative
Cost Allowance
Admin Costs 02/01/
12 06/30/1
4 Successor
Agency
3% Administration
Costs
All
4,500,000 64,416 64,416 -
34 Bond Trustee
Fees- 2011
Earthquake RDA
Bonds
Fees 06/07/
11 07/01/4
2 Union Bank of
California
Annual Bond
Administrative Fees
Earthqu
ake
32,000 N
2,000 2,000 -
35 Bond Trustee
Fees- 2006
Earthquake RDA
Series A Bonds
Fees 04/27/
06 07/01/2
9 Union Bank of
California
Annual Bond
Administrative Fees
Earthqu
ake
3,200 N
1,300 1,300 -
40 Arizona and 4thReimbursement
Agreement
Miscellaneous 06/23/
10 01/01/4
2 City of Santa
Monica
Mixed-use
development with
public plaza and
underground
parking
Earthqu
ake
58,500,000 N
- 3,300,000 3,300,000
Santa Monica ROPS 2025-26 - Report of Cash Balances
July 1, 2022 through June 30, 2023
ROPS 22-23 Cash Balances
(07/01/22 - 06/30/23) Comments
Fund Sources
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds
issued
on or
before
12/31/1
0 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
- 2,263,233 - 2,570,432 -
2 Revenue/Income (Actual
06/30/23)
RPTTF amount should tie to the
ROPS 22-23 total distribution from
the County Auditor-Controller
- 6,129 - 5,258 13,205,776 D2 and F2 are for interest earned 3 Expenditures for ROPS 22-23
Enforceable Obligations (Actual
06/30/23)
- - - 673,598 13,036,770
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)
- 2,269,362 -
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
169,006
6 Ending Actual Available Cash
Balance (06/30/23) C to F = (1 + 2 -
3 - 4), G = (1 + 2 - 3 - 4 - 5)
- - - 1,902,091 0 F6 includes Other Funds authorized for use in future periods.
2,071,097 Actual amount available for future ROPS