agenda - City of Redwood City

Transcription

AGENDA
Oversight Board
Thursday, June 21, 2012
2:00 p.m. – 4:00 p.m.
Redwood Shores Library
399 Marine Parkway
Redwood City, CA 94065
Meeting Room A
Members:
David Holland, Chair
Mike Roberts, Vice Chair
Steve Abbors
Alicia Aguirre
Blake Lyon
Barbara Christensen
Enrique Navas
City Staff as Successor Agency Attendees:
Bob Bell, City Manager
Bill Ekern, Community Development Director
Alison Freeman, Finance Manager
Brian Ponty, Finance Director/Assistant City Manager
Veronica Ramirez, Assistant City Attorney
Pamela Thompson, City Attorney
Silvia Vonderlinden, City Clerk
Craig Labadie, Special Counsel
I.
II.
III.
Call to Order
Chair
Roll Call
Chair
Public Comments
NOTE: Speakers are limited to three minutes, unless modified by the
Chairperson. The Board cannot take action on any matter raised under
this item.
IV.
V.
VI.
Approval of Minutes
Review and Approval of Revised First Recognized
Obligation Payment Schedule (January 1, 2012 – June 30,
2012)
(Oversight Board Binder Tab No. 5)
Information Only Report: Assets of the Former
Redevelopment Agency
Chair
Chair
Brian Ponty
Brian Ponty
Bill Ekern
VII.
VIII.
IX.
X.
Information Only Report: Communications with the
Department of Finance
Brian Ponty
Set Date and Agenda for Next Board Meeting
(Oversight Board Binder Tab No. 3)
Brian Ponty
Oral Communications from the Successor Agency Contact
Adjourn
Brian Ponty
Chair
DRAFT SUMMARY MINUTES
Oversight Board
Tuesday, May 1, 2012
2:00 p.m. – 4:00 p.m.
Redwood Shores Library
399 Marine Parkway
Redwood City, CA 94065
Meeting Room A
Members:
David Holland, Chair
Mike Roberts, Vice Chair - absent
Steve Abbors
Alicia C. Aguirre
Blake Lyon
Barbara Christensen
Enrique Navas
City Staff as Successor Agency Attendees:
Bob Bell, City Manager
Alison Freeman, Finance Manager
Brian Ponty, Finance Director/Assistant City Manager
Veronica Ramirez, Assistant City Attorney
Pamela Thompson, City Attorney
Silvia Vonderlinden, City Clerk
Craig Labadie, Special Counsel
I.
II.
Call to Order
Chair
Roll Call – Mike Roberts absent – all others present
The Chair made opening comments about clarity on what will be
on future agendas and how it would be helpful to take one motion
for each item decided upon.
III.
Public Comments – There was no public comment
IV.
Approval of Minutes
The Chair said there were a couple of small revisions. Member Navas
said he had comments and he sent them to Brian and the City Clerk.
Mr. Blake Lyon noted he should be listed as a Member of the Oversight
Board and not staff. Furthermore, Mr. Lyon said that he did abstain on
item four, because he was not present at the previous meeting.
Chair
Chair
Chair
M/S Christensen/Navas to approve the Minutes for April 12, 2012 with
minor revisions. Motion carried unanimously by voice vote.
One Member wanted greater clarity on why certain items were not on
the agenda and responded to, but the minutes said these were going to
be addressed at today’s meeting. She asked if Mr. Ponty had flagged
everything that should be at the next agenda. He responded that it is
helpful if there is consensus on what is to be addressed at the next
meeting.
Member Navas suggested reordering a certain item on the Agenda.
Chair Holland concurred and moved agenda item VII to the front of
agenda item V.
Item VII was addressed first.
VII.
a. Update from State Department of Finance
b. Update on Audit
c. Update on Legal Expenses
Mr. Ponty provided some clarifying comments about the ROPS before the
Board which is revised and it includes the corrected citations. On page
three the change was the funding source for the Successor Agency and
an addition (item 21) (of page one) relating to the audit of the former
redevelopment agency.
Mr. Ponty noted that the Department of Finance (DOF) informed staff
that they were disallowing certain items. He provided further details on
which items of the first ROPS were disallowed. Mr. Ponty cross
referenced those items and row numbers to the current ROPS in front of
the Oversight Board and noted the changes made. Ms. Ramirez said that
the only items disqualified were items six and seven, and that the DOF
requested further information and they identified other items as
administrative costs. Mr. Ponty cross referenced the items from the
letter to the first ROPS that had been approved. He provided details on
various bonds that had been issued to clarify the items on the ROPS.
Ms. Thompson, City Attorney, was asked to respond to items related to
the legal budget. She handed out a proposed budget of $24,000 and
commented that to date $2,500 has been spent. Mr. Ponty continued
explaining the items which were disallowed item by item. On item #9 Mr.
Ekern, Director of Community Development, provided details on the
agreement between City Hall and the US Postal Service. Regarding item
#16 (legal fees for Mr. Labadie) the Department of Finance believes this
should be within the Administrative Budget. Ms. Ramirez said that staff
is trying to work with the Department of Finance to provide additional
information. She also said staff is asking for time to review the details,
the first ROPS, and possibly the second ROPS. Mr. Labadie added that
such items cannot be processed until the Department of Finance
approves them.
Mr. Ponty then provided an update on the audit of the Redevelopment
Agency. The Chair said since this is completed then move to item V and
Brian Ponty
Brian Ponty
Pamela Thompson
the Chair would like individual votes on each item discussed and voted
on.
V.
Review and Approval of Second Recognized Obligation
Payment Schedule (July 1, 2012 – December 31, 2012)
The Board discussed the items on the second ROPS. Ms. Ramirez
responded to questions about the trust fund. There were questions
about reserves; Mr. Ponty said that to his understanding, the reserves
from the housing funds have to go back and cannot be used. The Board
discussed different legislation that is being considered by the Legislature.
Mr. Ponty went through the ROPS, line item by line item. Questions
were posed on item 1 –Tax Allocation Bonds and 2 – Interest on those
Bonds.
M/S Christensen/Navas to approve items #1 and #2. Motion carried
unanimously.
On Line Item # 3 the consensus was to just keep it as a place holder.
M/S Christensen/Aguirre to approve item #3. Motion carried
unanimously.
The discussion was to have item #4 remain here and it will be paid off
on the third ROPS.
M/S Blake/Christensen to approve item #4. Motion carried
unanimously.
M/S Navas/Abbors to approve items #5 and 6 pending the outcome of
the Department of Finance. Motion carried unanimously.
Ms. Ramirez said that these will be and see what happens.
M/S Abbors/Navas to approve item #7 for fiscal agent fees. Motion
carried unanimously.
M/S Navas/Abbors to approve item #8 pending the determination of the
DOF. Motion carried unanimously.
M/S Abbors/Holland to approve item #9 pending the determination of
the DOF. Motion carried unanimously.
One Board Member inquired about these two last items and Ms. Ramirez
confirmed. Mr. Labadie said that this was not disallowed, but will be
pulled from the SA Administrative Budget
M/S Navas/Lyon to approve item #10 on the ROPS, pending
determination by County Controller. Motion carried unanimously.
M/S Christensen/Aguirre to approve item #11 relating to Bradford Street.
Mr. Lyon asked about the payments done over 6 months, and Mr. Ekern
said the work is not done. Also the question arose as to why this would
not come out of the low/moderate income housing fund. Mr. Labadie
said this is locked down so he does not see it being possible. One
Member said that other agencies are using it and the Chair offered to ask
of the County Controller. Motion carried unanimously.
Mr. Abbors would like the same question asked for 12 and 13.
M/S Lyon/Abbors to approve item #12. This was discussed because the
property will be sold. Furthermore, the question was asked as to why
the Successor Agency should pay for the remediation if the City is going
to keep the money. Mr. Ponty said that originally it was owned by the
Agency and then moved out to the Successor Agency. Ms. Ramirez
clarified these are low and moderate housing and provided additional
details. Motion carried with Christensen and Navas opposing.
M/S to Christensen/Lyon to approve item #13 relating to the property at
Brian Ponty
Heller and the site remediation. Motion carried unanimously.
M/S Christensen/Abbors to approve item #14 the Housing Endowment
Funding Trust. Motion carried unanimously.
M/S Lyon/Aguirre to approve item #15. Motion carried unanimously.
M/S Navas/Christensen to approve item #16 pending determination
whether this will be part of the Administrative Costs. Motion carried
unanimously.
M/S Christensen/Abbors/ to approve items 17, 18, 19, 20 and leave them
in the ROPS as placeholders. Motion carried unanimously.
M/S Christensen/Navas to approve item #21 relating to the audit of the
Redevelopment Agency. Motion carried unanimously.
Mr. Ponty said that on page two no action is required by the Board since
these are Pass Through payments. Ms. Ramirez said these are
contractual agreements.
M/S Christensen/Navas to approve items #1 through #9 on page two.
Motion carried unanimously.
On item #10 Ms. Ponty was asked to provide a synopsis of the prior
discussion. This is the last payment to the Legal Aid Society.
M/S Christensen/Aguirre on item #10. Motion carried unanimously.
On Page #3 staff asked that the Board approve a Successor Agency
Administrative Cost Allowance of $250.000. Mr. Navas asked what would
happen if the determination items from page one would fall under here.
Mr. Ponty said that the other items would have to come out of the
general fund and place more obligations on the City.
M/S Navas/Abbors to approve the item on page #3. Motion carried
unanimously.
VI.
Set Date and Agenda for Next Board Meeting
There was a suggestion to have one regular meeting a month. There
was some discussion about dates and days that would work. The Third
Thursday of the month seemed to be good days for the majority.
The Oversight Board approve the following dates for its next meetings:
 June 21 at 2:00 p.m. at the Redwood Shores Library
 July 19 at 2:00 p.m. at the Redwood Shores Library
 August 16 at 2:00 p.m. at the Redwood Shores Library
The Chair said that items for the next agenda should be sent to him.
There was a question about placing the former RDA audit onto the next
agenda. Mr. Ponty said that the Board is free to look at the audit, but the
County Controller will issue a final report in July. Mr. Abbors wanted
detailed financial sheets for various funds to see where the money is
coming from. Mr. Ponty said that the detailed financials have been
provided. Mr. Ponty provided a Flow of Funds under AB 1X 26 and
explained the items, but no action was taken on the matter. He said that
there are some arithmetic issues that are unresolved.
VII.
Brian Ponty
(addressed earlier)
a. Update from State Department of Finance
b. Update on Audit
c. Update on Legal Expenses
Brian Ponty
Brian Ponty
Pamela Thompson
VIII.
Adjourn – the meeting adjourned at 3:10 p.m.
Respectfully submitted,
_________________________
Silvia Vonderlinden,
City Clerk
Submitted for approval at the Oversight Board meeting of June 21, 2012.
Chair
5. Proposed Revised First ROPS
Successor Agency to the
former Redwood City
Agenda Report
To:
Oversight Board Members
From: Brian Ponty, Finance Director
Date: June 21, 2012
Re:
Review and Approval of the Revised 1st ROPS
Recommendation
It is recommended that the Oversight Board approve a revised Recognized Obligation
Payment Schedule (ROPS) for the period covering January through June 2012 (1st
ROPS) (Attachment Three).
Background
The City of Redwood City Redevelopment Agency (Agency) is responsible for making
annual debt service payments on the 2003 Tax Allocation Bonds. In accordance with
the Indenture of Trust under which the bonds were issued, payments must be submitted
to the trustee by the Agency out of available tax increment revenue as it is received to
satisfy the debt service requirements for the upcoming bond year (payments made to
bondholders on January 15 and July 15 of each year). The Agency received tax
increment revenue from the County in the Fall of 2011, and determined that $960,562
was available to remit to the bond trustee for debt service payments related to bond year
ending July 15, 2012. The Agency remitted this sum to the trustee in November 2011.
These funds were remitted before the California Supreme Court rendered its decision in
California Redevelopment Association vs. Matasantos (S194861) when it was unclear
what appropriate course of action should have been taken. City staff acted in good faith
to fulfill its obligations under the Indenture of Trust and transferred the funds to the
trustee.
The trustee paid bondholders interest payments totaling $280,337.50 (which is included
on the ROPS approved by the Oversight Board on April 12, 2012) on January 15, 2012,
leaving a balance of $680,224.50 to be applied against the principal payment
($2,480,000) and the interest payment ($280,337.50) due to bondholders on July 15,
2012. Because the $680,224.50 had already been remitted to the trustee, this amount
was excluded from the first ROPS, and only the net amount owed to the trustee was
reflected on the 2nd ROPS for the July 2012 bondholder payment. As the $680,224.50
was not included on the 1st ROPS, the County requested that this amount be returned
with the unspent tax increment. Because these funds were transferred to the trustee
these funds were not returned to the County.
After thoroughly discussing this situation with the staff from the County Controllers’
Office and the State Department of Finance (DOF), the DOF advised that the Successor
Agency should revise the 1st ROPS, submit this revised ROPS to the DOF and County,
and then bring it back to the Oversight Board and request that the Board approve it. On
May 29, 2012, Successor Agency staff revised the 1st ROPS accordingly and submitted
the revised 1st ROPS to the DOF and the County Controller with a note that staff would
be seeking the Oversight Board’s approval on June 21, 2012. The DOF issued a letter
to the City on May 31 evidencing its approval of the revised 1st ROPS (Attachment One).
The ROPS submitted for your approval also removes items disqualified by the DOF
which the City is not contesting.
Attached is a summary of the changes made to the ROPS presented to you for approval
(Attachment Two).
_________________________
Brian Ponty
Finance Director, Successor Agency
ATTACHMENTS
1.
2.
3.
4.
Letter from DOF to City dated May 31, 2012
Listing of changes to proposed revised 1st ROPS
Proposed Revised 1st ROPS
Original 1st ROPS approved by the Oversight Board on April 12, 2012.
Attachment 1
Attachment 1
5. Poposed Revised First ROPS
Attachment 2
List of Changes Proposed to the Revised 1st ROPS
Page/Line # Description
1st ROPS (4/13/12)
1st ROPS (6/21/12)
1/2
Interest payments for bonds issued for RDA Project Area No. 2
280,338 960,562
1/9
Legal services related to RDA and Real Property Agreement
23,607 ‐
1/10
520 ‐
1/12
Monthly flat rental fee of OCE copy machine + photocopies
3,256 ‐
1/35
Consulting services to implement economic development reorganization
11,761 ‐
1/40
Audit services for redevelopment activities
256 ‐
1/41
Project related payroll and benefits
28,088 ‐
1/42
ABx1 26 implementation costs
6,065 ‐
1/46
Oversight Board Legal Fees
24,000 ‐
3/1
Successor Agency Budget 1,000,874 ‐
Name of Redevelopment Agency:
Redwood City Redevelopment Agency
Project Area(s)
All
Page 1 of 4 Pages
5. Proposed Revised 1ST ROPS
Attachment 3
REVISED FIRST RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34177
Payable from the Redevelopment Property Tax Trust Fund (RPTTF)
Project Name / Debt Obligation
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Tax allocation Bond, Series 2003A for infrastracture projects
Tax allocation Bond, Series 2003A for Debt Service Reserve
SERAF Repayment
Developing 2107 Broadway
Capital improvements in the downtown 34171 (d) 2
On-going debt service bank and fiscal agent fees
Legal services to the RDA and real property
Downtown business improvement district
Administrative use of a photocopy machine
El Camino Real and Post Office Paseo Streetscapes
Downtown Precise Plan
Mixed Use Corridor Zoning
Capital improvement projects
Legal services for RDA administration
On-call land use economics consultant
Depot Circle Development Opportunity
Hoover Mobility Study
Underground parking garage dewatering
Courthouse Square events
Courthouse
C
Square
S
events
Advertising to attract businesses to Redwood City
Economic development reorganization and implementation
Downtown Public Events Programming
Arts in the downtown
Annual independent auditing of RDA
General RDA project administration
ABX1 26 Startup Costs
Accrued PERS Pension Obligations 34171 (d) 1 ( c)
Accrued Retiree Health Obligations 34171 (d) 1 ( c)
San Mateo County Property Tax Administration
46 Oversight Board Legal Fees
47 Oversight Board Administration
Payee
Description
US Bank
Debt service for bonds issued for RDA Project Area No. 2
(4) US Bank
US Bank
Debt Service Reserve Requirement
Housing Successor Agency
Repayment of Borrowed LMIHF to make FY 09/10 SERAF payment
Redwood City School District
Finance a portion of 2107 Broadway in 1998 by providing a school district loan
City of Redwood City
Repay a City loan for capital projects from City / Agency Loan Agreement
Repay interest on a City loan for capital improvements from City/Agency Loan Agmt.
US Bank and Willdan Financial
Bank fees and annual disclosure fees for the 2003 Bond
Best, Best & Krieger LLP
Burke, Williams & Sorenson
New City America
Services to formulate a self funded district in downtown /PO 46977
(1) OFSI
Monthly flat rental fee of OCE copy machine + photocopies - PO 48820
Bottomley Design
Provide design concepts to the El Camino Real and Paseo /PO 47294
Circa Historic Preservation
Analysis of Historic Preservation related to Downtown Precise Plan / PO 48590
Metropolitan Planning Group
Prepare Shadow Analysis for Downtown Precise Plan / PO 48131
Moore, Iacofano, Goltsman, Inc. Prepare Supplemental EIR for Downtown Precise Plan/ PO 48119
Hogle-Ireland
Prepare Mixed Use Corridor Zoning /PO 48528
(2) City of Redwood City
Reimbursement for various public infrastructure and facilities projects per City/Agency Agr
Green, de Bortnowsky & QunitanillOffer Legal Services related to the RDA / PO 45578
Keyser Marston Associates
Provide real development consulting services / PO 46173
BKF Engineers
Prepare parcel map for Block 2 / Agreement / PO 48611
Fehr & Peers Associates
Technical memo for Woodside Rd/Middlefield crosswalks / PO 48475
Green Environment, Inc.
Maintenance of dewatering system for underground garage / PO 46485
Caravanserai (Santana Tribute) Provide live performances at the Square
Mitch Woods & His Rocket 88's Provide live performances at the Square
Cream of Clapton
Provide live performances at the Square
The Rising (Springsteen)
Vera Quijano
Provide instructur for dancing on the Square
Wil Martinez
Provide DJ at the Dancing on the Square
S
event
Stephen Krauel
Joel: The Band
Bump City (Tower of Power)
Swank Motion Pictures
Purchase movie licensing for movies at the Square
SF Business Times
Placement of two ads for San Francisco Business Times / PO 48743
Susan Barnes Consulting
Consulting services to implement economic development reorganization - PO 48885
Bruce Labadie
Organized Target Family Days, Zoppe Circus, etc / PO 48402
Bruce Labadie
Organized the Salsa Festival / PO 48417
Redwood City Art Center
Provided funds for the Art Walks in the downtown / PO 48562
Fabbro Moore & Associates
Appraisal for Block 2 & Winslow Street Parking Lot / PO 48580
Caporicci & Larson
Audit services for redevelopment activities / PO 48561
Successor Agency
Successor Agency
CalPERS
Costs incurred to date
CalPERS CERBT
San Mateo County
Costs charged by San Mateo County for administration of property tax
Counsel advising Oversight Board Oversight Board Legal Fees
Successor Agency
Costs associated with administrative oversight Board
Totals - This Page (RPTIF Funding)
Totals
T
t l - Page
P
2 (Other
(Oth Funding)
F di )
Totals - Page 3 (Administrative Cost Allowance)
Totals - Page 4 (Pass Thru Payments)
Grand total - All Pages
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
Obligation
Expiration
Date
29,967,448
41,348,815
2,250,270
84,642
2,269,543
256,432
2,100
27,093
520
14,101
3,256
15,615
2,854
11,613
17,833
6,658
0
66,526
29,914
20,491
98
0
0
0
0
0
0
0
0
0
0
0
0
11,761
3,873
2,000
44
2,900
688
168,525
36,394
1,586,854
1,030,250
85,935
24,000
78,283
1,265,000
585,975
0
562,568
42,321
1,012,641
82,409
4,400
26,119
650
0
5,360
0
0
0
0
0
0
0
10,966
6,265
6,212
5,280
1,500
1,200
1,200
2,000
450
1,050
450
1,300
1,200
3,363
21,900
22,798
0
0
0
0
2,064
196,613
42,459
0
0
85,935
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
2012
2012
24,000
0
RPTTF
RPTTF
4,025,648
312,308
312 308
1,455,257
2,944,757
85,839,567
8,737,970
Monthly photocopying varies by month, but approximately $400 per month that's reflected in the monthly cost.
Projects include the Hoover Mobility Project, Marina Area Planning Study, Transit Connectivity Project, Grand Blvd. Streetscapes, Depot Circle, and Parking Facilities; cost includes planning, design, and administrative costs.
See attached category for key cross referenced Section 34167 purposes.
Original amount in this line item was incorrectly understated.
Payments by month
Funding
Source **
2035
2035
2035
2015
2013
2019
2019
2012
n/a
n/a
n/a
2012
n/a
2011
2011
2011
2011
2027
n/a
n/a
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
n/a
n/a
n/a
n/a
n/a
n/a
n/a
79,427,329
1 176 436
1,176,436
1,494,436
3,741,366
* All totals due during fiscal year and payment amounts are projected.
** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund
Bonds - Bond proceeds
LMIHF - Low and Moderate Income Housing Fund
Admin - Successor Agency Administrative Allowance
(1)
(2)
(3)
(4)
Total Due During
Fiscal Year
2011-2012*
RPTTF
RPTTF
N/A
N/A
N/A
N/A
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
Jun 2012
960,562
562,568
42,321
800,000
7,792
-
84,609
25,227
2,100
-
-
-
-
-
-
-
-
-
-
-
-
-
-
85,935
-
(3)
Category
Total
960,562
562,568
42,321
884,609
33,019
2,100
85,935
-
1,768,354
49 889
49,889
21,475
782,271
2,100
6
6,053
053
756,413
0
1
1,526
526
-
128,256
526
-
0
526
497,064
672,404
626
-
2,571,114
59
59,146
146
21,475
2,035,748
2,621,989
764,566
1,526
128,782
497,590
673,030
4,687,483
1
1
1
2
2
2
2
1
5
5
5
6
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
3
3
5
6
6
Page 2 of 4 Pages
Project Area(s)
RDA Project Area All
Attachment 3
Payable from Other Revenue Sources
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
Affordable Housing Funds - Legal Aid Society Agreement
Cedar Street Affordable Apartments
Bradford Street Affordable Housing
Project administration for Bradford Street
611 Heller Street Affordable Housing
Labor compliance consulting services
Housing Endowment and Regional Trust Program
Housing Rehab Program - Lead Based Paint for 1117 Fay St.
Housing Rehab Program - Free Exterior Paint Program - 1117 Fay St.
Housing Rehab Program - Free Exterior Paint Program - 455 Iris St.
Rolison Road Affordable Housing
On-call legal services
Docktown Affordable Housing
Jim Smith Housing Trust Fund and Kathleen Mahany Legacy Program
Housing administrative use of a photocopy machine
Housing projects administration and monitoring
Public improvements for downtown revitalization with bond funds
19)
20)
21)
22)
23)
24)
Refundable security deposits
Accrued PERS Pension Obligations
Accrued Retiree Health Obligations
Payee
(1)
(2)
(3)
Cedar Street Apartments
CA Dept. of Toxic Substances Control
Fugro West
Labor Compliance Associates
Housing Endowment and Regional Trust
Bill Mick Construction
R.E. Broocker Paint Co.
James J. Nicholas
McDonough Holland & Allen
Saris Regis
OFSI
Successor Agency
Stuff on the Square
Froyola Frozen Yogurt
Hidden Dragon Tea House
Byrtus Group dba Tarboosh Restaurant
CalPERS
CalPERS CERBT
Description
County share of tax increment to be used for affordable housing - moved to page 4
Provide offsite Improvements OPA for $250K - RDA Housing Funds / PO 48568
Provide oversight for the environmental clearance / PO 48524
Project environmental administration for Bradford Street / PO 48525
Soil and groundwater investigation for 611 Heller / PO 47709
Provide affordable housing consulting services / PO 46173
Procedure manual & training for construction labor compliance- RDA Housing PO 47368
Provide administrative budget to the Program - Resolution RD 05-08 using RDA Housing
Construction agreement for owner and contractor to remove hazardous lead based paint-RDA
paint RDA Housing
Painted house exterior-RDA Housing
Appraisal services for 3272 Rolison Road-RDA Housing / PO 48177
Legal services related to RDA housing administration / PO 45216
Due Diligence Coordination for Docktown - RDA Housing / PO 48552
Funds given to the Affordable Housing Fund for provision of assistance
Monthly flat rental fee of copy machine +photo copies - RDA Housing / PO 48820
Unspent bond proceeds to be spent for public improvements - bondholder convenants
RDA retained a refundable security deposit for business using kiosk at Courthouse Square
RDA retained a refundable security deposit for business using the paseo for outdoor dining
Totals - LMHF
Totals - Bonds
Totals - Other
Grand total - This Page
* All total due during fiscal year and payment amounts are projected.
** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
5,460
5,182
125,692
7,899
11,299
2,550
60,000
0
4,700
0
2,950
21,453
30,615
46,918
3,256
93,585
150,709
Obligation
Expiration
Date
n/a
n/a
2012
n/a
n/a
n/a
2013
2011
2012
2011
2011
n/a
2011
n/a
2012
n/a
n/a
Total Due During
Fiscal Year
2011-2012*
147,630
2,336
990
0
0
0
28,075
9,000
4,700
3,700
0
0
1,335
0
5,360
109,182
0
Payments by month
Funding
Source **
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
Other
LMIHF
LMIHF
Bond
Jan 2012
Feb 2012
Mar 2012
5,460
67
1,000
526
526
Apr 2012
May 2012
Jun 2012
990
28,075
4,700
526
15,598
526
526
626
(4 )
Category
Total
5,460
1,067
990
28,075
4,700
3,256
15,598
-
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
5
1
-
5
5
5
5
3
3
500
1,500
1,500
1,500
375,526
223,642
0
0
978,809
150,709
46,918
312,308
0
0
49,889
0
6,053
0
1,526
0
526
0
526
0
626
0
59,146
-
1,176,436
312,308
49,889
6,053
1,526
526
526
626
59,146
LMIHF
LMIHF
Other - reserves, rents, interest earnings, etc
(1) Jim Smith Housing Trust Fund - A former association provided money to the the RDA Housing Fund to help families coming out of shelters with rental deposits and to assist low income families at risk of losing their homes. The Kathleen Mahany Program makes 1% loans payable over 2 years, pay housing security deposits or emergency rents for people at risk of losing homes.
(2) Monthly photocopying varies by month, but approximately $400 per month that's reflected in the monthly cost.
(3) 2003 Tax Allocation Bond Construction Fund issued in 2003 to finance programs, projects, and activities related to the project area - Jefferson Underground Garage, Block 2 Parking, land assembly for parking, downtown streetscape improvements, culvert relocation, gateway directional signage, financial incentives for private development, downtown precise plan, Courthouse Square restoration
and plaza.
(4) See attached category for key cross referenced Section 34167 purposes.
Project Area(s)
All
Page 3 of 4 Pages
Attachment 3
Payable from the Administrative Allowance Allocation
1) General Administrative Services
2) Low and Mod. General Administrative Services
3) Successor Agency Administrative Cost Allowance
4)
5)
6)
7)
8)
9)
10)
Payee
(1) Successor Agency
Description
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
Successor Agency Budget
City administrative services provided to Agency Low & Moderate Housing per Agreement
Minimum amount of property tax due to successor Agency for general admin. costs
Totals - This Page
1,000,874
493,562
1,494,436
Obligation
Expiration
Date
2012
2012
Total Due During
Fiscal Year
2011-2012*
1,350,844
104,413
Payments by month
Funding
Source **
RPTTF
LMIHF
1,455,257
(1) Amount reimbursable to City for operations, including salaries, overhead and professional services pursuant to the agreement between the City and Redevelopment Agency, including the minimum statutory allowance of $250,000.
(2) Amount reimbursable to City for operations, including salaries, overhead and professional services pursuant to the agreement between the City and Redevelopment Agency.
(3) Statutory amount allowed for administration ($250,000) is included on line 1.
Jan 2012
Feb 2012
Mar 2012 Apr 2012 May 2012
Jun 2012
Total
21,475
-
-
-
-
-
21,475
-
21,475
-
-
-
-
-
21,475
(4 )
Category
6
6
Name of Redevelopment AgencyRedwood City Redevelopment Agency
Project Area(s)
Page 4 of 4 Pages
All
Attachment 3
REVISED FIRST OTHER OBLIGATION PAYMENT SCHEDULE
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
Pass Through Payments
Pass Through Payment
Legal Aid Society Agrmt.
(1)
Payee
Description
TRA RC SCHOOL DISTRICT
Agreement per former CRL 33401
TRA SEQUOIA UNION H.S. DISTRICAgreement per former CRL 33401
TRA SMC COLLEGE DISTRICT
TRA MID PEN. OPEN SPACE DIST. Agreement per former CRL 33401
TRA SMC HARBOR DISTRICT
TRA SMC MOSQUITO ABATE. DIST Agreement per former CRL 33401
TRA SMC OFFICE OF EDUCATION Agreement per former CRL 33401
County of San Mateo
County Share of Tax Increment per Agreement to expand the RDA project area
SMC Mosquito Abatement Distr.
Agreement per RDA Resolution No. RD 89-23
County share of tax increment to be used for affordable housing per LAS
Totals - Other Obligations
As of Jan. 1,
2012 Total
Outstanding
Debt or
Obligation
722,857
477,621
207,406
56,160
10,783
5,870
107,937
497,064
11,383
1,644,285
3,741,366
Pass Through and Other Payments
Obligation
Expiraton
Date
N/A
Total Due During
Fiscal Year
2011-2012*
339,002
223,992
97,268
26,338
5,057
2,753
50,620
1,406,073
11,383
782,271
2,944,757
(1) Item was moved from Page 2, line item 1.
Payments by month
Funding
Source **
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
LMIHF
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
Jun 2012
Total
339,002
223,992
97,268
26,338
5,057
2,753
50,620
339,002
223,992
97,268
26,338
5,057
2,753
50,620
497,064
11,383
782,271
0
0
497,064
11,383
782,271
$782,271.00
756,413
-
-
497,064
0
2,035,748
(2 )
Category
5
5
5
5
5
5
5
5
5
5
Attachment 3
City of Redwood City Successor Agency EOPS/ROPS
Key for Statutes Category
Enforceable Obligations
34167. This part is intended to preserve, to the maximum extent possible, the revenues and assets of
redevelopment agencies so that those assets and revenues that are not needed to pay for enforceable
obligations may be used by local governments to fund core governmental services including police and
fire protection services and schools.
(d) For purposes of this part, “enforceable obligation” means any of the following:
Category
(1) Bonds, as defined by Section 33602 and bonds issued pursuant to Section 5850 of the
Government Code, including the required debt service, reserve set-asides and any other payments
required under the indenture or similar documents governing the issuance of the outstanding
bonds of the redevelopment agency.
(2) Loans of moneys borrowed by the redevelopment agency for a lawful purpose, including, but not
limited to, moneys borrowed from the Low and Moderate Income Housing Fund, to the extent
they are legally required to be repaid pursuant to a required repayment schedule or other
mandatory loan terms.
(3) Payments required by the federal government, preexisting obligations to the state or obligations
imposed by state law, other than pass through payments that are made by the county auditorcontroller pursuant to Section 34183, or legally enforceable payments required in connection with
the agencies’ employees, including, but not limited to, pension payments, pension obligation debt
service, and unemployment payments.
(4) Judgments or settlements entered by a competent court of law or binding arbitration decisions
against the former redevelopment agency, other than pass through payments that are made by the
county auditor-controller pursuant to Section 34183. Along with the successor agency, the
oversight board shall have the authority and standing to appeal any judgment or to set aside any
settlement or arbitration decision.
(5) Any legally binding and enforceable agreement or contract that is not otherwise void as violating
the debt limit or public policy.
(6) Contracts or agreements necessary for the continued administration or operation of the
redevelopment agency to the extent permitted by this part, including, but not limited to,
agreements to purchase or rent office space, equipment and supplies, and pay-related expenses
pursuant to Section 33127 and for carrying insurance pursuant to Section 33134.
Project Area(s)
All
Page 1 of 4 Pages
5. Proposed Revised 1st ROPS
Attachment 4
RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Payable from the Redevelopment Property Tax Trust Fund (RPTTF)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
Tax allocation Bond, Series 2003A for Debt Service Reserve
SERAF Repayment
Developing 2107 Broadway
On-going debt service bank and fiscal agent fees
Downtown business improvement district
Administrative use of a photocopy machine
El Camino Real and Post Office Paseo Streetscapes
Mixed Use Corridor Zoning
Capital improvement projects
Legal services for RDA administration
Hoover Mobility Study
Underground parking garage dewatering
Courthouse
C
Square
S
events
Advertising to attract businesses to Redwood City
Economic development reorganization and implementation
Arts in the downtown
Annual independent auditing of RDA
General RDA project administration
ABX1 26 Startup Costs
Accrued PERS Pension Obligations 34171 (d) 1 ( c)
Accrued Retiree Health Obligations 34171 (d) 1 ( c)
San Mateo County Property Tax Administration
46 Oversight Board Legal Fees
47 Oversight Board Administration
Payee
(1)
(2)
Description
US Bank
Debt service for bonds issued for RDA Project Area No. 2
US Bank
US Bank
Debt Service Reserve Requirement
Repayment of Borrowed LMIHF to make FY 09/10 SERAF payment
Redwood City School District
Finance a portion of 2107 Broadway in 1998 by providing a school district loan
Repay a City loan for capital projects from City / Agency Loan Agreement
Repay interest on a City loan for capital improvements from City/Agency Loan Agmt.
US Bank and Willdan Financial
Bank fees and annual disclosure fees for the 2003 Bond
Best, Best & Krieger LLP
Burke, Williams & Sorenson
New City America
Services to formulate a self funded district in downtown /PO 46977
OFSI
Monthly flat rental fee of OCE copy machine + photocopies - PO 48820
Bottomley Design
Provide design concepts to the El Camino Real and Paseo /PO 47294
Circa Historic Preservation
Analysis of Historic Preservation related to Downtown Precise Plan / PO 48590
Metropolitan Planning Group
Prepare Shadow Analysis for Downtown Precise Plan / PO 48131
Moore, Iacofano, Goltsman, Inc. Prepare Supplemental EIR for Downtown Precise Plan/ PO 48119
Hogle-Ireland
Prepare Mixed Use Corridor Zoning /PO 48528
Reimbursement for various public infrastructure and facilities projects per City/Agency Agr
Green, de Bortnowsky & QunitanillOffer Legal Services related to the RDA / PO 45578
Provide real development consulting services / PO 46173
BKF Engineers
Prepare parcel map for Block 2 / Agreement / PO 48611
Fehr & Peers Associates
Technical memo for Woodside Rd/Middlefield crosswalks / PO 48475
Maintenance of dewatering system for underground garage / PO 46485
Caravanserai (Santana Tribute) Provide live performances at the Square
Mitch Woods & His Rocket 88's Provide live performances at the Square
Cream of Clapton
The Rising (Springsteen)
Vera Quijano
Wil Martinez
Provide DJ at the Dancing on the Square
S
event
Stephen Krauel
Joel: The Band
Bump City (Tower of Power)
Swank Motion Pictures
Purchase movie licensing for movies at the Square
SF Business Times
Placement of two ads for San Francisco Business Times / PO 48743
Susan Barnes Consulting
Consulting services to implement economic development reorganization - PO 48885
Bruce Labadie
Organized Target Family Days, Zoppe Circus, etc / PO 48402
Bruce Labadie
Organized the Salsa Festival / PO 48417
Redwood City Art Center
Provided funds for the Art Walks in the downtown / PO 48562
Fabbro Moore & Associates
Appraisal for Block 2 & Winslow Street Parking Lot / PO 48580
Caporicci & Larson
Audit services for redevelopment activities / PO 48561
Successor Agency
Successor Agency
CalPERS
CalPERS CERBT
San Mateo County
Costs charged by San Mateo County for administration of property tax
Counsel advising Oversight Board Oversight Board Legal Fees
Successor Agency
Costs associated with administrative oversight Board
Totals - This Page (RPTIF Funding)
T t l - Page
Totals
P
2 (Other
(Oth Funding)
F di )
Totals - Page 3 (Administrative Cost Allowance)
Totals - Page 4 (Pass Thru Payments)
Grand total - All Pages
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
Obligation
Expiration
Date
29,967,448
41,348,815
2,250,270
84,642
2,269,543
256,432
2,100
27,093
520
14,101
3,256
15,615
2,854
11,613
17,833
6,658
0
66,526
29,914
20,491
98
0
0
0
0
0
0
0
0
0
0
0
0
11,761
3,873
2,000
44
2,900
688
168,525
36,394
1,586,854
1,030,250
85,935
24,000
78,283
Total Due During
Fiscal Year
2011-2012*
2035
2035
2035
2015
2013
2019
2019
2012
n/a
n/a
n/a
2012
n/a
2011
2011
2011
2011
2027
n/a
n/a
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2011
2012
n/a
n/a
n/a
n/a
n/a
n/a
n/a
1,265,000
585,975
0
562,568
42,321
1,012,641
82,409
4,400
26,119
650
0
5,360
0
0
0
0
0
0
0
10,966
6,265
6,212
5,280
1,500
1,200
1,200
2,000
450
1,050
450
1,300
1,200
3,363
21,900
22,798
0
0
0
0
2,064
196,613
42,459
0
0
85,935
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
2012
2012
24,000
0
RPTTF
RPTTF
79,427,329
1 176 436
1,176,436
1,494,436
3,741,366
4,025,648
312,308
312 308
1,455,257
2,944,757
85,839,567
8,737,970
* All totals due during fiscal year and payment amounts are projected.
(2) Projects include the Hoover Mobility Project, Marina Area Planning Study, Transit Connectivity Project, Grand Blvd. Streetscapes, Depot Circle, and Parking Facilities; cost includes planning, design, and administrative costs.
Payments by month
Funding
Source **
RPTTF
RPTTF
N/A
N/A
N/A
N/A
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
Jun 2012
280,338
562,568
42,321
800,000
7,792
3,607
520
526
84,609
25,227
Total
280,338
562,568
42,321
884,609
33,019
2,100
23,607
520
3,256
11,761
256
28,088
6,065
85,935
1
1
1
2
2
2
2
1
5
5
5
6
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
3
3
5
6
6
2,100
4,000
4,000
4,000
4,000
4,000
526
526
526
526
626
8,000
8,000
8,000
24,000
-
11,761
256
28,088
6,065
85,935
(3)
Category
1,138,953
49 889
49,889
203,772
782,271
6,626
6
6,053
053
163,715
756,413
4,526
1
1,526
526
163,715
-
140,782
526
163,715
-
12,526
526
163,715
497,064
685,030
626
163,717
-
1,988,443
59
59,146
146
1,022,349
2,035,748
2,174,885
932,807
169,767
305,023
673,831
849,373
5,105,686
Page 2 of 4 Pages
Project Area(s)
RDA Project Area All
Attachment 4
Payable from Other Revenue Sources
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
13)
14)
15)
16)
17)
18)
Affordable Housing Funds - Legal Aid Society Agreement
Cedar Street Affordable Apartments
Bradford Street Affordable Housing
Project administration for Bradford Street
611 Heller Street Affordable Housing
Labor compliance consulting services
Housing Endowment and Regional Trust Program
Housing Rehab Program - Lead Based Paint for 1117 Fay St.
Housing Rehab Program - Free Exterior Paint Program - 1117 Fay St.
Housing Rehab Program - Free Exterior Paint Program - 455 Iris St.
Rolison Road Affordable Housing
On-call legal services
Docktown Affordable Housing
Jim Smith Housing Trust Fund and Kathleen Mahany Legacy Program
Housing administrative use of a photocopy machine
Housing projects administration and monitoring
Public improvements for downtown revitalization with bond funds
19)
20)
21)
22)
23)
24)
Accrued PERS Pension Obligations
Accrued Retiree Health Obligations
Payee
(1)
(2)
(3)
Cedar Street Apartments
CA Dept. of Toxic Substances Control
Fugro West
Labor Compliance Associates
Housing Endowment and Regional Trust
Bill Mick Construction
James J. Nicholas
McDonough Holland & Allen
Saris Regis
OFSI
Successor Agency
Stuff on the Square
Froyola Frozen Yogurt
Hidden Dragon Tea House
Byrtus Group dba Tarboosh Restaurant
CalPERS
CalPERS CERBT
Description
County share of tax increment to be used for affordable housing - moved to page 4
Provide offsite Improvements OPA for $250K - RDA Housing Funds / PO 48568
Provide oversight for the environmental clearance / PO 48524
Project environmental administration for Bradford Street / PO 48525
Soil and groundwater investigation for 611 Heller / PO 47709
Provide affordable housing consulting services / PO 46173
Procedure manual & training for construction labor compliance- RDA Housing PO 47368
Provide administrative budget to the Program - Resolution RD 05-08 using RDA Housing
Construction agreement for owner and contractor to remove hazardous lead based paint-RDA
paint RDA Housing
Appraisal services for 3272 Rolison Road-RDA Housing / PO 48177
Legal services related to RDA housing administration / PO 45216
Due Diligence Coordination for Docktown - RDA Housing / PO 48552
Funds given to the Affordable Housing Fund for provision of assistance
Monthly flat rental fee of copy machine +photo copies - RDA Housing / PO 48820
Unspent bond proceeds to be spent for public improvements - bondholder convenants
RDA retained a refundable security deposit for business using the paseo for outdoor dining
Totals - LMHF
Totals - Bonds
Totals - Other
Grand total - This Page
** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
5,460
5,182
125,692
7,899
11,299
2,550
60,000
0
4,700
0
2,950
21,453
30,615
46,918
3,256
93,585
150,709
Obligation
Expiration
Date
n/a
n/a
2012
n/a
n/a
n/a
2013
2011
2012
2011
2011
n/a
2011
n/a
2012
n/a
n/a
Total Due During
Fiscal Year
2011-2012*
147,630
2,336
990
0
0
0
28,075
9,000
4,700
3,700
0
0
1,335
0
5,360
109,182
0
Payments by month
Funding
Source **
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
LMIHF
Other
LMIHF
LMIHF
Bond
Jan 2012
Feb 2012
Mar 2012
5,460
67
1,000
526
526
Apr 2012
May 2012
Jun 2012
990
28,075
4,700
526
15,598
526
526
626
(4 )
Category
Total
5,460
1,067
990
28,075
4,700
3,256
15,598
-
5
5
5
5
5
5
5
5
5
5
5
5
5
5
6
5
1
-
5
5
5
5
3
3
500
1,500
1,500
1,500
375,526
223,642
0
0
978,809
150,709
46,918
312,308
0
0
49,889
0
6,053
0
1,526
0
526
0
526
0
626
0
59,146
-
1,176,436
312,308
49,889
6,053
1,526
526
526
626
59,146
LMIHF
LMIHF
(1) Jim Smith Housing Trust Fund - A former association provided money to the the RDA Housing Fund to help families coming out of shelters with rental deposits and to assist low income families at risk of losing their homes. The Kathleen Mahany Program makes 1% loans payable over 2 years, pay housing security deposits or emergency rents for people at risk of losing homes.
(3) 2003 Tax Allocation Bond Construction Fund issued in 2003 to finance programs, projects, and activities related to the project area - Jefferson Underground Garage, Block 2 Parking, land assembly for parking, downtown streetscape improvements, culvert relocation, gateway directional signage, financial incentives for private development, downtown precise plan, Courthouse Square restoration
and plaza.
Project Area(s)
All
Page 3 of 4 Pages
Attachment 4
Payable from the Administrative Allowance Allocation
1) General Administrative Services
2) Low and Mod. General Administrative Services
3) Successor Agency Administrative Cost Allowance
4)
5)
6)
7)
8)
9)
10)
Payee
Description
As of Jan. 1, 2012
Total Outstanding
Debt or Obligation
Successor Agency Budget
City administrative services provided to Agency Low & Moderate Housing per Agreement
Minimum amount of property tax due to successor Agency for general admin. costs
Totals - This Page
1,000,874
493,562
1,494,436
Obligation
Expiration
Date
2012
2012
Total Due During
Fiscal Year
2011-2012*
1,350,844
104,413
Payments by month
Funding
Source **
RPTTF
LMIHF
1,455,257
(1) Amount reimbursable to City for operations, including salaries, overhead and professional services pursuant to the agreement between the City and Redevelopment Agency, including the minimum statutory allowance of $250,000.
(2) Amount reimbursable to City for operations, including salaries, overhead and professional services pursuant to the agreement between the City and Redevelopment Agency.
(3) Statutory amount allowed for administration ($250,000) is included on line 1.
Jan 2012
Feb 2012
Mar 2012 Apr 2012 May 2012
Jun 2012
Total
182,297
21,475
163,715
163,715
163,715
163,715
163,717
1,000,874
21,475
-
203,772
163,715
163,715
163,715
163,715
163,717
1,022,349
(4 )
Category
6
6
Name of Redevelopment AgencyRedwood City Redevelopment Agency
Project Area(s)
Page 4 of 4 Pages
All
Attachment 4
OTHER OBLIGATION PAYMENT SCHEDULE
1)
2)
3)
4)
5)
6)
7)
8)
9)
10)
11)
12)
Legal Aid Society Agrmt.
(1)
Payee
Description
TRA RC SCHOOL DISTRICT
TRA SEQUOIA UNION H.S. DISTRICAgreement per former CRL 33401
TRA SMC COLLEGE DISTRICT
TRA MID PEN. OPEN SPACE DIST. Agreement per former CRL 33401
TRA SMC HARBOR DISTRICT
TRA SMC MOSQUITO ABATE. DIST Agreement per former CRL 33401
TRA SMC OFFICE OF EDUCATION Agreement per former CRL 33401
County of San Mateo
County Share of Tax Increment per Agreement to expand the RDA project area
SMC Mosquito Abatement Distr.
Agreement per RDA Resolution No. RD 89-23
County share of tax increment to be used for affordable housing per LAS
Totals - Other Obligations
As of Jan. 1,
2012 Total
Outstanding
Debt or
Obligation
722,857
477,621
207,406
56,160
10,783
5,870
107,937
497,064
11,383
1,644,285
3,741,366
Pass Through and Other Payments
Obligation
Expiraton
Date
N/A
Total Due During
Fiscal Year
2011-2012*
339,002
223,992
97,268
26,338
5,057
2,753
50,620
1,406,073
11,383
782,271
2,944,757
(1) Item was moved from Page 2, line item 1.
Payments by month
Funding
Source **
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
RPTTF
LMIHF
Jan 2012
Feb 2012
Mar 2012
Apr 2012
May 2012
Jun 2012
Total
339,002
223,992
97,268
26,338
5,057
2,753
50,620
339,002
223,992
97,268
26,338
5,057
2,753
50,620
497,064
11,383
782,271
0
0
497,064
11,383
782,271
$782,271.00
756,413
-
-
497,064
0
2,035,748
(2 )
Category
5
5
5
5
5
5
5
5
5
5
Attachment 4
City of Redwood City Successor Agency EOPS/ROPS
Key for Statutes Category
Enforceable Obligations
34167. This part is intended to preserve, to the maximum extent possible, the revenues and assets of
redevelopment agencies so that those assets and revenues that are not needed to pay for enforceable
obligations may be used by local governments to fund core governmental services including police and
fire protection services and schools.
(d) For purposes of this part, “enforceable obligation” means any of the following:
Category
(1) Bonds, as defined by Section 33602 and bonds issued pursuant to Section 5850 of the
Government Code, including the required debt service, reserve set-asides and any other payments
required under the indenture or similar documents governing the issuance of the outstanding
bonds of the redevelopment agency.
(2) Loans of moneys borrowed by the redevelopment agency for a lawful purpose, including, but not
limited to, moneys borrowed from the Low and Moderate Income Housing Fund, to the extent
they are legally required to be repaid pursuant to a required repayment schedule or other
mandatory loan terms.
(3) Payments required by the federal government, preexisting obligations to the state or obligations
imposed by state law, other than pass through payments that are made by the county auditorcontroller pursuant to Section 34183, or legally enforceable payments required in connection with
the agencies’ employees, including, but not limited to, pension payments, pension obligation debt
service, and unemployment payments.
(4) Judgments or settlements entered by a competent court of law or binding arbitration decisions
against the former redevelopment agency, other than pass through payments that are made by the
county auditor-controller pursuant to Section 34183. Along with the successor agency, the
oversight board shall have the authority and standing to appeal any judgment or to set aside any
settlement or arbitration decision.
(5) Any legally binding and enforceable agreement or contract that is not otherwise void as violating
the debt limit or public policy.
(6) Contracts or agreements necessary for the continued administration or operation of the
redevelopment agency to the extent permitted by this part, including, but not limited to,
agreements to purchase or rent office space, equipment and supplies, and pay-related expenses
pursuant to Section 33127 and for carrying insurance pursuant to Section 33134.
6. Assets of the Former RDA
former Redwood City
Agenda Report
To:
Oversight Board Members
From: Brian Ponty, Finance Director
Date: June 21, 2012
Re:
Information Only Report on Assets of the Former Redevelopment Agency
At the April 26th Oversight Board meeting a request was made to provide the Board with a report
of assets transferred from the former Redevelopment Agency (RDA) after the RDA was
dissolved. This report is an information only report and does not contemplate that the Board will
take any action on these items today. It is the Board’s prerogative to request that any of these
items on a future agenda for action.
This report is presented in two parts: real property assets, and all others – loans receivable,
cash, and supplies.
REAL PROPERTY
Non-Housing Assets
The former Redwood City Redevelopment Agency sold its real property assets to the City of
Redwood City in March 2011. Three non-housing parcels were part of that process. Two are
vacant lots on Lathrop Street that were purchased in 2001. The third is a surface parking lot at
the corner of Middlefield Road and Main Street providing public parking for the City’s main
library.
The City was recently approached by the developer of an assisted care facility to use one of the
Lathrop properties for construction parking. If the property remains City-owned, staff anticipates
a short term lease or licensing agreement will be proposed to the City Council in September
2012. This parcel is subject to a Revocable Agreement between the former-Redevelopment
Agency and the Irvine Apartment Communities, wherein Irvine agreed to install landscape
improvements as part of its Franklin Street development. The former-Redevelopment Agency
receives no revenue for the use of this property. The Agency Board also approved an
agreement with Towne Ford for the use of the property as employee parking, but that
agreement was never executed.
1 6. Assets of the Former RDA
In the prior Oversight Board memo on Assets, the source of funds for the Lathrop Street parcels
was identified as Housing. This was in error. Further examination of the City and formerRedevelopment Agency records indicate that the funding source for these acquisitions was
clearly Redevelopment Agency General Fund.
A map of the real property assets is attached (Attachment 1).
Licenses and Leases
The former Redevelopment Agency entered into an agreement with the United States Postal
Service in 2005 for use of the paseo between the Jefferson Street Post Office and the
commercial building immediately north. The former Agency then entered into a license
agreement with Tarboosh Restaurant in 2007 for the use of a portion of this space. Tarboosh
pays the Successor Agency approximately $3,600 per year for use of the space.
The City leases Courthouse Square from San Mateo County and entered into a partial
assumption and assignment with the former-Redevelopment Agency. The lease began in 2005,
has a 55-year terms and four ten-year extension options. As part of that arrangement, the
former Agency has four kiosks on the property, which it attempts to lease for retail uses. At this
time, three of the four units are leased, two are food-oriented, one is more general retail. The
rental rates vary, as do the terms of the leases.
Hidden Dragon is a food business on a ten-year lease, which began in 2009. The lease
payments are approximately $400/month to the former Redevelopment Agency, an additional
licensing fee to the City, and its own utilities.
Froyola is also a food business, but on a five-year lease that began in 2010. It pays the former
Redevelopment Agency $330/month and a licensing fee to the City.
Some Stuff on the Square is a retail business on a month-to-month agreement, paying
$100/month to the Redevelopment Agency and paying its own utilities.
All of these businesses struggle to remain open other than for large events and consequently
struggle to meet their payment obligations to the former Redevelopment Agency. That being
said, there remains interest in leasing kiosk space. Staff has responded to six inquiries in the
past two months and received an application from one. Staff anticipates taking a lease to the
Successor Agency in the September timeframe, and subsequently to the Oversight Board for
approval. The details of the proposed lease remain to be resolved.
The agreements between the City and the County and the City and the former Redevelopment
Agency need to be revisited to reflect the dissolution of the Redevelopment Agency. These
agreements will be brought to the Oversight Board for approval as quickly as they are
completed. The Successor Agency prefers to transfer its responsibilities associated with its
lease interests in Courthouse Square to the City. It further wishes to transfer its ownership of
the kiosk improvements to the City. As noted above, the value of the kiosk leases is negligible
and does not generate net revenue to the Successor Agency. The intent of the kiosks is not to
make money for the Successor Agency or City, but to serve as devices to support public
functions, such as concerts and gatherings.
Housing Assets
The former Redevelopment Agency sold two properties it acquired for construction of affordable
housing to the City in 2011. One property is a small single-family lot at 611 Heller. This
property was acquired by the former Agency using 20% set-aside funds. It remains the City’s
goal to sell this property to a developer of affordable housing.
The second site the former Agency acquired is 707 and 777 Bradford Street. The 707 Bradford
Street property was purchased with 20% set-aside funds for 20% of the acquisition cost, the
remainder of the funds were Redevelopment Agency general funds. The City still desires to
develop this property as affordable housing. The original concept for this site was an affordable
senior housing project that might include a childcare facility.
For either of the affordable housing sites the City anticipates issuing a Request for Proposal
aimed at affordable housing. The City does not anticipate significant, if any, proceeds from the
sale of either property given the nature and requirements of affordable housing development.
LOANS RECEIVABLE
The RDA entered into several loans to provide financing for projects in the redevelopment area.
The following is a summary of those loans with current outstanding principal balances.
Former Redevelopment Agency General Fund
Borrower
Mezes Court
Associates
J.H.R. Trust
Original Loan
$1,073,924
Principal
Outstanding As
of May 31, 2012
$1,073,924
Interest
Rate
3%
$189,516
-
3%
Final Payment Due
January 17, 2028
January 1, 2028 (Paid off
April 19, 2012)
Former Redevelopment Agency Housing Fund
Original Loan
$2,812,838
Principal
Outstanding As
of May 31, 2012
$2,250,270
Interest
Rate
0%
Final Payment Due
June 30, 2015
$371,076
$371,076
3%
January 17, 2028
J.H.R. Trust
$65,484
-
3%
Hallmark Apartments
$150,000
$150,000
3%
January 1, 2028 (Paid off
April 19, 2012)
December 21, 2058
Redwood Court
$500,000
$483,153
0%
July 20, 2058
Revolving loan
program
4%
Various
$410,121
Borrower
Former RDA General
Fund (SERAF loan)
Mezes Court Associates
1st Time Homebuyer
Program
(Silent
loans)
1st Time Homebuyer
Program
(Wyndham Place)
Housing Rehabilitation
Loans
Villa Montgomery FCH
Revolving loan
program
$224,598
0%
Various
Revolving loan
program
$1,927,000
$184,041
0-3%
Various
$1,927,000
3%
December, 2045
Please see Attachment 2 for a more detailed description of the Successor Agency’s loans
receivable.
BOND PROCEEDS
As of May 31, 2012 there were approximately $150,709 of unexpended bond proceeds
remaining and $1,551,102 of debt service reserve funds from the 2003 bond issue.
SUPPLIES
The following supplies were purchased with funds from the former RDA and are now owned by
the Successor Agency:
A. Holiday sprays and bows. The RDA purchased six pine sprays with velvet bows and about
70 bows for installation during the winter holidays. These items are stored at Public Works.
B. Downtown Events Banners.
Works.
The event banners, funded by RDA are stored at Public
C. Free standing 4’ x 8’ art panels and 20 holiday trees. The RDA entered into a Right of
Entry and License Agreement on May 10, 2010 for art installation at the On Broadway
Retail Cinema Project. Although the Agreement expired March 31, 2011, the property
management is allowing the RDA to continue storing the art panels and holiday trees on
site.
CASH
A. City Housing Legal Aid Society Fund. (Payments received under Legal Aid Society
settlement from tax increment) $10,301,977.
B. City Housing Fund. (Loan repayments since February 1, 2012 plus $48,392 from donations
in the Jim Smith Housing Fund).
C. Successor Agency Housing Fund. (Cash remaining from the former RDA housing fund)
$1,893,506.
D. As of May 31, 2012, there were no funds available from the former Redevelopment Agency
General Fund. All funds were either expended as permitted under AB1X26 or returned to
the County Controller’s office as required.
_________________________ Brian Ponty
________________________ Bill Ekern
Community Development Director
ATTACHMENTS
1. Map of Real Property Assets
2. Details of Outstanding Loans
5 Parcels Transferred from Redevelopment Agency
to the City
6. Assets of the Former RDA
MIDDLEFIELD RD
!
(1
Attachment 1
NS BLV
Acquisition funding
sources:
D
VETER
A
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Housing
Non-Housing
MAIN ST
HAMILTON ST
WALNUT ST
JEFFERSON AVE
WINSLOW ST
MARSHALL ST
MARSHALL
CT
MA
PL
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ST
BRADFORD ST
BROADWAY
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Address
707 Bradford St
777 Bradford St
1012 Main St
N/A
N/A
611 Heller St
APN
052372200
052372170
053137010
053182030
053147040
053155050
0
Description / Land Use
Vacant parcel
Vacant parcel
Library parking facility
Vacant parcel
Vacant parcel with creek culvert
Vacant parcel
250
500
1,000
Feet
ST
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FUND
Housing
Housing
Non-Housing
Non-Housing
Non-Housing
Housing
Lot Size
10,670
13,500
20,200
14,351
7,438
5,006
Redwood City - GIS
(June 14, 2012)
6. Former Assets of the RDA
Attachment 2
Details of Outstanding Loans
Outstanding Loans Receivable – Former RDA General Fund
A. City Center Plaza at 950 Main Street (Mezes Court).
The Plaza is a mixed use project situated on two parcels at the intersection of Main Street
and Middlefield Road consisting of 81 affordable rentals, a childcare center, 17,900 square
feet of ground floor retail and an underground parking garage.
Under the terms of the Feb. 5, 1996 development and disposition agreement (DDA)
between the RDA and developers Mezes Court Associate (MCA) for the residential
development and J.H.R. Trust (JHR) for the commercial development, the RDA sold the
parcels of land and cleaned the site of contaminants in exchange for promissory notes
totaling $1.7M, the appraised value of the land.
Promissory Note between the RDA & MCA for $1,073,924 (June 18, 1996)
Term
3% interest
Annual principal &
interest payments due
May 1.
Note is due and payable
in full on January 17,
2028.
Comments
Repaid from surplus revenues
generated by the housing project
through 2028.
Loan Amount
$1,073,924
As of May 31, 2012, $1,073,924
of original loan was outstanding
Prepayment penalty if note is paid
in full prior to 15 years from the
issuance of the Certificate of
Completion
MCA has not made any principal payments and are in arrears for the interest payments. The
interest is deferred. The outstanding interest balance was $248,212.69 as of May 31, 2012.
Promissory Note between the RDA & JHR Trust for $189,516 (June 18, 1996)
Term
3% interest
Monthly payments are
due the 10th of each
month, with payment
amount amortized over
the balance of term.
Note is due and payable
in full on January 1,
2028.
Comments
No payments are due until earlier of (a)
10 years after closing of permanent loan
for project, (b) January 1, 2008, or (c)
payment in full of original permanent loan.
The DDA and Note include a 20%
prepayment penalty if the Note is paid in
full prior to 10 years from the issuance of
the certificate of completion.
1 Loan Amount
$189,516
This loan was paid off
on April 19, 2012 with
amounts being
deposited into the
Successor Agency Fund.
Prepayment penalty of
$37,903.20 was paid.
Attachment 2
Outstanding Loans Receivable – Former RDA Housing Fund
A. Supplement Educational Revenue Augmentation Fund Repayment
In FY 2009/10, the RDA borrowed $2,812,838 from its low moderating income housing fund
(LMIHF) to pay the State’s Supplement Educational Revenue Augmentation Fund (SERAF)
payment. The RDA has been paying the loan by allocating $562,567.60 from its RDA
General Fund into the LMIHF before June 30th of each year for five years with no bearing
interest. The borrowing of LMIHF must be repaid to the Agency LMIHF on or before June
30, 2015. As of May 31, 2012, the outstanding balance to the LMIHF is $2,250,270.40.
Term
0% interest
Comments
To be repaid in full within five
years.
Loan Amount
$2,250,270.40
Maturity
June 30, 2015
B. City Center – 950 Main Street
A DDA was executed by and between the RDA, City, MCA and JHR on February 5, 1996 for
the development and construction of affordable housing, commercial and retail space.
Promissory Note between the RDA & MCA for $371,076 (June 18, 1996)
Term
3% interest
Annual principal &
interest payments
due May 1
Comments
Repaid from surplus revenues
generated by the housing
project through 202.
Prepayment penalty if note is
paid in full prior to 15 years
from the issuance of the
Certificate of Completion.
Loan Amount
$371,076
Maturity
January 17, 2028
As of May 31, 2012,
loan principal
$371,076 and deferred
interest $85,765.40
outstanding
Promissory Note between the RDA & JHR Trust for $65,484 (June 18, 1996)
Term
3% interest
Monthly payments
are due the 10th of
each month, with
payment amount
amortized over the
balance of term.
Comments
No payments are due until
earlier of (a) 10 years after
closing of permanent loan for
project, (b) January 1, 2008, or
(c) payment in full of original
permanent loan.
The DDA and Note include a
20% prepayment penalty if the
Note is paid in full prior to 10
years from the issuance of the
certificate of completion.
2 Loan Amount
$65,484
Maturity
January 1, 2028
As of May 31, 2012,
no outstanding loan
balance.
This loan was paid
off on April 19,
2012 with amounts
being deposited to
the City Housing
Fund.
Prepayment
penalty of
$13,096.80 was
paid.
Attachment 2
C. Hallmark Apartments – 531 Woodside Road
An Owner Participation Agreement (OPA) was executed by and between the RDA, City and
KDF Hallmark L.P. on December 22, 2003. RDA housing funds were used to preserve
existing affordable housing by assisting the owner with the refinance and rehabilitation of the
apartment building. A Declaration of Affordable Housing Covenants and Declaration of
Redevelopment Covenants were recorded on December 22, 2003. The period of
affordability terminates on December 21, 2058.
RDA Housing provided a loan of $150,000. A $650,000 Promissory Note between the RDA,
City, and KDF Hallmark L.P. is deferred for the first 30 years and then amortized at 3
percent interest for 25 years and $500,000 of this loan was funded by HOME Federal funds
(Fund 257).
Term
Loan deferred for the first 30 years
and then amortized at 3% interest
for 25 years.
RDA Housing
Loan Amount
$150,000
Balance
$150,000
Maturity
December 21, 2058
D. Redwood Court – 635 Spruce Street
An OPA was executed by and between the RDA and Redwood Court Associates (RCA) on
July 21, 2003 for the preservation of existing affordable housing. An Affordable Housing
Covenant and Declaration of Redevelopment Covenants were recorded as attachments to
the OPA. The affordability terminates on July 20, 2058.
RDA Housing provided a loan of $500,000 to assist in the refinance and rehabilitation of the
project. The Note is deferred for 55 years, 0% interest. The outstanding loan balance as of
May 31, 2012 was $483,153.
Term
Loan deferred for 55 years, 0%
interest.
RDA Housing
Loan Amount
$500,000
Balance
$483,153
Maturity
July 20, 2058
E. First Time Homebuyer Program – Silent Loan Program
RDA Housing provided silent second loans to income qualified first time homebuyers and
“targeted borrowers” (full-time Redwood City teachers and City of Redwood City employees)
from 2001 to 2003.
Targeted borrowers who maintain eligibility through sustained employment are entitled to a
forgiveness of 10 percent of the total initial principal balance of the Note each year
commencing in the sixth year from the date of origin of the Note. Notes included 30-year
3 6. Former Assets of the RDA
Attachment 2
terms with no interest to accrue until the fifth anniversary, thereafter to accrue at 4% per
annum on unpaid principal for 25 years.
Of the eight loans, two loans have been paid off, two borrowers are eligible for the principal
forgiveness, and one borrower who was previously eligible is now retired and no longer
eligible. The outstanding principal ($410,120.99) and accrued interest ($1,603.58) balance
as of May 31, 2012 is $411,724.57.
Term
Loan #8006
RDA Loan
Amount
$100,000
Loan #8002
$90,000
Balances as of May 31,
2012
$84,447.57 and
$272.11 accrued interest
Paid off in May 2012
Loan #8010
$100,000
Paid off in May 2012
Loan #8021:
Teacher, eligible
for principal
forgiveness
Loan #8016
$100,000
$45,397.85 and $146.28
accrued interest
Maturity
First payment January 7, 2007
Note matures December 1, 2031
First payment December 1, 2006
Note matures January 20, 2031
First payment November 1, 2007
Note matures October 1,2032
$86,000
Loan #8003:
Teacher, eligible
for principal
forgiveness.
Loan #8019
$100,000
$74,527.27 and $240.14
accrued interest
$27,101.56 and $55.11
accrued interest
First payment March 1, 2007
Note matures February 1, 2032
$100,000
Loan #8023
$100,000
$87,399.44 and $281.62
accrued interest
$91,247.30 and $608.32
accrued interest
$411,724.57
First payment June 1, 2007
Note matures May 1, 2032
First payment September 1, 2008
Note matures August 4, 2033
TOTAL:
F. First Time Homebuyer Program - Wyndham Place Condominiums
A DDA was executed by and between the RDA and Butler Stellar Corporation on January
24, 1994 for the construction of 15 affordable ownership units (condominiums). The RDA
conveyed the site to Butler Steller Corporation based upon a per unit sales price formula.
Resale Restriction Agreements were recorded at the close of escrow of each unit conveyed
to eligible purchasers at which time the provisions of the DDA terminated. In no case shall
the affordability restrictions terminate for any unit prior to January 17, 2008.
RDA Housing provided silent second loans to income qualified first time homebuyers. There
are currently nine outstanding loans. All loans include 30-year terms with zero interest with
payments deferred for the first five years, thereafter principal payments amortized for 25
years. The outstanding principal balance as of May 31, 2012 was $224,598.00.
4 6. Former Assets of the RDA
Attachment 2
Term
Loan #7201
RDA Housing
Loan Amount
$19,679
Balance
$10,592.99
Loan #7205
$29,452
$16,023.42
Loan #7206
$11,692
$6,079.32
Loan #7207
$9,323
$4,474.52
Loan #7211
$34,243
$18,273.12
Loan #7212
$10,000
$2,641.22
Loan #7213
$130,000
$105,386.25
Loan #7214
$25,000
$21,829.04
Loan #7215
$40,592
$39,298.12
TOTAL
$224,598.00
Maturity
First payment May 1, 2006
Note matures June 1, 2025
Note matures September 1, 2025
First payment October 1, 2006
First payment September 1, 2006
Note matures October 1, 2025
Note matures January 1, 2015
First payment July 1, 2007
Note matures July 1, 2032
First payment March 9, 2009
Note matures February 9, 2034
First payment August 1, 2011
Note matures August 1, 2036
G. RDA Housing Rehabilitation Program
RDA Housing provided low interest housing rehabilitation loans to assist income qualified
single-family and multi-family property owners to preserve existing affordable housing. Loan
terms varied from 15-30 years and 0-3 percent interest. The outstanding principal balance
($184,041) and interest ($930.64) as of May 31, 2012 was $184,971.55.
Term
Loan #7010: principal and
interest fully amortized for 15
years at 3% per annum.
Loan #7011: Beginning July 1,
2011, both principal and interest
payments are deferred until the
sale or transfer of property, or
upon the death of borrower,
whichever comes first. On that
day the unpaid balance of
principal and Interest shall be
due payable immediately.
RDA Housing
Loan Amount
$60,000
$34,764.63
5 Balance
$23,276.28
principal and
$62.00 accrued
interest
$34,764.63
principal and
$868.64
accrued
interest
Maturity
First payment
November 1, 2003
Refer to loan term
Attachment 2
Term
Loan #15689: 15 years, 0%
interest deferred, (non interest
accruing during deferred period);
thereafter fully amortized
payments of principal and
Interest.
Loan #18774: No interest shall
accrue upon the principal until
5th) anniversary of the date of
Note; thereafter, interest shall
accrue at the rate of 3% per
annum upon the unpaid principal
balance, and interest and
principal shall be payable 15
years or one hundred eighty
(180) equal monthly
installments.
RDA Housing
Loan Amount
$66,000
Balance
Maturity
$66,000
First payment April 1, 2023
Note matures April 1, 2038
$60,000
$60,000
First payment
September 1, 2013
Note matures
October 1, 2028
TOTAL:
$184,971.55
H. Villa Montgomery – 1500 El Camino Real
A Disposition and Development Agreement was executed by and between the RDA and
First Community Housing on January 24, 2005 for the construction of affordable housing
with an ancillary retail component. A Declaration of Affordability Covenants was recorded
on August 17, 2005. The affordability terminates on May 8, 2063.
A total of $2,627,000 loan was made bearing simple interest at 3% per annum for a 40-year
term with annual payments from net cash flow. The outstanding principal and interest are
due at maturity in December 2045. The loan was funded by three sources: 1) $1,927,000
RDA Housing, 2) $200,000 City CDBG, and 3) $500,000 County of San Mateo for a total of
$2,627,000. The City and RDA executed a joint funding agreement with the County for the
County’s portion and agreed to collect loan payments for the entire loan and disburse
County fund repayments as received.
The total outstanding loan principal balance as of May 31, 2012 due all parties was
$2,627,000. Interest is accruing. Deferred interest receivable as of May 31, 2012 was
$386,561 for RDA Housing, $35,697 for CDBG and $89,243 for the County of San Mateo,
for a total of $511,501.
Term
Simple interest at 3% per annum
for a 40-year term with annual
payments from net cash flow
RDA Housing
Loan Amount
$1,927,000
6 Balance
$1,927,000 principal and
$386,561 deferred interest
receivable
Maturity
December
2045
7. Communications with the State Department of Finance
former Redwood City
Agenda Report
To: Oversight Board Members
From: Brian Ponty, Director of Finance
Date: June 21, 2012
Re:
Information Only Report: Communications with the State Department of Finance
City staff has been in communication with staff at the State Department of Finance (DOF) over
several issues since the most recent (May 1st) Oversight Board meeting.
These
communications have involved items on the first and second ROPS that have been initially
disqualified by the DOF along with the handling of the $680,000 transfer to the trustee that was
discussed under agenda item V.
For the most part our communications with the DOF have focused on the loan from the City to
the RDA and the funds transferred to the trustee from the fall 2011 tax apportionment.
The following is a summary of our communications with the DOF. Attached are copies of the
correspondence between the city and the DOF for your review.
April 27 – Correspondence from the DOF disqualifying certain items on the 1st ROPS.
May 8 – Correspondence from Brian Ponty to the DOF (to Randy Enriquez and Mark Hill)
seeking reconsideration of decision concerning items No. 6 and No. 7 on the 1st ROPS.
May 17 – Correspondence from the DOF disqualifying certain items on the 2nd ROPS.
May 31 – Correspondence from the DOF indicating review of the revised 1st ROPS (item V on
today’s agenda) and disqualifying the same items on this ROPS that were disqualified by the
DOF on their April 27th ROPS. A significant element of the correspondence is that the DOF did
not disqualify the higher amount requested on line three for the interest payments on the 2003
TABS.
7. Communications with the State Department of Finance
June 1 – Correspondence to the DOF appealing decision concerning the qualification of the
loan from the City to the RDA as being eligible for repayment from the Redevelopment Property
Tax Trust Fund (RPTTF).
In addition to the above communications there have been several phone conversations, all with
Robert Scott from the DOF, for the purpose of clarifying the DOF’s position on certain items they
disqualified and the handling of the $680,000 transfer to the trustee of the 2003 TABS. During
one of these conversations which occurred on May 15th Mr. Scott indicated the liabilities related
to retirement (PERS and retiree health coverage or OPEB) were likely considered enforceable
obligations and that DOF would need to review the methodology for determining the amounts on
the ROPS. A recent on-line survey conducted by the California Society of Municipal Finance
Officers found that a number of cities and at least one County were successful in receiving DOF
approval for payment of their retirement obligations.
At this point we have only one open item with the DOF – the repayment of the loan the City
made to the RDA in 2005. This matter appears on the 1st ROPS (items 6 and 7 on page 1 –
$807,792) and on the 2nd ROPS (items 5 and 6 on Page 1 – $114,882). We have furnished the
DOF with our position on this matter on several occasions, the most recent being June 1, 2012,
and are awaiting their response to this most recent appeal.
On each of the ROPS approved by the Oversight Board, based on the Agreed Upon Procedures
(AUP) report from Macias, Gini, and O’Connell (MGO), the City listed the amount owed under
the agreement with the Legal Aid Society as a pass through payment. The County Controller is
questioning the handling of this obligation as they believe this obligation does not fit the
definition of pass through agreement.
We have been advised by the County Controller that when MGO issues their final AUP report
they will be removing this item from the pass through payment section and will be
recommending that it be included as an enforceable obligation. Should this transpire we will
then include this as an enforceable obligation on the 3rd ROPS (January through June 2013)
and request approval by the Oversight Board. If approved by the Oversight Board it will then be
put through the process to determine if the DOF concurs that is an enforceable obligation.
_________________________ Brian Ponty
ATTACHMENTS
1. Correspondence with the State Department of Finance
7. Communications with DOF
Attachment 1
Attachment 1
Attachment 1
D
of Fin
nance
Office of Director
1017
7 Middlefield Road
R
Redwood City, California 94
R
4063
e: (650) 780-7
7070
Telephone
Faxx: (650) 366-2
2447
www
w.redwoodcityy.org
dy.Enriquez@d
dof.ca.gov Sent via eemail to Rand
May 8, 20
012 Departmeent of Finance
e Randy Enrriquez, Analyst 915 L Streeet Sacramen
nto, CA 95814
4 Mr. Enriquez: u for your ressponse on Ap
pril 24, 2012 cconcerning Items No. 6 an
nd No. 7 (Capital improvem
ments Thank you
in the do
owntown) on the ROPS ap
pproved on April A
9, 2012 by the City of Redwood City City Co
ouncil. However, we respectffully disagreee with your conclusion, an
nd ask that you y reconsideer your concllusion that Itemss No. 6 and N
No. 7 are not eenforceable o
obligations. As you point out, the
e definition of o "Indebted
dness obligations" describ
bed in HSC Section S
34171 (e), includes debt d
issued directly by the redevelop
pment agenccy, or a jointt exercise of powers auth
hority created by the redevellopment agen
ncy. bove obligatio
ons are enforrceable obligaations under tthe provisions of HSC 3417
71 (e) We believve that the ab
because tthe City of Re
edwood City P
Public Financce Authority, a joint exerciise of powerss between the City of Redwo
ood City and the Redeveelopment Aggency of thee City Redwo
ood City, wass the bond isssuer. Enclosed for your revview is a cop
py of the joint exercise of o powers aggreement bettween the City of Redwood City and the
e Redevelopm
ment Agency o
of the City off Redwood Ciity, as well ass relevant secctions of the Offficial Stateme
ent for the bonds. Items No.. 6 and No. 7 are for repayyment of a loan agreemen
nt between th
he City and th
he Redevelop
pment Agency sp
pecifically enttered into in cconnection w
with the Publicc Finance Autthority bond iissuance. In 2003, tthe Public Fin
nance Authorrity issued $1
11,475,000 off bonds to reffund a portio
on of bonds issued by the Citty in 1991 an
nd to providee funds to loaan to the Red
dwood City Redevelopme
R
ent Agency fo
or the purpose o
of assisting in the financingg of programs, projects, and activities rrelating to the Project Areea No. 2. Repayment of this loan is appro
opriately included in the SSuccessor Agency’s draft R
ROPS because it is an enforcceable obligaation under Health and Safety Codee Section 34
4171(d)(2). Itt is an obliggation 7. Communications with DOF
Attachment 1
supported by a written agreement solely securing or repaying the City in connection with bonds issued by the Public Finance Authority for the purpose of loaning funds to the Redevelopment Agency. Regrettably we did not make this clear in our correspondence to you dated April 4, 2012 and apologize for the oversight and ensuing confusion. We respectfully request that the Department of Finance reconsider the determination made with respect to Items No. 6 and No. 7 made on April 24, 2012. Sincerely, Brian Ponty Director of Finance City of Redwood City Enclosures 1. Relevant Sections of Official Statement 2. Joint exercise of powers agreement between the City of Redwood City and the Redevelopment Agency of the City of Redwood City C: Mr. Bob Adler, Controller, San Mateo County Mr. Robert Bell, City Manager, City of Redwood City Ms. Pamela Thompson, City Attorney, City of Redwood City Ms. Veronica Ramirez, Assistant City Attorney, City of Redwood City Mr. Bill Ekern, Community Development Director, City of Redwood City Ms. Alison Freeman, Financial Services Manager, City of Redwood City Ms. Kristen Mees, Secretary, City of Redwood City 7. Communications with DOF
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1
Attachment 1

agenda - City of Redwood City

Transcription

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