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HomeMy WebLinkAbout12-06 (Approving a 3rd Recognized Obligation Payment Schedule)A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING A THIRD RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH 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. ("CRL") 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. 5194861, 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. Pursuant to Section 34179, the Successor Agency's Oversight Board has been formed and the initial meeting has occurred on March 13, 2012; and H. Section 34179(e), as amended by Assembly Bill 1484 ("AB 1484"), requires all actions taken by the Oversight Board to be adopted by resolution; and Oversight Board Resolution 12-06 Page 1 of 4 1. Pursuant to Health and Safety Code (HSC) Section 34180(e), the Oversight Board, MEMO on May 29, 2012, approved the acceptance of financial assistance for the Phase 1 ON FIN and Phase 2 Tustin Ranch Road Improvements Project 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 J. On August 14, 2012, the Successor Agency approved and authorized the Successor Agency to enter into a Third Amended Administrative 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 Administrative Agreement utilizing the required matching funds has been added to the Third ROPS; and K. On August 14, 2012, the Successor Agency approved the Third Recognized Obligation Payment Schedule ("Third ROPS") for the period of January 1, 2013 through June 30, 2013; and L. The Oversight Board has duly considered all other related matters and has determined that the Board's approval of the Third ROPS and submission to the California Department of Finance is in the best interests of the City and Agency and in the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. NOW, 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 Third 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. Section 3. The City Manager of the Successor Agency or his authorized designee is directed to post this Resolution on the City/Successor Agency website. Section 4. This Resolution adopted by the Oversight Board shall not become r. effective no later than forty-five (45) business days after submission to DoF, pending a review by the DoF. Within five business days of the DoF's determination, the Oversight Board Resolution 12-06 Page 2 of 4 Successor Agency can request additional review by the DoF and an opportunity to meet and confer on disputed items. Section 5. The Secretary of the Oversight Board shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 28th day of August, 2012. Doug DcIvert, i Chairman Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency ATTEST- ---J6-rr,y Am nte, Secretary Board of the Successor Agency to the Tustin Community Redevelopment Agency NOR, Oversight Board Resolution 12-06 Page 3 of 4 STATE OF CALIFORNIA ) ff-000% 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. 12-06 was duly passed and adopted at a regular meeting of the Oversight Board, held on the 28th day of August, 2012, by the following vote: BOARD MEMBER AYES: Davert, Fitzsimons, Amante, Nielsen, Puckett, Soria, West (7) BOARD MEMBER NOES: None (0) BOARD MEMBER ABSTAINED: None (0) BOARD MEMBER ABSENT: None (0) Oy6rsight)goard of the Successor Agency to the Tustin Community Redevelopment Agency Attachment No. 1 — Third Recognized Obligation Payment Schedule (January — June 2013) Oversight Board Resolution 12-06 Page 4 of 4 THIRD RECOGNIZED OBLIGATION PAYMENT SCHEDULE January 1, 2013 through June 30, 2013 W -j M o z CL w C5 CL Cl) Z (D 0 0 c 0 C'4 W 2�1 N tE Z 0 W -C LL U. 010 LL cg 0 ch 0 io Z L 'o 0 c OD al P 00 N 0 0 to a M Cl! 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