01-11-2022 CC RPT 22 - Laserfiche WebLink

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City of Arts &Innovation Successor Agency to the Redevelopment Agency of the City of Riverside IIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIIII TO: HONORABLE MA❑OR AND CITE COUNCIL DATE: JANUAR❑ 11, 2022 FROM: COMMUNIT❑ ❑ ECONOMIC DEVELOPMENT WARDS: ALL DEPARTMENT SUBJECT: RECOGNIED OBLIGATION PAMENT SCHEDULE 2022-2023 ISSUE: Recommend that the Countywide Oversight Board adopt a resolution approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023. RECOMMENDATION: That the Successor Agency: 1. Adopt the attached resolution (Attachment 1) approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023 (ROPS 22- 23 — Attachment 2)❑and 2. Recommend that the Countywide Oversight Board adopt a separate resolution approving the Recognized Obligation Payment Schedule for expenditures from July 1, 2022, through June 30, 2023, for the Department of Finance's final consideration and approval. BACKGROUND: As required by Health and Safety Code Section 34177(o), beginning July 2016, the Successor Agency was required to prepare an annual Recognized Obligation Payment Schedule (ROPS) for each fiscal year. Each ROPS must include the amount and funding source for all payments required during the period for all enforceable obligations of the Successor Agency. The first annual ROPS was due to the Department of Finance (DOF) on February 1, 2016. The ROPS presented today includes all payments required for the period of July 1, 2022, through June 30, 2023, pursuant to Health and Safety Code Section 34186(a). The variance between the estimated obligations and actual payments will be offset from the Redevelopment Property Tax Trust Fund (RPTTF) distribution for the period of July 1, 2022, through June 30, 2023. DISCUSSION: Senate Bill 107 (SB 107) requires Oversight Board approval and submittal of the ROPS 22-23 to the DOF before February 1, 2022. In accordance with SB 107, a copy of the ROPS 22-23 will