City of Culver City, California
Agenda Item Report
Meeting Date: 02/10/2014 Item Number: C-2
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation
Payment Schedule (ROPS) from July 1, 2014 Through December 31, 2014; (2)
Adoption of a Resolution Approving the Successor Agency Administrative Budget
from July 1, 2014 Through December 31, 2014; and (3) Authorization to the
Executive Director to Make Such Payments on Behalf of the Successor Agency.
Contact Person/Dept.: Jeff Muir Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Department Approval:
Jeff Muir (02/03/14)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (02/03/14)
Chief Financial Officer Approval:
Jeff Muir (02/04/14)
Executive Director Approval:
John M. Nachbar (02/04/14)
RECOMMENDATION:
Staff recommends the Successor Agency Board (1) adopt a resolution approving the
Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2014
through December 31, 2014; (2) adopt a resolution approving the Successor Agency
Administrative Budget from July 1, 2014 through December 31, 2014; and (3)
authorize the Executive Director to make such payments on behalf of the Successor
Agency.
BACKGROUND / DISCUSSION:
Pursuant to AB X1 26, the Successor Agency must prepare a ROPS and
administrative budget for each six-month fiscal period (commencing each January 1
and July 1), listing the payments to be made by the Successor Agency during such
period. The ROPS must be submitted to the Oversight Board for review and
approval. Each Oversight Board-approved ROPS must be submitted to the State
Department of Finance (DOF) for review by March 1
st
and October 1
st
for the
following 6 month period.
On June 27, 2012, the Governor signed the State budget trailer bill AB 1484, which
imposed some additional requirements on successor agencies and clarified the roles
and responsibilities of the different agencies involved in the dissolution process.
Pursuant to AB 1484, the Successor Agency must submit the ROPS to the DOF
electronically in the manner of DOF’s choosing. A copy of the Oversight Board-
approved ROPS must be posted on the Successor Agency’s website.
City of Culver City, California
Agenda Item Report
The DOF may eliminate or modify any items on the ROPS before approving the
ROPS. The DOF must make its determination regarding the enforceable obligations
and the amount and funding source for each enforceable obligation listed on a
ROPS no later than 45 days after the ROPS is submitted. Within five business
days of the DOF’s determination, the Successor Agency may request to “meet and
confer” with the DOF on disputed items.
The Los Angeles County Auditor-Controller may object to the inclusion of any item
on the ROPS that is not demonstrated to be an enforceable obligation and may
object to the funding source proposed for any item. The Los Angeles County
Auditor-Controller must provide notice of its objections to the DOF, the Successor
Agency, and the Oversight Board by 60 days prior to the date of the next property
tax distribution. Property tax is distributed on January 1 and June 1 of each year.
If the Successor Agency does not submit an Oversight Board-approved ROPS by 90
days prior to the date of the next property tax distribution, the City of Culver City will
be subject to a civil penalty of $10,000 per day for every day that the ROPS is not
submitted to the DOF. The penalty is to be paid to the Los Angeles County Auditor-
Controller for distribution to the taxing entities. If the Successor Agency does not
timely submit a ROPS, creditors of the Successor Agency, the DOF, and affected
taxing entities may request a writ of mandate to require the Successor Agency to
immediately perform this duty.
If the Successor Agency fails to submit an Oversight Board-approved ROPS to the
DOF within five business days of “the date upon which the ROPS is to be used to
determine the amount of property tax allocations”, the DOF may determine whether
the County Auditor-Controller should distribute any of property tax revenues to the
taxing entities, or whether any amount should be withheld for enforceable obligations
pending approval of the ROPS. It is not clear what is “the date upon which the
ROPS is to be used to determine the amount of property tax allocations.”
Administrative Budget
Pursuant to AB 26 and AB 1484, an “Administrative Cost Allowance” is paid to the
Successor Agency from property tax revenues allocated by the Los Angeles County
Auditor-Controller. The Administrative Cost Allowance is defined as an amount,
subject to the approval of the Oversight Board, which is up to 3% of the property tax
allocated for enforceable obligations from the Redevelopment Property Tax Trust
Fund (RPTTF). The amount shall not be less than $250,000 for any fiscal year
unless the Oversight Board reduces this amount.
The Administrative Budget being presented includes reimbursement for City staff
time, reimbursement to the City for indirect overhead costs, and operating and
contract service costs necessary to facilitate the wind down of the former Culver City
Redevelopment Agency. City of Culver City, California
Agenda Item Report
Low/Moderate Income Housing Funds
Health and Safety Code (HSC) Section 34191.4 (b) (2) (B) requires any outstanding
amounts borrowed from or owed to the Low and Moderate Income Housing Fund
(LMIHF) for purposes of the SERAF/ERAF to be retired prior to requesting
repayment for RDA/sponsoring entity loans. Pursuant to HSC section
34176(e)(6)(B), the repayments related to SERAF/ERAF are subject to restrictions
on the total amount that can be repaid in each ROPS period. Specifically, the
maximum repayment amount authorized each fiscal year shall be equal to one-half
of the increase between “the amount distributed” to the taxing entities in the current
fiscal year and the amount distributed to taxing entities in fiscal year 2012-13 (base
year).
Further, pursuant to HSC Section 34171(d)(1)(G), amounts borrowed from, or
payments owing to the LMIHF are enforceable obligations, provided the Agency’s
Oversight Board approves a repayment schedule. Since the repayment is restricted
to the formula outlined in HSC Section 34176(e)(6)(B), the Department of Finance
has indicated that it would not be opposed to a repayment schedule that indicated
the repayment amount for each fiscal year will be equal to the maximum amount
allowed pursuant to HSC section 34176(e)(6)(B). Therefore, staff will recommend to
the Oversight Board of the Successor Agency to the Culver City Redevelopment
Agency that they adopt such a resolution.
FISCAL ANALYSIS:
The preparation and submittal of ROPS 14-15A is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period from July 1, 2014
to December 31, 2014. The funding source for the payments of enforceable
obligations listed on ROPS 14-15A is the RPTTF (formerly Tax Increment).
ATTACHMENTS:
1. Proposed Resolution, including ROPS as Exhibit A; and
2. Proposed Resolution, including Administrative Budget as Exhibit A.
MOTION:
That the Successor Agency Board:
1. Adopt a resolution approving the Recognized Obligation Payment Schedule for
the period July 1, 2014 through December 31, 2014; and,
City of Culver City, California
Agenda Item Report
2. Adopt a resolution approving the Administrative Budget for the period July 1,
2014 through December 31, 2014; and,
3. Authorize the Executive Director to make payments included on the ROPS on
behalf of the Successor Agency (subject to approval of the ROPS and
Administrative Budget by the Oversight Board and the State Department of
Finance).
MEETING DATE: February 10, 2014
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized
Obligation Payment Schedule (ROPS) for the Period of July 1,
2014 Through December 31, 2014 and Approving Certain
Related Actions; (2) Adoption of a Resolution Approving the
Successor Agency Administrative Budget for the Period of
July 1, 2014 Through December 31, 2014 and Approving
Certain Related Actions; and (3) Authorize the Executive
Director to Make Such Payments on Behalf of the Successor
Agency.
ATTACHMENTS
Pages
1. Proposed Resolution, including Administrative Budget as Exhibit A .. 1 – 8
2. Proposed Resolution, including ROPS as Exhibit A .......................... 9 – 26
Direct Staff Costs FTE
FY 14-15
(Jul-Dec)
Economic Development Administrator 1.00 103,000
Economic Development Manager 0.75 50,000
Project Manager 0.50 39,000
CDD Director 0.10 27,000
Sr. Mgmt Analyst - CDD 0.50 37,000
Mgmt Analyst 0.50 39,000
City Manager 0.10 20,000
Assistant City Manager - City Clerk 0.10 13,000
CFO 0.15 17,000
Procurement and Financial Services Manager 0.15 10,000
3.85 355,000
Direct O&M
Contractual Services (Legal, Consulting) 193,000
Successor Agency/Oversight Board Meeting Costs 3,000
Office Supplies 3,000
199,000
Total Direct Costs 554,000
Indirect Cost Allocation (20%) 71,000
Total Cost 625,000
Exhibit 'A'
Culver City Successor Agency Administrative Budget
July 1, 2014 through December 31, 2014Name of Successor Agency: Culver City
Name of County: Los Angeles
Current Period Requested Funding for Outstanding Debt or Obligation
A 58,806 $
B -
C -
D 58,806
E 22,778,983 $
F 22,153,983
G 625,000
H Current Period Enforceable Obligations (A+E): 22,837,789 $
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 22,778,983
J (1,679,881)
K 21,099,102 $
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 22,778,983
M -
N 22,778,983
Name Title
/s/
Signature Date
Administrative Costs (ROPS Detail)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column S)
Adjusted Current Period RPTTF Requested Funding (I-J)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AA)
Adjusted Current Period RPTTF Requested Funding (L-M)
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) of the Health and Safety code, I hereby
certify that the above is a true and accurate Recognized Obligation
Payment Schedule for the above named agency.
Recognized Obligation Payment Schedule (ROPS 14-15A) - Summary
Filed for the July 1, 2014 through December 31, 2014 Period
Enforceable Obligations Funded with Non-Redevelopment Property Tax Trust Fund (RPTTF) Funding
Sources (B+C+D):
Non-Administrative Costs (ROPS Detail)
Enforceable Obligations Funded with RPTTF Funding (F+G):
Bond Proceeds Funding (ROPS Detail)
Reserve Balance Funding (ROPS Detail)
Other Funding (ROPS Detail)
Six-Month Total AB C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
311,955,993 $ - $ - $ 58,806 $ 22,153,983 $ 625,000 $ 22,837,789 $
1 1993 Tax Allocation Bonds Bonds Issued On or 10/20/1993 11/1/2014 US Bank as Trustee Bond issue to fund non-housing Merged 5,502,263 N 5,502,263 $ 5,502,263
2 1999 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
9/30/1999 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 24,886,309 N 58,806 1,668,067 $ 1,726,873
3 2002 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
4/4/2002 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 21,339,975 N 1,653,525 $ 1,653,525
4 2004 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
4/14/2004 11/1/2023 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 81,947,252 N 1,575,410 $ 1,575,410
5 2005 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
11/10/2005 11/1/2025 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 23,076,980 N 606,295 $ 606,295
6 2011 Tax Allocation Bonds Bonds Issued After
12/31/10
3/1/2011 11/1/2028 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 87,925,050 N 4,520,175 $ 4,520,175
7 Debt Service Trustee Fees Fees 10/20/1993 11/1/2028 US Bank Debt Service account maintenance
fees charged by trustee
Merged 175,000 N 10,000 $ 10,000
8 Arbitrage Rebate Calculations Fees 6/1/2002 11/1/2028 BLX (Bond Logistix LLC) Arbitrage rebate calculations on
outstanding bond issuances as
required by the Internal Revenue
Service
Merged 143,000 N 10,000 $ 10,000
9 Continuing Disclosure Filing -
Existing Bonds
Fees 5/10/2011 11/1/2028 Applied Best Practices, LLC File required continuing disclosure
documents related to outstanding bond
issuances as required by the Bond
Covenants
Merged 48,000 N 5,000 $ 5,000
10 Legal Services - Existing Litiation
and Property Disposition
Legal 11/1/1978 11/23/2029 Kane Ballmer Berkman Legal services necessary for preparing
purchase and sale agreements and
other legal documents related to
property disposition. Also for existing
litigation.
Merged 4,800,000 N 200,000 $ 200,000
11 Existing Litigation Legal 7/11/2000 11/23/2029 Greenberg Glusker Fields
Claman & Machtinger LLP
Legal Services related to Casmalia
Land Fill litigation
Merged 50,000 N 5,000 $ 5,000
14 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 City of Culver City Staff costs, contractual services,
OB/SA meeting costs, City overhead
for support of SA operations
Merged 625,000 N 625,000 $ 625,000
15 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various Contractual Services (Legal,
consulting, etc.)
Merged - N - $ -
16 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various SA/Oversight Board Meeting Costs Merged - N - $ -
17 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 Various Office Supplies Merged - N - $ -
18 SA Admin Allowance Admin Costs 7/1/2014 12/31/2014 City of Culver City Indirect Cost Allocation (5% of direct
costs)
Merged - N - $ -
19 Unfunded CalPERS Pension
Liabilities
Unfunded Liabilities 7/1/2014 12/31/2014 CalPERS Unfunded CalPERS pension
obligation, per CalPERS actuarial
valuation as of June 30, 2010.
Merged 496,800 N 55,200 $ 55,200
20 Unfunded OPEB Liabilities Unfunded Liabilities 7/1/2014 12/31/2014 U.S. Bank Unfunded actuarial accrued liability as
of June 30, 2011, per AON Consulting,
Inc.
Merged 1,552,500 N 227,700 $ 227,700
21 Westfield OPA OPA/DDA/Constructi
on
4/18/2008 7/26/2024 Westfield Inc OPA for improvements to regional mall Merged 7,265,000 N 2,400,000 $ 2,400,000
22 Culver Hotel OPA OPA/DDA/Constructi
on
1/15/2011 6/30/2016 Century Wilshire Inc OPA for improvements to downtown
hotel
Merged 70,000 N 35,000 $ 35,000
23 2004 ERAF loan SERAF/ERAF 6/21/2004 6/30/2014 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 25,848N 25,848 25,848
24 2005 ERAF loan SERAF/ERAF 5/10/2005 6/30/2015 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 1,068,000 N 1,068,000 $ 1,068,000
25 2006 ERAF loan SERAF/ERAF 5/10/2006 6/30/2016 Culver City Housing
Authority
Housing set aside loan to make
required ERAF pymnt
Merged 996,000 N - $ -
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination DateAB C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
26 2010 SERAF loan SERAF/ERAF 5/10/2010 6/30/2015 Culver City Housing
Authority
Housing set aside loan to make
required SERAF pymnt
Merged 10,946,277 N - $ -
27 Housing Set Aside Loan Miscellaneous 7/1/1985 11/23/2029 Culver City Housing
Authority
Repay set aside defered from 1985 -
1996 per Section 33334.6
Merged 36,039,591 N - $ -
28 Debt Service Loan City/County Loans
After 6/27/11
2/7/2013 6/30/2014 City of Culver City Cash flow loan from City to make debt
service pymnt and pay administrative
costs
Merged 1,500,000 N 1,500,000 $ 1,500,000
29 Bond Disclosure Preparation
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 6/1/2002 11/1/2028 BLX (Bond Logistix
LLC)/Successor Agency
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 3,518 N - $ -
30 Arbitrage Rebate Calculations
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 5/10/2011 11/1/2028 Applied Best Practices,
LLC/Successor Agency
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 9,000 N - $ -
31 MOU with Downtown Business
Association
(reimbursement to SA for
enforceable obligation listed on
ROPS I. Actual cost exceeded
original estimate by amount listed in
column M)
RPTTF Shortfall 7/1/2011 6/30/2012 Downtown Business
Association
Reimbursement to the Successor
Agency for enforceable obligations
approved on ROPS I as enforceable
obligations, but payments slightly
exceeded the estimated amount, which
was subsequently withheld by the LA
County A-C from the January 2, 2013
remittance even though the payments
were for approved enforceable
obligations.
Merged 5,630 N - $ -
32 Financial consulating services
necessary to prepare SA owned real
property for disposition
Property Dispositions 3/8/1999 11/23/2029 Keyser Marsten Associates Financial consultant services
necessary for the administration of the
Successor Agency and maintaining
assets prior to disposition.
Merged 100,000 N 25,000 $ 25,000
33 Real property appraisal services
necessary to prepare SA owned real
property for disposition
Property Dispositions 1/1/2014 6/30/2014 Lea Associates Financial consultant services
necessary for the administration of the
Successor Agency and maintaining
assets prior to disposition.
Merged 60,000 N 50,000 $ 50,000
34 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
1/1/2014 6/30/2014 King Fence Rental of fence to secure various
Successor Agency properties
Merged 10,000 N 2,500 $ 2,500
35 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
7/1/2009 7/1/2014 Marina Landscape Landscape maintenance for various
Successor Agency properties
Merged 100,000 N 30,000 $ 30,000
36 Asset maintenance for Successor
Agency owned real property
Property
Maintenance
1/1/2014 6/30/2014 Various Various maintenance and repair
services for various Successor Agency
owned real property, as needed.
Merged 250,000 N 50,000 $ 50,000 AB C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
Recognized Obligation Payment Schedule (ROPS) 14-15A - ROPS Detail
July 1, 2014 through December 31, 2014
(Report Amounts in Whole Dollars)
Item # Payee Description/Project Scope Project Area
Total Outstanding
Debt or Obligation Retired
Funding Source
Six-Month Total Project Name / Debt Obligation Obligation Type
Contract/Agreement
Execution Date
RPTTF
Non-Redevelopment Property Tax Trust Fund
(Non-RPTTF)
Contract/Agreement
Termination Date
37 Preparation of Pass Through
payment calculation per LAUSD
litigation
Litigation 1/1/2014 6/30/2014 HdL Court ruling in LAUSD v. County of Los
Angeles requires additional prior year
pass through payments.
Merged 10,000 N - $ -
38 Payment of outstanding pass
through to LAUSD per litigation
Litigation 1/1/2014 6/30/2014 Los Angeles Unified School
District
Court ruling in LAUSD v. County of Los
Angeles requires additional prior year
pass through payments.
Merged N
39 Settlement Agreement approved by
Oversight Board and DoF
Litigation 1/1/2014 6/30/2014 Rush Pacifica Settlement agreement between SA
and Developer. Approved by OB and
DOF.
Merged 400,000 N 400,000 $ 400,000
40 Refunding of 1999 and 2002 TABs Bonds Issued On or
Before 12/31/10
3/8/1999 11/23/2029 Keyser Marsten Associates Prepare required fiscal consultants
report for TAB refunding.
Merged 50,000 N 50,000 $ 50,000
41 1993 Tax Allocation Bonds -
Reserve
Reserves 10/20/1993 11/1/2014 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
42 1999 Tax Allocation Bonds -
Reserve
Reserves 9/30/1999 11/1/2025 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
43 2002 Tax Allocation Bonds -
Reserve
Reserves 4/4/2002 11/1/2025 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
44 2004 Tax Allocation Bonds -
Reserve
Reserves 4/14/2004 11/1/2023 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
45 2005 Tax Allocation Bonds -
Reserve
Reserves 11/10/2005 11/1/2025 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
46 2011 Tax Allocation Bonds -
Reserve
Reserves 3/1/2011 11/1/2028 US Bank as Trustee Build debt service reserve for bond
issue to fund non-housing projects
Merged - N - $ -
47 SA Admin Allowance RPTTF Shortfall 1/1/2014 6/30/2014 City of Culver City Due to RPTTF shortfall in ROPS 13-
14B, not Admin Cost Allocation was
paid. This item represents payment for
the ROPS 13-14 ACA.
Merged 479,000 N 479,000 $ 479,000
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ -
$ - AB CDEFGH I
Other RPTTF
Bonds Issued
on or before
12/31/10
Bonds Issued
on or after
01/01/11
Prior ROPS period
balances and DDR
balances retained
Prior ROPS
RPTTF
distributed as
reserve for next
bond payment
Rent,
Grants,
Interest, Etc.
Non-Admin and
Admin
ROPS 13-14A Actuals (07/01/13 - 12/31/13)
1 Beginning Available Cash Balance (Actual 07/01/13)
Note that for the RPTTF, 1 + 2 should tie to columns J and O in the
Report of Prior Period Adjustments (PPAs)
- - 1,651,657 58,806 - -
PPA: There was no real cash left over from a
prior period to use on current ROPS:
* $861K of that amount was carried over and
used to pay D/S in ROPS III period. The money
was already paid out for debt service in a prior
period and is not available to pay current EOs.
* A total of $637,000 was contractually required
and paid to Westfield Corporation. Since the SA
only listed $250,000 as the obligation, we got a
PPA of $387,000. However, that money was
already paid out to a third party as contractually
required and is not available to pay current EOs.
2 Revenue/Income (Actual 12/31/13)
Note that the RPTTF amounts should tie to the ROPS 13-14A distribution
from the County Auditor-Controller during June 2013 14,243,790
3 Expenditures for ROPS 13-14A Enforceable Obligations (Actual
12/31/13)
Note that for the RPTTF, 3 + 4 should tie to columns L and Q in the
Report of PPAs
14,215,566
4 Retention of Available Cash Balance (Actual 12/31/13)
Note that the RPTTF amount should only include the retention of reserves
for debt service approved in ROPS 13-14A 28,224
5 ROPS 13-14A RPTTF Prior Period Adjustment
Note that the RPTTF amount should tie to column S in the Report of
PPAs.
No entry required
1,679,881
6 Ending Actual Available Cash Balance
C to G = (1 + 2 - 3 - 4), H = (1 + 2 - 3 - 4 - 5)
- $ - $ 1,651,657 $ 58,806 $ - $ (1,679,881) $
ROPS 13-14B Estimate (01/01/14 - 06/30/14)
7 Beginning Available Cash Balance (Actual 01/01/14)
(C, D, E, G = 4 + 6, F = H4 + F4 + F6, and H = 5 + 6)
- $ - $ 1,651,657 $ 87,030 $ - $ - $
8 Revenue/Income (Estimate 06/30/14)
Note that the RPTTF amounts should tie to the ROPS 13-14B distribution
from the County Auditor-Controller during January 2014 4,424,655
9 Expenditures for 13-14B Enforceable Obligations (Estimate 06/30/14)
87,030 4,424,655
10 Retention of Available Cash Balance (Estimate 06/30/14)
Note that the RPTTF amounts may include the retention of reserves for
debt service approved in ROPS 13-14B
-
11 Ending Estimated Available Cash Balance (7 + 8 - 9 -10)
- $ - $ 1,651,657 $ - $ - $ - $
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Cash Balances
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177(l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from
property tax revenues is required by an enforceable obligation.
Fund Sources
Comments
Bond Proceeds Reserve Balance
Cash Balance Information by ROPS PeriodA B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 14-15A
Requested RPTTF)
Net CAC Non-
Admin and Admin
PPA
(Amount Used to
Offset ROPS 14-
15A Requested
RPTTF)
Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS 13-14A
distributed + all other
available as of
07/1/13)
Net Lesser of
Authorized /
Available Actual
Difference
(If K is less than L,
the difference is
zero) Authorized
Available
RPTTF
(ROPS 13-14A
distributed + all other
available as of
07/1/13)
Net Lesser of
Authorized /
Available Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
Net Lesser of
Authorized /
Available Actual Difference
Net Lesser of
Authorized /
Available Actual Difference Net Difference
- $ - $ - $ - $ - $ - $ 15,445,447 $ 15,445,447 $ 15,445,447 $ 13,765,566 $ 1,679,881 $ 450,000 $ 450,000 $ 450,000 $ 450,000 $ - $ 1,679,881 $ - $ - $ - $
1 1993 Tax Allocation - - - 5,356,688 5,356,688 $ 5,356,688 5,356,684 $ 4 $ 4
2 1999 Tax Allocation - - - 1,702,293 1,702,293 $ 1,702,293 1,701,809 $ 484 $ 484
3 2002 Tax Allocation
Bonds
- - - 1,626,313 1,626,313 $ 1,626,313 1,626,310 $ 3 $ 3
4 2004 Tax Allocation
Bonds
- - - 1,572,435 1,572,435 $ 1,572,435 1,545,664 $ 26,771 $ 26,771
5 2005 Tax Allocation
Bonds
- - - 600,495 600,495 $ 600,495 600,474 $ 21 $ 21
6 2011 Tax Allocation
Bonds
- - - 1,535,475 1,535,475 $ 1,535,475 1,534,825 $ 650 $ 650
7 Debt Service
Trustee Fees
- - - 10,000 10,000 $ 10,000 $ 10,000 $ 10,000
8 Arbitrage Rebate
Calculations
- - - 15,000 15,000 $ 15,000 4,500 $ 10,500 $ 10,500
9 Continuing
Disclosure Filing -
Existing Bonds
- - - 3,000 3,000 $ 3,000 - $ 3,000 $ 3,000
10 Existing Litigation - - - 102,000 102,000 $ 102,000 12,689 $ 89,311 $ 89,311
11 Existing Litigation - - - 1,000 1,000 $ 1,000 - $ 1,000 $ 1,000
12 Financial Audit - - - - $ - - $ - $ -
13 Financial Audit - - - - $ - - $ - $ -
14 SA Admin
Allowance
- - - - $ - - $ - $ -
15 SA Admin
Allowance
- - - - $ - - $ - $ -
16 SA Admin
Allowance
- - - - $ - - $ - $ -
17 SA Admin
Allowance
- - - - $ - - $ - $ -
18 SA Admin
Allowance
- - - - $ - - $ - $ -
19 Unfunded
CalPERS Pension
- - - 55,200 55,200 $ 55,200 - $ 55,200 $ 55,200
20 Unfunded OPEB
Liabilities
- - - 172,500 172,500 $ 172,500 - $ 172,500 $ 172,500
21 Westfield OPA - - - 2,500,000 2,500,000 $ 2,500,000 1,379,111 $ 1,120,889 $ 1,120,889
22 Culver Hotel OPA - - - 17,400 17,400 $ 17,400 - $ 17,400 $ 17,400
23 2004 ERAF loan - - - - $ - - $ - $ -
24 2005 ERAF loan - - - - $ - - $ - $ -
25 2006 ERAF loan - - - - $ - - $ - $ -
26 2010 SERAF loan - - - - $ - - $ - $ -
27 Housing Set Aside
Loan
- - - - $ - - $ - $ -
28 Debt Service Loan - - - - $ - - $ - $ -
29 Bond Disclosure
Preparation
(reimbursement to
SA for enforceable
obligation listed on
ROPS I. Actual
cost exceeded
original estimate by
amount listed in
column M)
- - - 3,518 3,518 $ 3,518 - $ 3,518 $ 3,518
30 Arbitrage Rebate
Calculations
(reimbursement to
SA for enforceable
obligation listed on
ROPS I. Actual
cost exceeded
original estimate by
amount listed in
column M)
- - - 9,000 9,000 $ 9,000 - $ 9,000 $ 9,000
31 MOU with
Downtown Business
Association
(reimbursement to
SA for enforceable
obligation listed on
ROPS I. Actual
cost exceeded
original estimate by
amount listed in
column M)
- - - 5,630 5,630 $ 5,630 - $ 5,630 $ 5,630
32 Financial
consulating services
necessary to
prepare SA owned
real property for
disposition
- - - 30,000 30,000 $ 30,000 - $ 30,000 $ 30,000
33 Real property
appraisal services
necessary to
prepare SA owned
real property for
disposition
- - - 60,000 60,000 $ 60,000 3,500 $ 56,500 $ 56,500
34 Asset maintenance
for Successor
Agency owned real
property
- - - 2,500 2,500 $ 2,500 - $ 2,500 $ 2,500
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments
Reported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount
of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA’s self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to aud
by the county auditor-controller (CAC) and the State Controller.
Item #
Project Name /
Debt Obligation
Non-RPTTF Expenditures
Non-Admin Non-Admin CAC Admin CAC Admin Bond Proceeds Reserve Balance Other Funds
RPTTF Expenditures
PPA: There was no real cash left over
from a prior period to use on current
ROPS:
* $861K of that amount was carried
over and used to pay D/S in ROPS III
period. The money was already paid
out for debt service in a prior period
and is not available to pay current EOs.
* A total of $637,000 was contractually
required and paid to Westfield
Corporation. Since the SA only listed
$250,000 as the obligation, we got a
PPA of $387,000. However, that
money was already paid out to a third
party as contractually required and is
not available to pay current EOs.
RPTTF Expenditures
ROPS 13-14A CAC PPA: To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and
the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which
they calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be
entered as a lump sum.
CAC Comments SA Comments A B C D E F G H I J K L M N O P Q R S T U V W X Y Z AA AB
Net SA Non-Admin
and Admin PPA
(Amount Used to
Offset ROPS 14-15A
Requested RPTTF)
Net CAC Non-
Admin and Admin
PPA
(Amount Used to
Offset ROPS 14-
15A Requested
RPTTF)
Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS 13-14A
distributed + all other
available as of
07/1/13)
Net Lesser of
Authorized /
Available Actual
Difference
(If K is less than L,
the difference is
zero) Authorized
Available
RPTTF
(ROPS 13-14A
distributed + all other
available as of
07/1/13)
Net Lesser of
Authorized /
Available Actual
Difference
(If total actual
exceeds total
authorized, the
total difference is
zero)
Net Difference
(M+R)
Net Lesser of
Authorized /
Available Actual Difference
Net Lesser of
Authorized /
Available Actual Difference Net Difference
- $ - $ - $ - $ - $ - $ 15,445,447 $ 15,445,447 $ 15,445,447 $ 13,765,566 $ 1,679,881 $ 450,000 $ 450,000 $ 450,000 $ 450,000 $ - $ 1,679,881 $ - $ - $ - $
Recognized Obligation Payment Schedule (ROPS) 14-15A - Report of Prior Period Adjustments
Reported for the ROPS 13-14A (July 1, 2013 through December 31, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS 13-14A Successor Agency (SA) Self-reported Prior Period Adjustments (PPA): Pursuant to HSC Section 34186 (a), SAs are required to report the differences between their actual available funding and their actual expenditures for the ROPS 13-14A (July through December 2013) period. The amount
of Redevelopment Property Tax Trust Fund (RPTTF) approved for the ROPS 14-15A (July through December 2014) period will be offset by the SA’s self-reported ROPS 13-14A prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to aud
by the county auditor-controller (CAC) and the State Controller.
Item #
Project Name /
Debt Obligation
Non-RPTTF Expenditures
Non-Admin Non-Admin CAC Admin CAC Admin Bond Proceeds Reserve Balance Other Funds
RPTTF Expenditures RPTTF Expenditures
ROPS 13-14A CAC PPA: To be completed by the CAC upon submittal of the ROPS 14-15A by the SA to Finance and
the CAC. Note that CACs will need to enter their own formulas at the line item level pursuant to the manner in which
they calculate the PPA. Also note that the admin amounts do not need to be listed at the line item level and may be
entered as a lump sum.
CAC Comments SA Comments
35 Asset maintenance
for Successor
Agency owned real
property
- - - 15,000 15,000 $ 15,000 - $ 15,000 $ 15,000
36 Asset maintenance
for Successor
Agency owned real
property
- - - 50,000 50,000 $ 50,000 - $ 50,000 $ 50,000
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ -
$ - $ - $ - Item # Notes/Comments
Recognized Obligation Payment Schedule 14-15A - Notes
July 1, 2014 through December 31, 2014Month Principal Pmt Month Principal Pmt Month Principal Pmt
Jan-12 552,000 0 Jan-12 1,725,000 0 Jan-12 2,277,000 0
Feb-12 552,000 0 Feb-12 1,725,000 0 Feb-12 2,277,000 0
Mar-12 552,000 0 Mar-12 1,725,000 0 Mar-12 2,277,000 0
Apr-12 552,000 0 Apr-12 1,725,000 0 Apr-12 2,277,000 0
May-12 552,000 0 May-12 1,725,000 0 May-12 2,277,000 0
Jun-12 552,000 0 Jun-12 1,725,000 0 Jun-12 2,277,000 0
Jul-12 552,000 9,200 Jul-12 1,725,000 28,750 Jul-12 2,277,000 37,950
Aug-12 542,800 9,200 Aug-12 1,696,250 28,750 Aug-12 2,239,050 37,950
Sep-12 533,600 9,200 Sep-12 1,667,500 28,750 Sep-12 2,201,100 37,950
Oct-12 524,400 9,200 Oct-12 1,638,750 28,750 Oct-12 2,163,150 37,950
Nov-12 515,200 9,200 Nov-12 1,610,000 28,750 Nov-12 2,125,200 37,950
Dec-12 506,000 9,200 Dec-12 1,581,250 28,750 Dec-12 2,087,250 37,950
Jan-13 496,800 0 Jan-13 1,552,500 0 Jan-13 2,049,300 0
Feb-13 496,800 0 Feb-13 1,552,500 0 Feb-13 2,049,300 0
Mar-13 496,800 0 Mar-13 1,552,500 0 Mar-13 2,049,300 0
Apr-13 496,800 0 Apr-13 1,552,500 0 Apr-13 2,049,300 0
May-13 496,800 0 May-13 1,552,500 0 May-13 2,049,300 0
Jun-13 496,800 0 Jun-13 1,552,500 0 Jun-13 2,049,300 0
Jul-13 496,800 0 Jul-13 1,552,500 0 Jul-13 2,049,300 0
Aug-13 496,800 0 Aug-13 1,552,500 0 Aug-13 2,049,300 0
Sep-13 496,800 0 Sep-13 1,552,500 0 Sep-13 2,049,300 0
Oct-13 496,800 0 Oct-13 1,552,500 0 Oct-13 2,049,300 0
Nov-13 496,800 0 Nov-13 1,552,500 0 Nov-13 2,049,300 0
Dec-13 496,800 0 Dec-13 1,552,500 0 Dec-13 2,049,300 0
Jan-14 496,800 0 Jan-14 1,552,500 0 Jan-14 2,049,300 0
Feb-14 496,800 0 Feb-14 1,552,500 0 Feb-14 2,049,300 0
Mar-14 496,800 0 Mar-14 1,552,500 0 Mar-14 2,049,300 0
Apr-14 496,800 0 Apr-14 1,552,500 0 Apr-14 2,049,300 0
May-14 496,800 0 May-14 1,552,500 0 May-14 2,049,300 0
Jun-14 496,800 0 Jun-14 1,552,500 0 Jun-14 2,049,300 0
Jul-14 496,800 9,200 Jul-14 1,552,500 37,950 Jul-14 2,049,300 47,150
Aug-14 487,600 9,200 Aug-14 1,514,550 37,950 Aug-14 2,002,150 47,150
Sep-14 478,400 9,200 Sep-14 1,476,600 37,950 Sep-14 1,955,000 47,150
Oct-14 469,200 9,200 Oct-14 1,438,650 37,950 Oct-14 1,907,850 47,150
Nov-14 460,000 9,200 Nov-14 1,400,700 37,950 Nov-14 1,860,700 47,150
Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Pension Liability OPEB Liability Total All Liabilities
Per H&S Code Section 34171(d)(1)(C)Month Principal Pmt Month Principal Pmt Month Principal Pmt
Culver City Successor Agency
60 Month Amortization Schedule
Employee Related Earned Accruals and Earned Obligations
Pension Liability OPEB Liability Total All Liabilities
Per H&S Code Section 34171(d)(1)(C)
Dec-14 450,800 9,200 Dec-14 1,362,750 37,950 Dec-14 1,813,550 47,150
Jan-15 441,600 0 Jan-15 1,324,800 0 Jan-15 1,766,400 0
Feb-15 441,600 0 Feb-15 1,324,800 0 Feb-15 1,766,400 0
Mar-15 441,600 0 Mar-15 1,324,800 0 Mar-15 1,766,400 0
Apr-15 441,600 0 Apr-15 1,324,800 0 Apr-15 1,766,400 0
May-15 441,600 0 May-15 1,324,800 0 May-15 1,766,400 0
Jun-15 441,600 0 Jun-15 1,324,800 0 Jun-15 1,766,400 0
Jul-15 441,600 36,800 Jul-15 1,324,800 110,400 Jul-15 1,766,400 147,200
Aug-15 404,800 36,800 Aug-15 1,214,400 110,400 Aug-15 1,619,200 147,200
Sep-15 368,000 36,800 Sep-15 1,104,000 110,400 Sep-15 1,472,000 147,200
Oct-15 331,200 36,800 Oct-15 993,600 110,400 Oct-15 1,324,800 147,200
Nov-15 294,400 36,800 Nov-15 883,200 110,400 Nov-15 1,177,600 147,200
Dec-15 257,600 36,800 Dec-15 772,800 110,400 Dec-15 1,030,400 147,200
Jan-16 220,800 0 Jan-16 662,400 0 Jan-16 883,200 0
Feb-16 220,800 0 Feb-16 662,400 0 Feb-16 883,200 0
Mar-16 220,800 0 Mar-16 662,400 0 Mar-16 883,200 0
Apr-16 220,800 0 Apr-16 662,400 0 Apr-16 883,200 0
May-16 220,800 0 May-16 662,400 0 May-16 883,200 0
Jun-16 220,800 0 Jun-16 662,400 0 Jun-16 883,200 0
Jul-16 220,800 36,800 Jul-16 662,400 110,400 Jul-16 883,200 147,200
Aug-16 184,000 36,800 Aug-16 552,000 110,400 Aug-16 736,000 147,200
Sep-16 147,200 36,800 Sep-16 441,600 110,400 Sep-16 588,800 147,200
Oct-16 110,400 36,800 Oct-16 331,200 110,400 Oct-16 441,600 147,200
Nov-16 73,600 36,800 Nov-16 220,800 110,400 Nov-16 294,400 147,200
Dec-16 36,800 36,800 Dec-16 110,400 110,400 Dec-16 147,200 147,200
Jan-17 0 Jan-17 0 Jan-17 0