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Home My WebLink AboutEnforceable Obligation Payment Schedule - EOPS - for Redevel Council/Agency Meeting Held:_ /� Deferred/Continued to: 'pJ.,4ppr e$ ❑ Conditionally Approved ❑ Denied ZA,&2�0 Cq)jj Cie 's Sig ure Council Meeting Date: August 15, 2011 Department ID Number: ED 11-38 CITY OF HUNTINGTON BEACH REQUEST FOR COUNCIL/REDEVELOPMENT AGENCY ACTION SUBMITTED TO: Honorable Mayor and City Council Members SUBMITTED BY: Fred A. Wilson, Executive Director/City Manager PREPARED BY: Stanley Smalewitz, Deputy Executive Director/Director of Economic Development Lori Ann Farrell, Director of Finance SUBJECT: Approval of Enforceable Obligation Payment Schedule (EOPS) for Redevelopment Agency as required by the State Statement of Issue: On June 29, 2011, Assembly Bills 1 X 26 and 1 X 27 went into effect. Per AB 1X 26, the Agency Board is required to approve the Enforceable Obligation Payment Schedule. With the adoption of the "voluntary" contribution of Redevelopment funds pursuant to the opt-in Ordinance, the Huntington Beach Redevelopment Agency will remain. Financial Impact: No fiscal impact. Redevelopment Agency Recommended Action: Motion to: Approve the Enforceable Obligation Payment Schedule. Alternative Action(s): Do not approve the Payment Schedule. Item 20. - 1 HB -348- REQUEST FOR COUNCIL ACTION MEETING DATE: 8/1 512 0 1 1 DEPARTMENT ID NUMBER: ED 11-38 Analysis: The legality of AB 1X 26 and 1X 27 is currently being challenged by the California Redevelopment Association and the League of California Cities. With the uncertainty of the litigation, it is recommended that we approve the Enforceable Obligation Payment Schedule ("EOPS") as an additional layer of security, in case the litigation is not successful. The EOPS is not required under AB 1X 27. However, in order to protect payments of the Agency Bonds, Developer Agreements, and the loans from the Redevelopment Agency to the City EOPS is being recommended for adoption. Under AB 1X 26, the Agency can only make payments that are on the EOPS. Included on the EOPS, will be all actions that the City and Agency have approved over the last eight (8) months to protect the Agency and City assets. The EOPS will only be filed by the August 28, 2011, due date if no stay or injunction has been ordered. Even with the filing of the EOPS, the Agency would continue under the adoption of the "Voluntary" Opt-In Ordinance. The Redevelopment Agency and City Council does not intend, by adoption of the EOPS, to waive any constitutional and/or legal rights and reserves all of its rights under Laws to challenge the validity of any or all provisions of AB 1X 26 and AB 1X 27 in any administrative or judicial proceeding. Environmental Status: Not applicable Strategic Plan Goal: Maintain financial viability and our reserves. Attachment(s): ® ® - 1. Enforceable Obligation Payment Schedule HB -349- Item 20. - 2 ATTACHMENT # 1 Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 1 of 4 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 341167 and 34169{`) Payments by month Total Outstanding Total Due During Project Name/Debt Obligation Payee Description Debt or Obligation Fiscal Year Aug" Sept'" Oct Nov Dec Total Operative Agreement between the City of Huntington Beach and the Redevelopment 1 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 708,032 203,460 203,460 $ 203,460 Operative Agreement between the City of Huntington Beach and the Redevelopment Z Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 381,323 109.578 109,578 $ 109,578 Operative Agreement between the City or Huntington Beach and the Redevelopment 3 Agency of Huntington Beach City of Huntington Beach Legally 81nding Operative Agreement 1,442,921 414,638 414,638 $ 414,638 operative Agreement between the City of Huntington Beach and the Redevelopment 4 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 2,319,882 666,642 666,642 $ 666,642 Operative Agreement between the City of Huntington Beach and the Redevelopment 5 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 584,071 167,839 167,839 $ 167,839 JOperative Agreement between the City of Huntington Beach and the Redevelopment 6 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 1,757,147 504,934 504,934 $ 504,934 Operative Agreement between the City of Huntington Beach and the Redevelopment 7 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 262,522 75,439 75,439 $ 75,439 JOperative Agreement between the City of Huntington Beach and the Redevelopment 8 Agency of Huntington Beach City of Huntington Beach Legally Binding operative Agreement 88,984 25,570 25,570 $ 25,570 JOperative Agreement between the City of Huntington Beach and the Redevelopment 9 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 72,254 20,764 20,764 $ 20,764 Operative Agreement between the City of Huntington Beach and the Redevelopment 10 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 91,461 26,282 26,282 $ 26,282 Operative Agreement between the City of Huntington Beach and the Redevelopment 11 Agency of Huntington Beach City of Huntington Beach Legally Binding operative Agreement 683,501 196,411 196,411 $ 196,411 Operative Agreement between the City of Huntington Beach and the Redevelopment 12 Agency of Huntington Beach City of Huntington Beach Legally Binding Operative Agreement 17,568 5,050 5,050 $ 5,050 13 Land Sales City of Huntington Beach Legally Binding operative Agreement 781,179 50,508 50,508 $ 50,508 14 Land Sales City of Huntington Beach Legally Binding Operative Agreement 2,366,215 152,987 152.987 $ 152,967 15 Land sales City of Huntington Beach Legally Binding Operative Agreement 49,830,157 3,221,765 3,221,765 $ 3,221,765 16 Land Sales City of Huntington Beach Legally Binding Operative Agreement 3,879,676 250,840 250,840 - $ 250,840 17 Land Sales City of Huntington eeach Legally Binding Operative Agreement 4,371,110 282,614 282,614 $ 282,614 Operative Agreement between the City of Huntington Beach and the Redevelopment 18)Agency of Huntington Beach JCOHB Water Utility Legally Binding Operative Agreement 535,686 12,504 12,504 $ 12,504 Totals-This Page $ 70,173,689 $ 6,387,825 $ $ 61387,825 $ $ $ $ 6,387,825 Totals-Page 2 $ 317,903,129 $ 13,770,733 $ 2,279,857 $ 2,975,205 $ 31,142 $ 30,299 $ 31,471 $ 5,347,974 Totals-Page 3 $ 34,554,704 $ 1,849,620 $ $ 154,135 $ 154,135 $ 154,135 $ 154,135 $ 616,540 Totals-Page 4 $ 10,743,124 $ 13,723 $ - $ 316,151 $ $ $ $ 316,151 Totals-Other Obligations $ $ $ $ $ $ $ $ Grand total-All Pages $ 433,374,646 $ 22,021,901 H$ 2,279,857 $ 9,833,316 $ 185,277 $ 184,434 $ 185,606 $12,668,490 • This Enforceable Obligation Payment Schedule(EOPS)is to be adopted by the redevelopment agency no later than late August.It is valid through 12131111.It is the basis for the Preliminary Draft Recognized Obligation Payment Schedule(ROPS),which must be prepared by the dissolving Agency by 9/30111.(The draft ROPS must be prepared by the Successor Agency by 11130111.) If an agency adopts a continuation ordinance per ABX1 27,this EOPS will not be valid and there is no need to prepare a ROPS. "Include only payments to be made after the adoption of the EOPS. " September payments were based on estimates only. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 2 of 4 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169() Period Covered:July 1,2010 thru June 30,2011 Total Outstanding Total Due Debt or During Fiscal Payments by month Project Name/Debt Obligation Payee Description Obligation Year Aug"" Sept Oct Nov Dec Total operative Agreement between the City of Huntington Beach end the Redevelopment 1 Agency of Huntington Beach COHB Water Utility Legally Blru o erativo Agreement 3,427,590 80,007 80,007 $ 80,007 Operative Agreement between the City of Huntington Beach and the Redevelopment 2 Agency of Huntington Beach COHB Drainage utility Legally Binding Operative Agreement 639,443 14,926 14,926 $ 14,926 Operative Agreement between the Ciy of Huntington Beach and the Redevelopment 3 Agency ofHuntingtanBeach COHBSewerUnity Legally Binding Operative Agreement 265,329 6,193 6,193 $ 6.193 4 Land Sale Emerald Cove COHB Park A&D Fund Legally Bindiog Operative Agreement 5,267,410 122,953 122,953 $ 122,953 doctored Developer Fees Park&Acquisition Fee COHB Park A&D Fund Legally Binding Operative A reement 390,705 9,120 9,120 $ 9,120 6 Deferred Developer Fees Sewer Fee COHSSewerUdIrty Legally Binding Operative Agreement 165,244 3,667 3,857 $ 3,857 7 Deferred Developer Fees Drainage Fee COHS Drainage Utirdy Legally Binding Operative A reement 175,900 4,106 4,106 $ 4,106 Legally Binding and Enforceable Agreement 8 Low Irwome Housing Loan Low Income Hsg Fund for Property Acquisition 1.362,500 $ Disposition and Development Agreement for 9 Hatt Project Robert Mayer Corporation the waterfront Development 6,504,572 1,132,502 32,773 400,44E 31.142 30,299 31,471 $ 526,133 10 2002 Tax AIM-Refunding Bonds Bank of New York Trust Cc Tax Allocation Bonds 20.853,300 1,621,718 338,795 338,795 11 1999 T ax Alloo Refundmg Bonds Bank of New York Trust Cc Tax Allocation Bonds 9,544,512 735,189 158,289 $ 158,289 Legally binding and enforceable agreement 12 HUD Section its Bank of New York Mellon for capital improvements 4,642 743 487,230 $ California Housing Finance Loan Borrowed by Agency for Senior Rental 13 HELP Loan Bowen Court Agency Complex 500,000 $ Owner Participation Agreement for construction of various public improvements 14 Bela Terra Parking Phases Bella Ten.Assoc LLC Indding parking 14,227,460 2,124,639 1,200,000 $ 1,200,000 Disposition and Development Agreement for development of hotel,retail and reslaumnL 15 Strand Parking&Infrastructure CIM DDA and public parking structure 15,9052076 867,464 677,903 1 1$ 677,003 Disposition and D...I*pmenl Agreement for 16 Strand Additional Parking CIM DDA addrtional Strand parking spaces 1,717,178 23,326 49,576 $ 49,576 Legally Binding and Enforceable Agreement for the Funding of Specified Public Infrastructure Improvements and AHordablo_ 17 Merged Proj Area Capdal Improvement Program City of Huntington Beach Housing Projects 185,829,940 $ Legally Binding and Enforceable Agreement for conveyance of Emerald Cove Senior 18 Emerald Cove Senior Apartments Cityof Huntington Beach Apartments 4,460,314 404,882 406,116 $ 406,116 192002 Tax Anoc Refunding Bonds Arbitrage Compliance Sip-lariat Tax Allocation Bonds-Arbitrage 500 500 $ 1999 Tax Aloc Refunding Bonds Arbitrage Compliance Speciadsl Tax Allocation Bonds-Albkra a 500 500 $ Tax Allocation Bonds-Payment to Fiscal 21 2002 Tax Aloc Refunding Bonds Bank of New York Mellon Agent 1,537 1,537 $ Tax Allocation Bonds-Payment to Fiscal 22 1999 Tax Alloc Refunding Bonds Bank of'Jew York Mellon Agent 848 848 $ Orange County,Vadous School 23 Pass Through Agreements... Districts and ody of HS Legally Binding and Enforceable Agreement 2,284,631 2.284,631 1 1,750,OD0 $ 1,750,000 Agns-rasnecess.ry lor-Winaed 24 RDA Merged Proj Area Admin Costs City of Huntington Beach admi-i-on or operation of Agency 98,231 98,231 $ 25)Low IMaderato Inc Set Aside Low Income 11.Fund Legally Binding and Enforceable Agreement 39,637,666 3,746,374 $ Totals-This Page $ 317.903,129 $ 13,770,733 $ 2,279,857 $ 2,976,205 $ 31,142 $ 30,299 $ 31.471 $ 5,347,974 This Enforceable Obligation Payment Schedule(EOPS)is to be adopted by the redevelopment agency no later than late August.It is valid through 12131/11.ft is the basis forthe Preliminary Draft Recognized Obligation Payment Schedule(ROPS),which must be prepared by the dissolving Agency by 9130111.(The draft ROPS must be prepared by the Successor Agency by 11 f30/11.) If an agency adopts a continuation ordinance per ABX7 27,this EDP$will not be valid and there is no need to prepare a ROPS. "nclude only payments to be made after the adoption of the EOPS. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 3 of 4 Pages Project Area(s) Merged Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169(*} Period Covered:July 1,2010 thru June 30,2011 Total Outstanding Total Due Debtor During Fiscal Payments by month Project Name/Debt Obligation Payee Description Obligation Year Aug" Sept Oct Nov Dec Total Legally binding and enforceable agreement BTDJM Phase II Associates for construction of a 467 mixed-use unit 1 Bella Terre Phase It (DJM) project. 27,205,084 $ Legally binding and enforceable agreement for future development of a new community located at Pacific Coast Highway and First 2)Pacific City Maker Properties Street 5,500,000 - $ - Legally binding and enforceable agreement Merged Proj Area Capital Improvement for continued administration and operation 3 Program Keyser Marston of agency 75,000 75,000 6,250 6,250 6,250 6,250 $ 25,000 Legally binding and enforceable agreement for continued administration and operation 4)Low Income Housing Keyser Marston of agency 150,000 150,000 12,500 12,500 12,500 12,500 $ 50,000 Merged Proj Area Capital Improvement Legally binding and enforceable agreement 5 Program Kane Ballmer and Berkman for continued legal operations 75,000 75,000 6,250 6,250 6,250 6,250 $ 25,000 Legally binding and enforceable agreement JIL..Income Housing Kane Ballmer and Berkman for continued legal operations 150,000 150,000 12,500 12,500 1 12,500 12,500 $ 50,000 Legally binding and enforceable contract 7)Low Income Housing Amerinational for housing compliance services 75,000 75,000 6,250 6,250 6,250 6,250 $ 25,000 Legally binding and enforceable agreement Merged Proj Area Capital Improvement for continued administration and operation 8 Program Payroll for employees ofagency 931,964 931,964 77,664 77,664 77,664 77,664 $ 310,656 Legally binding and enforceable agreement for continued administration and operation 9 Low Income Housing Payroll for employees of agency 392,656 392,656 32,721 32,721 32,721 1 32,721 $ 130,884 r12) $ $ _ $$$$ 16 $ - 17 $ 18) $ 19 $ 20 $ _ 21) $ 22) $ 23) $ 24) $ 25) $ Totals-This Page $ 34,554,704 $ 1,849,620 $ $ 154,135 $ 154,135 $154,135.00 $154,135.00 $ 616,540 " This Enforceable Obligation Payment Schedule(FOPS)is to be adopted by the redevelopment agency no later than late August,It is valid through 12131/11.It is the basis for the Preliminary Draft Recognized Obligation Payment Schedule(ROPS),which must be prepared by the dissolving Agency by 9/30111.(The draft ROPS must be prepared by the Successor Agency by 11130/11.) If an agency adopts a continuation ordinance per ABX1 27,this EOPS will not be valid and there Is no need to prepare a ROPS. ""Include only payments to be made after the adoption of the EOPS. Name of Redevelopment Agency: The Redevelopment Agency of the City of Huntington Beach Page 4 of 4 Pages Project Area(s) Southeast Coastal Project Area ENFORCEABLE OBLIGATION PAYMENT SCHEDULE Per AB 26-Section 34167 and 34169(•) Period Covered:July 1,2010 thru June 30,2011 Total Outstanding Total Due During Payments by month Project Name/Debt Obligation Payee Description Debt or Obligation Fiscal Year Aug— Sept Oct Nov Dec Total Operative Agreement for the Huntington Beach Merged Huntington Beach 1)Redevelopment Project Project Area Legally Binding Operative Agreement 302,489 302,489 $ 302,489 Operative Agreement for the Huntington Beach 2 Redevelopment Project C y of Huntington Beach Legally Binding Operative Agreement 6,505,000 $ Operative Agreement forthe Huntington Beach 3 Redevelopment Project City of Huntington Beach Legally Binding Operative Agreement 253,158 5,909 5,909 $ 5,909 Operative Agreement for the Huntington Beach 4)Redevelopment Project City of Huntington Beach Legally Binding Operative Agreement 332,161 7.753 7,753 $ 7,753 Legally Binding and Enforceable 5)Low Income Housing Set Aside Low Income Hsg Fund Agreement 1,848.202 61 $ Legally Binding and Enforceable Agreement for the Funding of Specified Public Infrastructure Improvements and 6)Capital Improvement Debt City of Huntington Beach Affordable Housing Projects 1,502,114 $ - 7) $ 8 $ 9 $ 10) $ 11) $ 12) $ 13) $ 14) $ 15 $ 16) $ [22) $ $ $ $ $ $ 24) $ 25) $ 26 $ 27) $ 28) $ Totals-This Page $ 10,743,124 $ 13,723 $ $ 316,151 $ $ $ - $ 316,151 * This Enforceable Obligation Payment Schedule(EOPS)is to be adopted by the redevelopment agency no later than late August,It is valid through 12/31111.It is the basis for the Preliminary Draft Recognized Obligation Payment Schedule(ROPS),which must be prepared by the dissolving Agency by 9130/11.(The draft ROPS must be prepared by the Successor Agency by 11130111.) If an agency adopts a continuation ordinance per A9X1 27,this EOPS will not be valid and there is no need to prepare a ROPS. **Include only payments to be made after the adoption of the EOPS.