2017-01 RESOLUTION NO. 2017-01
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCESSOR AGENCY TO COMMUNITY REDEVELOPMENT
AGENCY OF THE CITY OF GRAND TERRACE APPROVING
A REPAYMENT SCHEDULE FOR THE SUPPLEMENTAL
EDUCATIONAL REVENUE AUGMENTATION LOAN
WHEREAS, AB xl 26 required the dissolution of all redevelopment agencies in the state;
and
WHEREAS, on January 10, 2012, the City adopted Resolution 2012-01 electing to serve
as the Successor Agency to the Grand Terrace Community Redevelopment Agency ("Successor
Agency")pursuant to HSC Section 34176; and
WHEREAS, Health and Safety Code Sections 34171(d)(1)(G) and 34176(e), requires
repayment of the Supplemental Educational Revenue Augmentation Fund (SERAF) loan; and
WHEREAS, the Community Redevelopment Agency of the City of Grand Terrace
borrowed $448,636 from the low and moderate income housing fund to make the SERAF
payment(the "SERAF Loan"); and
WHEREAS, since Community Redevelopment Agency of the City of Grand Terrace had
not repaid the SERAF Loan prior to its dissolution, the SERAF loan is an enforceable obligation
that the Successor Agency is required to repay to the Housing Authority of the City of Grand
Terrace, which is serving as the housing successor agency; and
WHEREAS, since the Successor Agency received its Finding of Completion from the
Department of Finance on May 9, 2013, per Health and Safety Code Section 34191.4 (b),
repayment of the SERAF Loan to the housing authority is permitted, subject to approval by the
Oversight Board of the repayment schedule; and
WHEREAS, Health and Safety Code Section 34191.4 (b) law limits the loan repayment
amount to one-half of the increase between the amount distributed to the taxing entities in the
FY2012-13 base year versus the amount distributed to taxing entities in FY2013-14 and each
subsequent fiscal year; and
WHEREAS, on January 10, 2017, the SERAF Loan Repayment Schedule was reviewed
and approved by the City of Grand Terrace as Successor Agency to the Community
Redevelopment Agency; and
WHEREAS, the Oversight Board for the Successor Agency to the Community
Redevelopment Agency (Oversight Board) of the City of Grand Terrace-has.-met on January 18,
2017 and duly considered the SERAF Loan Repayment Schedule. - _
NOW THEREFORE, THE OVERSIGHT BOARD DOES RESOLVE, DETERMINE,
FIND AND ORDER AS FOLLOWS:
SECTION 1. The Oversight Board finds that the above recitations are true and correct
and, accordingly, are incorporated as a material part of this Resolution.
SECTION 2. The Oversight Board finds that the SERAF Loan Repayment Schedule is
true and correct and, accordingly, is hereby considered an enforceable obligation.
SECTION 3. Pursuant to HSC Section 34177, the SERAF Loan Repayment Schedule,
incorporated herein as Attachment A, is hereby approved and adopted in substantially the same
form as shown in Attachment A by the Oversight Board.
SECTION 4. The Executive Director is hereby authorized to make such non-substantive
changes and adjustments to the SERAF Loan Repayment Schedule, as attached, which may be
necessary and appropriate.
SECTION 5. The Executive Director is hereby directed to take all necessary and
appropriate acts to submit the SERAF Loan Repayment Schedule to the California Department
of Finance, State Controller's Office, San Bernardino County Auditor-Controller, and any other
agency by February 1, 2017. The Executive Director is further authorized to perform all acts
necessary and appropriate which may be required by the California Health & Safety Code. This
includes,but is not limited to the requirements set forth by the California Department of Finance,
the San Bernardino County Auditor-Controller, or any other applicable agency.
SECTION 6. The Oversight Board Secretary shall certify to the adoption of this
Resolution.
PASSED APPROVED AND ADOPTED this 18th day of January, 2017 by the following vote:
AYES: Board Members Freeman, Forbes, Saks, Vice Chair Morga, and
Chair McNaboe
NOES: None
ABSENT: Board Member Strong
ABSTAIN: None
Darcy Mc aboe,�O sight Board Chair
ST:
Pat Jac&N_ es,=Ov i and Secretary
O.B. RESOLUTION NO. 2017-01 PAGE 2 OF 3 JANUARY 18, 2017
Attachment A
SUCESSOR AGENCY TO THE
COMMUNITY REDEVELOPMENT AGENCY
OF THE CITY-OF GRAND TERRACE
Supplemental Educational Revenue Augmentation Fund (SERAF)
Loan Repayment Schedule
Py nt Payment BeRinninR Scheduled Ending
Principal Interest
No. I Date Balance Payment Balance
1 1/15/2018 $448,636 $50,000 $50,000 $0 $398,636
2 1/15/2019 398,636 50,000 50,000 0 348,636
3 1/15/2020 348,636 50,000 50,000 0 1 298,636
4 1/15/2021 298,636 j 50,000 50,000 0 248,636
5 1/15/2022 248,636 50,000 50,000 0 198,636
6 1/15/2023 198,636 50,000 50,000 0 148,636
j 7 1/15/2024 148,636 50,000 50,000 0 j 98,636
8 1/16/2025 98,636 j 50,000 50,000 0 48,636
9 1/17/2026 i 48,636 48,636 48,636 l 0 0
TOTAL I $448.636 I
r
O.B. RESOLUTION NO. 2017-01 PAGE 3 OF 3 JANUARY 18, 2017