HomeMy WebLinkAbout12-05 (Approving a 2nd Recognized Obligation Payment Schedule)The Oversight Board of the Successor Agency to the Tustin Community
Redevelopment Agency finds, determines and declares as follows:
A. The Tustin Community Redevelopment Agency ("Agency") was established as a
community redevelopment agency that was previously organized and existing under
the California Community Redevelopment Law, Health and Safety Code Sections
33000, et seq. ("CRU) and previously authorized to transact business and exercise
the powers of a redevelopment agency pursuant to action of the City Council
("City Council") of the City of Tustin ("City"); and
B. AB X1 26 ("AB26") added Parts 1.8 and 1.85 to Division 24 of the California Health
and Safety Code, which laws cause the dissolution and wind down of all
redevelopment agencies ("Dissolution Act"), and
C. On December 29, 2011, in the petition California Redevelopment Association v.
Matosantos, Case No. S194861, the California Supreme Court upheld the
Dissolution Act and thereby all redevelopment agencies in California are subject to
the Dissolution Act and were dissolved as of and on February 1, 2012; and
D. The Agency is now a dissolved community redevelopment agency pursuant to the
Dissolution Act; and
E. By a resolution considered and approved by the City Council at an open public
meeting on January 17, 2012 the City chose to become and serve as the "successor
agency" to the dissolved Agency under the Dissolution Act; and
F. As of and on and after February 1, 2012, the City serves as the "Successor Agency"
and will perform its functions as the successor agency under the Dissolution Act to
administer the enforceable obligations of the Agency and otherwise unwind the
Agency's affairs, all subject to the review and approval by the seven-member
Oversight Board formed thereunder; and
G. Section 34179 of the Dissolution Act requires all actions taken by the Oversight
Board to be adopted by resolution; and
H. Pursuant to Section 34179, the Successor Agency's Oversight Board has been
formed and the initial meeting has occurred on March 13, 2012; and
Oversight Board Resolution 12-05
Page 1 of 4
I. In accordance with Section 34180(g) of the CRL, which was added to the CRL by
AB26 and is set forth in Part 1.85 of the CRL, the Oversight Board approved the
Second Recognized Obligation Payment Schedule ("Second ROPS") for the period
of July through December 2012 on April 10, 2012. The Oversight Board on May 29,
2012, approved the First Amended Second Recognized Obligation Payment
Schedule ("First Amended Second ROPS"); and
J. Pursuant to Health and Safety Code (HSC) Section 34180(e), the Oversight Board,
on May 29, 2012, approved the acceptance of financial assistance from private and
public sources for the Phase 1 and Phase 2 Tustin Ranch Road Improvements
Project which financial assistance was conditioned upon the provision of matching
funds to the City from the MCAS Tustin 2010 Tax Allocation Bonds by the Successor
Agency. In compliance with HSC Section 34180(h), the Oversight Board also
authorized the Successor Agency to enter into an amended reimbursement
agreement with the City for the Successor Agency's matching contribution to the
Tustin Ranch Road Improvements Project in the amounts of $5,983,863 for Phase 1
and $8,164,931 for Phase 2 to be disbursed from MCAS Tustin 2010 Tax Allocation
Bonds to the City; and
K. On June 19, 2012, the Successor Agency approved and authorized the Successor
Agency to enter into an Agreement for Reimbursement of Costs with the City for the
provision of matching funds in the amount of $14,148,794 from the MCAS Tustin
2010 Tax Allocation Bonds proceeds for Phase 1 and Phase 2 Tustin Ranch Road
Improvements Project. The Reimbursement Agreement utilizing the required ME
matching funds has been added to the Second Amended Second ROPS; and
L. The Oversight Board has duly considered all other related matters and has
determined that the Board's adoption of the Second Amended Second ROPS and
submission to the California Department of Finance is in the best interests of the
City, the Successor Agency, the holders of enforceable obligations, and the taxing
agencies that benefit from distributions of property tax and other revenue, and is in
the best interests of the health, safety, and welfare of residents, and in accord with
the public purposes and provisions of applicable state and local laws and
requirements.
ROW, THEREFORE, BE IT RESOLVED BY A RESOLUTION OF THE
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY:
Section 1. The foregoing recitals are incorporated into this Resolution by this
reference, and constitute a material part of this Resolution.
Section 2. The Oversight Board approves the Second Amended Second ROPS
attached hereto as Attachment No. 1 and incorporated herein, and further authorizes
the Successor Agency to transmit this Resolution to the County Auditor-Controller, the
State Department of Finance ("DoF"), and the State Controller's Office.
Oversight Board Resolution 12-05
Page 2 of 4
Section 3. The City Manager, on behalf of the Successor Agency, or his authorized
designee is directed to post this Resolution on the City/Successor Agency website.
Section 4. This Resolution shall be effective after transmittal of this Resolution to the
DoF and the expiration of five (5) business days pending a request for review by the
DoF within the time periods set forth in HSC 34179(h), as amended by Assembly Bill
No. 1484, approved by the Governor on June 27, 2012. In this regard, if the DoF
requests review hereof, it will have 40 days from the date of its request to approve this
Oversight Board action or return it to the Oversight Board for reconsideration and the
action, if subject to review by DoF, will not be effective until approved by DoF
Section 5. The Secretary of the Oversight Board shall certify to the adoption of this
Resolution.
mu�
Doug Daverf, !Chairman
Oversight Board of the Successor Agency to
the Tustin Community Redevelopment Agency
ATTEST:
Jerry"Amapte, Secretary
Oz sight Board of the Successor Agency to
th Tustin Community Redevelopment Agency
Oversight Board Resolution 12-05
Page 3 of 4
STATE OF CALIFORNIA )
COUNTY OF ORANGE )SS
CITY OF TUSTIN
1, JERRY AMANTE, Secretary of the Oversight Board of the Successor Agency
to the Tustin Community Redevelopment Agency, do hereby certify that the whole
number of the members of the Agency Board is seven; that the above and foregoing
Resolution No. 12-05 was duly passed and adopted at a regular meeting of the
Oversight Board, held on the 10th day of July, 2012, by the following vote:
BOARD MEMBER AYES: Davert, Fitzsimons, Amante, Nielsen
Puckett, West, Soria (7)
BOARD MEMBER NOES: None (0)
BOARD MEMBER ABSTAINED: None (0)
BOARD MEMBER ABSENT: None (0)
Ary(ainte, Secretary
Ojht Board of the Successor Agency to
ustin Community Redevelopment Agency
-� mm
NEW-
Attachment No. 1 — 2nd Amended Second Recognized Obligation Payment Schedule
Oversight Board Resolution 12-05
Page 4 of 4
ATTACHMENT NO. 1
2nd AMENDED SECOND RECOGNIZED OBLIGATION PAYMENT SCHEDULE
July 1, 2012 through December 31, 2012
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