5 Resolution of the Successor Agency to the Redevelopment Agency of the City of Livingston Approving the Recognized Obligation Payment Schedule (ROPS 14-15B) Pursuant to Health and Safety Code Section 34177 for Period January through June 30, 2015.

Meeting Date: SEPTEMBER 02, 2014

Agenda Item #5. Resolution of the Successor Agency to the Redevelopment Agency of the City of Livingston Approving the Recognized Obligation Payment Schedule (ROPS 14-15B) Pursuant to Health and Safety Code Section 34177 for Period January through June 30, 2015.

Note from TheGardeningSnail. Part of this page may have been produced by running a PDF Image File through a program that converts Image to Text. My apologies for any Textual Gremlins that may have crept in. I have also broken up some of the longer paragraphs for ease of reading.

STAFF REPORT

AGENDA ITEM: Resolution of the Successor Agency to the Redevelopment Agency of the City of Livingston Approving the Recognized Obligation Payment Schedule (ROPS 14-15B) Pursuant to Health and Safety Code Section 34177 for period January through June 30, 2015.

MEETING DATE: September 2, 2014

PREPARED BY: Odi Ortiz, Assistant City Manager/Finance Director

REVIEWED BY: Jose Antonio Ramirez, City Manager

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RECOMMENDATION:

Adopt Resolution No. 2014-_, a Resolution of the Successor Agency to the Redevelopment Agency of the City of Livingston approving the Recognized Obligation Payment Schedule (ROPS 14-l 5B).

BACKGROUND:

The California Department of Finance (DOF) requires agencies to submit approved ROPS every six months. The Livingston Successor Agency has successfully collected tax distributions covering the ROPS13-14A covering period July through December 2013.

The California Department of Finance denied funding for ROPS13-14B in the amount of $54,210 covering period January through June 2014.

Reasons for denial are associated with the City and RDA Loan and cash held by the Successor Agency from the Low & Moderate Housing segment. The Successor Agency has complied with all requests from the DOF and dissolution guidelines and has received the anticipated Finding of Completion Notice on April 9, 2014.

Management continues to address this payment issue with the DOF and related agencies.

This new required ROPS 14-15B is for the period of January through June 30, 2015 and is due to Department of Finance and County by early October, 2014 and it’ll require approval of the Oversight Board prior to submittal.

Our ROPS 14-l 5B includes all anticipated obligations between January through June 2015 including administrative & legal cost. Report reflects the same obligations as previous ROPS submitted.

Per Merced County (see Exhibit B), total estimated tax increment revenues available for ROPS 14-15B is $185,788.

DISCUSSION:

Successor Agency to approve the Recognized Obligation Payment Schedule (ROPS 14-l 5B) per ABX 1 26 and AB 1484.

FISCAL IMPACT:

Reported on ROPS 14-15B Schedule: $60,380 in Tax Increment Revenues to cover Successor Agency Expenditures between January-June 2015. The anticipated negative cash balance in the amount of

$53,308 by December 31, 2014 is outlined on page 3 of ROPS schedule.

ATTACHMENTS:

1. Resolution No. 2014-

2. ROPS 14-15B- Exhibit A

3. Exhibit B-Merced County Estimated Tax Revenues for ROPS 14-15B

RESOLUTION NO. 2014-

RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LIVINGSTON ADOPTING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 14-15B) FOR THE

PERIOD OF JANUARY 2015 JUNE 2015 PURSUANT TO HEALTH AND SAFETYCODE SECTION 34177

WHEREAS, the Livingston Redevelopment Agency ("Agency") was a Redevelopment agency formed pursuant to California Community Redevelopment Law, Health and Safety Code Section 33000 et seq. ("CRL"); and

WHEREAS, pursuant to Assembly Bill xI 26, and the California Supreme Court decision in California Redevelopment Association, et al. v. Ana Matosantos, et al., which upheld Assembly Bill XI 26, redevelopment agencies were dissolved on February I, 20I 2; and

WHEREAS, pursuant to Health and Safety Code Section 34 I 73 et seq. (AB XI 26), the City of Livingston became the Successor Agency to the Redevelopment Agency of the City of Livingston; and

WHEREAS, pursuant to Health and Safety Code Section 34I77(1), the successor agency to a dissolved redevelopment agency is required to adopt a Recognized Obligation Payment Schedule ("ROPS") that lists all of the obligations that are "enforceable obligations" within the meaning of Health and Safety Code Section 34I 77, and which identifies a source of payment for each such obligation from among (i) the Low and Moderate Income Housing Fund, (ii) bond proceeds, (iii) reserve balances, (iv) the administrative cost allowance, (v) revenues from rents, concessions, interest earnings, and asset sales, and (vi) the Redevelopment Property Tax Trust Fund established by the County Auditor-Controller to the extent no other source of funding is available or payment from property tax is contractually or statutorily required; and

WHEREAS, the ROPS must be (i) prepared by the successor agency every six months, (ii) certified by an external auditor, (iii) submitted to and approved by the oversight board that will be established to review successor agency actions, (iv) posted on the successor agency’s website,

(v) transmitted to the County Auditor-Controller, and (vi) transmitted to the State Controller and the State Department of Finance; and

WHEREAS, the ROPS I 4-I 5B, for the period of January 2015 – June 20I 5, a copy of which is attached, has been presented to the Board of the Successor Agency. As the Successor Agency, the Council is familiar with the contents thereof, and the City Manager has recommended approval of the ROPS I 4-I 5B, subject to the contingencies and reservation of rights set forth in this Resolution; and

WHEREAS, in adopting the Recognized Obligation Payment Schedule, the Successor Agency does not intend to waive, nor shall the Successor Agency be deemed to have waived any rights the Successor Agency may have pursuant to or in connection with any obligation listed on such ROPS, including without limitation, the right to modify, amend, terminate or challenge any obligation listed on such ROPS Schedule.

NOW, THEREFORE, the Board of the Successor Agency to the Redevelopment Agency of the City of Livingston does hereby resolve as follows:

Section 1. Recitals.

The foregoing recitals are true and correct and made a part of this Resolution.

Section 2. Adoption of ROPS.

The Successor Agency finds that all obligations listed on the Recognized Obligation Payment Schedule (ROPS14-15B) for the period January 2015 to June 2015 are true and correct and, accordingly, are hereby considered enforceable obligations.

The Recognized Obligation Payment Schedule, attached hereto and incorporated herein by reference as Exhibit A, for the period of January 2015 through June 2015, is hereby approved and adopted pursuant to Health and Safety Code Section 34177.

Section 3. Direction to City Manager.

1. The Executive Director or his/her designee is authorized and directed to take all actions necessary to implement this Resolution, including without limitation, forwarding the ROPS to the Oversight Board for approval, the submittal of the ROPS to the County Administrative Officer, the County Auditor-Controller, State Controller and the Department of Finance, and the posting of this Resolution and the Recognized Obligation Payment Schedule on the City’s website.

2. The Executive Director and his/her designees are authorized and directed to take such actions as necessary and appropriate to carry out and implement the intent of this Resolution, including without limitation the establishment of separate accounts and funds as necessary to appropriately document the receipts and expenditures of the Successor Agency.

3. The Executive Director and his/her designees are authorized to comply with all other legal requirements, including, without limitation, the reformatting of the ROPS as required by the Department of Finance, and the posting of the ROPS on the City’s website.

Section 4. Severability.

Declares that if any provision, sentence, clause, section or part of this Resolution is found to be unconstitutional, illegal or invalid, such finding shall affect only such provision, sentence, clause, section or part, and shall not affect or impair any of the remaining parts.

Passed and adopted this 2nd day of September, 2014, by the following vote:

AYES:

NOES:

ABSENT:

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Rodrigo Espinoza, Chair of the Successor Agency to the Redevelopment Agency of the City of Livingston

ATTEST:

I, hereby certify that the foregoing resolution was regularly introduced, passed and adopted at a regular meeting of the Governing Board of the Successor Agency to the Redevelopment Agency of the City of Livingston this 2nd day of September, 2014.

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Betty Cota, Deputy City Clerk of the City of Livingston

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