Loading...
HomeMy WebLinkAboutAmended and Restated Enforceable Obligation Payment Schedule Council/Agency Meeting Held._ Deferred/Continued to: �j Appr ved oe ❑ Conditionally Appr ved ❑ Denied y Cy vs Si ature Council Meeting Date: January 31, 2012 Department ID Number: ED 12-09 CITY OF HUNTINGTON BEACH REQUEST FOR REDEVELOPMENT AGENCY ACTION SUBMITTED TO: Honorable Chairman and Agency Members SUBMITTED BY: Fred A. Wilson, Executive Director PREPARED BY: Bob Hall, Deputy City Manager/DeputyExecutive Director SUBJECT: Approval of the Amended and Restated Enforceable Obligation Payment Schedule for Redevelopment Agency Statement of Issue: On December 29, 2011, the California State Supreme Court announced its ruling upholding AB 1X 26 dissolving redevelopment agencies. Based upon the Court's ruling, redevelopment agencies are required to adopt an amendment to the Enforceable Obligation Payment Schedule (EOPS). The previous EOPS was approved on August 15, 2011. Financial Impact: The EOPS provides the County Auditor-Controller a payment schedule required for the former redevelopment agency obligations. Recommended Action: Motion to: 1. Approve the Amended and Restated Enforceable Obligation Payment Schedule for the period covering August 2011 to June 30, 2012; and, 2. Direct the Finance Director to create the necessary Successor Agency accounts pursuant to AB 1X 26; and, 3. Authorize the City Manager and Finance Director to amend the Draft Recognized Obligation Payment Schedule administratively. Alternative Action(s): Do not approve the EOPS and/or direct staff accordingly. xB -19- Item 3. - I REQUEST FOR COUNCIL ACTION MEETING DATE: 01/31/2012 DEPARTMENT ID NUMBER: ED 12-09 Analysis: On June 29, 2011, the State of California enacted AB 1X 26.which,,dissolves redevelopment agencies and designated Successor Agencies to "wind down" activities of the former redevelopment agency under supervision of newly created Oversight Boards. AB 1X 26 defines the amended and restated (EOPS) as a listing of all legally binding and enforceable agreements or contracts of the Agency, including those necessary for the continued administration and operation of the Successor Agency. The schedule is required to be adopted at a public meeting and submitted to the County Auditor-Controller, State of California Department of Finance, and posted on the City's website no later than January 31, 2012. The City has designated the Finance Director, Lori Ann Farrell, as the designated person to receive requests of the County Auditor-Controller or State of California Department of Finance. No later than January 31, 2012, the redevelopment agency must provide the initial draft Recognized Obligation Payment Schedule (ROPS) to the Successor Agency. The City has elected to become the Successor Agency and designated the Huntington Beach Housing Authority as the Successor Housing Agency. The Oversight Board will supervise the activities of the Successor Agency and will consist of 7 members appointed by/representing: County Board of Supervisors (two members) Mayor (one member) County Superintendent of Education (one member) Chancellor of California Community Colleges (one member) Largest special district taxing entity (one member) A former RDA employee appointed by Mayor (one member) By March 1 , 2012, The Successor Agency will prepare a draft ROPS for the Enforceable Obligations of the former redevelopment agency, subject to review and certification by an external auditor as to accuracy and approval for the Oversight Board. By April 15, 2012, the Successor Agency submits its first ROPS to the County Auditor-Controller, State Controller and the State Department of Finance for the period of January 1, 2012 to June 30, 2012. The ROPS will be prepared and submitted every six (6) months. The County Auditor-Controller will conduct an audit of the redevelopment agency financials by July 1, 2012, and submit findings to the State Controller's Office by July 15, 2012. Environmental Status: Not Applicable Strategic Plan Goal: Maintain financial viability and our reserves Attachment(s): Vestrip ion 1. Amended and Restated Enforceable Obligation Payment Schedule Item 3. - 2 HB -20- REQUEST FOR COUNCIL ACTION MEETING DATE: 01/31/2012 DEPARTMENT ID NUMBER: ED 12-09 HB -21- Item 3. - 3 ATTACHMENT # 1 Name of Redevelopment Agency The Redevelopment Agency of the City of Huntington Beach Page 1 of 5 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (') Period Covered:August 1,2011 through June 30,2012 Per AB 26-Section 34167 and 34169 Total Outstanding Total Due Revised EOPS i Aug-Dec 2011) EOPS Jan-June 2012) Debt or During Fiscal Project Name/Debt Obligation Payee Description"' Obligation" Year 11/12 Aug 2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 2011 Totals Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 June 2012 2012 Totals 1 Yorktown-Lake Redevelopment, City of Huntington Beach 708,032 26,977 26,977 $ 26,977 26,977 $ 26,977 2 Talbert-Beach Redevelopment, Cityof Hunfin ton Beach Legally binding Operative Agreements for 381,323 14,528 14,528 $ 14,528 costs related to expenditures of the $ 14,528 14,528 3 Main-Pier Redevelopment,0akview Ci of Huntington Beach redevelopment agencypertammgtothe 1,442,921 54,975 54,975 $ 54,975 54,975 $ 14,528 4 Redevelopment,and Huntington Cityof Huntington Beach followin redevelopment Projects: 2,319,882 88,388 88,388 $ 88 388 88 388 $ 88 388 5 Center Commercial Dist ct Cityof Huntington Beach Yorktown-Lake,Talbert Beach,Main- 975 584,071 22,253 22,253 $ 22,253 22,253 $ 22,253 6 Redevelopment Projects Cityof Huntington Beach Pier,Oakview,and Huntington Center 1,757,147 66,947 66,947 $ 66,947 66,947 $ 22,253 7 947 Ci of Huntin ton Beach Commercial District 262,522 10,002 10,002 $ 10,002 10,002 8 Cityof Huntington $ 1D,002 Beach Principal Amount 88,984 3,390 3,390 $ 3,390 3,390 $ 3,002 10 City390 of Huntington Beach Interest Rate-3.81% 72,254 2,753 2,753 $ 2,753 2.753 $ 2,753 Cityof Huntington Beach Dates Debt Incurred:June 1983,August 91,461 3,485 3,485 $ 3,485 3,485 11 15,1985,Various Operative Agreement $ 3,485 City of Huntington Beach Amendments through 1992 683,501 26,041 26,041 $ 26,041 26,041 $ 26,041 12 Cityof Huntington Beach 13 Land purchased for commercial 17,568 669 669 C" of Huntington Beach Legally binding Operative Agreement for 749,009 73,055 $ 669 669 $ 669 development of the Hilton,the Hyatt, 73,055 $ 73,055 73,055 $ 73,055 14 Y the purchase of land for -the 2,268,771 221 285 221 285 $ 221,285 221,285 $ 221 285 Town Square,the Main Street Parking City of Hunt n ton Beach Merged Project Area Principal Amount- 15 Structure,California Resorts Projects City of Huntington Beach $32,833,417,Interest Rate-3.81%,Debt 47,778,077 4,660,051 4,660,051 $ 4,660,051 4,660,051 16 and residential development Incurred on September 7,1989 and $ 4,66D,051 C of Huntington Beach 17 September 4,1990 3,719,906 362,822 362,822 $ 362,822 362,822 $ 362,822 Ci of Huntin on Beach 4,191,101 408,781 408,781 $ 408,781 408,781 $ 408,781 Legally Binding Operative Agreement Principal Amount-$1,740,834,Interest Rates 3.81%,Debt Incurred on May 18, 18 Land Sale Emerald Cove COHB Park A&D Fund 2009 5,468,098 $ $ Water Infrastructure Construction for the 19 Merged Project Area COHB Water Utility Legally Binding Operative Agreement 556,096 $ $ Water Infrastructure Construction for the Principal Amount-$1,138,000,Interest 20 Merged Project Area COHB Water Utility Rate-3.81%,Debt Incurred in 1987 3,558,181 $ $ Legally Binding Operative Agreement Drainage Infrastructure Construction for Principal Amount-$250,000,Interest Rate- 21 the Main Pier Project COHB Drainage Utility 3.81%,Debt Incurred in 1987 663,806 $ $ Legally Binding Operative Agreement Principal Amount-$130,560,Interest Rate- Sewer infrastructure Construction for the 3.81%,Debt Incurred on September 4, 22 Main Pier Project COHB Sewer Utility 1990 275,438 Deferred Developer Fees Park& Legally Binding Operative Agreement $ $ 23 Acquisition Fee COHB Park A&D Fund Principal Amount-$339,202,Interest Rate- 4D5,591 $ $ 3.81%,Debt incurred in 1984 24 Deferred Developer Fees Sewer Fee COHB Sewer utili 171,540 $ $ 25)Deferred Developer Fees Drainage Fee COHB Drainage Utility 182,602 $ _ $ Totals-This Page $ 78,397,882 $ 6,046,402 $ - $ 6,046,402 $ $ - $ $ 6,046,402 $6,046,402 $ $ $ - $ $ $ 6,046,402 Totals-Page 2 $ 56,398,898 $ 4,852,078 $ 2,223,127 $ 1,905,111 $ $ 643,727 $ $ 4,771,965 $ 512,588 $ $ $ 4,337,715 $ $ 1,775 $ 4,852,078 Totals-Page 3 $ 51,781,706 $ 4,305,923 $ 2,388,367 $ 727,479 $ 60,934 $ 60,934 $ 60,934 $ 3,298,648 $ 62,194 $ 412,194 $ 62,195 $ 789,674 $ 60,934 .$2,993,732 $ 4,380,923 Totals-Page 4 $ 46,198,226 $ 3,888,548 $ 15,258 $ 7,485 $ 77,556 $ 3,262 $ 27,726 $ 131,287 $ 307,039 $ 320,851 $ 309,539 $ 308,039 $308,039 $2,335,041 $ 3,888,548 Totals-Page 5 $ 672,369 $ 36,452 $ $ 302,489 $ 583 $ 583 $ 583 $ 304,238 $ 583 $ 583 $ 583 $ 647 $ 583 $ 33,473 $ 36,452 Grand total-All Pages $233,449,081 $19,129,403 $ 4,626,752 $ 8,988, 666 $139,D73 1 708,506 $ 89,243 $14,552,540 1 $6,928,806 11$ 733,628 $ 372,317 $ 5,436,D75 $369,556 $5,364,021 $19,204,403 Effective February 1,2012 until the Recognized Obligation Payment Schedule(ROPS)becomes operative,the Successor Agency may only make payments required by this Enforceable Obligations Payment Schedule(EOPS). The Total Outstanding Debt Balances reflect unaudited amounts as the City of Huntington Beach's Fiscal Year Ended September 30,2011 and the annual financial audit is not yet completed. PLEASE NOTE:The City's fiscal year runs October 1 through September 30;hence,payments made in August and September 2011 were made in the City's prior fiscal year. Notwithstanding AB 1X26,these agreements are Included because among other reasons,they are validated by operation of law prior to AB iX26. '•*'Estimated ass-through,payments are included in the EOPS for Informational purposes.Of the estimated$2.6 million ass-throughs,please note that$1.9 million of these payments are subordinated to bonded debt. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 2 of 5 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169(*) Period Covered:August 1,2011 through June 30,2012 Total Outstanding Total Due Revised EOPS(Aug-Dec 2011) EOPS(Jan-June 2012 Debt or During Fiscal Project Name/Debt Obligation Payee Description"` Obli ation" Year 11/12 Aug2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 2011 Totals Jan 2012 Feb 2012 Mar 2012 Apr 2012 1 May 2012 June 2012 2012 Totals Legally Binding and Enforceable Agreement for Property Acquisition for the 1 Main-Pier Purchase Loan Repayment Housing Author Main-Pier Project 1,362,500 $ $ Disposition and Development Agreement approved on September 14,1998 for the 2 Hyatt Regency Huntington Beach Project Robert Mayer Co oration Waterfront Development 5,803,061 368,626 368,626 $ 368,626 368,626 $ 368,626 Tax Allocation Bonds Debt Service 3 2002 Tax Allocation Refunding Bonds Bank of New York Trust Co. Payments 17,964,850 1,635738 1,283,795 $1,283,795 320,369 1,315,369 $ 1,635,738 Tax Allocation Bonds Debt Service 4 1999 Tax Allocation Refunding Bonds Bank of New York Trust Co. Payments 8,221,038 748,088 588,289 $ 588,289 149,044 599,044 $ 748,088 Allocation Bonds arbitrage rebate Tax Alloc 5 2002 Tax Allocation Refunding Bonds Arbitrage Compliance Specialist calculation-Federal IRS Compliance 500 500 $ 500 $ 500 Tax Allocation Bonds arbitrage rebate 6 1999 Tax Allocation Refunding Bonds Arbitrage Compliance Specialist calculation-Federal IRS Compliance 500 500 $ 500 $ 500 7 2002 Tax Allocation Refunding Bonds Internal Revenue Service 15th Year Arbitrage Rebate Payment 614,600 - $ $ Tax Allocation Bonds-Payment to Fiscal 8 2002 Tax Allocation Refunding Bonds Bank of New York Mellon Agent 1,537 1,537 $ 1,537 $ 1,537 Tax Allocation Bonds-Payment to Fiscal 9 1999 Tax Allocation Refunding Bonds Bank of New York Mellon Agent 848 848 $ 848 $ 848 Bank of America Master Repurchase 1 D 2002 Tax Allocation Refunding Bonds AMBAC Agreement for Debt Service Reserve 3,000 3,000 $ 3,000 $ 3,000 Preparation and filing of Continuing Harrell 8 Company Advisors, Disclosure Annual Reports and Material 11 2002 Tax Allocation Refunding Bonds LLC Event Notices 250 250 $ 250 $ 250 Preparation and filing of Continuing Harrell 8 Company Advisors, Disclosure Annual Reports and Material 12 1999 Tax Allocation Refunding Bonds LLC Event Notices 1,525 1,525 $ 1,525 $ 1,525 Emerald Cove 2010 Series A Lease Emerald Cove 2010 Series A Lease Revenue Revenue Refunding Bonds Debt Service 13 Refunding Bonds US Bank Payments 4,054,198 406,116 406,116 $ 406,116 406,116 $ 406,116 Legally binding and enforceable loan agreement with the U.S.Department of HUD Section 108 Infrastructure Loan for Housing and Urban Development for capital 14 Hyatt/HiltonProperties Bank of New York Mellon improvements 3,804,470 410,350 351,043 1 $ 351,043 1 40,175 370,175 $ 410,350 Full payment of loan borrowed by Agency California Housing Finance for Senior Rental Complex from the State of 15 HELP Bowen Court Authority California 643,727 643,727 $ 643,727 $ Property Tax Sharing Agreement required under the terms of the Owner Participation Agreement(dated 1 0/212 0 0 0)and Second Implementation Agreement(dated Bella Terra Parking Infrastructure Property Tax 911712007)for the development of the 16)Sharing Agreement Bella Terra Associates LLC Huntington Center(Bella Terra) 13,922,294 1,275,000 1 1 1,130,369 1 1 1 1 $1,130,369 1 1 1,275,000 1 $ 1,275,000 $ 56,398,898 $ 4,852,076 1$ 2,223,127 1$ 1,905,111 1$ 1$ 643,727 1$ 1$4,771,965 1$512,588 1$ $ $4,337,715 1$ $ 1,775 $4,852,078 • Effective February 1,2012 until the Recognized Obligation Payment Schedule(ROPS)becomes operative,the Successor Agency may only make payments required by this Enforceable Obligations Payment Schedule(EOPS). " The Total Outstanding Debt Balances reflect unaudited amounts as the City of Huntington Beach's Fiscal Year Ended September 30,2011 and the annual financial audit Is not yet completed. PLEASE NOTE:The City's fiscal year runs October 1 through September 30;hence,payments made in August and September 2011 were made in the City's prior fiscal year. *"Notwithstanding AB 1X26,these agreements are included because among other reasons,they are validated by operation of law prior to AB 1X26. ""Estimated pass-through payments are included in the EOPS for informational purposes.Of the estimated$2.6 million pass-throughs,please note that$1.9 million of these payments are subordinated to bonded debt. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 3 of 5 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169(*) Period Covered:August 1,2011 through June 30,2012 Total Outstanding Total Due Revised EOPS(Aug-Dec 2011) EOPS(Jan-June 2012) Debt or During Fiscal Project Name/Debt Obligation Payee Description Obligation" Year 11112 Aug 2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 2011 Totals Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 June 2012 2012 Totals Property Tax Sharing Agreement underthe Disposition and Development Agreement(DDA)for development of hotel,retail,restaurant,and public packing structure.The Implementation of the DDA Strand Hotel and Mixed-Use Project, and the Sixth Implementation Agreement were 1 Parking&Infrastructure CIM Group,LLC entered into from June 1999 to November2008. 13,997,626 677,903 677,903 $ 677,903 677,903 $ 677,903 Property Tax Sharing Agreement under the Disposition and Development Agreement(DDA) _ and Sixth Implementation Agreement for the Strand projects parking structure authorized on January 20, 2 Strand Project Additional Parking CIM Group,LLC 2009. 1,088,861 49,576 49,576 $ 49,576 49,576 $ 49,576 Affordable Housing Agreement approved on October 4,2010 for construction of a 467 mixed-use BTDJM Phase II Associates unit project.Project is currently under construction 3 Bella Terra Phase[[ (DJM) and financed by property tax allocations. 27,428,830 $ $ Owner Participation Agreement approved on October 16,2006 for future development of a 31- acre site located at Pacific Coast Highway and First 4 Pacific City Makar Properties Street and financed by property tax allocations. 5,500,000 $ $ Orange County,Various School Districts,and City of Huntington Pre and Post AB1290 statutory payments mandated 5 Pass Through Agreements(Estimated) Beach by Health and Safety Code(HSC)Section 33607 2,640,000 2,640,000 2,388,367 $2,388,367 350,000 2,290,000 $2,640,000 Successor Agency administrative obligations relating to maintaining payments on enforceable Enforcement of Successor Agency obligations and other activities as required by AB 6 compliance and monitoring per AB 1X26 Successor Agency 1X26 424,801 318,601 35,400 35,400 35,400 $ 106,200 35,400 35,400 35,400 35,400 35,400 141,601 $ 318,601 Statutory obligations for housing affordability, Covenant Monitoring Obligations of production,reporting and compliance as per 7 Housing Authority Housing Authority Government Code. 306,403 229,801 25,534 25,534 25,534 $ 76,602 25,534 25,534 25,534 25,534 25,534 102,131 $ 229,801 Successor Agency compliance and Legal costs to ensure Successor Agency B monitoring per AS 1X26 Kane Ballmer and Berkman compliance with AS 1X26 160,000 160,000 $ 160,000 $ 160,000 Independent financial statement and compliance of the agency in accordance with Government Auditing Independent financial statement and Standards Statement on Auditing Standards(SAS) 9 compliance audit Macias Gtni&O'Connell LLP No.117,"Compliance Audit" 10,185 5,042 $ 1,260 1,260 1,261 1,261 $ 5,042 Legally binding and enforceable agreement for Successor Agency compliance per AB continued administration and operation of 10 1X26 Keyser Marston Successor Agency 75,000 75,000 $ 75,000 1 $ 75,000 Housing Authony Covenant monitoring Statutory obligation for Housing reporting,auditing 11)per AS987 Keyser Marston and compliance 150,000 150,000 $ 150,000 $ 150,000 $ 51,781.706 $ 4,305,923 $2,388,367 $727,479 $60,934 $ 60,934 $ 60,934 $3,298,648 $ 62,194 1 $412,194 $ 62,195 $ 789,674 $ 60,934 $2,993,732 1$4,380,923 ` Effective February 1,2012 until the Recognized Obligation Payment Schedule(ROPS)becomes operative,the Successor Agency may only make payments required by this Enforceable Obligations Payment Schedule(EOPS). The Total Outstanding Debt Balances reflect unaudited amounts as the City of Huntington Beach's Fiscal Year Ended September 30,2011 and the annual financial audit is not yet completed. PLEASE NOTE:The City's fiscal year runs October 1 through September 30;hence,payments made in August and September 2011 were made in the City's prior fiscal year. " Notwithstanding AB 1X26,these agreements are included because among other reasons,they are validated by operation of law prior to AB 1X26. "'*Estimated pass-through payments are included in the EOPS for informational purposes.Of the estimated$2.6 million pass-throughs,please note that$1.9 million of these payments are subordinated to bonded debt. Name of Redevelopment Agency:.The Redevelopment Agency of the City of Huntington Beach Page 4 of 5 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (`) Period Covered:August 1,2011 through June 30,2012 Per AB 26-Section 34167 and 34169 Total Outstanding Total Due Revised EOPS(Aug-Dec 2011) EOPS(Jan-June 2012) Debtor During Fiscal Project Name/Debt Obligation Payee Description"• Obligation'• Year 11112 Aug 2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 2011 Totals Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 June 2012 2012 Totals Affordable Housing Compliance pursuant to the requirements of Section Statutory obligation for housing compliance 33413(b)(4)and 33490(a)(2)and(3)of services pursuant to the requirements of Section the California 33413(b)(4)and 33490(a)(2)and(3)of the Community Redevelopment Law,Health California and Safety Code Section 33000,et seq. Community Redevelopment Law,Health and 1 Covenant monitoring per AS 987. Amerinational Safety Code Section 33000,at.seq. 75,000 75,000 $ - 75,000 $ 75,000 Affordable Housing Compliance pursuant to the requirements of Section Statutory obligation for legal,compliance and 33413(b)(4)and 33490(a)(2)and(3)of operations of Housing Authority pursuant to the the California requirements of Section 33413(b)(4)and Community Redevelopment Law,Health 33490(a)(2)and(3)of the California Community and Safety Code Section 33000,at seq. Redevelopment Law,Health and Safety Code 2 Covenant monitoring per AS 987. Kane Ballmer and Berkman section 33000,et seq. 150,000 150,000 $ - 150,000 $ 150,000 Repayment of SERAF Debt Obligation Legally enforceable obligation for SERAF Loan 3 2009 Housing Authority repayment 3,227,706 - $ $ _ Repayment of SERAF Debt Obligation Legally enforceable obligation for SERAF Loan 4 2010 Housing Authority repayment 700,000 - Owner Participationt Agreement/Rent Differential Agreement approved on May 28.1991 forthe development of the three story building at the Abdelmudi Owner Participation Abdelmudi Development Oceanvim Promenade.The Third Implementation 5 Agreement/Rent Differential Agreement Company Amendment took effect on November 21,1994. 4,812 4,812 1 15,258 7485 1 7,401 $ 30,144 1 812 1 1,000 1,000 1,000 1 1,000 $ 4,812 Low/Moderate Inc 20%Set Aside pursuant to Health and Safety Code Statutory housing obligations required by Health 6 sect ion33487 Housing Authority and Safety Code section33487 39,637,666 3,604,000 $ - 300,333 300,333 300,333 300,333 300,333 2,102,335 $3,604,000 Covenant enforcement for Affordable housing projects for the purpose of increasing,improving,and preserving the City'ssupply of[wand moderate income Statutory obligation for legal compliance and housing pursuant to the requirements of operations of Housing Authority pursuant to the Section 33413(b)(4)and 33490(a)(2)and requirements of Section 33413(b)(4)and - (3)of the California Community 33490(a)(2)and(3)of the California Community Redevelopment Law,Health and Safety Redevelopment Law,Health and Safety Code 7 Code Section 33000,et.seq. Grace Jo,Esq Section 33000.et seq. 100,000 40,236 1 $ 6,706 6,706 1 6,706 6,706 6,706 1 6,706 $ 40.236 Unfunded CaIPERS pension obligation as per 8 Unfunded CaIPERS Pension Liabilities CaIPERS CaIPERS actuarial valuation as of June 30,2010. 1,483,151 - $ $ _ Unfunded actuarial accrued liability as of Unfunded Supplemental Retirement September 30,2011 as per actuarial valuation by 9 Liachties US Bank AON Consulting.Inc 409,000 _ $ Legally enforceable retirement obligation for early Public Agency Retirement Systems retirement incentive program and annuity contract 10 (PARS)Notes Payable Pacific Life Ins with Pacific Life Insurance Incorporated 80,000 - 19,965 $ 19,965 $ Unfunded actuanal accrued liability as of June 30. 11 Unfunded OPES Liabilities CaIPERS/CERBT 2011 as per AON Consulting,Inc. 160,000 - $ $ City employees directly involved Obligation for unused employee General in Housing and Redevelopment Obligation for unused employee General Leave 12 Leave earned and vested projects and administration earned and vested as per MOUs and AS 1X26 124,391 - J$ 77,156 3,262 27,726 $ 81,178 $ 13 Successor Agency Compliance Nagasaki and Associates Appraisal and real estate consultant 15,000 3,000 $ - 3,000 $ 3,000 Successor Agency Compliance per H&S ,4) 4 Code 33433 Tierra West Financial and Real estate consultant 30,000 10,000 $ - 10,000 $ 10.000 Legally enforceable obligation es per Memorandum of Understanding with Legally enforceable tuition reimbursement benefit 15)bargainingand Luis Gomez as per MOU and AS 1 X26 1,500 1,500 $ 1,500 $ 1,500 $ 46,198,226 $ 3,888,548 $ 15,258 $ 1$ 3.262 1$27,726 1$ 131,287 $ 307,039 $ 320,851 1$ 309,539 1$ 308,039 $ 308,039 $2,335,041 $3,888,548 Effective February 1,2012 until the Recognized Obligation Payment Schedule(ROPS)becomes operative,the Successor Agency may only make payments required by this Enforceable Obligations Payment Schedule(EOPS). •`The Total Outstanding Debt Balances reflect unaudited amounts as the City of Huntington Beach's Fiscal Year Ended September 30,2011 and the annual financial audit is not yet completed. PLEASE NOTE:The City's fiscal year runs October 1 through September 30;hence,payments made in August and September 2011 were made in the City's priorffscal year. Notwithstanding AB 1X26,these agreements are included because among other reasons,they are validated by operation of law prior to AB 1X26. "•Estimated pass-through payments are Included in the EOPS for informational purposes.Of the estimated$2.6 million pass-throughs,please note that$1.9 million of these payments are subordinated to bonded debt. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 5 of 5 Pages Project Area(s) Southeast Coastal Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169(`) Period Covered:August 1,2011 through June 30,2012 Total Outstanding Total Due Revised EOPS(Aug-Dec 2011) EOPS(Jan-June 2012) Debt or During Fiscal Project Name/Debt Obligation Payee Description"' Obligation" Year 11/12 Aug 2011 Sept 2011 Oct 2011 Nov 2011 Dec 2011 2011 Totals Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 June 2012 2012 Totals Operative Agreement forthe Huntington Beach Merged Huntington Beach Loan repayment for advance made on 1 Redevelopment Project Project Area capital projects in FY 2004/05 302,489 - 302,489 $302,489 $ Successor Agency administrative obligations relating to maintaining Successor Agency compliance and monitoring payments on enforceable obligations and 2 per AS IX26 SuccessorAgency other activities as required by AS IX26 7,000 1 5,251 1 583 583 583 $ 1,749 583 583 583 583 583 2,336 $ 5,251 Advance from City on construction of Conservancy Grant funded block wall and 3 Wildlife Care Center City of Huntington Beach associated landscaping 344,816 13,137 $ 13,137 $ 13,137 LovdModerete Inc 20%Set Aside pursuant to Statutory housing obligations required by 4 Health and Safety Code section 33487 Housing Authority Health and Safety Code section 33487 64 64 $ 64 $ 64 Post AB1290 statutory payments mandated Orange County,Various School by Health and Safety Code(HSC)Section 5 Pass Through Agreements Distncts,and City of HB 33607 13,000 13,000 $ 13,000 $ 13,000 Assessment for AES Property Tax 6 Assessment for AES Property Tax Valuation Van Hom Consulting Valuation 5,000 5,000 $ 5,000 $ 5,000 7 $ $ 8 $ $ 9 $ $ 10 $ $ 11 $ $ 12 $ $ 13 $ $ 14 $ $ 15 $ $ 16 $ $ 17 $ $ 18 $ $ 19 $ $ 20 $ $ 21 $ $ 22 $ $ 23 $ $ 24 $ $ 25 $ $ 26 $ $ 27) $ $ $ 672,369 $ 36,452 $ $ 302,489 $ 583 $ 583 $ 583 $304,238 $ 583 $ 583 $ 583 $ 647 $ 583 1$ 33,473 $ 36,452 Effective February 1,2012 until the Recognized Obligation Payment Schedule(ROPS)becomes operative,the successor agency may only make payments required by this Enforceable Obligations Payment Schedule(EOPS). **The Total Outstanding Debt Balances reflect unaudited amounts as the City of Huntington Beach's Fiscal Year Ended September 30,2011 and the annual financial audit is not yet completed. PLEASE NOTE:The City's fiscal year runs October 1 through September 30;hence,payments made in August and September 2011 were made in the City's prior fiscal year. " Notwithstanding AB IX26,these agreements are included because among other reasons,they are validated by operation of law prior to AB IX26. *`* Estimated pass-through payments are included in the EOPS for informational purposes.Of the estimated$2.6 million pass-throughs,please note that$1.9 million of these payments are subordinated to bonded debt.