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CITY Of <br />RIVERSIDE <br />Cit 6f Arts Unrovation City Council Memorandum <br />TO: HONORABLE MAYOR AND CITY COUNCIL DATE: March 27, 2012 <br />FROM: DEVELOPMENT DEPARTMENT ITEM NO: 27 <br />WARD: All <br />SUBJECT: ADOPTION OF THE DRAFT RECOGNIZED OBLIGATION PAYMENT <br />SCHEDULES FOR THE FORMER REDEVELOPMENT AGENCY <br />ISSUE: <br />The issue for City Council consideration is adoption of the revised draft of the Recognized <br />Obligation Payment Schedule for payments from January 1, 2012 to June 30, 2012 and the <br />initial draft Recognized Obligation Payment Schedule for expenditures from July 1, 2012 to <br />December 31, 2012. <br />RECOMMENDATION: <br />That the City Council, as Successor Agency to the Redevelopment Agency: <br />1. Approve the revised draft Recognized Obligation Payment Schedule for January to June <br />2012 (Exhibit A); and <br />2. Approve the draft Recognized Obligation Payment Schedule for July to December 2012 <br />(Exhibit B). <br />BACKGROUND: <br />As necessitated by Health and Safety Code Section 34177, a Recognized Obligation Payment <br />Schedule (ROPS) is required for each six month period of each fiscal year. The schedule must <br />include the amount and funding source for all payments required during the period for all <br />enforceable obligations of the former Redevelopment Agency. <br />The previously approved ROPS included all payments required for the period of January 1, <br />2012 through June 30th and was approved by the City, as Successor Agency, on February 28, <br />2012, and the Oversight Board on March 15, 2012. Funding for the previous ROPS obligations <br />came from the January tax increment allocation, bond funds, and cash on hand. The draft <br />ROPS was submitted to the Department of Finance (DOF) on March 16, 2012. On March 20, <br />2012, the DOF indicated that the expenditures for the month of January were required to be <br />separated out, despite the fact that the dissolution of redevelopment was not effective until <br />February 1, 2012. The attached updated schedule has been updated as requested. <br />The second ROPS presented today includes all payments required for the period of July 1, 2012 <br />27 -1 <br />