City of Culver City, California
Agenda Item Report
Meeting Date: 02/4/2013 Item Number: C-1
SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized Obligation
Payment Schedule (ROPS) for the Period of July 1, 2013 Through December 31,
2013 and Approving Certain Related Actions; (2) Adoption of a Resolution
Approving the Successor Agency Administrative Budget for the Period of July 1,
2013 Through December 31, 2013 and Approving Certain Related Actions; and (3)
Authorize 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 (01/30/13)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (01/30/13)
Chief Financial Officer Approval:
Jeff Muir (01/30/13)
Executive Director Approval:
John Nachbar (01/30/13)
RECOMMENDATION:
Staff recommends the Successor Agency Board (1) adopt a Resolution approving
the Recognized Obligation Payment Schedule (ROPS) for the period of July 1, 2013
through December 31, 2013 and approving certain related actions; (2) adopt a
Resolution approving the Successor Agency Administrative Budget for the period of
July 1, 2013 through December 31, 2013 and approving certain related actions; and
(3) authorize the Executive Director to make such payments on behalf of the
Successor Agency.
BACKGROUND / DISCUSSION:
Pursuant to Assembly Bill X1 26 (“AB 26”), the Successor Agency must prepare a
Recognized Obligation Payment Schedule (“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 no fewer than ninety (90) days before the date of property tax
distribution (i.e. dates of distribution are January 2 and June 1 of each year). In
connection with the ROPS for the period of July 1, 2013 through June 30, 2013
(hereinafter the “ROPS 13-14A”), the ROPS 13-14A shall be submitted to the DOF
by March 1, 2013
On June 27, 2012, the Governor signed the State budget trailer bill Assembly Bill
No. 1484 (“AB 1484”) which amends AB 26 and, imposes additional requirements on City of Culver City, California
Agenda Item Report
successor agencies, and clarifies the roles and responsibilities of the different
agencies involved in the dissolution process. Pursuant to AB 26 as amended by 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.
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 Oversight Board-approved 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 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 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 2 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 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 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, as amended by AB 1484, the Successor Agency is required to
prepare an administrative budget for each six-month fiscal period and submit the
administrative budget to the Oversight Board for approval. The administrative
budget shall include all of the following: (i) estimated amounts for Successor Agency
administrative costs for the upcoming six-month fiscal period; (ii) proposed sources
of payment for Successor Agency administrative costs; and (iii) proposals for
arrangements for administrative and operations services provided by the City or City of Culver City, California
Agenda Item Report
other entity. In addition, AB 26 as amended by AB 1484 requires the Successor
Agency to provide to the County Auditor-Controller for each six-month fiscal period
the administrative cost estimates from its approved administrative budget that are to
be paid from property tax revenues (i.e. former tax increment revenues) deposited in
the County’s Redevelopment Property Tax Trust Fund (RPTTF) established for the
Successor Agency.
Pursuant to AB 26 as amended by AB 1484, an “Administrative Cost Allowance” is
paid to the Successor Agency from property tax revenues allocated by the 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 RPTTF for each fiscal year, subject to
a minimum amount of $250,000 unless the Oversight Board reduces this amount.
Since City staff performs the administrative and operational functions of the
Successor Agency, 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.
It is important to note that ROPS 13-14A includes a proposed loan from the City to
the Successor Agency in an amount up to $1,500,000 to pay for bond debt service
and administrative costs, which costs the Successor Agency currently has no other
means of funding (see item 28 on the ROPS). That loan and a respective Loan
Agreement is being considered by the City and the Successor Agency prior to the
Successor Agency’s consideration of ROPS 13-14A, but at the same public meeting
as consideration of ROPS 13-14A, and more detail regarding the proposed loan and
the Loan Agreement can be found in item JC-1. According to its own terms, the
Loan Agreement will take effect upon approval by the Oversight Board and, following
that approval, at the time and in the manner prescribed in California Health & Safety
Code Section 34179(h). In addition, the City has no obligation to disburse the
subject loan to the Successor Agency until the DOF approves the Loan Agreement
or it is otherwise deemed approved pursuant to the Dissolution Act or State law.
FISCAL ANALYSIS:
The preparation and submittal of ROPS 13-14A is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period of July 1, 2013
through December 31, 2013. The funding source for the payments of enforceable
obligations listed on ROPS 13-14A 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. City of Culver City, California
Agenda Item Report
MOTION:
That the Successor Agency Board:
1. Adopt a Resolution approving the Recognized Obligation Payment Schedule for
the of Period July 1, 2013 through December 31, 2013 (ROPS 13-14A) and
approving certain related actions; and,
2. Adopt a Resolution approving the Administrative Budget for the period of July 1,
2013 through December 31, 2013 and approving certain related actions.
MEETING DATE: February 4, 2013
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized
Obligation Payment Schedule (ROPS) for the Period of July 1,
2013 Through December 31, 2013 and Approving Certain
Related Actions; (2) Adoption of a Resolution Approving the
Successor Agency Administrative Budget for the Period of
July 1, 2013 Through December 31, 2013 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 ROPS as Exhibit A............................ 1 – 26
2. Proposed Resolution, including Administrative Budget as Exhibit A .. 27 – 34
1 2 3 4 5 6 7 8 9 10 SUCCESSOR AGENCY CONTACT INFORMATION
Successor Agency
ID: 105
County: Los Angeles
Successor Agency: Culver City
Primary Contact
Honorific (Ms, Mr, Mrs)
First Name Jeff
Last Name Muir
Title CFO
Address 9770 Culver Blvd
City Culver City
State CA
Zip 90232
Phone Number 310-253-6016
Email Address jeff.muir@culvercity.org
Secondary Contact
Honorific (Ms, Mr, Mrs)
First Name Nick
Last Name Kimball
Title Procurement & Financial Services Manager
Phone Number 310-253-6013
Email Address nick.kimball@culvercity.org
11Name of Successor Agency:
Outstanding Debt or Obligation Total
Total Outstanding Debt or Obligation $324,310,499
Current Period Outstanding Debt or Obligation Six-Month Total
A $0
B $15,471,295
C $450,000
D $15,921,295
E Total Current Period Outstanding Debt or Obligation (A + B + C = E) Should be same amount as ROPS form six-month total $15,921,295
F
$15,921,295
G $0
Prior Period (July 1, 2012 through December 31, 2012) Estimated vs. Actual Payments (as required in HSC section 34186 (a))
H
$14,242,554
I
$13,839,043
J Enter Actual Administrative Expenses Paid with RPTTF
$403,511
K Adjustment to Redevelopment Obligation Retirement Fund (H - (I + J) = K) $0
L Adjustment to RPTTF (D - K = L) $15,921,295
Certification of Oversight Board Chairman:
Pursuant to Section 34177(m) of the Health and Safety code, Name Title
I hereby certify that the above is a true and accurate Recognized
Obligation Payment Schedule for the above named agency. /s/
Signature Date
SUMMARY OF RECOGNIZED OBLIGATION PAYMENT SCHEDULE
Filed for the July 1, 2013 to December 31, 2013 Period
Available Revenues Other Than Anticipated RPTTF Funding
Enforceable Obligations Funded with RPTTF
CULVER CITY (LOS ANGELES)
Enter Actual Obligations Paid with RPTTF
Administrative Allowance Funded with RPTTF
Total RPTTF Funded (B + C = D)
Enter Total Six-Month Anticipated RPTTF Funding
Variance (F - D = G) Maximum RPTTF Allowable should not exceed Total Anticipated RPTTF Funding
Enter Estimated Obligations Funded by RPTTF (lesser of Finance’s approved RPTTF amount including admin allowance or the actual amount distributed)
12Oversight Board Approval Date:
Bond Proceeds Reserve Balance Admin Allowance RPTTF Other Six-Month Total
$324,310,499 $21,015,132 $0 $0 $450,000 $15,471,295 $0 $15,921,295
1 1993 Tax Allocation Bonds 10/20/1993 11/1/2014 US Bank as Trustee Bond issue to fund non-housing projects Merged 11,006,213 5,503,9500005,356,688 0 5,356,688
2 1999 Tax Allocation Bonds 9/30/1999 11/1/2025 US Bank as Trustee Bond issue to fund non-housing projects Merged 27,390,474 2,504,1650001,702,293 0 1,702,293
3 2002 Tax Allocation Bonds 4/4/2002 11/1/2025 US Bank as Trustee Bond issue to fund non-housing projects Merged 23,394,813 2,054,8380001,626,313 0 1,626,313
4 2004 Tax Allocation Bonds 4/14/2004 11/1/2023 US Bank as Trustee Bond issue to fund non-housing projects Merged 84,970,096 3,022,8440001,572,435 0 1,572,435
5 2005 Tax Allocation Bonds 11/10/2005 11/1/2025 US Bank as Trustee Bond issue to fund non-housing projects Merged 24,063,769 986,789000 600,495 0 600,495
6 2011 Tax Allocation Bonds 3/1/2011 11/1/2028 US Bank as Trustee Bond issue to fund non-housing projects Merged 90,725,700 2,800,6500001,535,475 0 1,535,475
7 Debt Service Trustee Fees various various US Bank Debt Service account maintenance fees charged by trustee Merged 330,000 20,000000 10,0000 10,000
8 Arbitrage Rebate Calculations until terminated BLX (Bond Logistix LLC) Arbitrage rebate calculations on outstanding bond issuances
as required by the Internal Revenue Service
Merged 142,125 23,000000 15,0000 15,000
9 Continuing Disclosure Filing - Existing
Bonds
5/10/2011 until terminated Applied Best Practices, LLC File required continuing disclosure documents related to
outstanding bond issuances as required by the Bond
Covenants
Merged 80,000 8,000000 3,0000 3,000
10 Existing Litigation 11/30/1978 until terminated Kane Ballmer Berkman Litigation costs for existing litigation Merged n/a 204,000000 102,000 0 102,000
11 Existing Litigation 7/11/2000 until terminated Greenberg Glusker Fields Claman
& Machtinger LLP
Legal Services related to Casmalia Land Fill litigation Merged 24,000 2,000000 1,0000 1,000
12 Financial Audit Macias Gini O'Connell Perform non-housing due dilligence review as required by AB
1484
Merged 0 000000 0
13 Financial Audit Macias Gini O'Connell Perform Housing due diligence review as required by AB
1484
Merged 0 000000 0
14 SA Admin Allowance n/a n/a City of Culver City Staff costs Merged n/a n/a 0 0 321,000 0 0 321,000
15 SA Admin Allowance n/a n/a Various Contractual Services (Legal, consulting, etc.) Merged n/a n/a 0 0 100,000 0 0 100,000
16 SA Admin Allowance n/a n/a Various SA/Oversight Board Meeting Costs Merged n/a n/a 0 0 2,570 0 0 2,570
17 SA Admin Allowance n/a n/a Various Office Supplies Merged n/a n/a 0 0 5,000 0 0 5,000
18 SA Admin Allowance n/a n/a City of Culver City Indirect Cost Allocation (5% of direct costs) Merged n/a n/a 0 0 21,430 0 0 21,430
19 Unfunded CalPERS Pension Liabilities n/a n/a CalPERS Unfunded CalPERS pension obligation, per CalPERS actuarial
valuation as of June 30, 2010.
Merged 496,800 276,000000 55,2000 55,200
20 Unfunded OPEB Liabilities n/a n/a U.S. Bank Unfunded actuarial accrued liability as of June 30, 2011, per
AON Consulting, Inc.
Merged 1,552,500 862,500000 172,500 0 172,500
21 Westfield OPA 4/18/2008 7/26/2024 Westfield Inc OPA for improvements to regional mall Merged 9,363,145 2,500,0000002,500,000 0 2,500,000
22 Culver Hotel OPA 1/15/2011 6/30/2016 Century Wilshire Inc OPA for improvements to downtown hotel Merged 87,000 17,400000 17,4000 17,400
23 2004 ERAF loan 6/21/2004 6/30/2014 Culver City Housing Authority Housing set aside loan to make required ERAF pymntMerged 25,848 25,848000 25,8480 25,848
24 2005 ERAF loan 5/10/2005 6/30/2015 Culver City Housing Authority Housing set aside loan to make required ERAF pymnt Merged 1,068,000 000000 0
25 2006 ERAF loan 5/10/2006 6/30/2016 Culver City Housing Authority Housing set aside loan to make required ERAF pymnt Merged 996,000 000000 0
26 2010 SERAF loan 5/10/2010 6/30/2015 Culver City Housing Authority Housing set aside loan to make required SERAF pymnt Merged 10,946,277 000000 0
27 Housing Set Aside Loan 7/1/1985 Until repaid Culver City Housing Authority Repay set aside defered from 1985 - 1996 per Section
33334.6
Merged 36,039,591 000000 0
28 Debt Service Loan 2/7/2013 Until repaid City of Culver City Cash flow loan from City to make debt service pymnt and pay
administrative costs
Merged 1,500,000 000000 0
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)
until terminated 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 3,518000 3,5180 3,518
Description/Project Scope Payee
Contract/Agreement
Termination Date
Contract/Agreement
Execution Date Project Name / Debt Obligation
CULVER CITY (LOS ANGELES)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A)
July 1, 2013 through December 31, 2013
Project Area
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
2013-14
Funding Source
Item #
13Oversight Board Approval Date:
Bond Proceeds Reserve Balance Admin Allowance RPTTF Other Six-Month Total Description/Project Scope Payee
Contract/Agreement
Termination Date
Contract/Agreement
Execution Date Project Name / Debt Obligation
CULVER CITY (LOS ANGELES)
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A)
July 1, 2013 through December 31, 2013
Project Area
Total Outstanding
Debt or Obligation
Total Due During
Fiscal Year
2013-14
Funding Source
Item #
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)
5/10/2011 until terminated 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 9,000000 9,0000 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)
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 5,630000 5,6300 5,630
Note 1: The actual amounts provided herein are solely estimates and the actual amount paid due to final costs owed by the Successor Agency may end up being greater than shown above. Therefore, the approval of this ROPS by the Successor Agency, the Oversight Board and the Department of Finance includes the approval of such increased amount actually paid. 0
32 Financial consulating services necessary to
prepare SA owned real property for
disposition
Until terminated Keyser Marsten Associates Financial consultant services necessary for the
administration of the Successor Agency and maintaining
assets prior to disposition.
30,000 30,000 30,000 30,000
33 Real property appraisal services necessary
to prepare SA owned real property for
disposition
Until terminated Lea Associates Financial consultant services necessary for the
administration of the Successor Agency and maintaining
assets prior to disposition.
60,000 60,000 60,000 60,000
34 Asset maintenance for Successor Agency
owned real property
Month to month
agreement
Until terminated King Fence Rental of fence to secure various Successor Agency
properties
5,000 2,500 2,500
35 Asset maintenance for Successor Agency
owned real property
until terminated Marina Landscape Landscape maintenance for various Successor Agency
properties
30,000 15,000 15,000
36 Asset maintenance for Successor Agency
owned real property
TBD TBD Various Various maintenance and repair services for various
Successor Agency owned real property, as needed.
60,000 50,000 50,000|10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10|14Item # Project Name / Debt Obligation Payee Description/Project Scope Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual Estimate Actual
$0 $285,740 $0 $0 $0 $0 $573,149 $403,511 $13,563,577 $13,839,043 $0 $0
1 1993 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 5,234,100 5,308,230
2 1999 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 1,665,500 2,292,509
3 2002 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 1,596,400 1,618,097
4 2004 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 1,569,300 1,590,971
5 2005 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 594,494 603,534
6 2011 Tax Allocation Bonds US Bank Bond issue to fund non-housing projects Merged 1,539,450 1,561,147
7 Bond Indenture Monitoring Richards, Watson & Gershon Bond Counsel Services Merged 2,500 0
8 Debt Service US Bank Maintenance fees for Debt Service trustee Merged 20,000 0
9 Bond Continuing Disclosure Filings Applied Best Practices, LLC Bond Fiscal Consultant Services Merged 5,000 0
10 Arbitrage Calculation Fee BLX Group Arbitrage rebate calculations Merged 7,875 0
11 ERAF Loan Payable Successor Agency Repay 2004 ERAF loan Merged 25,848 0
12 ERAF Loan Payable Successor Agency Repay 2005 ERAF loan Merged 216,000 0
13 ERAF Loan Payable Successor Agency Repay 2006 ERAF loan Merged 144,000 0
14 SERAF Loan Payable Successor Agency Repay 2010 SERAF loan Merged 303,000 0
15 Housing Set Aside Deferral Successor Agency Repay set aside defered from 1985 - 1996 per Section
33334.6
Merged 00
16 Unfunded CalPERS Pension Liabilities CalPERS Unfunded CalPERS pension obligation, per CalPERS actuarial
valuation as of June 30, 2010.
Merged 55,200 55,200
17 Unfunded OPEB Liabilities CalPERS Unfunded actuarial accrued liability as of June 30, 2011, per
AON Consulting, Inc.
Merged 172,500 172,500
18 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
Merged 29,010 0
19 Culver Hotel OPA Culver Hotel Remodel of Culver Hotel Merged 17,400 0
20 Existing Litigation Kane Ballmer Berkman Litigation costs for existing litigation Merged 102,000 0
21 Financial Audit Moss Levy Hartzheim Close out Financial Audit for the RDA Merged 13,000 0
22 Existing Litigation Greenberg Glusker Fields Claman
& Machtinger LLP
Legal Services related to Casmalia Land Fill litigation Merged 1,000 0
23 Westfield OPA (2) Westfield Corporation Refund of net TI per OPA with Westfield to make
improvements to the Westfield Culver City Mall
Slauson/Sepulveda 250,000 636,855
1 SA Employee Costs Successor Agency Administrative Cost Allowance for Successor Agency Merged 372,021 205,661
2 SA Other Admin Costs Successor Agency Administrative Costs Merged 201,128 197,850
n/a Housing DDR required payment LA County A-C Payment to County A-C per Housing DDR Merged 0 285,740
Note 1: The actual amounts provided herein are solely estimates since the books of the Successor Agency are not yet closed for the period July 1, 2012 through December 31, 2012 and there may be payments not yet recorded in the Successor Agency’s general ledger.
Note 2: An enforceable obligation in the
amount of $500,000 for the Westfield OPA
was approved as part of ROPS I. However,
the Successor Agency did not have
sufficient funds to make the payment and
we were not notified that there would be
no additional funds distributed for ROPS I
until after ROPS II had been approved by
the Oversight Board and DOF.
Consequently, we only included $250,000
on ROPS II and did not include the
additional $500,000 that was deferred from
ROPS I on ROPS II. The Successor Agency
was contractually obligated to pay
Westfield and could not defer any further.
The total approved for Westfield on ROPS I
and II is $750,000 and the total spend was
$636,855.
CULVER CITY (LOS ANGELES)
Reserve Balance Admin Allowance RPTTF Other
Pursuant to Health and Safety Code section 34186 (a)
PRIOR PERIOD ESTIMATED OBLIGATIONS vs. ACTUAL PAYMENTS
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS II)
July 1, 2012 through December 31, 2012
Project Area
LMIHF Bond Proceeds
15Item #Project Name / Debt Obligation Notes/Comments
1 1993 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
2 1999 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
3 2002 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
4 2004 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
5 2005 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
16Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
6 2011 Tax Allocation Bonds Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
provided in the ROPS represents debt service payments due on November 1, 2013 for which the Successor Agency has not received RPTTF monies . Payment of this
obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S Code Sections
34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
7 Debt Service Trustee Fees Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. The amount
shown reflects estimated costs of Trustee services necessary to comply with Bond indentures. Total due during fiscal year is based on estimated fees during this
period. Total outstanding obligation subject to change should Trustee fees change or need to be extended.
8 Arbitrage Rebate Calculations Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. Arbitrage
rebate analyses are required to be prepared annually by the Internal Revenue Code and Bond indentures. Total due during fiscal year is based on estimated costs
during this period. Total outstanding obligation subject to change should service costs change change or need to be extended.
9 Continuing Disclosure Filing - Existing
Bonds
Per H & S Code section 34171(d)(1)(A), "Bonds… including required debt service, reserve set-asides, and any other payments required under the indenture or
similar documents governing the issuance of the outstanding bonds of the former redevelopment agency..." are defined as enforceable obligations. Continuing
Disclosure statements are required to be prepared and filed annually by the Bond indentures. Total due during fiscal year is based on estimated costs during this
period. Total outstanding obligation subject to change should service costs change or need to be extended.
10 Existing Litigation Amount shown is for pre-existing litigation matters related to Agency agreements and actions prior to June 29, 2011. This litigation was initiated by, or filed
against, the former Culver City Redevelopment Agency and does not relate to the operations of the Successor Agency. Therefore, pursuant to HSC section
34171(b) these items should be funded through the RPTTF and NOT the administrative cost allowance. Per HSC Section 34171(b), "...administrative cost
allowances shall exclude any litigation expenses related to assets or obligations, settlements and judgments, and the costs of maintaining assets prior to
disposition." These litigation costs are related to assets held by the Successor Agency, including but not limited to, the enforcement of loans receivable and legal
expenses related to preparing land for disposition. Payment of this obligation is required by the contract for legal services and therefore constitutes an
enforceable obligation pursuant to H&S Code Sections 34171(d)(1)(F) and shall be payable from RPTTF monies.
17Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
11 Existing Litigation Amount shown is pre-existing litigation matters related to Agency litigation that was filed against the former Culver City Redevelopment Agency and does not
relate to the operations of the Successor Agency. Therefore, pursuant to HSC section 34171(d)(1)(3) these items should be funded through the RPTTF and NOT the
administrative cost allowance. Per HSC Section 34171(b), "...administrative cost allowances shall exclude any litigation expenses related to assets or obligations,
settlements and judgments, and the costs of maintaining assets prior to disposition." This litigation cost is related a potential judgement against the
Redevelopment Agency in an environmental pollution suit. Payment of this obligation is required by the contract for legal services and therefore constitutes an
enforceable obligation pursuant to H&S Code Sections 34171(d)(1)(F) and shall be payable from RPTTF monies.
12 Financial Audit Obligation satisfied.
13 Financial Audit Obligation satisfied.
14 SA Admin Allowance Per H & S Code Section 34171(b), "an amount that, subject to the approval of the oversight board, is payable from property tax revenues... up to 3 percent of the
property tax allocated to the Redevelopment Obligation Retirement Fund money that is allocated to the successor agency for each fiscal year thereafter; provided,
however, that the amount shall not be less than two hundred fifty thousand dollars ($250,000), unless the oversight board reduces this amount, for any fiscal year
or such lesser amount as agreed to by the successor agency." The amounts shown in items 14 - 18 represent 3% of the estimated property tax allocated to the
RORF.
15 SA Admin Allowance Per H & S Code Section 34171(b), "an amount that, subject to the approval of the oversight board, is payable from property tax revenues... up to 3 percent of the
property tax allocated to the Redevelopment Obligation Retirement Fund money that is allocated to the successor agency for each fiscal year thereafter; provided,
however, that the amount shall not be less than two hundred fifty thousand dollars ($250,000), unless the oversight board reduces this amount, for any fiscal year
or such lesser amount as agreed to by the successor agency." The amounts shown in items 14 - 18 represent 3% of the estimated property tax allocated to the
RORF.
16 SA Admin Allowance Per H & S Code Section 34171(b), "an amount that, subject to the approval of the oversight board, is payable from property tax revenues... up to 3 percent of the
property tax allocated to the Redevelopment Obligation Retirement Fund money that is allocated to the successor agency for each fiscal year thereafter; provided,
however, that the amount shall not be less than two hundred fifty thousand dollars ($250,000), unless the oversight board reduces this amount, for any fiscal year
or such lesser amount as agreed to by the successor agency." The amounts shown in items 14 - 18 represent 3% of the estimated property tax allocated to the
RORF.
17 SA Admin Allowance Per H & S Code Section 34171(b), "an amount that, subject to the approval of the oversight board, is payable from property tax revenues... up to 3 percent of the
property tax allocated to the Redevelopment Obligation Retirement Fund money that is allocated to the successor agency for each fiscal year thereafter; provided,
however, that the amount shall not be less than two hundred fifty thousand dollars ($250,000), unless the oversight board reduces this amount, for any fiscal year
or such lesser amount as agreed to by the successor agency." The amounts shown in items 14 - 18 represent 3% of the estimated property tax allocated to the
RORF.
18Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
18 SA Admin Allowance Per H & S Code Section 34171(b), "an amount that, subject to the approval of the oversight board, is payable from property tax revenues... up to 3 percent of the
property tax allocated to the Redevelopment Obligation Retirement Fund money that is allocated to the successor agency for each fiscal year thereafter; provided,
however, that the amount shall not be less than two hundred fifty thousand dollars ($250,000), unless the oversight board reduces this amount, for any fiscal year
or such lesser amount as agreed to by the successor agency." The amounts shown in items 14 - 18 represent 3% of the estimated property tax allocated to the
RORF.
19 Unfunded CalPERS Pension Liabilities Per H & S Code section 34171(d)(1)(C) amount shown reflects payments required in connection with Agency's employees, including but not limited to, pension
obligation, unemployment payments, or other obligations conferred through a collective bargaining agreement. Payment of this obligation is required by the
employee related agreements and therefore constitutes an enforceable obligation pursuant to H&S Code Section 34171(d)(1)(C) and shall be payable from RPTTF
monies.
20 Unfunded OPEB Liabilities Per H & S Code section 34171(d)(1)(C) amount shown reflects payments required in connection with Agency's employees, including but not limited to, pension
obligation, unemployment payments, or other obligations conferred through a collective bargaining agreement. Payment of this obligation is required by the
employee related agreements and therefore constitutes an enforceable obligation pursuant to H&S Code Section 34171(d)(1)(C) and shall be payable from RPTTF
monies.
21 Westfield OPA Per H & S Code section 34171(d)(1)(E), "Any legally binding and enforceable agreement or contract that is not otherwise void as violating the debt limit or public
policy..." are defined as enforceable obligations. The Owner Participation Agreement executed with Westfield LLC on 4/18/2008 for improvements to the
Westfield Culver City Mall is a legally binding and enforceable contract that requires annual payments based on the increase in assessed value above a base year.
Payment of this obligation is required by the underlying Former RDA agreement and therefore constitutes an enforceable obligation pursuant to H&S Code Section
34171(d)(1)(E) and shall be payable from RPTTF monies.
22 Culver Hotel OPA Per H & S Code section 34171(d)(1)(E), "Any legally binding and enforceable agreement or contract that is not otherwise void as violating the debt limit or public
policy..." are defined as enforceable obligations. The Owner Participation Agreement executed with Century Wilshire on 1/15/2011 for improvements to the
Culver Hotel is a legally binding and enforceable contract that requires annual payments based on various performance measures. Payment of this obligation is
required by the underlying Former RDA agreement and therefore constitutes an enforceable obligation pursuant to H&S Code Section 34171(d)(1)(E) and shall be
payable from RPTTF monies.
19Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
23 2004 ERAF loan Per H & S Code section 34171(d)(1)(G), "Amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency,
which had been deferred as of the effective date of the act adding this part; provided, however, that the repayment schedule is approved by the oversight
board..." are defined as enforceable obligations. Amount shown reflects the current payment per the repayment schedule approved by the Oversight Board and
included as an attachment to this ROPS. Per H & S Code section 34176(d), repayment is being made to the Culver City Housing Authority as the Housing Successor
assuming the housing functions and shall be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law (Part 1
(commencing with Section 33000)). Funds were borrowed in accordance with HSC section 33681.9(b)(1) and, pursuant to HSC section 33681.9(b)(2) must be
repaid in full within 10 years following the date on which the moneys were borrowed (i.e. 6/21/2014). Repayment to the Low and Moderate Income Housing Asset
Fund of the Successor Housing Entity is permitted as of July 1, 2013 pursuant to H&S Code Section 34176(e)(6).
24 2005 ERAF loan Per H & S Code section 34171(d)(1)(G), "Amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency,
which had been deferred as of the effective date of the act adding this part; provided, however, that the repayment schedule is approved by the oversight
board..." are defined as enforceable obligations. Amount shown reflects the current payment per the repayment schedule approved by the Oversight Board and
included as an attachment to this ROPS. Per H & S Code section 34176(d), repayment is being made to the Culver City Housing Authority as the Housing Successor
assuming the housing functions and shall be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law (Part 1
(commencing with Section 33000)). Funds were borrowed in accordance with HSC section 33681.12(b)(1) and, pursuant to HSC section 33681.9(b)(2) must be
repaid in full within 10 years following the date on which the moneys were borrowed (i.e. 5/10/2015). Repayment to the Low and Moderate Income Housing Asset
Fund of the Successor Housing Entity is permitted as of July 1, 2013 pursuant to H&S Code Section 34176(e)(6).
25 2006 ERAF loan Per H & S Code section 34171(d)(1)(G), "Amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency,
which had been deferred as of the effective date of the act adding this part; provided, however, that the repayment schedule is approved by the oversight
board..." are defined as enforceable obligations. Amount shown reflects the current payment per the repayment schedule approved by the Oversight Board and
included as an attachment to this ROPS. Per H & S Code section 34176(d), repayment is being made to the Culver City Housing Authority as the Housing Successor
assuming the housing functions and shall be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law (Part 1
(commencing with Section 33000)). Funds were borrowed in accordance with HSC section 33681.12(b)(1) and, pursuant to HSC section 33681.9(b)(2) must be
repaid in full within 10 years following the date on which the moneys were borrowed (i.e. 5/10/2016). Repayment to the Low and Moderate Income Housing Asset
Fund of the Successor Housing Entity is permitted as of July 1, 2013 pursuant to H&S Code Section 34176(e)(6).
20Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
26 2010 SERAF loan Per H & S Code section 34171(d)(1)(G), "Amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency,
which had been deferred as of the effective date of the act adding this part; provided, however, that the repayment schedule is approved by the oversight
board..." Amount shown reflects the current payment per the repayment schedule approved by the Oversight Board and included as an attachment to this ROPS.
Per H & S Code section 34176(d), repayment is being made to the Culver City Housing Authority as the Housing Successor assuming the housing functions and shall
be used in a manner consistent with the affordable housing requirements of the Community Redevelopment Law (Part 1 (commencing with Section 33000)).
Funds were borrowed in accordance with HSC section 33690(c)(1) and, pursuant to HSC section 33690(c)(2) must be repaid in full on or before June 30, 2015.
Repayment to the Low and Moderate Income Housing Asset Fund of the Successor Housing Entity is permitted as of July 1, 2013 pursuant to H&S Code Section
34176(e)(6).
27 Housing Set Aside Loan Per H & S Code section 34171(d)(1)(G), "Amounts borrowed from, or payments owing to, the Low and Moderate Income Housing Fund of a redevelopment agency,
which had been deferred as of the effective date of the act adding this part; provided, however, that the repayment schedule is approved by the oversight
board..." Per H & S Code section 33334.6(d)-(i), the Agency set aside less than 20 percent of the taxes allocated to the agency in the Low and Moderate Incom
Housing Fund from fiscal year 1985-86 through fiscal year 1995-96. Per subsection (h), "The obligations imposed by this section, including deficits, if any, created
under this section, are hereby declared to be an indebtedness of the redevelopment project to which they relate, payable from taxes allocated to the agency
pursuant to Section 33670, and shall constitute an indebtedness of the agency with respect to the redevelopment project until paid in full." The amount shown is
the Low Moderate Income Housing set aside defferred by the RDA from 1985 through 1996, plus interest. Repayment to the Low and Moderate Income Housing
Asset Fund of the Successor Housing Entity is permitted as of July 1, 2013 pursuant to H&S Code Section 34176(e)(6).
28 Debt Service Loan Pursuant to H&S Code Sections 34173(h), 34178(a), 34180(h), and 33220, the City is authorized to provide to the Successor Agency a loan of funds in the amount of
$1,500,000 necessary to pay for enforceable obligations and administrative costs, provided that the loan is included on a ROPS and approved by the Oversight
Board. Pursuant to H&S Code Section 34173(h), upon the approval of the loan on a ROPS by the Oversight Board, an enforceable obligation shall be deemed to be
created for the repayment of said loan. The Successor Agency is submitting the proposed loan as provided on this ROPS, to the oversight Board for its approval.
The loan will be used by the Successor Agency to pay bond debt service payments due by May 1, 2013 of bonds issued by the Former RDA prior to the enactment
of AB X1 26 and certain administrative costs. In accordance with H&S Code Section 34173(h), an enforceable obligation shall be created and the loan shall be
repaid by the Successor Agency from RPTTF monies. Further, the bond debt services payments are required by the Bond Indenture and related bond documents
and therefore constitutes an enforceable obligation pursuant to H&S Code Sections 34171(d)(1)(A) and 34171(d)(1)(E) and shall be payable from RPTTF monies.
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)
Payment of this obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S
Code Sections 34171(d)(1)(A) and 34171(d)(1)(E) and is allowed to be included on the ROPS and payable from RPTTF monies pursuant to H&S Code Section
34186(a).
21Item #Project Name / Debt Obligation Notes/Comments
RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS 13-14A) -- Notes (Optional)
July 1, 2013 through December 31, 2013
CULVER CITY (LOS ANGELES)
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)
Payment of this obligation is required by the Bond Indenture and related bond documents and therefore constitutes an enforceable obligation pursuant to H&S
Code Sections 34171(d)(1)(A) and 34171(d)(1)(E) and is allowed to be included on the ROPS and payable from RPTTF monies pursuant to H&S Code Section
34186(a).
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)
Payment of this obligation is required by a contract entered into by and between the Former RDA and the Culver City Downtown Business Association prior to the
enactment of AB X1 26 and therefore constitutes an enforceable obligation pursuant to H&S Code Section 34171(d)(1)(E) and is allowed to be included on the
ROPS and payable from RPTTF monies pursuant to H&S Code Section 34186(a).
32 Financial consulating services necessary to
prepare SA owned real property for
disposition
Payment of this obligation is required to maintain and prepare Successor Agency owned property prior to disposition and also prepare the statutorily required long
range property management plan, which is an obligation imposed by state law. Therefore, this constitutes an enforceable obligation pursuant to HSC 34171(b) and
HSC 34171(d)(1)(C) and shall be payable from RPTTF monies.
33 Real property appraisal services necessary
to prepare SA owned real property for
disposition
Payment of this obligation is required to maintain and prepare Successor Agency owned property prior to disposition and also prepare the statutorily required long
range property management plan, which is an obligation imposed by state law. Therefore, this constitutes an enforceable obligation pursuant to HSC 34171(b) and
HSC 34171(d)(1)(C) and shall be payable from RPTTF monies.
34 Asset maintenance for Successor Agency
owned real property
Payment of this obligation is required to secure and maintain and prepare Successor Agency owned property prior to disposition and therefore, this constitutes an
enforceable obligation pursuant to HSC 34171(b).
35 Asset maintenance for Successor Agency
owned real property
Payment of this obligation is required to landscape and maintain and prepare Successor Agency owned property prior to disposition and therefore, this constitutes
an enforceable obligation pursuant to HSC 34171(b).
36 Asset maintenance for Successor Agency
owned real property
Payment of this obligation is required to maintain and prepare Successor Agency owned property prior to disposition and therefore, this constitutes an enforceable
obligation pursuant to HSC 34171(b).
22Month 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 9,200 Jul-13 1,552,500 28,750 Jul-13 2,049,300 37,950
Aug-13 487,600 9,200 Aug-13 1,523,750 28,750 Aug-13 2,011,350 37,950
Sep-13 478,400 9,200 Sep-13 1,495,000 28,750 Sep-13 1,973,400 37,950
Oct-13 469,200 9,200 Oct-13 1,466,250 28,750 Oct-13 1,935,450 37,950
Nov-13 460,000 9,200 Nov-13 1,437,500 28,750 Nov-13 1,897,500 37,950
Dec-13 450,800 9,200 Dec-13 1,408,750 28,750 Dec-13 1,859,550 37,950
Jan-14 441,600 36,800 Jan-14 1,380,000 115,000 Jan-14 1,821,600 151,800
Feb-14 404,800 36,800 Feb-14 1,265,000 115,000 Feb-14 1,669,800 151,800
Mar-14 368,000 36,800 Mar-14 1,150,000 115,000 Mar-14 1,518,000 151,800
Apr-14 331,200 36,800 Apr-14 1,035,000 115,000 Apr-14 1,366,200 151,800
May-14 294,400 36,800 May-14 920,000 115,000 May-14 1,214,400 151,800
Jun-14 257,600 36,800 Jun-14 805,000 115,000 Jun-14 1,062,600 151,800
Jul-14 220,800 36,800 Jul-14 690,000 115,000 Jul-14 910,800 151,800
Aug-14 184,000 36,800 Aug-14 575,000 115,000 Aug-14 759,000 151,800
Sep-14 147,200 36,800 Sep-14 460,000 115,000 Sep-14 607,200 151,800
Oct-14 110,400 36,800 Oct-14 345,000 115,000 Oct-14 455,400 151,800
Nov-14 73,600 36,800 Nov-14 230,000 115,000 Nov-14 303,600 151,800
Dec-14 36,800 36,800 Dec-14 115,000 115,000 Dec-14 151,800 151,800
Jan-15 0 Jan-15 0 Jan-15 0
Culver City Successor Agency
36Month 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)
232004 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 0 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 25,848 0 Feb-12 1,068,000 0 Feb-12 996,000 0 Feb-12 10,946,277 0 Feb-12 34,057,342 113,524 0 Feb-12 47,093,467 113,524 0
Mar-12 25,848 0 Mar-12 1,068,000 0 Mar-12 996,000 0 Mar-12 10,946,277 0 Mar-12 34,170,866 113,903 0 Mar-12 47,206,991 113,903 0
Apr-12 25,848 0 Apr-12 1,068,000 0 Apr-12 996,000 0 Apr-12 10,946,277 0 Apr-12 34,284,769 114,283 0 Apr-12 47,320,894 114,283 0
May-12 25,848 0 May-12 1,068,000 0 May-12 996,000 0 May-12 10,946,277 0 May-12 34,399,052 114,664 0 May-12 47,435,177 114,664 0
Jun-12 25,848 0 Jun-12 1,068,000 0 Jun-12 996,000 0 Jun-12 10,946,277 0 Jun-12 34,513,716 115,046 0 Jun-12 47,549,841 115,046 0
Jul-12 25,848 0 Jul-12 1,068,000 0 Jul-12 996,000 0 Jul-12 10,946,277 0 Jul-12 34,628,762 115,429 0 Jul-12 47,664,887 115,429 0
Aug-12 25,848 0 Aug-12 1,068,000 0 Aug-12 996,000 0 Aug-12 10,946,277 0 Aug-12 34,744,191 115,814 0 Aug-12 47,780,316 115,814 0
Sep-12 25,848 0 Sep-12 1,068,000 0 Sep-12 996,000 0 Sep-12 10,946,277 0 Sep-12 34,860,005 116,200 0 Sep-12 47,896,130 116,200 0
Oct-12 25,848 0 Oct-12 1,068,000 0 Oct-12 996,000 0 Oct-12 10,946,277 0 Oct-12 34,976,205 116,587 0 Oct-12 48,012,330 116,587 0
Nov-12 25,848 0 Nov-12 1,068,000 0 Nov-12 996,000 0 Nov-12 10,946,277 0 Nov-12 35,092,792 116,976 0 Nov-12 48,128,917 116,976 0
Dec-12 25,848 0 Dec-12 1,068,000 0 Dec-12 996,000 0 Dec-12 10,946,277 0 Dec-12 35,209,768 117,366 0 Dec-12 48,245,893 117,366 0
Jan-13 25,848 0 Jan-13 1,068,000 0 Jan-13 996,000 0 Jan-13 10,946,277 0 Jan-13 35,327,134 117,757 0 Jan-13 48,363,259 117,757 0
Feb-13 25,848 0 Feb-13 1,068,000 0 Feb-13 996,000 0 Feb-13 10,946,277 0 Feb-13 35,444,891 118,150 0 Feb-13 48,481,016 118,150 0
Mar-13 25,848 0 Mar-13 1,068,000 0 Mar-13 996,000 0 Mar-13 10,946,277 0 Mar-13 35,563,041 118,543 0 Mar-13 48,599,166 118,543 0
Apr-13 25,848 0 Apr-13 1,068,000 0 Apr-13 996,000 0 Apr-13 10,946,277 0 Apr-13 35,681,584 118,939 0 Apr-13 48,717,709 118,939 0
May-13 25,848 0 May-13 1,068,000 0 May-13 996,000 0 May-13 10,946,277 0 May-13 35,800,523 119,335 0 May-13 48,836,648 119,335 0
Jun-13 25,848 0 Jun-13 1,068,000 0 Jun-13 996,000 0 Jun-13 10,946,277 0 Jun-13 35,919,858 119,733 0 Jun-13 48,955,983 119,733 0
Jul-13 25,848 4,308 Jul-13 1,068,000 0 Jul-13 996,000 0 Jul-13 10,946,277 0 Jul-13 36,039,591 120,132 0 Jul-13 49,075,716 120,132 4,308
Aug-13 21,540 4,308 Aug-13 1,068,000 0 Aug-13 996,000 0 Aug-13 10,946,277 0 Aug-13 36,159,723 120,532 0 Aug-13 49,191,540 120,532 4,308
Sep-13 17,232 4,308 Sep-13 1,068,000 0 Sep-13 996,000 0 Sep-13 10,946,277 0 Sep-13 36,280,255 120,934 0 Sep-13 49,307,764 120,934 4,308
Oct-13 12,924 4,308 Oct-13 1,068,000 0 Oct-13 996,000 0 Oct-13 10,946,277 0 Oct-13 36,401,189 121,337 0 Oct-13 49,424,390 121,337 4,308
Nov-13 8,616 4,308 Nov-13 1,068,000 0 Nov-13 996,000 0 Nov-13 10,946,277 0 Nov-13 36,522,526 121,742 0 Nov-13 49,541,419 121,742 4,308
Dec-13 4,308 4,308 Dec-13 1,068,000 0 Dec-13 996,000 0 Dec-13 10,946,277 0 Dec-13 36,644,268 122,148 0 Dec-13 49,658,853 122,148 4,308
Jan-14 0 0 Jan-14 1,068,000 59,334 Jan-14 996,000 0 Jan-14 10,946,277 608,127 Jan-14 36,766,416 122,555 0 Jan-14 49,776,693 122,555 667,461
Feb-14 1,008,666 59,334 Feb-14 996,000 0 Feb-14 10,338,150 608,127 Feb-14 36,888,971 122,963 0 Feb-14 49,231,787 122,963 667,461
Mar-14 949,332 59,334 Mar-14 996,000 0 Mar-14 9,730,023 608,127 Mar-14 37,011,934 123,373 0 Mar-14 48,687,289 123,373 667,461
Apr-14 889,998 59,334 Apr-14 996,000 0 Apr-14 9,121,896 608,127 Apr-14 37,135,307 123,784 0 Apr-14 48,143,201 123,784 667,461
May-14 830,664 59,334 May-14 996,000 0 May-14 8,513,769 608,127 May-14 37,259,091 124,197 0 May-14 47,599,524 124,197 667,461
Jun-14 771,330 59,334 Jun-14 996,000 0 Jun-14 7,905,642 608,127 Jun-14 37,383,288 124,611 0 Jun-14 47,056,260 124,611 667,461
Jul-14 711,996 59,334 Jul-14 996,000 0 Jul-14 7,297,515 608,127 Jul-14 37,507,899 125,026 0 Jul-14 46,513,410 125,026 667,461
Aug-14 652,662 59,334 Aug-14 996,000 0 Aug-14 6,689,388 608,127 Aug-14 37,632,925 125,443 0 Aug-14 45,970,975 125,443 667,461
Sep-14 593,328 59,334 Sep-14 996,000 0 Sep-14 6,081,261 608,127 Sep-14 37,758,368 125,861 0 Sep-14 45,428,957 125,861 667,461
Oct-14 533,994 59,334 Oct-14 996,000 0 Oct-14 5,473,134 608,127 Oct-14 37,884,229 126,281 0 Oct-14 44,887,357 126,281 667,461
Nov-14 474,660 59,334 Nov-14 996,000 0 Nov-14 4,865,007 608,127 Nov-14 38,010,510 126,702 0 Nov-14 44,346,177 126,702 667,461
Dec-14 415,326 59,334 Dec-14 996,000 0 Dec-14 4,256,880 608,127 Dec-14 38,137,212 127,124 0 Dec-14 43,805,418 127,124 667,461
Jan-15 355,992 59,334 Jan-15 996,000 0 Jan-15 3,648,753 608,127 Jan-15 38,264,336 127,548 0 Jan-15 43,265,081 127,548 667,461
Feb-15 296,658 59,334 Feb-15 996,000 0 Feb-15 3,040,626 608,127 Feb-15 38,391,884 127,973 0 Feb-15 42,725,168 127,973 667,461
Mar-15 237,324 59,334 Mar-15 996,000 0 Mar-15 2,432,499 608,127 Mar-15 38,519,857 128,400 0 Mar-15 42,185,680 128,400 667,461
Apr-15 177,990 59,334 Apr-15 996,000 0 Apr-15 1,824,372 608,127 Apr-15 38,648,257 128,828 0 Apr-15 41,646,619 128,828 667,461
May-15 118,656 59,334 May-15 996,000 0 May-15 1,216,245 608,127 May-15 38,777,085 129,257 0 May-15 41,107,986 129,257 667,461
Jun-15 59,322 59,322 Jun-15 996,000 0 Jun-15 608,118 608,118 Jun-15 38,906,342 129,688 0 Jun-15 40,569,782 129,688 667,440
Jul-15 0 0 Jul-15 996,000 83,000 Jul-15 0 0 Jul-15 39,036,030 130,120 584,000 Jul-15 40,032,030 130,120 667,000
Aug-15 913,000 83,000 Aug-15 38,582,150 128,607 584,000 Aug-15 39,495,150 128,607 667,000
Sep-15 830,000 83,000 Sep-15 38,126,757 127,089 584,000 Sep-15 38,956,757 127,089 667,000
Oct-15 747,000 83,000 Oct-15 37,669,846 125,566 584,000 Oct-15 38,416,846 125,566 667,000
Nov-15 664,000 83,000 Nov-15 37,211,412 124,038 584,000 Nov-15 37,875,412 124,038 667,000
Dec-15 581,000 83,000 Dec-14 36,751,450 122,505 584,000 Dec-14 37,332,450 122,505 667,000
Jan-16 498,000 83,000 Jan-15 36,289,955 120,967 584,000 Jan-15 36,787,955 120,967 667,000
Feb-16 415,000 83,000 Feb-15 35,826,922 119,423 584,000 Feb-15 36,241,922 119,423 667,000
Amortization of 2004, 2005, 2006 ERAF Loan; 2010 SERAF Loan; and 1985 to 1996 LMIHF Deferral
Culver City Successor Agency
1985 to 1996
Deferral*****
4% Interest Assumed
Grand Total
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
242004 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
Amortization of 2004, 2005, 2006 ERAF Loan; 2010 SERAF Loan; and 1985 to 1996 LMIHF Deferral
Culver City Successor Agency
1985 to 1996
Deferral*****
4% Interest Assumed
Grand Total
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
Mar-16 332,000 83,000 Mar-15 35,362,345 117,874 584,000 Mar-15 35,694,345 117,874 667,000
Apr-16 249,000 83,000 Apr-15 34,896,219 116,321 584,000 Apr-15 35,145,219 116,321 667,000
May-16 166,000 83,000 May-15 34,428,540 114,762 584,000 May-15 34,594,540 114,762 667,000
Jun-16 83,000 83,000 Jun-15 33,959,302 113,198 584,000 Jun-15 34,042,302 113,198 667,000
Jul-16 0 0 Jul-15 33,488,500 111,628 667,000 Jul-15 33,488,500 111,628 667,000
Jan-16 32,933,128 109,777 667,000 Jan-16 32,933,128 109,777 667,000
Feb-16 32,375,905 107,920 667,000 Feb-16 32,375,905 107,920 667,000
Mar-16 31,816,825 106,056 667,000 Mar-16 31,816,825 106,056 667,000
Apr-16 31,255,881 104,186 667,000 Apr-16 31,255,881 104,186 667,000
May-16 30,693,067 102,310 667,000 May-16 30,693,067 102,310 667,000
Jun-16 30,128,377 100,428 667,000 Jun-16 30,128,377 100,428 667,000
Jul-16 29,561,805 98,539 667,000 Jul-16 29,561,805 98,539 667,000
Aug-16 28,993,344 96,644 667,000 Aug-16 28,993,344 96,644 667,000
Sep-16 28,422,988 94,743 667,000 Sep-16 28,422,988 94,743 667,000
Oct-16 27,850,731 92,836 667,000 Oct-16 27,850,731 92,836 667,000
Nov-16 27,276,567 90,922 667,000 Nov-16 27,276,567 90,922 667,000
Dec-16 26,700,489 89,002 667,000 Dec-16 26,700,489 89,002 667,000
Jan-17 26,122,491 87,075 667,000 Jan-17 26,122,491 87,075 667,000
Feb-17 25,542,566 85,142 667,000 Feb-17 25,542,566 85,142 667,000
Mar-17 24,960,708 83,202 667,000 Mar-17 24,960,708 83,202 667,000
Apr-17 24,376,910 81,256 667,000 Apr-17 24,376,910 81,256 667,000
May-17 23,791,166 79,304 667,000 May-17 23,791,166 79,304 667,000
Jun-17 23,203,470 77,345 667,000 Jun-17 23,203,470 77,345 667,000
Jul-17 22,613,815 75,379 667,000 Jul-17 22,613,815 75,379 667,000
Aug-17 22,022,194 73,407 667,000 Aug-17 22,022,194 73,407 667,000
Sep-17 21,428,601 71,429 667,000 Sep-17 21,428,601 71,429 667,000
Oct-17 20,833,030 69,443 667,000 Oct-17 20,833,030 69,443 667,000
Nov-17 20,235,473 67,452 667,000 Nov-17 20,235,473 67,452 667,000
Dec-17 19,635,925 65,453 667,000 Dec-17 19,635,925 65,453 667,000
Jan-18 19,034,378 63,448 667,000 Jan-18 19,034,378 63,448 667,000
Feb-18 18,430,826 61,436 667,000 Feb-18 18,430,826 61,436 667,000
Mar-18 17,825,262 59,418 667,000 Mar-18 17,825,262 59,418 667,000
Apr-18 17,217,680 57,392 667,000 Apr-18 17,217,680 57,392 667,000
May-18 16,608,072 55,360 667,000 May-18 16,608,072 55,360 667,000
Jun-18 15,996,432 53,321 667,000 Jun-18 15,996,432 53,321 667,000
Jul-18 15,382,753 51,276 667,000 Jul-18 15,382,753 51,276 667,000
Aug-18 14,767,029 49,223 667,000 Aug-18 14,767,029 49,223 667,000
Sep-18 14,149,252 47,164 667,000 Sep-18 14,149,252 47,164 667,000
Oct-18 13,529,416 45,098 667,000 Oct-18 13,529,416 45,098 667,000
Nov-18 12,907,514 43,025 667,000 Nov-18 12,907,514 43,025 667,000
Dec-18 12,283,539 40,945 667,000 Dec-18 12,283,539 40,945 667,000
Jan-19 11,657,484 38,858 667,000 Jan-19 11,657,484 38,858 667,000
Feb-19 11,029,342 36,764 667,000 Feb-19 11,029,342 36,764 667,000
Mar-19 10,399,106 34,664 667,000 Mar-19 10,399,106 34,664 667,000
Apr-19 9,766,770 32,556 667,000 Apr-19 9,766,770 32,556 667,000
May-19 9,132,326 30,441 667,000 May-19 9,132,326 30,441 667,000
Jun-19 8,495,767 28,319 667,000 Jun-19 8,495,767 28,319 667,000
Jul-19 7,857,086 26,190 667,000 Jul-19 7,857,086 26,190 667,000
Aug-19 7,216,276 24,054 667,000 Aug-19 7,216,276 24,054 667,000
Sep-19 6,573,330 21,911 667,000 Sep-19 6,573,330 21,911 667,000
252004 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
Amortization of 2004, 2005, 2006 ERAF Loan; 2010 SERAF Loan; and 1985 to 1996 LMIHF Deferral
Culver City Successor Agency
1985 to 1996
Deferral*****
4% Interest Assumed
Grand Total
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
Oct-19 5,928,241 19,761 667,000 Oct-19 5,928,241 19,761 667,000
Nov-19 5,281,002 17,603 667,000 Nov-19 5,281,002 17,603 667,000
Dec-19 4,631,605 15,439 667,000 Dec-19 4,631,605 15,439 667,000
Jan-20 3,980,044 13,267 667,000 Jan-20 3,980,044 13,267 667,000
Feb-20 3,326,311 11,088 667,000 Feb-20 3,326,311 11,088 667,000
Mar-20 2,670,399 8,901 667,000 Mar-20 2,670,399 8,901 667,000
Apr-20 2,012,300 6,708 667,000 Apr-20 2,012,300 6,708 667,000
May-20 1,352,008 4,507 667,000 May-20 1,352,008 4,507 667,000
Jun-20 689,515 2,298 691,813 Jun-20 689,515 2,298 691,813
Jul-20 0 0 0 Jul-20 0 0 0
*****Amortization of 1986-1995 Set Aside Deferral Debt, Per HSC 33334.6(d)-(i)
*Amortization of 2004 ERAF Loan, Per HSC 33681.9(b)(2)
**Amortization of 2005 ERAF Loan, Per HSC 33681.12(b)(2)
***Amortization of 2006 ERAF Loan, Per HSC 33681.12(b)(2)
****Amortization of 2010 SERAF Loan, Per HSC 33690(c)(2)
2627 28 30 31 32 33 Direct Staff Costs FTE
FY 13-14
(Jul-Dec)
Ecnomic Development Administrator 0.50 51,000
Economic Development Manager 0.50 66,000
Project Manager 0.50 39,000
CDD Director 0.10 26,000
Sr. Mgmt Analyst 0.50 37,000
Mgmt Analyst 0.50 38,000
City Manager 0.10 23,000
Assistant City Manager - City Clerk 0.10 13,000
CFO 0.15 17,000
Sr. Mgmt Analyst-Finance 0.15 11,000
3.10 321,000
Direct O&M
Contractual Services (Legal, Consulting) 100,000
Due Diligence Review - Housing
Due Diligence Review - Non-Housing
Successor Agency/Oversight Board Meeting Costs 2,570
Office Supplies 5,000
107,570
Total Direct Costs 428,570
Indirect Cost Allocation (5%) 21,430
Total Cost 450,000
Exhibit 'A'
Culver City Successor Agency Administrative Budget
July 1 through December 31, 2013
34