CC Resolution 11374
SUCCESSOR AGENCY RESOLUTION NO. 2012--11374
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CAMPBELL, ACTING AS
THE GOVERNING BOARD OF THE SUCCESSOR AGENCY FOR THE
REDEVELOPMENT AGENCY OF THE CITY OF CAMPBELL, ADOPTING AN
AMENDED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE, APPROVING
THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE, APPROVING THE
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET, AND DIRECTING THE CITY
MANAGER TO TAKE ALL ACTIONS NECESSARY TO EFFECTUATE ASSOCIATED
REQUIREMENTS OF ABX1 26
WHEREAS, the California state legislature enacted Assembly Bill xl 26 (the
"Dissolution Act") to dissolve redevelopment agencies formed under the Community
Redevelopment Law (Health and Safety Code Section 33000 et seq.); and
WHEREAS, on January 17, 2012 and pursuant to Health and Safety Code Section 34173,
the City Council of the City of Campbell (the "City Council") declared that the City of
Campbell, a municipal corporation (the "City"), would act as successor agency (the "Successor
Agency") for the dissolved Redevelopment Agency of the City of Campbell (the "Former RDA")
effective February 1, 2012; and
WHEREAS, on February 1,2012, the Former RDA was dissolved pursuant to Health and
Safety Code Section 34172; and
WHEREAS, the Dissolution Act provides for the appointment of an oversight board (the
"Oversight Board") with specific duties to approve certain Successor Agency actions pursuant to
Health and Safety Code Section 34180 and to direct the Successor Agency in certain other
actions pursuant to Health and Safety Code Section 34181; and
WHEREAS, on January 17,2012 the Former RDA adopted its latest enforceable
obligation payment schedule (the "RDA EOPS") as required pursuant to Health and Safety Code
Section 34169(g); and
WHEREAS, Health and Safety Code Section 34177(a)(1) requires the Successor Agency
to amend the RDA EOPS to remove specified agreements and adopt the amended EOPS (the
"Amended EOPS") and make associated notifications and distributions; and
WHEREAS, Health and Safety Code Section 34177(1) (2) (A) requires the Successor
Agency to prepare a draft recognized obligation payment schedule (the "ROPS") and make
associated notifications and distributions; and
WHEREAS, Health and Safety Code Section 34177(j) requires the Successor Agency to
prepare an administrative budget (the "Successor Agency Administrative Budget"); and
WHEREAS, Health and Safety Code Section 34177(k) requires the Successor Agency to
prepare administrative cost estimates from the information set forth in the Successor Agency
1
105\03\1096268.7
Administrative Budget (the "Successor Agency Administrative Cost Estimates") and provide
them to the Auditor-Controller for the County of Santa Clara County; and
WHEREAS, the ROPS and Successor Agency Administrative Budget must be approved
by the Oversight Board pursuant to Health and Safety Code Sections 34177(1)(2)(B) and
34177(j), respectively.
NOW, THEREFORE, BE IT RESOLVED that the City Council, acting as the Governing
Board of the Successor Agency, hereby authorizes and directs the City Manager or the City
Manager's designee, acting on behalf of the Successor Agency, to organize and call the meetings
of the Oversight Board, as soon as practicable after the appointment of the Oversight Board but
no later than the date required by Health and Safety Code Section 34179, to facilitate the
Oversight Board's approval of the ROPS and Successor Agency Administrative Budget.
BE IT FURTHER RESOLVED that unless and until the City Council, acting as the
Governing Board of the Successor Agency, resolves otherwise, the Successor Agency shall be
referred to in all its official documents, papers, reports, agreements, deeds, and other written
materials, and shall carry out its duties and exercise its rights as the "City of Campbell, acting in
its capacity as the Successor Agency of the Redevelopment Agency of the City of Campbell", or
similar wording.
BE IT FURTHER RESOLVED that the City Council, acting as the Governing Board of
the Successor Agency, declares that the assets, obligations, liabilities, and activities of the
Successor Agency are and shall remain separate from the assets, obligations, liabilities and
activities of the City, and that all costs of, liabilities of, and claims against the Successor Agency
and/or the Oversight Board shall be solely the costs and liabilities of the Successor Agency
and/or the Oversight Board and shall not be costs of, liabilities of, and/or claims against the City.
BE IT FURTHER RESOLVED that the City Council, acting as the Governing Board of
the Successor Agency and in conformance with Health and Safety Code Section 34177(a)(1),
hereby adopts the RDA EOPS (a copy of which is on file with the City Clerk) as the Successor
Agency's Amended EOPS, conditioned on removal from the RDA EOPS of the Invalidated
Agreements. As used in this Resolution, "Invalidated Agreements" means those agreements
between the Redevelopment Agency and the City that remain invalidated pursuant to Health and
Safety Code Section 34178 following the final outcome of (1) all pending and potential statutory
amendments to Health and Safety Code Section 34178 or other applicable provisions of the
Dissolution Act (including, without limitation, amendments pursuant to SB 654 and AB 1585),
and (2) all pending and potential litigation regarding the validity of Health and Safety Code
Section 34178 and other applicable provisions of the Dissolution Act (including, without
limitation, any such litigation initiated by the City). "Invalidated Agreements" expressly do not
include any agreements that are deemed valid following the final outcome of any of the events
described in the preceding sentence, and expressly do not include any agreements that are
described as being valid pursuant to Health and Safety Code Section 34l78(b).
2
105\03\1096268.7
BE IT FURTHER RESOLVED that the City Council, acting as the Governing Board of
the Successor Agency, hereby approves the ROPS and the Successor Agency Administrative
Budget, which contains the Successor Agency Administrative Cost Estimates. Copies of the
RaPS and the Successor Agency Administrative Budget are also on file with the City Clerk.
BE IT FURTHER RESOLVED that the City Council, acting as the Governing Board of
the Successor Agency, hereby authorizes and directs the City Manager or the City Manager's
designee, acting on behalf of the Successor Agency, to file, post, mail or otherwise deliver via
electronic mail, internet posting, and/or hardcopy, all notices and transmittals necessary or
convenient in connection with the adoption of the Amended EOPS, approval of the RaPS,
approval of the Successor Agency Administrative Budget containing the Successor Agency
Administrative Cost Estimates, and other actions taken pursuant to this Resolution.
BE IT FURTHER RESOLVED that nothing in this Resolution shall abrogate, waive,
impair or in any other manner affect the right or ability of the City, as a municipal corporation, to
initiate and prosecute any litigation with respect to any agreement or other arrangement between
the City and the Former RDA, including, without limitation, any litigation contesting the
purported invalidity of such agreement or arrangement pursuant to the Dissolution Act.
BE IT FURTHER RESOLVED, that this Resolution shall take immediate effect upon
adoption.
ADOPTED March 6,2012 by the City Council of the City of Campbell, acting in its capacity as
the Successor Agency of the Redevelopment Agency of the City of Campbell, by the following
vote, to wit:
AYES: Cristina, Baker, Waterman, Low, Kotowski
NOES: None
ABSTAIN:
ABSENT:
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Michael Kotowski, Chair
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Anne Bybee, Successor Agency Secretary
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TABLE 9
City of Campbell Redevelopment Agency
Central Campbell Redevelopment Project
Projected Tax Revenues and Debt Service Coverage
(In thousands)
Total
Year End Tax Advancement 2002 Bonds 2005 Bonds Debt Coverage
Oct. 1 Revenues (I) Debt Service Debt Service Debt Service(2) Service Ratio
2005 $4,120 $669 $1,107 $705(3) $2,481 166%
2006 4,206 669 1,105 680 2,453 171
2007 4,293 670 1,101 682 2,453 175
2008 4,381 668 1,511 678 2,858 153
2009 4,472 668 1,508 680 2,856 157
2010 4,562 670 1,511 681 2,861 159
2011 4,657 670 1,510 682 2,862 163
2012 4,752 669 701 683 2,053 231
2013 4,850 668 703 679 2,050 ' 237
2014 4,949 668 704 679 2,051 241
2015 5,051 669 700 684 2,053 246
2016 5,154 669 706 678 2,052 251
2017 5,259 669 705 682 2,056 256
2018 5,366 669 703 681 2,053 261
2019 5,477 669 466 909 2,045 268
2020 5,588 669 466 908 2,044 273
2021 5,703 670 466 911 2,047 279
2022 5,819 669 876 912 2,458 237
2023 5,938 669 882 905 2,456 242
2024 6,060 668 877 916 2,461 246
2025 6,183 668 880 911 2,459 251
2026 6,309 669 882 910 2,460 256
2027 6,439 670 877 912 2,458 262
2028 6,568 669 880 913 2,462 267
2029 6,702 885 1,538 2,423 277
2030 6,839 883 1,539 2,422 282
2031 6,978 879 1,538 2,416 289
2032 7,120 887 1,533 2,420 294
2033 7,265 1,818 1,818 400
2034 1,589
2035 1,624
2036 1,660
2037 1,696
(I) Equal to the projected Tax Increment Available for Debt Service in Table 12 of the Fiscal Consultant's
Report and based on a 2% per annum growth in assessed value. (See Appendix C).
(2) Based on estimated interest rates and amortization structure of the 2005 Bonds as set forth on the cover page
hereof and assumes no additional issuance of Parity Obligations.
(3) Includes interest payment paid on April I , 2005 on bonds to be refunded.
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44
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET 2/1/2012 thru 6/30/2012
Operations and Overhead
Successor Agency supplies
Successor Agency publications
Internet hosting
IT support
Travel expenses
Risk management
Subtotal
Ongoing Administrative Activities
County correspondence/coordination
State correspondence/coordination
Prepare ROPS
Prepare admin budget
Oversight Board Staff Support
Education
Research
Reporting
Brown Act requirements
Management of dissolution activities
Management of projects
Management of consultants/experts
Creation/management of new contracts as approved
Management of grants/other revenues
Annual reporting
Bill payment/reserves management
Manage/monitor financial reserves
Subtotal
Dissolution Activities
Communication/negotiation with taxing entities
Transfer housing assets
Subtotal
Grand Total
$10,000
$ 51,500
$ 1,000
$62,500