2012-15 RESOLUTION NO. OB 2012-16
A RESOLUTION OF THE OVERSIGHT BOARD OF SUCCESSOR AGENCY
THE COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF GRAND
TERRACE ADOPTING A DEFICIT FUNDING PLAN FOR RECOGNIZED
OBLIGATIONS PAYMENT SCHEDULE (ROPS 2) FOR PERIOD OF
JULY 1, 2012 TO DECEMBER 31, 2012
WHEREAS, the Grand Terrace Community Redevelopment Agency, Grand
Terrace, California ("Agency") was formed for the purpose of revitalizing areas within
the City of Grand Terrace pursuant to Health and Safety Code Section 33000, et. seq.;
WHEREAS, AB X1 26 required the dissolution of all redevelopment agencies in
the state, including prohibitions on certain actions by these agencies and requiring
certain actions to be taken;
WHEREAS, on January 10, 2012, the City 'as Successor Agency adopted
Resolution 2012-01 electing to serve as the successor agency to the Grand Terrace
Community Redevelopment Agency pursuant to Health and Safety Code Section
34176; and
WHEREAS, on March 27, 2012, the Draft Recognized Obligations Payment
Schedule (ROPS) pursuant to Health and Safety Code Section 34177(I) for the period
July 1, 2012 to December 31, 2012 was considered by the City as Successor Agency
and adopted; and
WHEREAS, on April 18, 2012, the Draft Recognized Obligations Payment
Schedule for the period 7-1 to 12-31-2012 (ROPS 2) pursuant to Health and Safety
Code Section 34180(g) was considered by the Oversight Board and adopted; and
WHEREAS, on May 11, 2012, Successor Agency and Oversight Board received
comments by the California Department of Finance, so empowered to review the
Recognized Obligations Payment Schedule for the period 7-1 to 12-31-2012 (ROPS 2)
pursuant to Health and Safety Code Section 34179(h); and
WHEREAS, on or about June 3, 2012 the California Department of Finance, so
empowered to review the Recognized Obligations Payment Schedule for the period 7-1
to 12-31-2012 (ROPS 2) pursuant to Health and Safety Code Section 34179(h)
determined that the maximum allowable distribution from the Redevelopment Property
Tax Trust Fund to be $4,089,776 for the ROPS for the period 7-1-2012 to December 31,
2012; and
WHEREAS, on or about June 3, 2012 the San Bernardino Auditor Controller
determined that the available distribution from the Redevelopment Property Tax Trust
Fund for the ROPS II for the period 7-1-2012 to December 31, 2012 to be $1,437,405;
and
WHEREAS,.on June ,6, 2012, the Oversight Board approved and adopted an
amended Recognized Obligations Payment Schedule for the period 7-1 to 12-31-2012
(ROPS 2), for the period 7-1-2012 to December 31, 2012.with no change in the
requested funding from the Redevelopment Property Tax Trust Fund; and
WHEREAS, on June 12, 2012, the Successor Agency funding of (ROPS 2) for
the period 7-1 to 12-31-2012 will have a projected, deficit of $ 2,652,371 which is the
difference between the maximum allowable funding from the Redevelopment Property
Tax Trust Fund and the available resources. in the Redevelopment Property Tax Trust
Fund ; and
WHEREAS, the estimated needed Administrative Costs exceed the
Administrative Allowance under ABx1-26 on the Recognized Obligations Payment
Schedule for the period 7-1 to 12-31-2012 (ROPS 2) ; and
WHEREAS, the Successor Agency has 'sufficient other sources of revenue
including available from non-LM Housing fund balance; and
WHEREAS, on June. 12, 2012, the Successor Agency adopted a Resolution
approving the deficit funding plan of (ROPS 2) for the period 7-1 to 12-31-2012; and
NOW THEREFORE, THE OVERSIGHT BOARD OF THE CITY OF GRAND
TERRACEAS SUCESSOR AGENCY TO THE GRAND TERRACE COMMUNITY
REDEVELOPMENT AGENCY DOES-RESOLVE, DETERMINE, FIND AND ORDER
AS FOLLOWS:
SECTION 1. The Oversight Board finds that the above recitations are true and
correct.
SECTION 2 The Executive Director of the Successor Agency is hereby
authorized to expend funds in accordance with the approved deficit funding plan for
ROPS 2 for the period July 1, 2012 to December$1,2012 from all allowable Successor
Agency funds including available fund balance as itemized in Attachment 1.
SECTION 3. The Secretary shall certify to the adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED at a reguiar meeting of the Oversight Board of
Successor Agency to Community Redevelopment Agency of the City of Grand Terrace,
held on this the 20th day of June 2012 by the following vote:
AYES: Board Members, Saks, Mitchell and Miranda, Vice-Chairman Powers and
Chairman Stanckiewitz
�' NOES: None
ABSENT: Board Members Vizcaino and Sidoti
ABSTAIN: None
Walt Stanc iewi_z, Chairman
ATTEST:
I h t A C-X VA�_,( A_ 1� .
Tracey R.,Wrtinez, Secretary
I, Tracey R. Martinez, hereby certify that I am the duly appointed Secretary of the
Oversight Board of the Successor Agency of Grand Terrace and that the foregoing
resolution was duly adopted at a regular meeting of the City Council and the City
Council as the Successor Agency to the Community Redevelopment Agency of the City
of Grand Terrace held on the 20t" day of June, 2012.
Tracey R.OVIartihez, SecretF3
4
I
ATTACHMENT 1
Any obligations listed in Recognized Obligations Payment Schedule for the period 7-1 to
12-31-2012 (ROPS 2) which was unable to be paid from the June 1, 2012 distribution
by the San Bernardino County Auditor Controller shall be deferred or disposed as may
be needed using the following table.
Summary.of Deficittunding
Estimated ROPS 2 Deficit Funding $
1. Deferral /adjustment of obligations 1,000,000
2. Other sources / Interest 100,000
3. Use of Available Fund Balance 1,750,0001
Net Estimated Funding Needed 2,8505000
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