HomeMy WebLinkAbout2015-225 I RESOLUTION NO. 2015-225
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL ACTING AS THE
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
3 BERNARDINO APPROVING RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15-
4 16B FOR THE PERIOD OF JANUARY THROUGH JUNE 2016 AND APPROVING
CERTAIN RELATED ACTIONS
5
WHEREAS, pursuant to Health and Safety Code (the "HSC") § 34172 (a)(1), the
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Redevelopment Agency of the City of San Bernardino was dissolved February 1, 2012; and
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WHEREAS, consistent with the provisions of the HSC, on January 9, 2012 the Mayor and
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Common Council of the City of San Bernardino elected to serve in the capacity of the Successor
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Agency to the Redevelopment Agency of the City of San Bernardino (the "Successor Agency"); and
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WHEREAS, the Oversight Board for the Successor Agency (the "Oversight Board") has
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been established pursuant to HSC § 34179 to assist in the wind-down of the dissolved
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redevelopment agency; and
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WHEREAS, per HSC § 34177 (1)(1), the Successor Agency is required to prepare a
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Recognized Obligation Payment Schedule ("ROPS") before each six-month fiscal period, which
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corresponds to equal halves of a fiscal year (i.e., January through June and July through December);
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and
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WHEREAS, pursuant to HSC § 34180 (g), Oversight Board approval is required for the
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establishment of each ROPS and in this instance the Oversight Board approved ROPS 15-16B
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during its meeting of September 28, 2015; and
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WHEREAS, pursuant to HSC § 34177 (m), an Oversight Board-approved ROPS 15-16B
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for the period of January through June 2016 must be submitted to the County Auditor-Controller,
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County Administrative Officer, the State Controller and the State Department of Finance not later
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than October 5, 2015; and
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WHEREAS, pursuant to HSC § 34177, the Successor Agency is legally required to continue
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to make payments due for enforceable obligations; and
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WHEREAS, the approval of the establishment of ROPS 15-16B will ensure that the
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Successor Agency has the authority to continue to pay its enforceable obligations; and
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1
I WHEREAS, it is proposed that the Successor Agency approve the establishment of the
2 Successor Agency's ROPS 15-16B, which is attached hereto as Exhibit"A"; and
3 WHEREAS, in addition to the foregoing, the attached ROPS 15-16B includes an
4 enforceable obligation for a tax penalty with respect to the former redevelopment agency's 1998B
5 Tax Allocation Bonds (see enforceable obligation No. 128) for which further information related to
6 this matter is included within the correspondence received from bond counsel that is attached hereto
7 as Exhibit"B"; and
8 WHEREAS, this Resolution has been reviewed with respect to applicability of the
9 California Environmental Quality Act (the "CEQA"), the State CEQA Guidelines (California Code
10 of Regulations, Title 14, §§ 15000 et seq., hereafter the "Guidelines"), and the City's environmental
11 guidelines; and
12 WHEREAS, this Resolution is not a "project" for purposes of CEQA, as that term is
13 defined by Guidelines § 15378, because this Resolution is an organizational or administrative
14 activity that will not result in a direct or indirect physical change in the environment, per §
15 15378(b)(5) of the Guidelines; and
16 WHEREAS, all of the prerequisites with respect to the approval of this Resolution have
17 been met.
18 NOW, THEREFORE, BE IT RESOLVED by the Mayor and Common Council acting as
19 the Successor Agency to the Redevelopment Agency of the City of San Bernardino, as follows:
20 Section 1. The foregoing recitals are true and correct and are a substantive part of this
21 Resolution.
22 Section 2. The Successor Agency's ROPS 15-16B for the period of January through
23 June 2016, which is attached hereto as Exhibit "A", is approved, inclusive of each enforceable
24 obligation.
25 Section 3. The City Manager, as the Successor Agency's Executive Director or
26 designee, is authorized to: i) post that ROPS 15-16B on the City's website, ii) transmit the ROPS
27 15-16B to the County Auditor-Controller, the County Administrative Officer, the State Controller
28 and the State Department of Finance for their review within the timeframe and in the manner
2
I prescribed by the HSC; and iii) make ministerial revisions to ROPS 15-16B, which may include, but
2 are not limited to restating the information included within ROPS 15-16B in any format that may be
3 requested by the State Department of Finance, take such other actions and execute such other
4 documents as are necessary to effectuate the intent of this Resolution, and to implement ROPS 15-
5 16B on behalf of the Successor Agency, including authorizing and causing such payments.
6 Section 4. This Resolution is not a "project" for purposes of CEQA, as that term is
7 defined by Guidelines § 15378, because this Resolution is an organizational or administrative
8 activity that will not result in a direct or indirect physical change in the environment, per §
9 15378(b)(5) of the Guidelines.
10 Section 5. This Resolution shall take effect upon its adoption and execution in the
11 manner as required by the City Charter.
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I RESOLUTION OF THE MAYOR AND COMMON COUNCIL ACTING AS THE
SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
2 BERNARDINO APPROVING RECOGNIZED OBLIGATION PAYMENT SCHEDULE 15-
3 16B FOR THE PERIOD OF JANUARY THROUGH JUNE 2016 AND APPROVING
CERTAIN RELATED ACTIONS
4
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Successor
5
Agency to the Redevelopment Agency of the City of San Bernardino, at a meeting thereof, held
6
on the 5th day of October, 2015, by the following vote, to wit:
7
8 Council Members Armes Nays Abstain Absent
9 MARQUEZ X
10 BARRIOS X
11 VALDIVIA X
12 SHORETT X
NICKEL X
13
JOHNSON X
14
MULVIHILL X
15
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17 Georgeann tfanna, CMC
City Clerk
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19 The foregoing Resolution is hereby approved this day of October 2015.
20
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22 R. Carey Davis, , hairman
Successor Agency to the
23 Redevelopment Agency of the
24 City of San Bernardino
Approved as to Form:
25 Gary D. Saenz, City Attorney
26
By: aid 1A
27
28 CD
4
2015-225
1 EXHIBIT "A"
2
3 SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
4 RECONGNIZED OBLIGATION PAYMENT SCHEDULE 15-16B
(January through June 2016)
5
6 (See Attachment)
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2015-225
Recognized Obligation Payment Schedule(ROPS 15-1619)-Summary
Filed for the January 1,2016 through June 30,2016 Period
Name of Successor Agency: San Bernardino City
Name of County: San Bernardino
Current Period Requested Funding for Outstanding Debt or Obligation Six-Month Total
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund(RPTTF)Funding
A Sources(B+C+D): $ 4,113,176
B Bond Proceeds Funding(ROPS Detail) 3,500,000
C Reserve Balance Funding(ROPS Detail) -
D Other Funding(ROPS Detail) 613,175
E Enforceable Obligations Funded with RPTTF Funding(F+G): $ 25,493,193
F Non-Administrative Costs(ROPS Detail) 24,750,672
G Administrative Costs(ROPS Detail) 742,521
H Total Current Period Enforceable Obligations(A+E): $ 29,606,368
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF(E): 25,493,193
J Less Prior Period Adjustment(Report of Prior Period Adjustments Column S) (263)
K Adjusted Current Period RPTTF Requested Funding(14) $ 25,492,930
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF(E): - 25,493,193
M Less Prior Period Adjustment.(Report of Prior Period Adjustments Column AA).
N Adjusted Current Period RPTTF Requested Funding(L-M) 26,493,193
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m)of the Heahh and Safety code,I
hereby certify that the above is a true and accurate Recognized Name Title
Obligation Payment Schedule for the above named agency.
/s/
Signature Date
2015-225
San Bernardino City Recognized Obligation Payment Schedule(ROPS 15-16B)-ROPS Detail
January 1,2016 through June 30,2016
(Report Amounts in Whole Dollars)
A 8 c O E F 0 H J K I L M N O P
Fund Sourw
NonRMwebp(N RowMTax Tmst Fvd
NomRP RPTTF
Co aAryeement C.—aAgreamant Tobl ONS g
ItemB Proect Name l DeN ownuMnn ONi"innT Evecukon N. Termination Dab Pa Dascrlti.N tl PfOM Area DAM Or ON Eon R.— Ba Precwds Rewrve Bennie OBrer FUMS NonAdmin A-in SN-Monts T.
281628038 3500000 S 613175 $ 24750872 ]42521 29E08368
19886 TABS Borcb lsslntl On or Y 1999 7/12020 US Bank Cenral City RDA PrOIMS MICC ],485,8]5 N 1,2)).244 3 1,277,2M
Belora 1Yd1110
19968 TABS Borldc Issued On or 32/1990 ]/12020 US Bank CeMI CM RDA ProleNS MICC 4,012.349 N 569,800 S 569,900
Before 1MI110
620026 TABS B I.—On or 3'42002 2/12031 US Bank MI Varrwn ProjM Ana MTV 4,564.815 N 17,725 S 17],]25
BNOre 12/31/10
)2002 TABS BeMalsaoed On or 11/1912001 N12026 US Bank SC.CCN,SHIP,NW,TRI,UP ant SV SC.CCN,SEIP,NW,T 24,154208 N 1,968.838 $ 1,968,838
BNOn 12/31110 Pro'eNS RI,UP,SV
82—TABS B ,i lsslyd On or 82121105 10'12025 US Bank SC.CCN,SEIP,NW,TRI,UP AM SV SC.CCN,SEIP,NW,T 44.186.587 N .1 42,1 $ 381,424
Before InVi0 Pro'ecb RIUPSV
920058 TABS Bo Iss11N On or 9222005 10'12025 US Bank SC.CON,SEIP,NW,TRI,UP AM SV SC,CCN,SEIP.IWL,T 16.391,854 N M1,73 $ 208,773
Before IM1/10 Pro'ecb RI,UP,SV
10 2010A RECOVERYZONE Borbs lsslatl Oner 1L62010 C 000 US Bank Recovery Zore ProlMS CCN.wcc.NW 10,]93,324 N 116,493 316.662 S 063.3Fa
Belem 12/31/10
11 20108 TABS BaMS Issuatl On or 12162010 412028 US Bank NoMxest RaRN Araa NW 4,033,610 N 227.300 $ 227.300
Before 12ni/10
121995H HgNaM WMren BR Rewnua Bonds M1911 WS ]11(1025 US Bank Br HO.irq Complex IVDA 1,535,]11 N 1,210 100,250 3 1091480
Ho.inp lae.tl On wBafon
2n1no
1319958 Casa Ramore Sr HO.ing Revenw BOnda 611 M1905 7112025 US Bank Ramona Sr HO.iry Complex MTV 1,410,756 N 45,472 55.39] S 100,832
Isauad On or BNOre
inni 0
14 CMB-Export 515,000.000 NONe TM1id-PoMloa. 1N52008 &12015 CMB Export ln(rastrucNa Vado.comeudnn poHpN wr SC,UP,CCN,CCS. 1 Y S -
GMB meet SEIP TRI
15 CM&Exwrts10.000,01]O NOba Th'rtl-Party Wane YB2011 11/12017 CMBEVpert lnlnntructixe Varian cembucinn propcb Per CCE,CCS,CCN, 11,050,000 N 262,500 5 262,500
Greu MCC
IS CMB-Export f8.000,1g0 Nobs TBktl-Pets Loam 9112010 1N12016 CMB Export lnheslmcWra Vann.wmaucEO 127f leer IVDA 420,000 N 210.000 $ 210,000
(Inbresl Ontp Group agresment(See EOF1271or prircipi
aducdon
17 Cnwna Section 108 Bads Bads lss.tl On or Hi511808 812018 Bats q Naw York Ckwma Sbr RojM CCN,M'CC,NW 1.W9.738 N 22,023 $ 22,023
BNen
111I10
S
19 Hilts COA TI RaimWnament OPNDDP/COnbucti 9'162006 6272021 Hlkwed PropeNes Tax S-ing Agreement-Wareho.e SC J,001.561 N S
Feel
MBP CA-S.Remediatlon OPNDDNCOmmcE 10172002 9002o18 BP I Tav S-in,Agn—-s. TRI 226,219 N S
Ramedb bn
24 SB Oe rq TMmidonal ASSisbrxe —CoOPN8162004 2/2/2020 Wabrman Haltlings Tax Sfurng Apreemant-New CCE MAN N $ -
De rtmM AD Leaved BUildi CwnBU
2B 2006 TABS BoMSlaslwtl Dn or 3202006 .1 027 US Bank IMIHF Proje_'egnms CCN 23,601,111 N 2.167,024 S 2.18],820
BHors 12/31110
S 288.]0]
31 Retinae Hea1M Ber1a11 AI c I'wo. S2Y1005 6imm Verb.RNked Employaea RNIA Supplamereal Heats B nk ALL 825,400 N 16.900 S 18.900
A Pof
325ucws Agelcy Admin. Admin COSb 2/12012 4112030 VaM.Employawd Vario.admin eclivNes in support of ALL 6.855,828 N 142,521 S ]42,521
VaMOrs the tiaaoludon aldw brmar RDA
38 LOlp Term PropaM Mainterenw PrePM 6262011 6/102095 Varb.Vanden Maimenenceol loaner RDA ProwNw ALL 4.250,000 N 450,000 900,000 S 1,350,00p
Maintenance aordance wkM1 AB 1484
i
S2 HSC 34171(d)(1)(A)Reserve BeMSlae,rtl On er 38/1998 412030 US Bank RaplanbM1ment of DSR Raves– ALL 4,138.810 N 4,138.810 S 4,138,810
BNOro 12/31110 Dalerretl Duo kr Insull'x:ient RPTTF
84 Securities Servicin Fe —1998 412030 USBank Securities Sarvicn olaE Bonds ALL 726,191 N 85000 85000
2015-225
San Bernardino City Recognized Obligation Payment Schedule(ROPS 15-16B)-ROPS Detail
January 1,2016 through June 30,2016
(Report Amounts in Whole Dollars)
A B C D E F G H I J K I L M N 0 P
FuwN Sowce
NonRMevelopmem R NOrvRP TTF)Tex Trust Fund
RPTTF
CorkaNApeermM CoMNAgrNmM Total OM..ft
ItemY Pro'ed Name l D.d Od'eBOn OMI atbnT Ex«Iltlw Dab Termination Dab Pa Descli tloNPre'p600 Prded Area N.Or-I— Ratlred BoM Pr«aads Reserve B.— OMer FUMS --in Ad— Su-Momb-1
S 1,0]5348
f
f 1,162,54]
Rdmb —'Agreamanl iw Debt BoMSlafuetl On or 8']9'1888 81202d C4yd San Bemsrtliro RNmburaemeNlw pMService iw ALL 63116,046 N 424,]95 f 424.]95
Servke w 1988 COP. BMOre 12/31110 1699 COPa 201 BM.6 Som Valle
f 52,1]2
$ 358.105
11 Th,-Party R.labtllAg— Utlgadon 2/121112 viQM0 swial Cowed Th -hMRMaUtl UIiWOOn;On- ALL So" N 50,000 So•000
antl Areci tetl.
116 Real Repady S«uM S.— P'.'m 81158014 Y30201] Pbtlnum Secur4y.lrc. NqN-Min—"SearMGard ALL 313,152 N 103.845 f 103,845
..I.— Al.,Servke.- Baines.Houn
120 O.Mi-ing D.I.—S.— Pmlessiorcl 1412012 B•308o17 Ur n Fww«,Irc. Cw--9 Dixbsure Services lw ALL 216,000 N 13,500 f 13,500
Seniors 26D2,Ze12A,20054.20058.2006,
20tH aM 2010B TABS-ROPS'B'
C
123 Real ProgMS«uriry Sarviva PmgM 132015 6'30201] Capital PrdacBOn,lrc. Theater Square 5«wM Services- ALL 1]1,(100 N 55.000 S 55,000
Main— Dun Bairns,HJ—
S
MM BMW RM
125 2015 Rdw TABS(In— RO—"B 11112015 12112031 US Bank Rdundilp TABa d do 1998.—M. ALL 14,3B],BBJ N $
Portion ONy) Issatl Mwfib]/12 200']A and2008TABS arilO 2010
and 2011 EB-5 Not«
126 2015 Rorwdirp TAB.(Prirclgl RduMing Bw1da 11'12015 12/12031 US Bank RduMing TABS d tM 19888.2002, ALL 58,]25,000 N $
Ratludon P.—ONy) Isfad Mer62]l12 2002A aM 2o06TA . tln 2o10
antl 2011 EBS N-
E128 CMB-Exgn3B4OW.000 Ne1a. T1id-paM lAam 8'12010 &12016 CMB Export lnhadructure Vanoa corcbuclnn proyc6 qr ALL 8,000.000 N 8,000,000 f 8,000,000
(Prircigl R.—n P—n ONy) Group agraarmM4(See EO Y 127 for grcigl
atlwdo eM
Tex Uadry Da br 18988 TAB. Binds luatl On or 3211898 ]/12020 U.B.INemal Ravens Tax UaNrry Da ror 19988 TABS'See ALL 3,500,000 N 3,500,000 S 3.500,000
. 1 6dar Power PwMace AgraameM Ur4wMtl LiNNiea 11258006 112N2r2B RDA Solar I,LLC Peymenl tar wNMetl obkgations for ALL 560.000 N 40,000 3 N N N N
N
1.
f
36 N
13] N f -
13B N f -
139 N f
140 N
141 N 3
142 N
143 N
2015-225
San Bernardino City Ft—,.ized Obll•at-Payment Schedule(ROPS 15-18B)-Rport of Cash Balances
R ort Amounts in Whole pollard
Pvrs n to Health and Safety code secdon U177(1).Redevelopment Property Tar Trust Lund(NPTTF)mayhelixtedasasourttdpa,—on the ROPS,but only to the eaten[no other funding souru ix available or
whenaa nt HOm r bedb a en--ble obli at on howmcom ktP he RP ort of CaM Balances Form,see Cash Balarce Tl Sheet
• O D E F 0 H I
F.W SRUrcas
—dProcaM• Rsurva MNrca Omrr RPTTF
Rw RODS
P,I
RPTT
Bontla lewetl m aM DIXa RPnTTF tl
w OYwe Fonda beue0 an
GsM1•alarcRldenluHan ROPb MrIPtl 121dt/10 or alter OlN1/1f �smtl sin GrrmmM1
ROM.15•ACbrob OIro1R5.OV3GY5
I BMnner9 AVMaw GM•alsrca(AClual O1ro1115) Theamountin Cell C-lmthe sum of
$10664933 of""$5,020,383 of 300$
TABS Indenture-Required020.3 antl
$e,]6S,14J of unspent pre-toll bond
proceeds available far protects Post-FOC.
The xum of the amounts in Ce05 E-1 and G l
equals$S,2a42,wNch m-Ending
tual Available Cash Balarce on 12-3114,
as re.,.d in Cells E-6 and 6-601 the Cash
Balarce Report for ROPS 14--See Notes
Page for details an the amounts reported in
c-E 1 and G-1,and 10r details on the
reported in Column E.1111 N-1 is
the sumxofM PP AS far ROPS 14-1SB(.A.
$1,S19A67)and RIPS 15-16A(i.e.,$42.640).
24450462 688025 1,186245 1562.10]
z RavanuNrcwn(Adw106g0'11) Cef G-2cmdYe al f221014 d 1hiN pony
RPTTF amounh shcud lro m Me RCMS514f 5B tliYnWlion fnm 1He tp ad fewiw antl E543,Bfi1 d
County AUtlAar-G W,dump January2015 rmenntall intlom.tM1e emaint Yiwsn in CN N-2 is
St-627 bas Man Me amount aulhgruetl by
765615 15,61),533 pOFin ill bder d 1114-15
$ EPM 3.1-3 a 1-4 w1$19,111-
-1)
cntroatothePPAI-
RPTTF.—A H3 plus H4 Ywutl pal trial lepoded acbal
Report d PPA.(alumna L and O t83,t35 6t 100 17 137 X0
hN GM WI•rca 6actwl98/30115)
fw MUre psdod(s) N
mry iw3lyde the emwda didawled as
5 ROPE 14158 RPTTF Mr heotl AtlJ—.
Regan d PPA.CblumnlS b
Me—ROP51—.PPA in tlro Np agyt,�p
263
8 fnGro AdOrol AwlYON Gsb MRrce
Oro0•(--E-4),M•(ta2•E•4.5) $ M 50 2 S - s $914890 t - s 0,8121$ 4251!
P ]routs-1.111
1 Baymlro Awlbpb GMBalarrw(_10Tro1rtf)
(O,D.EO.4a4F•NI♦Ra R,aMM•6aq 5 24 SO bt i - f 90 S - f W 12 f 43
arrro(FRWrcY 1Tn1/15) CeY GB squab the cum d f1]Oa,o00 in
e RPTTF. MOUWl d.Na ROP21s161emnlrewn PA.lhe ron162148OW dwdepbe
nwawilor-ammlbrdmlp JUna x015 y- na$2182 N d woledad HR
panrpddd--t m RPTTF .GaB Ha
3 aGf.214 16,185,058 UCb the
amwnt d RPTTF recervetl Iran the
9 E.pMftna for ROM 1616A Edwca•tla Obkpfl.a(EMmcb CM G9crosiKSdaf1104,OW mnlnWwn to
1115) repay Me 2008 EB-5 Ndac.4232,685 fw Mnb
party coddbut'wrls to ded aeMa and§OTA,CI3
e.,EO No.38
aWdbn d Avallaeb GsM1 Balarce(E.-1-12)
RPTTF amount MY=(—d mryiW,RR theamounts d'—1.as pesedsa wmperoanMOYbeb tnn de3poce
e tw ratan wl e••Bank to
�e San Beme�dino Ado Grier Aaapc.,Inc.aro
ft 864145 reprxents IM1e arrant M W
Hro OFA DDR payment
ur n0 ROP511Sf 84.The deOindrq dalan¢is
Ermlro Eatlrw4d Awllad•GiH O•urc•(Ja 8-9.10) s L 50 z s - s 39U 190 s - s 1d>Elt s
2015-225
cm n«,sx:b oewwv.�v.r�-.s..,.ew csays,s�ss�.n.00nm vm.v.ega..a��-M.
o x.nan is� u.. n... is w...nue nu• .,u nuns���znu...�....ann xac a.mx�..�r w w x.n.n .x.nu..wmue v... .ni..w tiNMen
mg
2015-225
2015-225
San Bernardino City Recognized Obligation Payment Schedule(ROPS 15-16B)-Notes
January 1,2016 through June 30,2016
Item Notes/Comments
ROPS DETAIL FORM
3 None.
The 1998B TABS will be subsumed by the 2015 Refunding TABs slated to close during ROPS 15-16A,but after ROPS 15-15B is filed with DOF.The amount of debt
service indicated will be contributed to the 2015 Refunding TABS debt service. Notwithstanding the foregoing,it is possible that the 2015 Refunding TAB.may close
4 at a later time.
The 2002A TABS will be subsumed by the 2015 Refunding TABs slated to close during ROPS 15-16A,but after ROPS 15-15B is filed with DOF.The amount of debt
service indicated will be contributed to the 2015 Refunding TABS debt service.In addition,to ensure that adequate RPTTF is available to make the principal reduction
payment during the second half of 2016 and consistent with the Indenture,the debt service amount indicated on ROPS 15-16B includes the principal reduction
6 payment.Notwithstanding the foregoing,it is possible that the 2015 Refunding TABs may close at a later time.
The 2002 TABS will be subsumed by the 2015 Refunding TABS slated to close during ROPS 15-16A,but after ROPS 15-15B is filed with DOF.The amount of debt
service indicated will be contributed to the 2015 Refunding TABS debt service. Notwithstanding the foregoing,it is possible that the 2015 Refunding TABs may close
7 at a later time.
To ensure that adequate RPTTF is available to make the principal reduction payment on the 2005A TABS during the second half o(2016 and consistent with the
8 Indenture,the debt service amount indicated on ROPS 15-16B includes the principal reduction payment. _
To ensure that adequate RPTTF is available to make the principal reduction payment on the 20058 TABS during the second half of 2016 and consistent with the
9 Indenture,the debt service amount indicated on ROPS 15-16B includes the principal reduction payment.
10 None.
11 None.
12 For the 1995H Bonds,the owner's contribution is equal to the estimated amount applicable during the current ROPS cycle.
13 For the 1995R Bonds,the owner's contribution is equal to the estimated amount applicable during the current ROPS cycle.
14 None.
The 2011 EB-5 Notes will be subsumed by the 2015 Refunding TABS slated to close dudng ROPS 15-16A,but after ROPS 15-15B is filed with DOF.The amount of
15 debt service indicated will be contributed to the 2015 Refunding TABS debt service.
The 2010 EB-5 Notes will be subsumed by the 2015 Refunding TABS slated to close during ROPS 15-16A,but after ROPS 15-15B is filed with DOF.The amount of
16 debt service indicated will be contributed to the 2015 Refunding TABS debt service.
17 None.
The Arden-Guthrie Section 108(CDBG)Loan has an RDA stand-by guaranty that may only be called upon if the CDBG funds during any year are insufficient to make
18 debt service.Since CDBG revenue is projected to be sufficient during ROPS 15-16B,no current payment is needed from RPTTF
The payments for all tax sharing agreements are conditioned upon the recipient meeting certain prerequisites with respect to the payment of current property taxes.To
the extent that such preconditions are projected to be accomplished during a ROPS cycle,a current payment allocation will be requested.If it is projected that the
19 necessary prerequisites will not be accomplished during a ROPS cycle,then payments pursuant to the obligating agreement will be deferred to a future ROPS cycle.
The payments for all tax sharing agreements are conditioned upon the recipient meeting certain prerequisites with respect to the payment of current property taxes.To
the extent that such preconditions are projected to be accomplished during a ROPS cycle,a current payment allocation will be requested.If it is projected that the
20 necessary prerequisites will not be accomplished during a ROPS cycle,then payments pursuant to the obligating agreement will be deferred to a future ROPS cycle.
The payments for all tax sharing agreements are conditioned upon the recipient meeting certain prerequisites with respect to the payment of current property taxes.To
the extent that such preconditions are projected to be accomplished during a ROPS cycle,a current payment allocation will be requested.If it is projected that the
24 necessary prerequisites will not be accomplished during a ROPS cycle,then payments pursuant to the obligating agreement will be deferred to a future ROPS cycle._
The 2006 TABs will be subsumed by the 2015 Refunding TABS slate to close during ROPS 15-16A,but after ROPS 15-158 is filed with DOF.The amount of debt
service indicated will be contributed to the 2015 Refunding TABS debt service.Notwithstanding the foregoing,it is possible that the 2015 Refunding TABS may close at
L2��' Pursuant to Cal PERS letter invoice dated October 2014,Cal PERS is now billing annually for unfunded pension obligations.The annual payments will be placed on
the"B"cycle ROPS.
None.
a later time.
The amount of this EO is equal to 3%of the sum of the amounts indicated in column"N".
None.
2015-225
San Bernardino City Recognized Obligation Payment Schedule(ROPS 15-16B)-Notes
January 1,2016 through June 30,2016
Item# Notes/Comments _
The Auto Plaza Reader Board Loan Guaranty may only be called on if the San Bernardino Auto Center Association,Inc.fails to make a debt service payment to
Citizens Business Bank(CBB).No such payment failure is anticipated during ROPS 15-16B.If a default occurs,the Successor Agency has a collateral loan account
(Certificate of Deposit Account No.2459956614)with CBB that will be used satisfy the default.The amount on deposit in the collateral loan account is$714,413 as is
41 reported as part of the Successor Agency retained balances under Column E on the Cash Balance Report.
Payment for the DSRF shortfalls was previously deferred until certain PPAs were applied by the Successor Agency to past ROPS.Since those PPAs have now been
82 fully applied,the Successor Agency is now eligible to fund these obligations with RPTTF.
Trustee fees for Successor Agency TABs.This ED includes approximately a$20,000 carry-forward for fees due during ROPS 15-16A that were in excess of the
84 requested authorization.
DOF denied this Rem in the past based in part on its belief that some the unpaid property taxes on the Carousel Mall were incurred after the property was transferred
from the RDA to the SBEDC.However,the item represents only taxes incurred before the RDA acquired the Carousel Mall through a foreclosure process. These
taxes became an obligation of the RDA when R acquired the Carousel Mall by foreclosure in February 2011.These obligations became an obligation of the Successor
87 Agency when,as directed by DOF,the Successor Agency recovered the Carousel Mall site from the SBEDC on December 17,2014.
88 This ED may be resolvable on the LRPMP.If so,then R may be removed from future ROPS. _
This item consists of unfunded Prior-Year Pass-Through Payment Obligations that were approved by DOF for ROPS 14-15B.Due to an RPTTF shortfall,funding for
95 this ED needed to be diverted to debt service.
The$424,795 requested for ED#96 includes the ROPS 15-16B reimbursement of$123,063 and$301,732 that must be carried-forward from ROPS 15-16A to ROPS
15-16B.The carry-forward amount could not be paid during ROPS 15-16A due to an RPTTF shortfall during ROPS 15-16A the required the reprioritization of RPTTF
96 to fund debt service on the 2009 Notes.
This item consists of unfunded Prior-Year Pass-Through Payment Obligations that were approved by DOF for ROPS 14-15B.flue to an RPTTF shortfall,funding for
1 13 this ED needed to be diverted to debt service. _
This item consists of unfunded Prior-Year Pass-Through Payment Obligations that were approved by DOF for ROPS 14-15B.Due to an RPTTF shortfall,funding for
114 this ED needed to be diverted to debt service.
115 None.
116 None.
120 None.
123 None.
As directed by DOF,on December 17,2014,the Successor Agency recovered the Carousel Mall site from the SBEDC.The former Tire Battery and Accessories(TBA)
portion of the SRe requires a Phase II Soil Remediation Plan.The budget for this plan is based on an engineer's estimate of the costs for soil sampling and for
preparing the plan. A qualified consultant will be selected subsequent to sufficient funding availability. Due to the probability of a funding shortfall,this ED will be
124 continued to a future ROPS. _
The 2015 Refunding TABs will refinance the 19988,2002,2002A and 2006 TABS and the 2010 and 2011 Notes.The 2015 Refunding TABS were approved by DOF
on 7-24-15. The 2015 Refunding TABs are anticipated to close by the end of 2015,but after the ROPS 15-16B is filed with DOF.The debt service shown on the
ROPS Detail form for the refunded obligations will be used for the debt service due for the 2015 Refunding TABS.Notwithstanding the foregoing,it is possible that the
125 2015 Refunding TABS may dose at a later time.
The 2015 Refunding TABS will refinance the 19988,2002,2002A and 2006 TABS and the 2010 and 2011 Notes.The 2015 Refunding TABS were approved by DOF
on 7-24-15. The 2015 Refunding TABS are anticipated to close by the end of 2015,but after the ROPS 15-16B is filed with DOF.The debt service shown on the
ROPS Detail form for the refunded obligations will be used for the debt service due for the 2015 Refunding TABs.Notwithstanding the foregoing,it is possible that the
126 2015 Refunding TABS may close at a later time.
This ED is for the principal repayment portion of the 2010 EB-5 Notes.The full amount is requested in the event that the ROPS 16-17A cycle has insufficient funds to
payoff the notes.The 2010 EB-5 Notes will be subsumed by the 2015 Refunding TABS slated to close during ROPS 15-16A,but after ROPS 15-15B is filed with Doc.
The amount of debt service indicated will be contributed to the 2015 Refunding TABs debt service. Notwithstanding the foregoing,it is possible that the 2015
127 Refunding TABS may close at a later time.
EO#126 is the calculated maximum tax liability due to the U.S.Internal Revenue Service("IRS")resulting from the 1998B TABS,which were"Advanced Refunded"
three times instead of the two such advanced refundings that were allowable for that bond issue.The amount indicated is the maximum calculated penalty pursuant to
the IRS Voluntary Closing Agreement Program.This matter has been reviewed by DOF Counsel(i.e.,Shelly Renner,Esq.).Further the Successor Agency intends to
negotiate with the IRS to reduce the penalty.The payment of the penalty will be funded from the$5,020,382 of 2002 TABS Indenture-Required Trust Account,which is
included within Cell C-1 of the Cash Balances Form.The$1,520,382 difference between the$3,500,000 that may be required for the tax penalty and the$5,020,382
128 held in the 2002 TABS indenture-Required Trust Account will be contributed to the 2015 Refunding TABS and allocated to the refunding of the 2002 Bonds.
2015-225
San Bernardino City Recognized Obligation Payment Schedule(ROPS 15-16B)-Notes
January 1,2016 through June 30,2016
Item N Notes/Comments
ED#129 is for an overdue payment to RDA Solar,LLC pursuant to that certain Solar Power Purchase Agreement with the former RDA dated 11-25-09 related to the
purchase and sale of solar power.The power is used for the Successor Agency's property located at 201 N."E"Street.It is anticipated that payments for this
129 obligation will continue throughout the term of the agreement and will run with the land.
PRIOR PERIOD ADJUSTMENT FORM
The Successor Agency did not actually have an RPTTF surplus during ROPS 14-15B as all of the RPTTF and the full amount of the applied PPA were actually used.
The$263 indicated is the result a locked-in Excel formula flaw that creates anomolies of this type when a Successor Agency does not receive enough RPTTF and
Cell M-8 under-spends on one or more enforeceable obligations.The Successor Agency requests that DOF waive the$263 apparent,yet false positive in Cell M-8.
CASH BALANCES FORM
The amount indicated in this cell is unaudited.The Sucessor Agency's financial statements for the periods ending 6-30-13 and 6-30-14 are in process.Therefore,the
Cell E-1 balances indicated are subject to change.
The amount indicated in this cell is unaudited.The Sucessor Agency's financial statements for the periods ending 6-30-13 and 6-30-14 are in process.Therefore,the
Cell G-1 balances indicated are subject to change.
The compensating balance deposit securing a loan from Citizen's Business Bank to the San Bernardino Auto Center Assoc.,Inc.will be audited during ROPS 15-16A.
Cell 1-10 It is anticipated that some of the$713,413 on deposit will become available to pay the OFA DDR disbursement.
2015-225
1 EXHIBIT "B"
2
3 CORRESPONDENCE FROM BOND COUNSEL
WITH RESPECT TO THE TAX PENALTY RELATED TO
4 THE FORMER REDEVELOPMENT AGENCY'S
1998B TAX ALLOCATION BONDS
5
6 (See Attachment
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
6
2015-225
0
O R R I C K
Memorandum
To Successor Agency to the Redevelopment Agency of the City of San Bernardino
FROM Orrick, Herrington & Sutcliffe LLP (Bond Counsel and Special Tax Counsel)
DATE September 28, 2015
RE Summary of Liability Relating to IRS Settlement for Tax Violation
Orrick, Herrington & Sutcliffe LLP, as the Successor Agency's Bond and Tax Counsel in
connection with its proposed refunding of various series of outstanding bonds, is providing the
following as a footnote attachment for Item 128 of the Successor Agency's 15-16B ROPS.
After a detailed review of the San Bernardino Joint Powers Financing Authority's Tax
Allocation Refunding Bonds Series 1 998 A & B (the "1998 Bonds") it is clear that the Bonds
violated one of the requirements for tax exemption. In addition, we have spoken with the
Internal Revenue Service, on an anonymous basis, regarding the Bonds' tax violation and
regarding the process and the potential settlement payment required to preserve the tax
exemption on the Bonds so as to avoid the IRS from pursuing Bondholders to collect the federal
tax which needs to be paid in respect of the interest received. The IRS personnel, with whom we
spoke, were the head of the tax exempt bond group and the head of the IRS voluntary closing
agreement program.
We have also had a detailed discussion with Shelly Renner and Kenny Louie regarding this tax
issue and liability and believe they are fully apprised of the relevant facts and circumstances, as
well as the need of the Successor Agency to have an identified source of payment for the tax
liability. Ms. Renner indicated that it should appear on the 15-16B ROPS.
In terms of the potential settlement payment to the IRS, the amount required has a range of
approximately $1.2 million as a minimum, and as much as $3.5 million as a maximum. The
amounts are based on calculations of so-called "taxpayer exposure" which relates to the amount
of income taxes the IRS views as having been lost, or to be lost in the future, as a result of not
collecting federal income taxes on the interest paid on the Bonds. The method for calculating
taxpayer exposure prescribed in the Internal Revenue Manual would result in a settlement
payment at or closer to the high end of the range. The discussion with the IRS focused on
attempts to convince the IRS that the amount to be paid should be at or closer to the lower part of
2015-225
0
ORRICK
September 28, 2015
Successor Agency to the Redevelopment Agency of the City of San Bernardino
Page 2
the range. The IRS personnel did not make any commitment as to how they thought they would
be willing to resolve this tax controversy; however, they did commit to discuss the issues
internally and would attempt to get back to us as quickly as possible.
As stated above, there is no doubt as to the violation and the need to make a settlement payment
to the IRS. The only issue is the amount the IRS will require to settle the matter, in lieu of
proceeding directly against Bondholders for the lost federal income taxes. The Successor Agency
needs an available source of funds in the amount of the maximum taxpayer exposure of $3.5
million to make the settlement payment in the 15-16B ROPS period.
OHSUSA:763364021.2
41133-7