Successor Agency Meeting: December 9, 2025 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, 2026 THROUGH JUNE 30, 2027
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 13, 2026; and
WHEREAS, the Third District Consolidated Oversight Board is scheduled to review and duly consider the Recognized Obligation Payment Schedule for the period July 2026 – June 2027, 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 2026-27 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 2026-27 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 2026 – June 2027, 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:
HEIDI VON TONGELN
Successor Agency Counsel
Exhibit 1
Recognized Obligation Payment Schedule (ROPS 26-27)
Recognized Obligation Payment Schedule (ROPS 26-27) - Summary Filed for the July 1, 2026 through June 30, 2027 Period Successor Agency: Santa Monica
County: Los Angeles
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
26-27A Total
(July -
December)
26-27B Total
(January -
June)
ROPS 26-27
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ - $ 3,300,000 $ 3,300,000 B Bond Proceeds - - -
C Reserve Balance - - -
D Other Funds - 3,300,000 3,300,000
E Redevelopment Property Tax Trust Fund (RPTTF) (F+G) $ 8,458,904 $ 5,084,470 $ 13,543,374 F RPTTF 8,378,582 5,084,470 13,463,052
G Administrative RPTTF 80,322 - 80,322
H Current Period Enforceable Obligations (A+E) $ 8,458,904 $ 8,384,470 $ 16,843,374 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
Santa Monica
Recognized Obligation Payment Schedule (ROPS 26-27) - ROPS Detail July 1, 2026 through June 30, 2027
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
26-27 Total
ROPS 26-27A (Jul - Dec)
26-27A
Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds
RPTTF
Admin
RPTTF
$220,135,993 $16,843,374 $- $- $- $8,378,582 $80,322 $8,458,904 $- $- $3,300,000 $5,084,470 $- $8,384,470 1 2011
Earthquake
RDA Bonds
Bonds Issued
After 12/31/10
06/07/
2011
07/01/2042 Union
Bank
Bond
Payment
Earthquake 66,610,000 N $2,262,413 - - - 2,262,413 - $2,262,413 - - - - - $- 2 2006
Earthquake
RDA Series A
Bonds
Bonds Issued
On or Before
12/31/10
04/27/
2006
07/01/2029 Union
Bank
Bond
Payment
Earthquake 21,789,219 N $4,365,445 - - - 4,365,445 - $4,365,445 - - - - - $- 5 2011
Earthquake
RDA Bonds
(Reserve)
Reserves 06/07/
2011
07/01/2042 Union
Bank
2011
Earthquake
RDA Bonds
reserve as
required by
the bond
indenture
Earthquake - N $- - - - - - $- - - - - - $-
13 Bank of
America Term
Loan
Third-Party
Loans
05/08/
2008
07/15/2028 Bank of
America
Bank of
America Loan
Payment
Earthquake 10,556,136 N $3,531,894 - - - 1,747,424 - $1,747,424 - - - 1,784,470 - $1,784,470 24 Arizona and 4th
Notes
Miscellaneous 10/13/
2010
01/01/2042 Multiple
entities
Mixed-use
development
with public
plaza and
underground
parking
Earthquake 58,500,000 N $3,300,000 - - - - - $- - - 3,300,000 - - $3,300,000 30 Successor
Administrative
Cost Allowance
Admin Costs 02/01/
2012
06/30/2014 Successor
Agency
3%
Administration
Costs
All 4,144,738 N $80,322 - - - - 80,322 $80,322 - - - - - $- 34 Bond Trustee
Fees- 2011
Earthquake
RDA Bonds
Fees 06/07/
2011
07/01/2042 Union
Bank of
California
Annual Bond
Administrative
Fees
Earthquake 32,000 N $2,000 - - - 2,000 - $2,000 - - - - - $- 35 Bond Trustee
Fees- 2006
Earthquake
RDA Series A
Bonds
Fees 04/27/
2006
07/01/2029 Union
Bank of
California
Annual Bond
Administrative
Fees
Earthquake 3,900 N $1,300 - - - 1,300 - $1,300 - - - - - $- 40 Arizona and
4thReimbursement
Agreement
Miscellaneous 06/23/
2010
01/01/2042 City of
Santa
Monica
Mixed-use
development
with public
plaza and
underground
parking
Earthquake 58,500,000 N $3,300,000 - - - - - $- - - - 3,300,000 - $3,300,000 Santa Monica
Recognized Obligation Payment Schedule (ROPS 26-27) - Report of Cash Balances July 1, 2023 through June 30, 2024
(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 23-24 Cash Balances
(07/01/23 - 06/30/24)
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 07/01/23)
RPTTF amount should exclude "A" period distribution
amount.
2,309,650 571,098
2 Revenue/Income (Actual 06/30/24)
RPTTF amount should tie to the ROPS 23-24 total
distribution from the County Auditor-Controller
9,738 5,011 D2 and F2 are for interest earned.
3 Expenditures for ROPS 23-24 Enforceable Obligations
(Actual 06/30/24)
470,481 13,102,758
4 Retention of Available Cash Balance (Actual 06/30/24) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
2,319,388
5 ROPS 23-24 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 23-24 PPA
form submitted to the CAC
No entry required 512,422
6 Ending Actual Available Cash Balance (06/30/24)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $105,628 $(13,615,180) F6 includes Other Funds authorized for use in future periods.
Santa Monica
Recognized Obligation Payment Schedule (ROPS 26-27) - Notes July 1, 2026 through June 30, 2027
Item # Notes/Comments
1 2
5 13 Variable interest rate. Payment based on Federal Funds Rate as of October 2025 + 2% inflator for period B.
24 30
34 35
40