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Home My WebLink AboutSuccessor Agency - 2023-03 (2) RESOLUTION NO. 2023-03 A RESOLUTION OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH APPROVING AN AMENDED RECOGNIZED PAYMENT OBLIGATION SCHEDULE 23-24B FOR THE FY 2023-24 FISCAL PERIOD OF JANUARY 1, 2024 TO JUNE 30, 2024, SUBJECT TO SUBMITTAL TO, AND REVIEW BY THE OVERSIGHT BOARD AND THE STATE DEPARTMENT OF FINANCE UNDER CALIFORNIA HEALTH AND SAFETY CODE, DIVISION 24, PART 1.85; AND, AUTHORIZING THE POSTING AND TRANSMITTAL OF THE ROPS WHEREAS,the former Huntington Beach Redevelopment Agency ("Former Agency") previously was a community redevelopment agency that was previously organized and existing under the California Community Redevelopment Law, Health and Safety Code Section 3300Q, et seq., and previously authorized to transact business and exercise powers of a redevelopment agency pursuant to action of the City Council of the City of Huntington Beach("City"); and WHEREAS, Assembly Bill xl 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code, which caused the dissolution of all redevelopment agencies and wind down of the affairs of former agencies, including as such laws were amended by Assembly Bill 1484 and by other subsequent legislation("Dissolution Law"); and WHEREAS, as of February 1, 2012 the Agency was dissolved pursuant to the Dissolution Law, and as a separate public entity, corporate and policy the Successor Agency to the Huntington Beach Redevelopment Agency ("Successor Agency") administers the enforcement obligations of the Former Agency and otherwise unwinds the Former Agency's affairs; all subject to the review and approval by an oversight board ("Oversight Board"); and WHEREAS, Section 34179 provides that the Oversight Board has fiduciary responsibilities to holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenues pursuant to Section 34188 of Part 1.85 of the Dissolution Law; and WHEREAS, Section 34177(m), 34177(o) and 34179 provide that each ROPS is submitted to, review and approved by the Successor Agency and then reviewed and approved by the Oversight Board final review and approval by the State Department of Finance ("DOF"); and WHEREAS, Section 34177(o)(1)(E) of the Dissolution Law authorizes that"[o]nce per period, and no later than October 1, a successor agency may submit one amendment to the [ROPS] approved by the department pursuant to this subdivision, if the oversight board makes a finding that a revision is necessary for the payment of approved enforceable obligations during the second one-half of the [ROPS] period, which shall be defined as January 1 to June 30, inclusive. A successor agency may only amend the amount requested for payment of approved enforceable obligations. The revised [ROPS] shall be approved by the oversight board and submitted to the department by electronic means in a manner of the department's choosing. The department shall notify the successor agency and the county auditor-controller as to the outcome of the department's review at least 15 days before the date of the property tax distribution"; and RESOLUTION NO. 2023-03 WHEREAS, pursuant to Sections 34179.6 and 34177(I)(2)(B), the Successor Agency is required to submit the ROPS to the DOF with copies to the County Administrative Officer, the County Auditor-Controller, and the State Controller's Office at the same time that the Successor Agency submits the ROPS to the Oversight Board for review; and WHEREAS, the Successor Agency has reviewed the draft Amended ROPS 23-24 B and desires to approve the Amended ROPS 23-24 B and to authorize the Successor Agency staff to transmit the Amended ROPS to the Oversight Board; and NOW, THEREFORE, the City Council of the City of Huntington Beach does hereby resolve as follows: SECTION 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. SECTION 2. Pursuant to the Dissolution Law,the Successor Agency approves the Amended ROPS 23-24 B, which schedule is incorporated herein by this reference;provided however,that the Amended ROPS 23-24 B is approved subject to transmittal of the Amended ROPS to the Oversight Board for review and approval with copies of the Amended ROPS to be sent concurrently to the DOF, the County Administrative Officer, the County Auditor-Controller, and the State Controller's Office. Further, the Community and Economic Development Director, or her designee, in consultation with legal counsel, is hereby authorized to make augmentations, modifications, additions or revisions as may be necessary or directed by DOF, and changes, if any, will be reported back to the Successor Agency and the Oversight Board. SECTION 3. After approval by the Oversight Board, the Successor Agency authorizes transmittal of the approved Amended ROPS 23-24 B to the DOF,the County Administrative Officer, the County Auditor-Controller, and the State Controller's Office. SECTION 4. The Chief Finance Officer, or her designee, is directed to post this Resolution, including the Amended ROPS 23-24 B, on the City/Successor Agency website pursuant to the Dissolution Law. SECTION 5. The Secretary of the Successor Agency shall certify to the adoption of this Resolution. /// /// /// /// /// /// /// /// /// 2 23-13370/317837 RESOLUTION NO. 2023-03 PASSED AND ADOPTED by the Successor Agency to the Redevelopment Agency of the City of Huntington Beach at a regular meeting thereof held on the 5th day of September:2023. Chairperson REVIE D , D APP' •VED: Executive ire or APPROVED AS TO FORM: eneral Legal Counsel 3 23-13370/317837 RESOLUTION NO. 2023-03 EXHIBIT A RECOGNIZED OBLIGATION PAYMENT SCHEDULE 23-24 B FOR THE SIX-MONTH FISCAL PERIOD JANURY 1, 2024 TO JUNE 30, 2024 (attached) • 23-13370/317837 Huntington Beach ROPS 2023-24 Amended Summary. Detail Submission Authorized Requested Requested Funding for Obligations Amounts Adjustments Amended Total A Obligations Funded as Follows(a+c+o) 0 0 0 B Bond Proceeds 0 0 0 C Reserve Balance 0 0 0 D Other Funds 0 0 0 E Redevelopment Property Tax Trust Fund 3,520,500 10,000,000 13,520,500 (RPTTF)(F+G) F RPTTF 3,395,500 10,000,000 13,395,500 G Administrative RPTTF 125,000 0 125,000 H Current Period Obligations(A+E) 3,520,500 10,000,000 13,520,500 Huntington Beach ROPS 2023-24 Amended Summary Detail auk m/DO Qn Filter Export to Excel AUTHORIZED AMOUNTS REQUESTED ADJUSTMENTS Total Outstanding Bond Reserve Other Admen Total Bond Reserve Other Admin Total rem8 Obligation Name Obligation Type Balance Proceeds Balance Funds RPTTF RPTTF Authorised Proceeds Balance Funds RIM; RPT Tr Ad,sled Notes TOTAL 31,792,044 - - •- 3,395,500 125,000 3,520,500 - - - 10,000,000 - 10,000.000 2 Hyatt Regency OPA/DDA/Construction - •- - - - . - - - - -Huntington Beach Project / 3 2002 Tax Allocation Bonds Issued On or 2.575,000 - - - 19,500 - 19.500 - - - - - - Refunding Bonds Before 12/31/10 p 4 1999 Tax Allocation Bonds Issued On or 1,190,000 - - - 9,000 - 9,000 - - - - - Refunding Bonds Before 12/31/10 6r 5 2002 Tax Allocation Fees 500 - - - - - - - - - - - - Refunding Bonds / 6 1999 Tax Allocation Fees 500 - - - - - •- - - - - - • Refunding Bonds / B 2002 Tax Allocation Fees 1.600 - - - - - - - - - - - • Refunding Bonds / 9 1999 Tax Allocation Fees 1,600 - - - - - - - - - - - • Refunding Bonds / 12 Emerald Cove 2010 Bonds Issued On or 6,837,845 - - - - - - - - - - - Series A Lease Before 12/31/10 Revenue Refunding Bonds / 14 Strand Hotel and ORA/ODA/Construction 4,970,141 - - - - - - - - - - - • Mixed-Use Project, Parking 8 Infrastructure 9 15 Strand Project OPA/ODA/Construction 337,219 - - - - - - - - - - •- - Additional Parking / 17 Pacific City-Very Low DPA/ODA/Construclion - - - - - - - - - - - Income Units 9 21 Abdetmudi Owen OPA/DOA/Conslructlon - - - - - - - - - •- - - - Participation Agreement/Rent Differential Agreement A? 29 Bella Terra Parking OPA/DDA/Construction 3,487,056 - - - 1,939,365 - 1,939.365 - - - - - - Infrastructure Property Tax Sharing Agreement a 30 Bella Terra Phase II OPA/DDA/Construction 12,130,583 - - - 1,417,635 - 1,417,635 - - - - - - Property Tax Sharing Agreement 50 Enforcement of Admin Costs 250,060 - - - - - - - - • Successor Agency dissolution compliance and monnormg per AB 1%26 and AB 1484 a 64 Successor Agency Dissolution Audits 10.000 - - - 10.000 • 10.000 - - - - - Financial Statement Audit 9 76 Waterfront Hyatt Project Management - - - - - - - - - Regency Hotel(Parcel Costs 5),Waterfront Hilton Hotel/Parcel C(Parcel 6 and 7) e 77 Waterfront Hyatt Project Management - - - - - - - - - - - Regency Hotel(Parcel Costs 5),Waterfront Hilton Hotel/Parcel C(Parcel 6 and 7) p 78 Waterfront Hyatt Project Management - - - - . - - - - Regency Hotel(Parcel Costs 5),Waterfront Hilton Hotel/Parcel C(Parcel 6 and 7) / 79 Land Sale Emerald City/County Loan(Prior - - - - - - - - - Cove 06/28/11),Property transaction u' 90 Unfunded CalPERS Unfunded Liabilities - - - - - • - - • Pension Liabilities AUTHORIZED AMOUNTS REQUESTED ADJUSTMENTS Total Outstanding Bond Reserve Other Adroit) Total Bond Reserve Other Admin Total Rem Obligation Name Obligation Type 'Balance Proueds Balance Funds RPTTF RPTTF Authorized Proceeds Balance Funds RPTTF RPTTF Adjusted Notes 91 Unfunded Unfunded Liabilities - • - - - - - - - - Supplemental • Retirement Liabilities 9' 92 Unfunded OPEB Unfunded Liabilities - - - - - - - - - - - - Liabilities • 93 Land Sale Emerald City/County Loan(Prior - - - - - - - - - - - - • Cove 06/28/11),Property • transaction - / 95 Huntington Center City/County Loan(Prior - - - - - •- - - - - - - - Redevelopment Plan 06/28/11),Property ' development transaction 96 Maln-Pier City/County Loan(Prior - - - - - - - - - - - - Redevelopment 06/28/11),Property Project Phase II transaction • 97 Development of City/County Loan(Prior - - - - - - - - - - • , Downtown Main-Pier 06/28/11),Property . • project area transaction 98 Third Block West City/County Loan(Prior - - - - - - - - - - - - commercleVresidentIal 06/28/11),Property project transaction p 99 Second Block Alley City/County Loan(Prior - - - - •- - - - - - - and Street 06/28/11),property - • improvement Project transaction er 100 Strand Project City/County Loan(Prior - - .- - - - - - - - 06/28/111 Property transaction 101 Plerslde City/County Loan(Prior - - - - - - - - - - - - Hotel/Retall/Parking 06/28/11),Property Structure Project transaction 102 Waterfront City/County Loan(Prior - - - - - - - - - - 10,000,000 - 10,000,000 Approved as Commercial Master 06/28/11),Property an Site Plan transaction enforceable • obligation by DOF In letter dated 05/19/2023. 103 Strand Project City/County Loan(Prior - - - - - - - - - - - - • 06/28/11),Property • transaction , / 104 Operative Agreement City/County Loan(Prior - - - - - - - - - - - - for the Huntington. 06/28/11),Other Beach Redevelopment Project • • • • • • • • • • Successor Agency Res. No. 2023-03 STATE OF CALIFORNIA COUNTY OF ORANGE ) ss: CITY OF HUNTINGTON BEACH ) I, ROBIN ESTANISLAU the Clerk of the Successor Agency to the former City of Huntington Beach Redevelopment Agency, Huntington Beach, California, DO HEREBY CERTIFY that the foregoing resolution was duly adopted by The Successor Agency to the Redevelopment Agency of the City of Huntington Beach at a regular meeting held on September 5, 2023 and that is was so adopted by the following vote: AYES: Board Members: Kalmick, Moser, Van Der Mark, Strickland, McKeon, Bolton, Burns NOES: Board Members: None ABSENT: Board Members: None ABSTAIN: Board Members: None (44111, 9,671-alud-40 Clerk of The Successor Agency to the Redevelopment Agency of the City of Huntington Beach, California