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6. ROPS / Successor Agency to the Redwood former Redwood City arty Gomm Nutt 1 NV Redevelopment Agency Agenda Report To: Oversight Board Members From: Audrey Seymour Ramberg, Interim Finance Director Date: February 19, 2015 Re: Review and Approval by Resolution of the ROPS 15-16A RECOMMENDATION Approve, by resolution, the Recognized Obligation Payment Schedule 15-16A which covers the period of July 1, 2015 through December 31, 2015. DISCUSSION As required under AB x1 26 and AB 1484 the Successor Agency to the Redwood City Redevelopment Agency submits its Recognized Obligation Payment Schedule (ROPS) 15-16A for your approval. The State Department of Finance (DOF)approved each of the items on the ROPS 14-15B. The funding for the items on the ROPS 15-16A, which is required to be submitted to the DOF no later than March 3, 2015 will come from the April 2015 property tax apportionment which the County Controller is required to make to the Successor Agency by June 1, 2015. Recognized Obligation Payment Schedule Please note that the items highlighted in red have previously been denied by the DOF. For ease of reference, the line number will be cited to the ROPS attached to this report: Lines 1-2: Tax Allocation Bonds are solely the debt of the former Redevelopment Agency and are now assumed by the Successor Agency. An interest payment of$1,889,861 and principal payment of$1,615,139 is not due until July 15, 2016 therefore there will be no debt service requested in the 15-16A ROPS. The next debt service payment will be requested on the 15-16B ROPS which will be funded in January of 2016. Payments will be $3.5 million annually until these bonds are retired in July 2032. Line 3: Although under AB 1484 the SERAF repayment to the Low and Moderate Housing fund may not begin until a letter of compliance is received from the DOF, we are nonetheless including the total amount of this obligation as a placeholder for future repayments. Accordingly, no funds are being requested on this ROPS.