City of Culver City, California
Agenda Item Report
Meeting Date: 09/09/2013 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 January 1, 2014 Through June 30, 2014
and Approving Certain Related Actions; (2) Adoption of a Resolution Approving the
Successor Agency Administrative Budget for the Period of January 1, 2014
Through June 30, 2014 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,
CFO
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: [X]
Public Notification: Meetings and Agendas – Successor Agency (09/04/13)
Department Approval:
Jeff Muir (09/03/13)
Successor Agency General Counsel Approval:
Carol Schwab (by H. Baker) (09/03/13)
Chief Financial Officer Approval:
Jeff Muir (09/03/13)
Executive Director Approval:
John M. Nachbar (09/04/13)
RECOMMENDATION:
Staff recommends the Successor Agency Board (1) adopt a Resolution approving
the Recognized Obligation Payment Schedule (ROPS) for the period of January 1,
2014 through June 30, 2014 and approving certain related actions; (2) adopt a
Resolution approving the Successor Agency Administrative Budget for the period of
January 1, 2014 through June 30, 2014 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 January 1, 2014 through June 30, 2014
(hereinafter the “ROPS 13-14B”), the ROPS 13-14B shall be submitted to the DOF
by October 2, 2013. City of Culver City, California
Agenda Item Report
On June 27, 2012, the Governor signed the State budget trailer bill Assembly Bill
No. 1484 (“AB 1484”) which amends AB 26, imposes additional requirements on
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 City of Culver City, California
Agenda Item Report
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
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 13-14B includes full repayment of the $1,500,000
loan from the City to the Successor Agency that was necessary to pay for bond debt
service and administrative costs that the Successor Agency had no other means of
funding.
FISCAL ANALYSIS:
The preparation and submittal of ROPS 13-14B is for the purpose of allowing the
Successor Agency to pay its enforceable obligations for the period of January 1,
2014 through June 30, 2014. The funding source for the payments of enforceable
obligations listed on ROPS 13-14B is the RPTTF (formerly Tax Increment).
ATTACHMENTS:
1. Proposed Resolution, including ROPS 13-14B as Exhibit A; and
2. Proposed Resolution, including Administrative Budget as Exhibit A.
MOTION:
That the Successor Agency Board:
City of Culver City, California
Agenda Item Report
1. Adopt a Resolution approving the Recognized Obligation Payment Schedule for
the of Period January 1, 2014 through June 30, 2014 (ROPS 13-14B) and
approving certain related actions; and,
2. Adopt a Resolution approving the Administrative Budget for the period of January
1, 2014 through June 30, 2014 and approving certain related actions.
MEETING DATE: September 9, 2013
AGENDA ITEM: (1) Adoption of a Resolution Approving the Recognized
Obligation Payment Schedule (ROPS) for the Period of
January 1, 2014 Through June 30, 2014 and Approving Certain
Related Actions; (2) Adoption of a Resolution Approving the
Successor Agency Administrative Budget for the Period of
January 1, 2014 Through June 30, 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 – 30
1 RESOLUTION NO. 2013-SA
2
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
3 SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT
AGENCY APPROVING AN ADMINISTRATIVE BUDGET FOR THE
PERIOD JANUARY 1, 2014 THROUGH JUNE 30, 2014, AND
APPROVING CERTAIN RELATED ACTIONS.
4
5
6
7
WHEREAS, the former Culver City Redevelopment Agency ("Former CCRA")
8 was a redevelopment agency in the City of Culver City ("City"), duly created pursuant to the
9 California Community Redevelopment Law (Part 1 (commencing with Section 33000) of
10 Division 24 of the California Health and Safety Code) ("Redevelopment Law"); and
11
WHEREAS, the former CCRA was responsible for the administration of
12 redevelopment activities within the City; and
13
WHEREAS, Assembly Bill No. X1 26(2011-2012 1 st Ex. Sess.) ("AB 26") was
14 signed by the Governor of California on June 28, 2011, making certain changes to the
15 Redevelopment Law and the California Health and Safety Code ("Health and Safety
16 Code"), including adding Part 1.8 (commencing with Section 34161) ("Part 1.8") and Part
17 1.85 (commencing with Section 34170) ("Part 1.85") to Division 24 of the Health and Safety
18 Code; and
19
WHEREAS, pursuant to AB 26, as modified by the California Supreme Court
20 on December 29, 2011 by its decision in California Redevelopment Association v.
21 Matosantos, all California redevelopment agencies, including the former CCRA, were
22 dissolved on February 1, 2012, and successor agencies were designated and vested with
23 the responsibility of paying, performing and enforcing the enforceable obligations of the
24 former redevelopment agencies and expeditiously winding down the business and fiscal
25 affairs of the former redevelopment agencies; and
26
WHEREAS, the City Council of the City adopted Resolution No. 2012-R001
27 on January 9, 2012, pursuant to Part 1.85 of AB 26, electing for the City to serve as the
28 successor agency to the Former CCRA upon the dissolution of the Former CCRA under AB
2 26 ("Successor Agency"); and
3 WHEREAS, on February 6, 2012, the Board of Directors of the Successor
4 Agency (the "Successor Agency Board"), adopted Resolution No. 2012-SA001 naming
5 itself the "Successor Agency to the Culver City Redevelopment Agency", the sole name by
6 which it will exercise its powers and fulfill its duties pursuant to Part 1.85 of AB 26, and
7 establishing itself as a separate legal entity with rules and regulations that will apply to the
8 governance and operations of the Successor Agency; and
9 WHEREAS, as part of the FY 2012-2013 State budget package, on June 27,
10 2012, the Legislature passed and the Governor signed Assembly Bill No. 1484 ("AB 1484",
11 Chapter 26, Statutes 2012). Although the primary purpose of AB 1484 is to make technical
12 and substantive amendments to AB 26 based on issues that have arisen in the
13 implementation of AB 26, AB 1484 imposes additional statutory provisions relating to the
14 activities and obligations of successor agencies and to the wind down process of former
15 redevelopment agencies; and
16 WHEREAS, Health and Safety Code Section 34179 of AB 26 as amended by
17 AB 1484 (AB 26 as amended by AB 1484 are collectively referred to hereinafter as the
18 "Dissolution Act") establishes a seven (7) member local entity with respect to each
19 successor agency and such entity is titled the "oversight board." The oversight board has
20 been established for the Successor Agency (hereinafter referred to as the "Oversight
21 Board") and all seven (7) members have been appointed to the Oversight Board pursuant
22 to Health and Safety Code Section 34179. The duties and responsibilities of the Oversight
23 Board are primarily set forth in Health and Safety Code Sections 34179 through 34181 of
24 the Dissolution Act; and
25 WHEREAS, Health and Safety Code Section 34177(j) of the Dissolution Act
26 requires the Successor Agency to prepare an administrative budget for each six-month
27 fiscal period and submit the administrative budget to the Oversight Board for approval. The
28
-2- I administrative budget shall include all of the following: (i) estimated amounts for Successor
2 Agency administrative costs for the upcoming six-month fiscal period; (ii) proposed sources
3 of payment for Successor Agency administrative costs; and (iii) proposals for arrangements
4 for administrative and operations services provided by the City or other entity; and
5 WHEREAS, Health and Safety Code Section 34177(k) of the Dissolution Act
6 requires the Successor Agency to provide to the Los Angeles County Auditor-Controller
7 ("County Auditor-Controller") for each six-month fiscal period the administrative cost
8 estimates from its approved administrative budget that are to be paid from property tax
9 revenues (i.e. former tax increment revenues) deposited in the County's Redevelopment
10 Property Tax Trust Fund established for the Successor Agency; and
11 WHEREAS, staff of the Successor Agency seeks the Successor Agency's
12 approval of the administrative budget for the period of January 1, 2014 through June 30,
13 2014 ("Administrative Budget 13-14B"), in the form attached to this Resolution as Exhibit
14 "A", and the Successor Agency's authorization to submit the approved Administrative
15 Budget 13-14B to the Oversight Board for its approval and to forward the information
16 required by Health and Safety Code Section 34177(k) to the County Auditor-Controller; and
17 WHEREAS, the Administrative Budget 13-14B has been prepared in
18 accordance with Health and Safety Code Section 34177(j) of the Dissolution Act and is
19 consistent with the requirements of the Health and Safety Code and other applicable law.
20 The proposed source of payment of the costs set forth in the Administrative Budget 13-14B
21 is property taxes from the County's Redevelopment Property Tax Trust Fund established
22 for the Successor Agency; and
23
WHEREAS, as required by Health and Safety Code Section 34180(j) of the
24 Dissolution Act, the Successor Agency will submit a copy of the Administrative Budget 13-
25 14B to the County Administrative Officer, the County Auditor-Controller, and the
26 Department of Finance at the same time that the Successor Agency submits the
27 Administrative Budget 13-14B to the Oversight Board for review and approval; and
28
-3- 1 WHEREAS, as required by Health and Safety Code Section 34179(f) of the
2 Dissolution Act, all notices required by law for proposed actions of the Oversight Board will
3 be posted on the Successor Agency's internet website or the Oversight Board's internet
4 website; and
WHEREAS, pursuant to Health and Safety Code Section 34179(h) of the
6 Dissolution Act, the Successor Agency is required to provide written notice and information
7 about all actions taken by the Oversight Board to the Department of Finance by electronic
8 means and in the manner of the Department of Finance's choosing; and
9
10
WHEREAS, in furtherance of Part 1.85 of the Dissolution Act, a copy of the
11 Administrative Budget 13-14B as it may be approved by the Oversight Board will be
12 submitted to the County Auditor-Controller and both the State Controller's Office and the
13 Department of Finance and will be posted on the Successor Agency's internet website; and
14
WHEREAS, pursuant to Health and Safety Code Section 34183(a)(2) of the
15 Dissolution Act, the County is required to make a payment of property tax revenues (i.e.
16 former tax increment funds) to the Successor Agency on January 2, 2014 for payments to
17 be made toward recognized obligations listed on the ROPS 13-14B and for the
18 administrative cost estimates from its approved Administrative Budget 13-14B; and
19
WHEREAS, the activity proposed for approval by this Resolution has been
20 reviewed with respect to applicability of the California Environmental Quality Act ("CEQA"),
21 the State CEQA Guidelines (California Code of Regulations, Title 14, Section 15000 et
22
seq., hereafter the "Guidelines"), and the City's environmental guidelines; and
23
WHEREAS, the activity proposed for approval by this Resolution is not a
24 "project" for purposes of CEQA, as that term is defined by Guidelines Section 15378,
25 because this Resolution is an organizational or administrative activity that will not result in a
26 direct or indirect physical change in the environment, per Section 15378(b)(5) of the
27 Guidelines; and
28
-4- 1 WHEREAS, all of the• prerequisites with respect to the approval of this
2 Resolution have been met.
3 NOW, THEREFORE, the Board of Directors of the Successor Agency to the
4 Culver City Redevelopment Agency, DOES HEREBY RESOLVE as follows:
5 SECTION 1. The foregoing recitals are true and correct and are a substantive
6 part of this Resolution.
7 SECTION 2. The adoption of this Resolution is not intended to and shall not
8 constitute a waiver by the Successor Agency of any constitutional, legal or equitable rights
9 that the Successor Agency may have to challenge, through any administrative or judicial
10 proceedings, the effectiveness and/or legality of all or any portion of AB 26 or AB 1484, any
11 determinations rendered or actions or omissions to act by any public agency or government
12 entity or division in the implementation of AB 26 or AB 1484, and any and all related legal and
13 factual issue, and the Successor Agency expressly reserves any and all rights, privileges, and
14 defenses available under law and equity.
15 SECTION 3. The Successor Agency Board hereby approves and adopts the
16 Administrative Budget 13-14B for the period covering January 1, 2014 through June 30, 2014,
17 substantially in the form attached to this Resolution as Exhibit "A".
18 SECTION 4. The Executive Director, or designee, is hereby authorized and
19 directed to: (i) submit the approved Administrative Budget 13-14B to the Oversight Board for
20 its review and approval and concurrently submit a copy of the Administrative Budget 13-14B
21 to the County Administrative Officer, the County Auditor-Controller, and the Department of
22 Finance; (ii) submit the Administrative Budget 13-14B, as approved by the Oversight Board,
23 and written notice of the Oversight Board's approval of the Administrative Budget 13-14B, to
24 the Department of Finance (electronically) pursuant to Health and Safety Code Section
25 34179(h) of AB 26 as amended by AB 1484; (iii) submit a copy of the Administrative Budget
26 13-14B, as approved by the Oversight Board, to the County Auditor-Controller and the State
27 Controller's Office; (iv) post the Administrative Budget 13-146, as approved by the Oversight
28
-5- 1 Board, on the Successor Agency's Internet website; (v) upon approval of the Oversight Board,
2 submit to the County Auditor-Controller the administrative cost estimates from the
3 Administrative Budget 13-14B that are to be paid from property tax revenues deposited in the
4 County's Redevelopment Property Tax Trust Fund established for the Successor Agency; and
5 (vi) take such other actions and execute such other documents as are necessary to effectuate
6 the intent of this Resolution on behalf of the Successor Agency.
7 SECTION 5. The staff of the Successor Agency are hereby authorized and
8 directed, jointly and severally, to do any and all things which they may deem necessary or
9 advisable to effectuate this Resolution.
10 SECTION 6. The Successor Agency Board determines that the activity
11 approved by this Resolution is not a "project" for purposes of CEQA, as that term is defined by
12 Guidelines Section 15378, because the activity approved this Resolution is an organizational
13 or administrative activity that will not result in a direct or indirect physical change in the
14 environment, per Section 15378(b)(5) of the Guidelines.
15 SECTION 7. If any provision of this Resolution or the application of any such
16 provision to any person or circumstance is held invalid, such invalidity shall not affect other
17 provisions or applications of this Resolution that can be given effect without the invalid
18 provision or application, and to this end the provisions of this Resolution are severable. The
19 Successor Agency Board declares that it would have adopted this Resolution irrespective of
20 the invalidity of any particular portion of this Resolution_
21 III
22 III
23 /1/
24 / / /
25 / / /
26 III
27 / / /
28
-6- JEFFREY COOPER, Chair
Successor Agency to the Culver City
Redevelopment Agency
1 SECTION 8. This Resolution shall take effect immediately upon its adoption.
2
3
APPROVED AND ADOPTED, this day of 2013.
4
5
6
8
ATTEST:
9
10
11
MARTIN R. COLE, Secretary
12
13
A13-00641
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
-7- Direct Staff Costs FTE
FY 13-14
(Jan-Jun)
Economic Development Administrator 1.00 101,000
Economic Development Manager 0.75 49,000
Project Manager 0.50 39,000
CDD Director 0.10 26,000
Sr. Mgmt Analyst - CDD 0.50 37,000
Mgmt Analyst 0.50 38,000
City Manager 0.10 20,000
Assistant City Manager - City Clerk 0.10 13,000
CFO 0.15 17,000
Sr. Mgmt Analyst-Finance 0.15 10,000
3.85 350,000
Direct O&M
Contractual Services (Legal, Consulting) 100,000
Successor Agency/Oversight Board Meeting Costs 3,000
Office Supplies 3,000
106,000
Total Direct Costs 456,000
Indirect Cost Allocation (5%) 23,000
Total Cost 479,000
Exhibit 'A'
Culver City Successor Agency Administrative Budget
January 1, 2014 through June 30, 2014
89 10 11 12 13 14 15 16 17 Name of Successor Agency: Culver City
Name of County: Los Angeles
Current Period Requested Funding for Outstanding Debt or Obligation
A - $
B -
C -
D -
E 21,022,193 $
F 20,543,193
G 479,000
H Current Period Enforceable Obligations (A+E): 21,022,193 $
Successor Agency Self-Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
I Enforceable Obligations funded with RPTTF (E): 21,022,193
J -
K 21,022,193 $
County Auditor Controller Reported Prior Period Adjustment to Current Period RPTTF Requested Funding
L Enforceable Obligations funded with RPTTF (E): 21,022,193
M -
N 21,022,193
Name Title
/s/
Signature Date
Recognized Obligation Payment Schedule (ROPS 13-14B) - Summary
Filed for the January 1, 2014 through June 30, 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
Administrative Costs (ROPS Detail)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column U)
Adjusted Current Period RPTTF Requested Funding (I-J)
Less Prior Period Adjustment (Report of Prior Period Adjustments Column AB)
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.
18AB CD E F G H IJ K
Other
Bonds Issued
on or before
12/31/10
Bonds Issued
on or after
01/01/11
g
Review balances
retained for
approved
enforceable
obligations
RPTTF
balances
retained for bond
reserves
Rent,
Grants,
Interest, Etc. Non-Admin Admin
ROPS III Actuals (01/01/13 - 6/30/13)|1010|Beginning Available Fund Balance (Actual 01/01/13)
Note that for the RPTTF, 1 + 2 should tie to columns L and Q in the
Report of Prior Period Adjustments (PPAs) - - - 490,286 - - - 490,286 $
Amount was retained from ROPS 2 to pay
ROPS 3 debt service. Amount was ultimately
reduced from ROPS 13-14A payment.|1010|Revenue/Income (Actual 06/30/13) Note that the RPTTF amounts
should tie to the ROPS III distributions from the County Auditor-
Controller - - - - 1,500,000 3,106,429 - 4,606,429 $
"Other" reflects $1,500,000 loan from City to SA
as approved by the OB and DOF.|1010|Expenditures for ROPS III Enforceable Obligations (Actual
06/30/13) Note that for the RPTTF, 3 + 4 should tie to columns N
and S in the Report of PPAs - - - 431,480 1,500,000 3,106,429 - 5,037,909 $ |1010|Retention of Available Fund Balance (Actual 06/30/13) Note
that the Non-Admin RPTTF amount should only include the
retention of reserves for debt service approved in ROPS III - - - - - - - - $ |1010|ROPS III RPTTF Prior Period Adjustment Note that the net Non-
Admin and Admin RPTTF amounts should tie to columns O and T
in the Report of PPAs.
No entry required
- - - $
6 Ending Actual Available Fund Balance (1 + 2 - 3 - 4 - 5) - $ - $ - $ 58,806 $ - $ 0 $ - $ 58,806 $
ROPS 13-14A Estimate (07/01/13 - 12/31/13)|1010|Beginning Available Fund Balance (Actual 07/01/13) (C, D, E,
G, and I = 4 + 6, F = H4 + F6, and H = 5 + 6) - $ - $ - $ 58,806 $ - $ 0 $ - $ 58,806 $ |1010|Revenue/Income (Estimate 12/31/13)
Note that the RPTTF amounts should tie to the ROPS 13-14A
distributions from the County Auditor-Controller 13,793,790 450,000 14,243,790 $ |10 10|Expenditures for 13-14A Enforceable Obligations
(Estimate 12/31/13) 13,793,790 450,000 14,243,790 $
10
Retention of Available Fund Balance (Estimate 12/31/13)
Note that the RPTTF amounts may include the retention of
reserves for debt service approved in ROPS 13-14A - - - $
11 Ending Estimated Available Fund Balance (7 + 8 - 9 -10) - $ - $ - $ 58,806 $ - $ 0 $ - $ 58,806 $
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Fund 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 Balance Information by ROPS Period
Fund Sources
Comments
Bond Proceeds RPTTF
Total
Reserve Balance
19AB C D E F G H I J K L M N O P
Bond Proceeds Reserve Balance Other Funds Non-Admin Admin
316,975,531 $ - $ - $ - $ 20,543,193 $ 479,000 $ 21,022,193 $
1 1993 Tax Allocation Bonds Bonds Issued On or
Before 12/31/10
10/20/1993 11/1/2014 US Bank as Trustee Bond issue to fund non-housing
projects
Merged 5,649,525 N 147,265 147,265 $
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 25,688,182 N 801,875 801,875 $
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 21,768,500 N 428,525 428,525 $
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 83,397,661 N 1,450,450 1,450,450 $
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 23,463,274 N 386,300 386,300 $
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 89,190,225 N 1,265,200 1,265,200 $
7 Debt Service Trustee Fees Fees 10/20/1993 11/1/2028 US Bank Debt Service account maintenance
fees charged by trustee
Merged 180,000 N 12,000 12,000 $
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 150,000 N 15,000 15,000 $
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 50,000 N 15,000 15,000 $
10 Existing Litigation Legal 11/1/1978 11/23/2029 Kane Ballmer Berkman Litigation costs for existing litigation Merged 5,000,000 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 $
12 Financial Audit Dissolution Audits 7/1/2012 6/30/2013 Macias Gini O'Connell Perform non-housing due dilligence
review as required by AB 1484
Merged - Y - - $
13 Financial Audit Dissolution Audits 7/1/2012 6/30/2013 Macias Gini O'Connell Perform Housing due diligence review
as required by AB 1484
Merged - Y - - $
14 SA Admin Allowance Admin Costs 1/1/2014 6/30/2014 City of Culver City Staff costs Merged - N - 350,000 350,000 $
15 SA Admin Allowance Admin Costs 1/1/2014 6/30/2014 Various Contractual Services (Legal,
consulting, etc.)
Merged - N - 100,000 100,000 $
16 SA Admin Allowance Admin Costs 1/1/2014 6/30/2014 Various SA/Oversight Board Meeting Costs Merged - N - 3,000 3,000 $
17 SA Admin Allowance Admin Costs 1/1/2014 6/30/2014 Various Office Supplies Merged - N - 3,000 3,000 $
18 SA Admin Allowance Admin Costs 1/1/2014 6/30/2014 City of Culver City Indirect Cost Allocation (5% of direct
costs)
Merged - N - 23,000 23,000 $
19 Unfunded CalPERS Pension
Liabilities
Unfunded Liabilities 1/1/2014 6/30/2014 CalPERS Unfunded CalPERS pension
obligation, per CalPERS actuarial
valuation as of June 30, 2010.
Merged 496,800 N 496,800 496,800 $
20 Unfunded OPEB Liabilities Unfunded Liabilities 1/1/2014 6/30/2014 U.S. Bank Unfunded actuarial accrued liability as
of June 30, 2011, per AON Consulting,
Inc.
Merged 1,552,500 N 1,552,500 1,552,500 $
21 Westfield OPA OPA/DDA/Constructi
on
4/18/2008 7/26/2024 Westfield Inc OPA for improvements to regional mall Merged 8,645,000 N 1,500,000 1,500,000 $
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 17,500 17,500 $
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 25,848 N - - $
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 - - $
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 - - $
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 - - $
Recognized Obligation Payment Schedule (ROPS ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 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
20AB 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 ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 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
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)
Prior Period 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)
Prior Period 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)
Prior Period 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
Maintenance
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
Maintenance
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 $
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 10,000 10,000 $
21AB 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 ) 13-14B - ROPS Detail
January 1, 2014 through June 30, 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
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 50,000 N 50,000 50,000 $
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 1,726,873 1,726,873 $
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 1,653,525 1,653,525 $
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 1,575,410 1,575,410 $
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 606,295 606,295 $
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 4,520,175 4,520,175 $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
- $
22A 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
Net CAC Non-
Admin and Admin
PPA
Authorized Actual Authorized Actual Authorized Actual Authorized Actual Authorized
Available
RPTTF
(ROPS III distributed
+ all other available
as of 1/1/13)
Net Lesser of
Authorized/
Available Actual
Difference
(If M is less than N,
the difference is
zero) Authorized
Available
RPTTF
(ROPS III distributed
+ all other available
as of 1/1/13)
Net Lesser of
Authorized /
Available Actual
Difference
(If R is less than S,
the difference is
zero)
Net Difference
(Amount Used to
Offset ROPS 13-14B
Requested RPTTF
(O + T))
Net Lesser of
Authorized /
Available Actual
Difference
(If V is less than W,
the difference is
zero)
Net Lesser of
Authorized /
Available Actual
Difference
(If Y is less than Z,
the difference is
zero)
Net Difference
(Amount Used to
Offset ROPS 13-14B
Requested RPTTF
(X + AA)
- $ - $ - $ - $ 431,480 $ 431,480 $ 1,500,000 $ 1,500,000 $ 17,401,343 $ 3,106,429 $ 3,106,429 $ 3,106,429 $ - $ 521,710 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $
1 1993 Tax Allocation Bonds 5,643,375 286,636 286,636 $ 286,636 - $ - $ - $ - $ - $ - $ - $
2 1999 Tax Allocation Bonds 2,234,585 531,419 531,419 $ 531,419 - $ - $ - $ - $ - $ - $ - $
3 2002 Tax Allocation Bonds 2,082,625 456,255 456,255 $ 456,255 - $ - $ - $ - $ - $ - $ - $
4 2004 Tax Allocation Bonds 3,024,869 1,425,628 1,425,628 $ 1,425,628 - $ - $ - $ - $ - $ - $ - $
5 2005 Tax Allocation Bonds 990,989 390,467 390,467 $ 390,467 - $ - $ - $ - $ - $ - $ - $
6 2011 Tax Allocation Bonds 431,480 431,480 821,815 821,815 2,805,950 16,024 16,024 $ 16,024 - $ - $ - $ - $ - $ - $ - $
7 Debt Service Trustee Fees 12,025 12,025 10,000 - - $ - - $ - $ - $ - $ - $ - $ - $
8 Arbitrage Rebate Calculations 9,000 9,000 15,000 - - $ - - $ - $ - $ - $ - $ - $ - $
9
Continuing Disclosure Filing -
Existing Bonds 1,455 1,455 3,000 - - $ - - $ - $ - $ - $ - $ - $ - $
10 Existing Litigation 133,995 133,995 102,000 - - $ - - $ - $ - $ - $ - $ - $ - $
11 Existing Litigation 1,000 - - $ - - $ - $ - $ - $ - $ - $ - $
12 Financial Audit 36,000 34,275 - - - $ - - $ 36,000 - - $ - - $ - $ - $ - $ - $
13 Financial Audit 15,000 14,184 - - - $ - - $ 15,000 - - $ - - $ - $ - $ - $ - $
14 SA Admin Allowance 371,869 207,528 - - - $ - - $ 371,869 - - $ - - $ - $ - $ - $ - $
15 SA Admin Allowance 65,000 237,081 - - - $ - - $ 65,000 - - $ - - $ - $ - $ - $ - $
16 SA Admin Allowance 6,000 1,110 - - - $ - - $ 6,000 - - $ - - $ - $ - $ - $ - $
17 SA Admin Allowance 3,000 2,691 - - - $ - - $ 3,000 - - $ - - $ - $ - $ - $ - $
18 SA Admin Allowance 24,841 24,841 - - - $ - - $ 24,841 - - $ - - $ - $ - $ - $ - $
19
Unfunded CalPERS Pension
Liabilities 126,000 - - $ - - $ - $ - $ - $ - $ - $ - $
20 Unfunded OPEB Liabilities 361,950 - - $ - - $ - $ - $ - $ - $ - $ - $
21 Westfield OPA - - $ - - $ - $ - $ - $ - $ - $ - $
22 Culver Hotel OPA - - $ - - $ - $ - $ - $ - $ - $ - $
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) - - $ - - $ - $ - $ - $ - $ - $ - $
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) - - $ - - $ - $ - $ - $ - $ - $ - $
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) - - $ - - $ - $ - $ - $ - $ - $ - $
32
Financial consulating services
necessary to prepare SA owned
real property for disposition - - $ - - $ - $ - $ - $ - $ - $ - $
33
Real property appraisal services
necessary to prepare SA owned
real property for disposition - - $ - - $ - $ - $ - $ - $ - $ - $
34
Asset maintenance for
Successor Agency owned real
property - - $ - - $ - $ - $ - $ - $ - $ - $
35
Asset maintenance for
Successor Agency owned real
property - - $ - - $ - $ - $ - $ - $ - $ - $
36
Asset maintenance for
Successor Agency owned real
property - - $ - - $ - $ - $ - $ - $ - $ - $
- $ - - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
- $ - $ - $ - $ - $ - $ - $ - $
ROPS III CAC PPA: To be completed by the CAC upon submittal of the ROPS 13-14B by the SA to Finance and the
CAC
Recognized Obligation Payment Schedule (ROPS) 13-14B - Report of Prior Period Adjustments
Reported for the ROPS III (January 1, 2013 through June 30, 2013) Period Pursuant to Health and Safety Code (HSC) section 34186 (a)
(Report Amounts in Whole Dollars)
ROPS III 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 III (July through December 2013) period. The amount of Redevelopment Property Tax Trust Fund
(RPTTF) approved for the ROPS 13-14B (January through June 2014) period will be offset by the SA’s self-reported ROPS III prior period adjustment. HSC Section 34186 (a) also specifies that the prior period adjustments self-reported by SAs are subject to audit 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
RPTTF Expenditures
Admin
LMIHF
(Includes LMIHF Due Diligence
Review (DDR) retained balances) Bond Proceeds
Reserve Balance
(Includes Other Funds and Assets
DDR retained balances) Other Funds
23Item # Notes/Comments
1 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
2 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
3 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
4 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
5 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
6 Reflects May 1, 2014 payment only. November 1, 2014 payment requested as Debt Reserves, items 41-46.
7 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. Contract does not specify termination date.
8
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. Contract does not specify termination date.
9 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. Contract does not specify termination date.
10 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. Contract does not specify termination date.
11 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. Contract does not specify termination date.
21 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 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.
Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 through June 30, 2014
24Item # Notes/Comments
Recognized Obligation Payment Schedule 13-14B - Notes
January 1, 2014 through June 30, 2014
27 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).
32 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 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 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 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 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).
37 Payment of this obligation is required as a result of Los Angeles Unified School District v. The County of Los Angeles, et al., LASC Case No. BS 108180
38 Payment of this obligation is required as a result of Los Angeles Unified School District v. The County of Los Angeles, et al., LASC Case No. BS 108180
39 Settlement agreement approved by OB on 3/14/2013 (Resolution 201OB006)
40 Payment of this obligation is authorized per H & S Code section 34177.5
41 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
42 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
43 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
44 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
45 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
46 Reflects November 1, 2014 payment. Request is to establish a reserve going forward.
25Month 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 82,800 Jan-14 1,552,500 258,750 Jan-14 2,049,300 341,550
Feb-14 414,000 82,800 Feb-14 1,293,750 258,750 Feb-14 1,707,750 341,550
Mar-14 331,200 82,800 Mar-14 1,035,000 258,750 Mar-14 1,366,200 341,550
Apr-14 248,400 82,800 Apr-14 776,250 258,750 Apr-14 1,024,650 341,550
May-14 165,600 82,800 May-14 517,500 258,750 May-14 683,100 341,550
Jun-14 82,800 82,800 Jun-14 258,750 258,750 Jun-14 341,550 341,550
Jul-14 0 0 Jul-14 0 0 Jul-14 0 0
Aug-14 0 0 Aug-14 0 0 Aug-14 0 0
Sep-14 0 0 Sep-14 0 0 Sep-14 0 0
Oct-14 0 0 Oct-14 0 0 Oct-14 0 0
Nov-14 0 0 Nov-14 0 0 Nov-14 0 0
Dec-14 0 0 Dec-14 0 0 Dec-14 0 0
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)
262004 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 25,848 Jul-12 1,068,000 1,068,000 Jul-12 996,000 295,229 Jul-12 10,946,277 0 Jul-12 34,628,762 115,429 0 Jul-12 47,664,887 115,429 1,389,077
Aug-12 0 0 Aug-12 0 0 Aug-12 700,771 0 Aug-12 10,946,277 0 Aug-12 34,744,191 115,814 0 Aug-12 46,391,239 115,814 0
Sep-12 700,771 0 Sep-12 10,946,277 0 Sep-12 34,860,005 116,200 0 Sep-12 46,507,053 116,200 0
Oct-12 700,771 0 Oct-12 10,946,277 0 Oct-12 34,976,205 116,587 0 Oct-12 46,623,253 116,587 0
Nov-12 700,771 0 Nov-12 10,946,277 0 Nov-12 35,092,792 116,976 0 Nov-12 46,739,840 116,976 0
Dec-12 700,771 0 Dec-12 10,946,277 0 Dec-12 35,209,768 117,366 0 Dec-12 46,856,816 117,366 0
Jan-13 700,771 0 Jan-13 10,946,277 0 Jan-13 35,327,134 117,757 0 Jan-13 46,974,182 117,757 0
Feb-13 700,771 0 Feb-13 10,946,277 0 Feb-13 35,444,891 118,150 0 Feb-13 47,091,939 118,150 0
Mar-13 700,771 0 Mar-13 10,946,277 0 Mar-13 35,563,041 118,543 0 Mar-13 47,210,089 118,543 0
Apr-13 700,771 0 Apr-13 10,946,277 0 Apr-13 35,681,584 118,939 0 Apr-13 47,328,632 118,939 0
May-13 700,771 0 May-13 10,946,277 0 May-13 35,800,523 119,335 0 May-13 47,447,571 119,335 0
Jun-13 700,771 0 Jun-13 10,946,277 0 Jun-13 35,919,858 119,733 0 Jun-13 47,566,906 119,733 0
Jul-13 700,771 0 Jul-13 10,946,277 0 Jul-13 36,039,591 120,132 0 Jul-13 47,686,639 120,132 0
Aug-13 700,771 0 Aug-13 10,946,277 0 Aug-13 36,159,723 120,532 0 Aug-13 47,806,771 120,532 0
Sep-13 700,771 0 Sep-13 10,946,277 0 Sep-13 36,280,255 120,934 0 Sep-13 47,927,303 120,934 0
Oct-13 700,771 0 Oct-13 10,946,277 0 Oct-13 36,401,189 121,337 0 Oct-13 48,048,237 121,337 0
Nov-13 700,771 0 Nov-13 10,946,277 0 Nov-13 36,522,526 121,742 0 Nov-13 48,169,574 121,742 0
Dec-13 700,771 0 Dec-13 10,946,277 0 Dec-13 36,644,268 122,148 0 Dec-13 48,291,316 122,148 0
Jan-14 700,771 0 Jan-14 10,946,277 608,127 Jan-14 36,766,416 122,555 0 Jan-14 48,413,464 122,555 608,127
Feb-14 700,771 0 Feb-14 10,338,150 608,127 Feb-14 36,888,971 122,963 0 Feb-14 47,927,892 122,963 608,127
Mar-14 700,771 0 Mar-14 9,730,023 608,127 Mar-14 37,011,934 123,373 0 Mar-14 47,442,728 123,373 608,127
Apr-14 700,771 0 Apr-14 9,121,896 608,127 Apr-14 37,135,307 123,784 0 Apr-14 46,957,974 123,784 608,127
May-14 700,771 0 May-14 8,513,769 608,127 May-14 37,259,091 124,197 0 May-14 46,473,631 124,197 608,127
Jun-14 700,771 0 Jun-14 7,905,642 608,127 Jun-14 37,383,288 124,611 0 Jun-14 45,989,701 124,611 608,127
Jul-14 700,771 0 Jul-14 7,297,515 608,127 Jul-14 37,507,899 125,026 0 Jul-14 45,506,185 125,026 608,127
Aug-14 700,771 0 Aug-14 6,689,388 608,127 Aug-14 37,632,925 125,443 0 Aug-14 45,023,084 125,443 608,127
Sep-14 700,771 0 Sep-14 6,081,261 608,127 Sep-14 37,758,368 125,861 0 Sep-14 44,540,400 125,861 608,127
Oct-14 700,771 0 Oct-14 5,473,134 608,127 Oct-14 37,884,229 126,281 0 Oct-14 44,058,134 126,281 608,127
Nov-14 700,771 0 Nov-14 4,865,007 608,127 Nov-14 38,010,510 126,702 0 Nov-14 43,576,288 126,702 608,127
Dec-14 700,771 0 Dec-14 4,256,880 608,127 Dec-14 38,137,212 127,124 0 Dec-14 43,094,863 127,124 608,127
Jan-15 700,771 0 Jan-15 3,648,753 608,127 Jan-15 38,264,336 127,548 0 Jan-15 42,613,860 127,548 608,127
Feb-15 700,771 0 Feb-15 3,040,626 608,127 Feb-15 38,391,884 127,973 0 Feb-15 42,133,281 127,973 608,127
Mar-15 700,771 0 Mar-15 2,432,499 608,127 Mar-15 38,519,857 128,400 0 Mar-15 41,653,127 128,400 608,127
Apr-15 700,771 0 Apr-15 1,824,372 608,127 Apr-15 38,648,257 128,828 0 Apr-15 41,173,400 128,828 608,127
May-15 700,771 0 May-15 1,216,245 608,127 May-15 38,777,085 129,257 0 May-15 40,694,101 129,257 608,127
Jun-15 700,771 0 Jun-15 608,118 608,118 Jun-15 38,906,342 129,688 0 Jun-15 40,215,231 129,688 608,118
Jul-15 700,771 58,400 Jul-15 0 0 Jul-15 39,036,030 130,120 584,000 Jul-15 39,736,801 130,120 642,400
Aug-15 642,371 58,400 Aug-15 38,582,150 128,607 584,000 Aug-15 39,224,521 128,607 642,400
Sep-15 583,971 58,400 Sep-15 38,126,757 127,089 584,000 Sep-15 38,710,728 127,089 642,400
Oct-15 525,571 58,400 Oct-15 37,669,846 125,566 584,000 Oct-15 38,195,417 125,566 642,400
Nov-15 467,171 58,400 Nov-15 37,211,412 124,038 584,000 Nov-15 37,678,583 124,038 642,400
Dec-15 408,771 58,400 Dec-14 36,751,450 122,505 584,000 Dec-14 37,160,221 122,505 642,400
Jan-16 350,371 58,400 Jan-15 36,289,955 120,967 584,000 Jan-15 36,640,326 120,967 642,400
Feb-16 291,971 58,400 Feb-15 35,826,922 119,423 584,000 Feb-15 36,118,893 119,423 642,400
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
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
272004 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
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
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
Mar-16 233,571 58,400 Mar-15 35,362,345 117,874 584,000 Mar-15 35,595,916 117,874 642,400
Apr-16 175,171 58,400 Apr-15 34,896,219 116,321 584,000 Apr-15 35,071,390 116,321 642,400
May-16 116,771 58,400 May-15 34,428,540 114,762 584,000 May-15 34,545,311 114,762 642,400
Jun-16 58,371 58,371 Jun-15 33,959,302 113,198 584,000 Jun-15 34,017,673 113,198 642,371
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
282004 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
Statutory repayment by
6/21/14*
Statutory repayment by
5/10/15**
Statutory repayment
by 5/10/16***
Statutory repayment by
6/30/15****
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
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 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)
*****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)
29Month Principal Pmt
Jan-12 0
Feb-12 0 0
Mar-12 0 0
Apr-12 0 0
May-12 0 0
Jun-12 0 0
Jul-12 0 0
Aug-12 0 0
Sep-12 0 0
Oct-12 0 0
Nov-12 0 0
Dec-12 0 0
Jan-13 0 0
Feb-13 1,500,000 0
Mar-13 1,500,000 0
Apr-13 1,500,000 0
May-13 1,500,000 0
Jun-13 1,500,000 0
Jul-13 1,500,000 0
Aug-13 1,500,000 0
Sep-13 1,500,000 0
Oct-13 1,500,000 0
Nov-13 1,500,000 0
Dec-13 1,500,000 0
Jan-14 1,500,000 1,500,000
Feb-14 0 0
Mar-14 0 0
Apr-14 0 0
May-14 0 0
Jun-14 0 0
Culver City Successor Agency
36Month Amortization Schedule
Amortization of City-Successor Agency Cash Flow Loan(s)
Per H&S Code Section 34173(h)
2/10/2013 DS & Admin Loan
30