City of Culver City, California
Agenda Item Report
Meeting Date: 02/27/2012 Item Number: C-2
BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY
REDEVELOPMENT AGENCY AGENDA ITEM: (1) Adoption of a Resolution Adopting
the Draft Initial Recognized Obligation Payment Schedule for the Period February 1,
2012 through June 30, 2012, Pursuant to Section 34177(l)(2)(A) of the Health and
Safety Code; and (2) Authorization Allowing the Executive Director to Make Such
Payments on Behalf of the Successor Agency Utilizing Available Successor
Agency Revenues, Including, but not Limited to, Newly Received Property Tax
Revenues (formerly Redevelopment Agency Tax Increment Proceeds).
Contact Person/Dept.: Nick Kimball,
Finance
Phone Number: (310) 253-6013
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: [X]
Commission Action Required: Yes [] No [X] Date: _______________
Public Notification: (E-Mail) Meetings and Agendas – Successor Agency (02/23/12)
Department Approval:
Jeff Muir (02/21/12)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (02/21/12)
Successor Agency Special Council Approval:
Murray Kane (02/23/12)
Chief Financial Officer Approval:
Jeff Muir (02/21/12)
Executive Director Approval:
John Nachbar (02/23/12)
RECOMMENDATION:
Staff recommends the Board of Directors (“Board”) of the Successor Agency to the
Culver City Redevelopment Agency (“Successor Agency”) (1) adopt a Resolution
adopting the Draft Initial Recognized Obligation Payment Schedule (Draft Initial
ROPS) for the period covering February 1, 2012 through June 30, 2012; and (2)
authorize the Executive Director to make such payments on behalf of the Successor
Agency utilizing available Successor Agency revenues and assets including, but not
limited to, newly received property tax revenues (former redevelopment agency tax
increment proceeds).
BACKGROUND:
In June 2011, the California Legislature passed ABx1 26 (AB 26) as part of the state
budget. AB 26 effectively dissolved all redevelopment agencies statewide. The duty
of the successor entity is to administer winding down of former redevelopment
agency’s activities, including meeting obligations of the former redevelopment
agency, under the supervision of several oversight bodies unrelated to the
successor agency.
City of Culver City, California
Agenda Item Report
On January 30, 2012, the City Council and Culver City Redevelopment Agency
Board adopted an Amended and Restated Enforceable Obligation Payment
Schedule (EOPS) and Draft Recognized Obligation Payment Schedule pursuant to
AB 26. The adoption of the Draft Initial ROPS by the Successor Agency will allow
the Successor Agency to receive property tax revenues (formerly redevelopment tax
increment) to make payments related to enforceable obligations identified in the
EOPS until all such obligations have been fully satisfied.
DISCUSSION:
AB 26 requires each Successor Agency adopt a Draft Initial ROPS establishing the
payments to be made by the Successor Agency during a specified period. The
proposed Draft Initial ROPS may include payments for debt service, obligations to
developers and consultants per enforceable obligations (such as existing
agreements), Low-Moderate Income Housing loan repayment, and an administrative
allowance, to the extent payments will be due during the period of February 1, 2012
through June 30, 2012. As required, the following information is identified for each
payment:
• The Project name associated with the obligation;
• The payee;
• A short description of the nature of the work, product, service, facility, or other
thing of value for which the payment is to be made; and,
• The amount of payments obligated to be made, preferably by month.
Pursuant to AB 26, the Successor Agency must do the following: (1) adopt a Draft
Initial ROPS by March 1, 2012; (2) submit the adopted Draft ROPS to the County
Auditor-Controller for review and certification, through the use of an external auditor,
and (3) submit the certified ROPS to the Oversight Board for review and approval. A
copy of the approved ROPS must be submitted to the Auditor-Controller, the State
Controller, and the State Department of Finance no later than April 15, 2012.
FISCAL ANALYSIS:
AB 26 expressly provides that the liability of the Successor Agency is limited to the
amount of property tax proceeds it receives from the Redevelopment Property Tax
Trust Fund and the value of assets transferred to it as a successor agency for a
dissolved redevelopment agency. Therefore, funding for all enforceable obligations,
including indebtedness, agreements, contracts, and projects included in the Draft
Initial ROPS will be paid from non-City sources, including, but not limited to: low and
moderate income housing funds, bond proceeds, reserve balances, the
administrative cost allowance, the Redevelopment Property Tax Trust Fund (created
by the County Auditor-Controller), and other non-City revenue sources City of Culver City, California
Agenda Item Report
No City funds are obligated.
ATTACHMENTS:
1. Resolution Adopting the Draft Initial Recognized Obligation Payment Schedule
for the Period February 1, 2012 through June 30, 2012, including Exhibit “A”,
Draft Initial Recognized Obligations Payment Schedule.
MOTION:
That the Successor Agency Board:
1. Adopt a Resolution Adopting the Draft Initial Recognized Obligation Payment
Schedule for the Period February 1, 2012 through June 30, 2012; and,
2. Authorize the Executive Director to file the Draft Initial Recognized Obligation
Payment Schedule with the Los Angeles County Auditor-Controller; and,
3. Upon receipt of the certified ROPS from the Los Angeles County Auditor-
Controller, authorize the Executive Director to submit such document to the
Oversight Board of the Former Culver City Redevelopment Agency; and,
4. Upon receipt of the approved ROPS from the Oversight Board, authorize the
Executive Director to submit a copy of such document to the Los Angeles County
Auditor-Controller, the State Controller, and the State Department of Finance;
and,
5. Authorize the Executive Director to make such payments on behalf of the
Successor Agency utilizing available Successor Agency revenues, including, but
not limited to, newly received property tax proceeds.
MEETING DATE: February 27, 2012
AGENDA ITEM: (1) Adoption of a Resolution Adopting the Draft Initial
Recognized Obligation Payment Schedule for the
Period February 1, 2012 through June 30, 2012 Pursuant
to Section 34177(I)(2)(A) of the Health and Safety Code;
and (2) Authorization Allowing the Executive Director to
Make Such Payments on Behalf of the Successor
Agency Utilizing Available Successor Agency
Revenues, Including, but not Limited to, Newly
Received Property Tax Revenues (Formerly
Redevelopment Agency Tax Increment Proceeds).
ATTACHMENTS
Pages
1. Proposed Resolution w/ Exhibit A: ROPS
1 - 14
Page 1 Page 2 Page 3 Page 4 Page 5 Name of Redevelopment Agency: Culver City Redevelopment Agency Page 1 of 4 Pages
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34169
Project Name / Debt Obligation Payee Description Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total
1) 1993 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 22,595,100.00 3,530,675.00 RPTTF 0.00 0.00 0.00 419,100.00 0.00 5,234,100.00 5,653,200.00 $
2) 1999 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 33,249,185.00 2,227,935.00 RPTTF 0.00 0.00 0.00 560,470.00 0.00 1,665,500.00 2,225,970.00 $
3) 2002 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 28,009,875.00 2,079,513.00 RPTTF 0.00 0.00 0.00 481,400.00 0.00 1,596,400.00 2,077,800.00 $
4) 2004 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 92,443,078.00 3,024,886.00 RPTTF 0.00 0.00 0.00 1,454,300.00 0.00 1,569,300.00 3,023,600.00 $
5) 2005 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 26,469,184.00 1,791,428.00 RPTTF 0.00 0.00 0.00 394,495.00 0.00 594,494.00 988,989.00 $
6) 2011 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 96,488,101.00 1,678,026.00 RPTTF 0.00 0.00 0.00 1,274,450.00 0.00 1,539,450.00 2,813,900.00 $
7) 2011 Tax Allocation Bond Counsel
Services
Richards, Watson & Gershon Bond Consultation Services
Merged
130,000.00 10,000.00 RPTTF 0.00 2,500.00 2,500.00 2,500.00 0.00 2,500.00 10,000.00 $
8) Debt Service US Bank Maintenance fees for Debt Service trustee
Merged
500,000.00 36,000.00 RPTTF 0.00 3,000.00 3,000.00 3,000.00 3,000.00 3,000.00 15,000.00 $
9) Bond Disclosure Documents Keyser Marston Assoc. Bond Counsel Services Merged 50,000.00 4,500.00 RPTTF 0.00 0.00 0.00 4,500.00 0.00 0.00 4,500.00 $
10) Arbitrage Calculation Fee BLX Group Arbitrage rebate calculations Merged 150,000.00 5,000.00 RPTTF 0.00 0.00 0.00 5,000.00 0.00 0.00 5,000.00 $
11) Successor Agency Repay 2004 ERAF loan Merged 25,848.00 25,848.00 RPTTF 0.00 2,350.00 2,150.00 2,150.00 2,150.00 2,150.00 10,950.00 $
12) Successor Agency Repay 2005 ERAF loan Merged 1,067,304.00 1,067,304.00 RPTTF 0.00 30,515.00 30,515.00 30,515.00 30,515.00 30,515.00 152,575.00 $
13) Successor Agency Repay 2006 ERAF loan Merged 995,541.00 995,541.00 RPTTF 0.00 21,200.00 21,200.00 21,200.00 21,200.00 21,200.00 106,000.00 $
14) SERAF Loan Payable Successor Agency Repay 2010 SERAF loan Merged 10,946,277.00 1,011,307.00 RPTTF 0.00 25,000.00 25,000.00 25,000.00 25,000.00 25,000.00 125,000.00 $
15) Housing Set Aside Deferral Successor Agency Repay set aside defered from 1985 - 1996
per Section 33334.6
Merged
33,944,195.00 2,100,000.00 RPTTF 0.00 50,000.00 50,000.00 50,000.00 50,000.00 50,000.00 250,000.00 $
16) Culver Hotel OPA Century Wilshire Remodel of Culver Hotel Merged 87,000.00 17,400.00 RPTTF 0.00 0.00 0.00 0.00 0.00 17,400.00 17,400.00 $
17) Westfield Corporation OPA Westfield Corporation Remodel of Westfield-Culver City Mall Merged 17,908,477.00 500,000.00 RPTTF 0.00 0.00 500,000.00 0.00 0.00 0.00 500,000.00 $
18) Tilden Terrace DDA Los Angeles Housing
Partnership
Mixed Use Project: 33 very-low-moderate
rental units and 10,700 sf commercial/retail
space
Merged
3,700,000.00 3,500,000.00 RPTTF 3,500,000.00 0.00 0.00 0.00 0.00 0.00 3,500,000.00 $
19) Downtown Business Association
MOU for Downtown Maintenance
Downtown Business
Association
Contract for maintenance of downtown
(Agency portion)
Merged
67,560.00 67,560.00 RPTTF 0.00 5,630.00 5,630.00 5,630.00 5,630.00 5,630.00 28,150.00 $
20) 3433 Wesley parking lot
Jim Hull Reimbursement for tenant-funded
improvements 3433 Wesley St.
Merged
15,500.00 15,500.00 RPTTF 0.00 350.00 350.00 350.00 350.00 350.00 1,750.00 $
21) Boise crosswalk (P-934) Steiny Construction Includes match for CBDG grants for Boise
crosswalk
Merged
57,000.00 57,000.00 RPTTF 0.00 0.00 57,000.00 0.00 0.00 0.00 57,000.00 $
22) Pedestrian Improvements with Bus
Stops
Metro Letter of Agreement Matching funds to Metro Grant for design
and construction
Merged
373,150.00 163,500.00 RPTTF 0.00 0.00 17,500.00 0.00 0.00 146,000.00 163,500.00 $
23) Chamber of Commerce MOU for
Events
CC Chamber of Commerce Agency sponsorship of specific non-profit
organization events - staff time and permit
fee reimbursement
Merged
4,500.00 4,500.00 RPTTF 0.00 0.00 0.00 1,000.00 1,000.00 0.00 2,000.00 $
24)
Directional Signs Matching Grant
Metro Matching grant funds for directional signs in
downtown
Merged
215,000.00 130,000.00 RPTTF 0.00 0.00 0.00 0.00 0.00 130,000.00 130,000.00 $
25) Financial Audit Services - Pacific
Theatres
Deloitte Financial Advisory
Services (RA10-29)
Audit services related to Pacific Theatres
financial performance
Merged
148,000.00 14,000.00 RPTTF 0.00 0.00 7,000.00 7,000.00 0.00 0.00 14,000.00 $
26) Property Tax Admin Services HdL Property tax administration services Merged 6,400.00 6,400.00 RPTTF 0.00 1,600.00 1,600.00 3,200.00 $
27) Unfunded CalPERS Pension
Liabilities
CalPERS Unfunded CalPERS pension obligation as
per CalPERS actuarial valuation as of June
30, 2010.
RDA Property Tax
Trust Fund
552,000 46,000.00 RPTTF 0.00 9,200.00 9,200.00 9,200.00 9,200.00 9,200.00 46,000.00 $
28) Unfunded OPEB Liabilities CalPERS Unfunded actuarial accrued liability as of
June 30, 2011 as per AON Consulting, Inc.
RDA Property Tax
Trust Fund
1,725,000
143,750.00 RPTTF 0.00 28,750.00 28,750.00 28,750.00 28,750.00 28,750.00 143,750.00 $
29) Obligation for unused employee
General Leave earned and vested
City employees directly
involved in Housing and
Redevelopment projects and
administration
Obligation for unused employee General
Leave earned and vested as per MOUs and
AB 1X26
RDA Property Tax
Trust Fund
290,000 24,175.00 RPTTF 0.00 4,835.00 4,835.00 4,835.00 4,835.00 4,835.00 24,175.00 $
Totals - This Page (RPTIF Funding) 369,646,275.00 $ 24,277,748.00 $ RPTTS 3,500,000.00 $ 183,330.00 $ 723,445.00 $ 4,742,060.00 $ 138,845.00 $ 12,634,589.00 $ $21,922,269.00
Totals - Page 2 (Other Funding) - $ - $ Other - $ - $ - $ - $ - $ - $ - $
Totals - Page 3 (Administrative Cost Allowance) 1,850,000.00 $ 770,000.00 $ Admin - $ 150,000.00 $ 150,000.00 $ 150,000.00 $ 150,000.00 $ 150,000.00 $ 750,000.00 $
Totals - Page 4 (Pass Thru Payments) - $ - $ PassThru - $ - $ - $ - $ - $ - $ - $
Grand total - All Pages 371,496,275.00 $ 25,047,748.00 $ 3,500,000.00 $ 333,330.00 $ 873,445.00 $ 4,892,060.00 $ 288,845.00 $ 12,784,589.00 $ 22,672,269.00 $
** All totals due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
ERAF Loan Payable
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2011-2012**
***
Funding
Source
Payable from the Redevelopment Property Tax Increment Fund (RPTIF)
Page 6Name of Redevelopment Agency: Culver City Redevelopment Agency Page 2 of 4 Pages
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34169 (*)
Project Name / Debt Obligation Payee Description Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total
1) - $
2) - $
3) - $
4) - $
5) - $
6) - $
7) - $
8) - $
9) - $
10) - $
11) - $
12) - $
13) - $
14) - $
15) - $
16) - $
17) - $
18) - $
19) - $
20) - $
21) $ -
22) - $
23) - $
24) - $
25) - $
26) - $
27) - $
28) - $
29) - $
30) - $
31) - $
32) - $
33) - $
Totals - LMHF - $ - $ - $ - $ - $ - $ - $ - $ - $ $0.00
Totals - Bonds - $ - $ - $ - $ - $ - $ - $ - $ - $ $0.00
Totals - Other - $ - $ - $ - $ - $ - $ - $ - $ - $ $0.00
Grand total - This Page - $ - $ - $ - $ - $ - $ - $ - $ - $
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2011-2012**
Funding
Source
*** Payable from Other Revenue Sources
Page 7Name of Redevelopment Agency: Culver City Redevelopment Agency Page 3 of 4 Pages
Project Area(s) RDA Project Area All
DRAFT RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34169
Project Name / Debt Obligation Payee Description Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total
1) SA Employee Costs Successor Agency Administrative Cost Allowance for
Successor Agency All Areas 1,350,000.00 480,000.00 Admin 92,000.00 92,000.00 92,000.00 92,000.00 92,000.00 460,000.00 $
2) SA Other Admin Costs Successor Agency Administrative Costs All Areas 500,000.00 290,000.00 Admin 58,000.00 58,000.00 58,000.00 58,000.00 58,000.00 290,000.00 $
3) - $
4)
- $
5) - $
6) - $
7) - $
8) - $
9) - $
10)
- $
11)
- $
12)
- $
13)
- $
14)
- $
15)
- $
16)
- $
17)
- $
18)
- $
19)
- $
20) - $
21)
$ -
22) - $
23) - $
24)
- $
25) - $
26) - $
27) - $
28) - $
- $
Totals - This Page 1,850,000.00 $ 770,000.00 $ Admin - $ 150,000.00 $ 150,000.00 $ 150,000.00 $ 150,000.00 $ 150,000.00 $ $750,000.00
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
Project Area
Total Outstanding
Debt or Obligation
Payments by month
Total Due During
Fiscal Year
2011-2012**
Funding
Source **
Payable from the Administrative Allowance Allocation
Page 8Name of Redevelopment Agenc y Culver City Redevelopment Agency Page 4 of 4 Page
Project Area(s) RDA Project Area All
OTHER OBLIGATION PAYMENT SCHEDULE
Per AB 26 - Section 34169
Project Name / Debt Obligation Payee Description Project Area Jan 2012 Feb 2012 Mar 2012 Apr 2012 May 2012 Jun 2012 Total
1) Pass Through Agreement Culver City USD Payments per CRL 33676 Project No. 2 RPTTF - $
2) Statutory Payments LA County General Payments per CRL 33607.5 and .7 Merged RPTTF - $
3) Statutory Payments LA County Library Payments per CRL 33607.5 and .7 Merged RPTTF - $
4)
Statutory Payments LA County Fire Payments per CRL 33607.5 and .7 Merged RPTTF - $
5) Statutory Payments LA County Flood Payments per CRL 33607.5 and .7 Merged RPTTF - $
6) Statutory Payments Vector Control Payments per CRL 33607.5 and .7 Merged RPTTF - $
7) Statutory Payments City of Culver City Payments per CRL 33607.5 and .7 Merged RPTTF - $
8) Statutory Payments LA County Education Payments per CRL 33607.5 and .7 Merged RPTTF - $
9) Statutory Payments LACCD Payments per CRL 33607.5 and .7 Merged RPTTF - $
10)
Statutory Payments Culver City USD Payments per CRL 33607.5 and .7 Merged RPTTF - $
11)
Statutory Payments LAUSD Payments per CRL 33607.5 and .7 Merged RPTTF - $
12)
Statutory Payments West Basin MWD Payments per CRL 33607.5 and .7 Merged RPTTF - $
13) - $
14) - $
15) - $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
Totals - Other Obligations - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
** All total due during fiscal year and payment amounts are projected.
*** Funding sources from the successor agency: (For fiscal 2011-12 only, references to RPTTF could also mean tax increment allocated to the Agency prior to February 1, 2012.)
RPTTF - Redevelopment Property Tax Trust Fund Bonds - Bond proceeds Other - reserves, rents, interest earnings, etc
LMIHF - Low and Moderate Income Housing Fund Admin - Successor Agency Administrative Allowance
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
2011-2012**
Source of
Fund***
Payments by month
Pass Through and Other Payments
Page 92004 ERAF 2005 ERAF 2006 ERAF 2010 SERAF
Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Int Pmt Month Principal Int Pmt
Jan-12 25,848 Jan-12 1,068,000 Jan-12 996,000 Jan-12 10,946,277 Jan-12 33,944,195 113,147 Jan-12 46,980,320 113,147 0 Feb-12 23,498 2,350 Feb-12 1,037,485 30,515 Feb-12 974,800 21,200 Feb-12 10,921,277 25,000 Feb-12 34,057,342 113,524 50,000 Feb-12 47,014,402 113,524 129,065
Mar-12 21,148 2,350 Mar-12 1,006,970 30,515 Mar-12 953,600 21,200 Mar-12 10,896,277 25,000 Mar-12 34,120,866 113,736 50,000 Mar-12 46,998,861 113,736 129,065
Apr-12 18,798 2,350 Apr-12 976,455 30,515 Apr-12 932,400 21,200 Apr-12 10,871,277 25,000 Apr-12 34,184,602 113,949 50,000 Apr-12 46,983,532 113,949 129,065
May-12 16,448 2,350 May-12 945,940 30,515 May-12 911,200 21,200 May-12 10,846,277 25,000 May-12 34,248,551 114,162 50,000 May-12 46,968,416 114,162 129,065
Jun-12 14,098 2,350 Jun-12 915,425 30,515 Jun-12 890,000 21,200 Jun-12 10,821,277 25,000 Jun-12 34,312,713 114,376 50,000 Jun-12 46,953,513 114,376 129,065
Jul-12 11,748 2,350 Jul-12 884,910 30,515 Jul-12 868,800 21,200 Jul-12 10,563,277 258,000 Jul-12 34,377,089 114,590 250,000 Jul-12 46,705,824 114,590 562,065 Aug-12 9,398 2,350 Aug-12 854,395 30,515 Aug-12 847,600 21,200 Aug-12 10,305,277 258,000 Aug-12 34,241,679 114,139 250,000 Aug-12 46,258,349 114,139 562,065 Sep-12 7,048 2,350 Sep-12 823,880 30,515 Sep-12 826,400 21,200 Sep-12 10,047,277 258,000 Sep-12 34,105,818 113,686 250,000 Sep-12 45,810,423 113,686 562,065 Oct-12 4,698 2,350 Oct-12 793,365 30,515 Oct-12 805,200 21,200 Oct-12 9,789,277 258,000 Oct-12 33,969,504 113,232 250,000 Oct-12 45,362,044 113,232 562,065 Nov-12 2,348 2,350 Nov-12 762,850 30,515 Nov-12 784,000 21,200 Nov-12 9,531,277 258,000 Nov-12 33,832,736 112,776 250,000 Nov-12 44,913,211 112,776 562,065 Dec-12 0 2,348 Dec-12 732,335 30,515 Dec-12 762,800 21,200 Dec-12 9,273,277 258,000 Dec-12 33,695,512 112,318 250,000 Dec-12 44,463,924 112,318 562,063 Jan-13 701,820 30,515 Jan-13 741,600 21,200 Jan-13 9,015,277 258,000 Jan-13 33,557,830 111,859 250,000 Jan-13 44,016,527 111,859 559,715
Feb-13 671,305 30,515 Feb-13 720,400 21,200 Feb-13 8,757,277 258,000 Feb-13 33,419,689 111,399 250,000 Feb-13 43,568,671 111,399 559,715
Mar-13 640,790 30,515 Mar-13 699,200 21,200 Mar-13 8,499,277 258,000 Mar-13 33,281,088 110,937 250,000 Mar-13 43,120,355 110,937 559,715
Apr-13 610,275 30,515 Apr-13 678,000 21,200 Apr-13 8,241,277 258,000 Apr-13 33,142,025 110,473 250,000 Apr-13 42,671,577 110,473 559,715
May-13 579,760 30,515 May-13 656,800 21,200 May-13 7,983,277 258,000 May-13 33,002,498 110,008 250,000 May-13 42,222,335 110,008 559,715
Jun-13 549,245 30,515 Jun-13 635,600 21,200 Jun-13 7,725,277 258,000 Jun-13 32,862,506 109,542 250,000 Jun-13 41,772,628 109,542 559,715
Jul-13 518,730 30,515 Jul-13 614,400 21,200 Jul-13 7,467,277 258,000 Jul-13 32,722,048 109,073 250,000 Jul-13 41,322,455 109,073 559,715
Aug-13 488,215 30,515 Aug-13 593,200 21,200 Aug-13 7,209,277 258,000 Aug-13 32,581,121 108,604 250,000 Aug-13 40,871,813 108,604 559,715
Sep-13 457,700 30,515 Sep-13 572,000 21,200 Sep-13 6,951,277 258,000 Sep-13 32,439,725 108,132 250,000 Sep-13 40,420,702 108,132 559,715
Oct-13 427,185 30,515 Oct-13 550,800 21,200 Oct-13 6,693,277 258,000 Oct-13 32,297,857 107,660 250,000 Oct-13 39,969,119 107,660 559,715
Nov-13 396,670 30,515 Nov-13 529,600 21,200 Nov-13 6,435,277 258,000 Nov-13 32,155,517 107,185 250,000 Nov-13 39,517,064 107,185 559,715
Dec-13 366,155 30,515 Dec-13 508,400 21,200 Dec-13 6,177,277 258,000 Dec-13 32,012,702 106,709 250,000 Dec-13 39,064,534 106,709 559,715
Jan-14 335,640 30,515 Jan-14 487,200 21,200 Jan-14 5,919,277 258,000 Jan-14 31,869,411 106,231 250,000 Jan-14 38,611,528 106,231 559,715
Feb-14 305,125 30,515 Feb-14 466,000 21,200 Feb-14 5,661,277 258,000 Feb-14 31,725,642 105,752 250,000 Feb-14 38,158,044 105,752 559,715
Mar-14 274,610 30,515 Mar-14 444,800 21,200 Mar-14 5,403,277 258,000 Mar-14 31,581,394 105,271 250,000 Mar-14 37,704,081 105,271 559,715
Apr-14 244,095 30,515 Apr-14 423,600 21,200 Apr-14 5,145,277 258,000 Apr-14 31,436,665 104,789 250,000 Apr-14 37,249,637 104,789 559,715
May-14 213,580 30,515 May-14 402,400 21,200 May-14 4,887,277 258,000 May-14 31,291,454 104,305 250,000 May-14 36,794,711 104,305 559,715
Jun-14 183,065 30,515 Jun-14 381,200 21,200 Jun-14 4,629,277 258,000 Jun-14 31,145,759 103,819 250,000 Jun-14 36,339,301 103,819 559,715
Jul-14 152,550 30,515 Jul-14 360,000 21,200 Jul-14 4,371,277 258,000 Jul-14 30,999,578 103,332 250,000 Jul-14 35,883,405 103,332 559,715
Aug-14 122,035 30,515 Aug-14 338,800 21,200 Aug-14 4,113,277 258,000 Aug-14 30,852,910 102,843 250,000 Aug-14 35,427,022 102,843 559,715
Sep-14 91,520 30,515 Sep-14 317,600 21,200 Sep-14 3,855,277 258,000 Sep-14 30,705,753 102,353 250,000 Sep-14 34,970,150 102,353 559,715
Oct-14 61,005 30,515 Oct-14 296,400 21,200 Oct-14 3,597,277 258,000 Oct-14 30,558,106 101,860 250,000 Oct-14 34,512,788 101,860 559,715
Nov-14 30,490 30,515 Nov-14 275,200 21,200 Nov-14 3,339,277 258,000 Nov-14 30,409,966 101,367 250,000 Nov-14 34,054,933 101,367 559,715
Dec-14 0 30,490 Dec-14 254,000 21,200 Dec-14 3,081,277 258,000 Dec-14 30,261,333 100,871 250,000 Dec-14 33,596,610 100,871 559,690 Jan-15 232,800 21,200 Jan-15 2,823,277 258,000 Jan-15 30,112,204 100,374 250,000 Jan-15 33,168,281 100,374 529,200 Feb-15 211,600 21,200 Feb-15 2,565,277 258,000 Feb-15 29,962,578 99,875 250,000 Feb-15 32,739,455 99,875 529,200 Mar-15 190,400 21,200 Mar-15 2,307,277 258,000 Mar-15 29,812,453 99,375 250,000 Mar-15 32,310,130 99,375 529,200 Apr-15 169,200 21,200 Apr-15 2,049,277 258,000 Apr-15 29,661,828 98,873 250,000 Apr-15 31,880,305 98,873 529,200 May-15 148,000 21,200 May-15 1,791,277 258,000 May-15 29,510,701 98,369 250,000 May-15 31,449,978 98,369 529,200 Jun-15 126,800 21,200 Jun-15 1,533,277 258,000 Jun-15 29,359,070 97,864 250,000 Jun-15 31,019,147 97,864 529,200 Jul-15 105,600 21,200 Jul-15 1,275,277 258,000 Jul-15 29,206,934 97,356 250,000 Jul-15 30,587,811 97,356 529,200 85 to '96 Deferral 4% Interest Assumed Grand Total
Culver City Successor Agency
Amortization of 2004, 2005 & 2006 ERAF; 2010 SERAF and '86-'95 Deferral Debts|1010|Page 102004 ERAF 2005 ERAF 2006 ERAF 2010 SERAF
Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Int Pmt Month Principal Int Pmt
85 to '96 Deferral 4% Interest Assumed Grand Total
Culver City Successor Agency
Amortization of 2004, 2005 & 2006 ERAF; 2010 SERAF and '86-'95 Deferral Debts
Aug-15 84,400 21,200 Aug-15 1,017,277 258,000 Aug-15 29,054,290 96,848 250,000 Aug-15 30,155,967 96,848 529,200 Sep-15 63,200 21,200 Sep-15 759,277 258,000 Sep-15 28,901,138 96,337 250,000 Sep-15 29,723,615 96,337 529,200 Oct-15 42,000 21,200 Oct-15 501,277 258,000 Oct-15 28,747,475 95,825 250,000 Oct-15 29,290,752 95,825 529,200 Nov-15 20,800 21,200 Nov-15 243,277 258,000 Nov-15 28,593,300 95,311 250,000 Nov-15 28,857,377 95,311 529,200 Dec-15 0 20,800 Dec-15 0 243,277 Dec-15 28,438,611 94,795 250,000 Dec-15 28,438,611 94,795 514,077
Jan-16 28,283,406 94,278 521,000 Jan-16 28,283,406 94,278 521,000
Feb-16 27,856,684 92,856 521,000 Feb-16 27,856,684 92,856 521,000
Mar-16 27,428,540 91,428 521,000 Mar-16 27,428,540 91,428 521,000
Apr-16 26,998,968 89,997 521,000 Apr-16 26,998,968 89,997 521,000
May-16 26,567,965 88,560 521,000 May-16 26,567,965 88,560 521,000
Jun-16 26,135,525 87,118 521,000 Jun-16 26,135,525 87,118 521,000
Jul-16 25,701,643 85,672 521,000 Jul-16 25,701,643 85,672 521,000
Aug-16 25,266,315 84,221 521,000 Aug-16 25,266,315 84,221 521,000
Sep-16 24,829,536 82,765 521,000 Sep-16 24,829,536 82,765 521,000
Oct-16 24,391,301 81,304 521,000 Oct-16 24,391,301 81,304 521,000
Nov-16 23,951,605 79,839 521,000 Nov-16 23,951,605 79,839 521,000
Dec-16 23,510,444 78,368 521,000 Dec-16 23,510,444 78,368 521,000
Jan-17 23,067,812 76,893 521,000 Jan-17 23,067,812 76,893 521,000
Feb-17 22,623,705 75,412 521,000 Feb-17 22,623,705 75,412 521,000
Mar-17 22,178,117 73,927 521,000 Mar-17 22,178,117 73,927 521,000
Apr-17 21,731,044 72,437 521,000 Apr-17 21,731,044 72,437 521,000
May-17 21,282,481 70,942 521,000 May-17 21,282,481 70,942 521,000
Jun-17 20,832,423 69,441 521,000 Jun-17 20,832,423 69,441 521,000
Jul-17 20,380,864 67,936 521,000 Jul-17 20,380,864 67,936 521,000
Aug-17 19,927,800 66,426 521,000 Aug-17 19,927,800 66,426 521,000
Sep-17 19,473,226 64,911 521,000 Sep-17 19,473,226 64,911 521,000
Oct-17 19,017,137 63,390 521,000 Oct-17 19,017,137 63,390 521,000
Nov-17 18,559,527 61,865 521,000 Nov-17 18,559,527 61,865 521,000
Dec-17 18,100,392 60,335 521,000 Dec-17 18,100,392 60,335 521,000
Jan-18 17,639,727 58,799 521,000 Jan-18 17,639,727 58,799 521,000
Feb-18 17,177,526 57,258 521,000 Feb-18 17,177,526 57,258 521,000
Mar-18 16,713,784 55,713 521,000 Mar-18 16,713,784 55,713 521,000
Apr-18 16,248,497 54,162 521,000 Apr-18 16,248,497 54,162 521,000
May-18 15,781,659 52,606 521,000 May-18 15,781,659 52,606 521,000
Jun-18 15,313,265 51,044 521,000 Jun-18 15,313,265 51,044 521,000
Jul-18 14,843,309 49,478 521,000 Jul-18 14,843,309 49,478 521,000
Aug-18 14,371,787 47,906 521,000 Aug-18 14,371,787 47,906 521,000
Sep-18 13,898,693 46,329 521,000 Sep-18 13,898,693 46,329 521,000
Oct-18 13,424,022 44,747 521,000 Oct-18 13,424,022 44,747 521,000
Nov-18 12,947,769 43,159 521,000 Nov-18 12,947,769 43,159 521,000
Dec-18 12,469,928 41,566 521,000 Dec-18 12,469,928 41,566 521,000
Jan-19 11,990,494 39,968 521,000 Jan-19 11,990,494 39,968 521,000
Feb-19 11,509,462 38,365 521,000 Feb-19 11,509,462 38,365 521,000
2 Page 112004 ERAF 2005 ERAF 2006 ERAF 2010 SERAF
Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Int Pmt Month Principal Int Pmt
85 to '96 Deferral 4% Interest Assumed Grand Total
Culver City Successor Agency
Amortization of 2004, 2005 & 2006 ERAF; 2010 SERAF and '86-'95 Deferral Debts
Mar-19 11,026,827 36,756 521,000 Mar-19 11,026,827 36,756 521,000
Apr-19 10,542,583 35,142 521,000 Apr-19 10,542,583 35,142 521,000
May-19 10,056,725 33,522 521,000 May-19 10,056,725 33,522 521,000
Jun-19 9,569,247 31,897 521,000 Jun-19 9,569,247 31,897 521,000
Jul-19 9,080,144 30,267 521,000 Jul-19 9,080,144 30,267 521,000
Aug-19 8,589,411 28,631 521,000 Aug-19 8,589,411 28,631 521,000
Sep-19 8,097,042 26,990 521,000 Sep-19 8,097,042 26,990 521,000
Oct-19 7,603,032 25,343 521,000 Oct-19 7,603,032 25,343 521,000
Nov-19 7,107,375 23,691 521,000 Nov-19 7,107,375 23,691 521,000
Dec-19 6,610,066 22,034 521,000 Dec-19 6,610,066 22,034 521,000
Jan-20 6,111,100 20,370 521,000 Jan-20 6,111,100 20,370 521,000
Feb-20 5,610,470 18,702 521,000 Feb-20 5,610,470 18,702 521,000
Mar-20 5,108,172 17,027 521,000 Mar-20 5,108,172 17,027 521,000
Apr-20 4,604,199 15,347 521,000 Apr-20 4,604,199 15,347 521,000
May-20 4,098,546 13,662 521,000 May-20 4,098,546 13,662 521,000
Jun-20 3,591,208 11,971 521,000 Jun-20 3,591,208 11,971 521,000
Jul-20 3,082,179 10,274 521,000 Jul-20 3,082,179 10,274 521,000
Aug-20 2,571,453 8,572 521,000 Aug-20 2,571,453 8,572 521,000
Sep-20 2,059,025 6,863 521,000 Sep-20 2,059,025 6,863 521,000
Oct-20 1,544,888 5,150 521,000 Oct-20 1,544,888 5,150 521,000
Nov-20 1,029,038 3,430 521,000 Nov-20 1,029,038 3,430 521,000
Dec-20 511,468 1,705 513,173 Dec-20 511,468 1,705 513,173
Jan-21 0 0 3 Page 12Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt
Jan-12 552,000 Jan-12 1,725,000 Feb-12 290,000 Jan-12 2,567,000 Feb-12 542,800 9,200 Feb-12 1,696,250 28,750 Mar-12 285,165 4,835 Feb-12 2,524,215 42,785
Mar-12 533,600 9,200 Mar-12 1,667,500 28,750 Apr-12 280,330 4,835 Mar-12 2,481,430 42,785
Apr-12 524,400 9,200 Apr-12 1,638,750 28,750 May-12 275,495 4,835 Apr-12 2,438,645 42,785
May-12 515,200 9,200 May-12 1,610,000 28,750 Jun-12 270,660 4,835 May-12 2,395,860 42,785
Jun-12 506,000 9,200 Jun-12 1,581,250 28,750 Jul-12 265,825 4,835 Jun-12 2,353,075 42,785
Jul-12 496,800 9,200 Jul-12 1,552,500 28,750 Aug-12 260,990 4,835 Jul-12 2,310,290 42,785
Aug-12 487,600 9,200 Aug-12 1,523,750 28,750 Sep-12 256,155 4,835 Aug-12 2,267,505 42,785
Sep-12 478,400 9,200 Sep-12 1,495,000 28,750 Oct-12 251,320 4,835 Sep-12 2,224,720 42,785
Oct-12 469,200 9,200 Oct-12 1,466,250 28,750 Nov-12 246,485 4,835 Oct-12 2,181,935 42,785
Nov-12 460,000 9,200 Nov-12 1,437,500 28,750 Dec-12 241,650 4,835 Nov-12 2,139,150 42,785
Dec-12 450,800 9,200 Dec-12 1,408,750 28,750 Jan-13 236,815 4,835 Dec-12 2,096,365 42,785
Jan-13 441,600 9,200 Jan-13 1,380,000 28,750 Feb-13 231,980 4,835 Jan-13 2,053,580 42,785
Feb-13 432,400 9,200 Feb-13 1,351,250 28,750 Mar-13 227,145 4,835 Feb-13 2,010,795 42,785
Mar-13 423,200 9,200 Mar-13 1,322,500 28,750 Apr-13 222,310 4,835 Mar-13 1,968,010 42,785
Apr-13 414,000 9,200 Apr-13 1,293,750 28,750 May-13 217,475 4,835 Apr-13 1,925,225 42,785
May-13 404,800 9,200 May-13 1,265,000 28,750 Jun-13 212,640 4,835 May-13 1,882,440 42,785
Jun-13 395,600 9,200 Jun-13 1,236,250 28,750 Jul-13 207,805 4,835 Jun-13 1,839,655 42,785
Jul-13 386,400 9,200 Jul-13 1,207,500 28,750 Aug-13 202,970 4,835 Jul-13 1,796,870 42,785
Aug-13 377,200 9,200 Aug-13 1,178,750 28,750 Sep-13 198,135 4,835 Aug-13 1,754,085 42,785
Sep-13 368,000 9,200 Sep-13 1,150,000 28,750 Oct-13 193,300 4,835 Sep-13 1,711,300 42,785
Oct-13 358,800 9,200 Oct-13 1,121,250 28,750 Nov-13 188,465 4,835 Oct-13 1,668,515 42,785
Nov-13 349,600 9,200 Nov-13 1,092,500 28,750 Dec-13 183,630 4,835 Nov-13 1,625,730 42,785
Dec-13 340,400 9,200 Dec-13 1,063,750 28,750 Jan-14 178,795 4,835 Dec-13 1,582,945 42,785
Jan-14 331,200 9,200 Jan-14 1,035,000 28,750 Feb-14 173,960 4,835 Jan-14 1,540,160 42,785
Feb-14 322,000 9,200 Feb-14 1,006,250 28,750 Mar-14 169,125 4,835 Feb-14 1,497,375 42,785
Mar-14 312,800 9,200 Mar-14 977,500 28,750 Apr-14 164,290 4,835 Mar-14 1,454,590 42,785
Apr-14 303,600 9,200 Apr-14 948,750 28,750 May-14 159,455 4,835 Apr-14 1,411,805 42,785
May-14 294,400 9,200 May-14 920,000 28,750 Jun-14 154,620 4,835 May-14 1,369,020 42,785
Jun-14 285,200 9,200 Jun-14 891,250 28,750 Jul-14 149,785 4,835 Jun-14 1,326,235 42,785
Jul-14 276,000 9,200 Jul-14 862,500 28,750 Aug-14 144,950 4,835 Jul-14 1,283,450 42,785
Aug-14 266,800 9,200 Aug-14 833,750 28,750 Sep-14 140,115 4,835 Aug-14 1,240,665 42,785
Sep-14 257,600 9,200 Sep-14 805,000 28,750 Oct-14 135,280 4,835 Sep-14 1,197,880 42,785
Oct-14 248,400 9,200 Oct-14 776,250 28,750 Nov-14 130,445 4,835 Oct-14 1,155,095 42,785
Nov-14 239,200 9,200 Nov-14 747,500 28,750 Dec-14 125,610 4,835 Nov-14 1,112,310 42,785
Dec-14 230,000 9,200 Dec-14 718,750 28,750 Jan-15 120,775 4,835 Dec-14 1,069,525 42,785
Jan-15 220,800 9,200 Jan-15 690,000 28,750 Feb-15 115,940 4,835 Jan-15 1,026,740 42,785
Feb-15 211,600 9,200 Feb-15 661,250 28,750 Mar-15 111,105 4,835 Feb-15 983,955 42,785
Mar-15 202,400 9,200 Mar-15 632,500 28,750 Apr-15 106,270 4,835 Mar-15 941,170 42,785
Apr-15 193,200 9,200 Apr-15 603,750 28,750 May-15 101,435 4,835 Apr-15 898,385 42,785
May-15 184,000 9,200 May-15 575,000 28,750 Jun-15 96,600 4,835 May-15 855,600 42,785
Jun-15 174,800 9,200 Jun-15 546,250 28,750 Jul-15 91,765 4,835 Jun-15 812,815 42,785
Jul-15 165,600 9,200 Jul-15 517,500 28,750 Aug-15 86,930 4,835 Jul-15 770,030 42,785
Aug-15 156,400 9,200 Aug-15 488,750 28,750 Sep-15 82,095 4,835 Aug-15 727,245 42,785
Sep-15 147,200 9,200 Sep-15 460,000 28,750 Oct-15 77,260 4,835 Sep-15 684,460 42,785
Oct-15 138,000 9,200 Oct-15 431,250 28,750 Nov-15 72,425 4,835 Oct-15 641,675 42,785
Nov-15 128,800 9,200 Nov-15 402,500 28,750 Dec-15 67,590 4,835 Nov-15 598,890 42,785
Pension Liability OPEB Liability Accrual Liability Total All Liabilities
Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Page 13Month Principal Pmt Month Principal Pmt Month Principal Pmt Month Principal Pmt
Pension Liability OPEB Liability Accrual Liability Total All Liabilities
Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Dec-15 119,600 9,200 Dec-15 373,750 28,750 Jan-16 62,755 4,835 Dec-15 556,105 42,785
Jan-16 110,400 9,200 Jan-16 345,000 28,750 Feb-16 57,920 4,835 Jan-16 513,320 42,785
Feb-16 101,200 9,200 Feb-16 316,250 28,750 Mar-16 53,085 4,835 Feb-16 470,535 42,785
Mar-16 92,000 9,200 Mar-16 287,500 28,750 Apr-16 48,250 4,835 Mar-16 427,750 42,785
Apr-16 82,800 9,200 Apr-16 258,750 28,750 May-16 43,415 4,835 Apr-16 384,965 42,785
May-16 73,600 9,200 May-16 230,000 28,750 Jun-16 38,580 4,835 May-16 342,180 42,785
Jun-16 64,400 9,200 Jun-16 201,250 28,750 Jul-16 33,745 4,835 Jun-16 299,395 42,785
Jul-16 55,200 9,200 Jul-16 172,500 28,750 Aug-16 28,910 4,835 Jul-16 256,610 42,785
Aug-16 46,000 9,200 Aug-16 143,750 28,750 Sep-16 24,075 4,835 Aug-16 213,825 42,785
Sep-16 36,800 9,200 Sep-16 115,000 28,750 Oct-16 19,240 4,835 Sep-16 171,040 42,785
Oct-16 27,600 9,200 Oct-16 86,250 28,750 Nov-16 14,405 4,835 Oct-16 128,255 42,785
Nov-16 18,400 9,200 Nov-16 57,500 28,750 Dec-16 9,570 4,835 Nov-16 85,470 42,785
Dec-16 9,200 9,200 Dec-16 28,750 28,750 Jan-16 4,735 4,835 Dec-16 42,685 42,785
Jan-17 0 9,200 Jan-17 0 28,750 Feb-16 0 4,735 Jan-17 0 42,685
Page 14