–AGENDA– GLENDALE REDEVELOPMENT AGENCY COUNCIL CHAMBER nd 613 E. Broadway, 2 Floor Glendale, CA 91206 Welcome to the meeting of the Glendale Redevelopment Agency. Meetings are broadcast live on cable channel 6 (GTV6) and rebroadcast throughout the week. Call (818) 548- 4013 for program schedules. DVDs of the proceedings are available for purchase in the City Clerk’s Office. Meetings are also archived on the City Website for viewing anytime at www.ci.glendale.ca.us/video_archives.asp. If you have any question about matters on the agenda, or requests for assistance, please contact the Office of the City Clerk at (818) 548-2090 during regular business hours. PLEASE TURN OFF CELLULAR PHONES AND PAGERS WHILE INSIDE THE COUNCIL CHAMBER. In compliance with the Americans with Disabilities Act (ADA) of 1990, auxiliary hearing aids, sign language translation, and Braille transcripts are available upon request. Assisted listening devices are available same-day upon request. At least 48 hours (or two business days) notice is required for requests regarding sign language translation and Braille transcription services. All documents related to open session items on this agenda that are received less than 72 hours prior to this meeting, and are public records, will be available for review in the Office of the City Clerk, 613 E. Broadway, RM 110, Glendale, CA 91206. SEPTEMBER 27, 2011 1. ROLL CALL 2. CLOSED SESSION 3. REGULAR BUSINESS AGENDA – 2:30 p.m. a. Roll Call b. Report of Secretary, re: Posting of Agenda. The Agenda for the September 27, 2011 regular meeting of the Glendale Redevelopment Agency was posted on Thursday, September 22, 2011 on the bulletin board outside City Hall. 4. APPROVAL OF MINUTES a. Minutes of the Regular Redevelopment Agency and the Joint City Council and Redevelopment Agency Meetings of Tuesday, September 13, 2011 5. ORAL COMMUNICATIONS Discussion is limited to items NOT a part of this Agenda. Each Speaker is allowed 5 minutes. Members of the Redevelopment Agency may question or respond to the speaker, but there will be no debate or decision. The matter may be referred to staff through the Executive Director for investigation and report. 6. BUSINESS AGENDA a. Director of Community Development, re: Review of Project Objectives and Update of Financial Impacts of the Americana at Brand • Report Only b. Director of Community Development, re: Draft Preliminary Recognized Obligation Payment Schedule (ROPS) 1. Resolution Approving and Adopting the ROPS Pursuant to AB 1X 26 7. AGENCY MEMBER/STAFF COMMENTS 8. NEW BUSINESS 9. ADJOURNMENT TYPED 9/22/2011 7:15 AM 09 27 11 GRA MINUTES GLENDALE REDEVELOPMENT AGENCY SEPTEMBER 13, 2011 1. ROLL CALL 2. CLOSED SESSION 3. REGULAR BUSINESS AGENDA – 2:43 p.m. a. Roll Call – All Present b. Report of Secretary, re: Posting of Agenda. The Agenda for the September 13, 2011 regular meeting of the Glendale Redevelopment Agency was posted on Thursday, September 8, 2011 on the bulletin board outside City Hall. 4. APPROVAL OF MINUTES 5. ORAL COMMUNICATIONS Discussion is limited to items NOT a part of this Agenda. Each Speaker is allowed 5 minutes. Members of the Redevelopment Agency may question or respond to the speaker, but there will be no debate or decision. The matter may be referred to staff through the Executive Director for investigation and report. 6. BUSINESS AGENDA 7. AGENCY MEMBER/STAFF COMMENTS 8. NEW BUSINESS 9. ADJOURNMENT – 2:44 p.m. Moved: Weaver Seconded: Najarian Chair of the Glendale Redevelopment Agency Secretary of the Glendale Redevelopment Agency 09 13 11 GRA 4A MINUTES JOINT MEETING – GLENDALE CITY COUNCIL AND GLENDALE REDEVELOPMENT AGENCY SEPTEMBER 13, 2011 The Joint Public Meeting of the Glendale City Council and the Glendale Redevelopment Agency convened in the Council Chamber, City Hall, in said City, at 2:44 p.m. on the above date, pursuant to a call for such meeting signed by the City Clerk/Secretary of the Redevelopment Agency, and on file with the City Clerk, a copy of which is as follows: September 8, 2011 Date A JOINT PUBLIC MEETING of the Glendale City Council and the Glendale Redevelopment Agency is hereby called to meet at 2:30 p.m. on Tuesday, September 13, 2011, in the City Council Chamber, City Hall, 613 E. Broadway, 2nd Floor, Glendale, CA 91206, to consider the following item of business, to wit; 1. PUBLIC HEARING: Director of Community Development, re: Proposed Ordinance and Resolution to Amend Title 30 of the GMC and the Downtown Specific Plan Relating Generally to the Transfer of Design Review Authority from the Redevelopment Agency to the City Council; Amendments to the Agency Design Guidelines; and Miscellaneous Revisions to Design Review Processes in both Redevelopment Areas and in the Downtown Specific Plan Area Outside of a Redevelopment Area (PZON 2011-008) a. Ordinance for Introduction – Title 30 b. Resolution Amending the Glendale Redevelopment Agency Design Guidelines 2. Director of Community Development, re: Development Impact Fee Early Payment Option c. Motion Directing Staff to Return with Options to Alter the Terms of the Program Ardashes Kassakhian, City Clerk/Secretary ------- Written Notice of said meeting was given, which Notice consisted of a copy of the foregoing Call, and was served on each Member of the Council not joining in the Call, and upon the in said City not less than 24 hours before the time fixed in said Call for said meeting, as follows: Upon Laura Friedman at 5:00 p.m. September 8, 2011 Glendale, CA Upon Rafi Manoukian At 5:00 p.m. September 8, 2011 Glendale, CA Upon Ara Najarian at 5:00 p.m. September 8, 2011 Glendale, CA Upon Frank Quintero at 5:00 p.m. September 8, 2011 Glendale, CA Upon Dave Weaver at 5:00 p.m. September 8, 2011 Glendale, CA Mayor Friedman called the meeting to order at 2:44 p.m. ROLL CALL - For the Glendale City Council – All Present - For the Glendale Redevelopment Agency – All Present - Report of the City Clerk of the Glendale City Council and the Secretary of the Glendale Redevelopment Agency, re: Posting of Agenda. The Agenda for the September 13, 2011 joint public meeting of the City Council and Redevelopment Agency was posted on Thursday, September 8, 2011 on the bulletin board outside City Hall 09 13 11 Joint CC GRA 1 4A 1. PUBLIC HEARING: Director of Community Development, re: Proposed Ordinance and Resolution to Amend Title 30 of the GMC and the Downtown Specific Plan Relating Generally to the Transfer of Design Review Authority from the Redevelopment Agency to the City Council; Amendments to the Agency Design Guidelines; and Miscellaneous Revisions to Design Review Processes in both Redevelopment Areas and in the Downtown Specific Plan Area Outside of a Redevelopment Area (PZON 2011-008) a. Ordinance for Introduction – Title 30 Ordinance was introduced by Councilmember Weaver b. Resolution #11-188 Amending the Glendale Redevelopment Agency Design Guidelines Moved: Weaver Seconded: Najarian Vote as Follows: Ayes: Najarian, Quintero, Weaver, Friedman Noes: Manoukian Absent: None Abstain: None 2. Director of Community Development, re: Development Impact Fee Early Payment Option Public Comment: Rodney Khan Jason Tolleson a. Motion Directing Staff to Return with Options to Alter the Terms of the Program Motion was not adopted, but direction was given to bring item back with more information, including the fiscal impact. ADJOURNMENT: 3:46 p.m. - For the Glendale City Council Moved: Weaver Seconded: Quintero - For the Glendale Redevelopment Agency Moved: Weaver Seconded: Quintero Mayor of the City of Glendale City Clerk of the City of Glendale Chair of the Glendale Redevelopment Agency Secretary of the Glendale Redevelopment Agency 09 13 11 Joint CC GRA 2 FORM CM-37 CITY OF GLENDALE CALIFORNIA REPORT TO THE REDEVELOPMENT AGENCY September 9, 2010 AGENDA ITEM Americana at Brand- Review of Project Objectives and Update of Financial Impacts AGENCY ACTION Public Hearing  Ordinance [1 Consent Calendar [ Action Item [J Report Only [ X J Approved for __S",e"p"t",e"m.!.!b"e,,-r-,2",7~,.=2,,0-'-11'---_ calendar ADMINISTRATIVE ACTION Submitted Hassan Haghani , Community Development Director .. .......... ....... . r ---:;---=::::=<"--L.<'---- Prepared Mark Berry , Senior Redevelopment Project Manager Approved James E. Starbird, Executive Director. ...... ..... ..... ............. . Review~~hael J. Garcia , City Attorney ... ...... ......... ........... ......... .~...."'~~ij~~~~~~rft~ . Philip S. Lanzafame , Chief Assistant Director Community Development ... .......... ................... ... ....... ...... ....... .... .. -I---II''-tI4C'fI-f-l-'t-7'''\f\-- RECOMMENDATION This report is for information only. 6 A / Americana at Brand- Status Report September 27,2011 Page 2 SUMMARY & BACKGROUND QUANTIFYING THE IMPACT OF THE AMERICANA AT BRAND Redevelopment projects have goals and objectives beyond a simple financial return . Quantifying the success of the Americana at Brand rAmericana ~ ) requires consideration of other factors beyond direct revenue generation and should include the following three categories: 1) Public Policy Objectives- The Agency's success in achieving the public policy goals and objectives set for the project. 2) Direct Financial Impact- The amount of sales and property tax; value of developer incurred open space maintenance costs; and potential revenue participation. 3) Indirect (~Spin-ofn Impacts- Project inspired spin-off development and other private investment activity; non-financial benefits such as increased media exposure, reinforcing Glendale as regional destination, and improved marketing for the City. PUBLlC POLlCY OBJECTIVES OF THE AMERICANA AT BRAND PROJECT Unlike the private sector, where a primary objective is to maximize return on investment, redevelopment projects often have multiple public policy goals and objectives. Many of these goals may inherently conflict with the private sector objective of generating a sufficient financial return to warrant risking private dollars. This "trade off" or balancing of the public policy objectives over revenue recovery is a fundamental characteristic of man y redevelopment projects. With its completion , the Americana has achieved the public goals set out during the entitlement process including : • The elimination of blighted properties; • Generation of new public revenue ; • Diversifying the community's retail base and housing stock; • Creation of new public open space; and • Creation of new jobs. The project continues to attract out-of-town shoppers and has raised the regional profile of the City. Exhibit 1 contains a list of project's objectives as defined by the Agency and how those objectives have been met by the Americana . DIRECT FINANCIAL BENEFIT Based on the latest data, the Americana genera tes an estimated $5.51 M in annual direct financial benefit based on the following : Sales Tax: The Internal Auditor Report estimated the project would generate $1 .37M of sales tax in year three . For ca lendar year 2010 the Americana generated $1.165M, which is about 19.0% less than projected without an adjustment for economic factors. Americana at Brand- Status Report September 27, 2011 Page 3 Properly Tax: Property tax data for each current fiscal year is reported by the County of Los Angeles in August . Based on the May 2008 opening , FY 11/12 represents the fourth year of operation for the project. The Internal Auditor Report estimated the project's assessed value at $223.0M in year four. This translated into a projected $1. 727M of net tax increment. The Americana's assessed value for FY 11/12 is actually $479.9M which will generate $3.67M in annual tax increment, or 113% above the original projection for the fourth year of operation. Maintenance: Caruso Affiliated is required to maintain the public open space on behalf of the City. The maintenance cost was estimated to be $360,000/year. The developer provides an annual report which provides an accounting of ongoing project expenses. The report does not provide a line item for the open space maintenance. However, it does track expenses for landscaping for the retail component and maintenance of the lake/fountain . For calendar year 2010, $240,116 was expended to maintain the fountain and $337 ,103 for landscape maintenance for a total of $577,219. Staff believes that this represents a reliable approximation of the ongoing public open space maintenance costs as other related costs such as cleaning , utilities, and security (which may partially be attributable to the open space) are reported for the entire retail component. ParkinQ Structure Ground Lease Revenue Per the terms of the Parking Structure Ground Lease , the Agency is entitled to a percentage rent if Caruso charges for parking equal to 50% of parking revenue net of the cost associated with its collection . These costs include such items as the cost of the ticket dispensing machines; maintenance, repair , and replacement of the machines; cost of validation equipment; personnel wages ; and a deduction for any pertinent taxes. In 2010 the parking garage generated $191,264 of net revenue after expenses; the Agency received $95,632 from Caruso in accordance with the Lease Agreement. Revenue Participation: The Agency has an opportunity to participate in future revenues earned from the project if Caruso Affiliated exceeds their cumulative required rate of return on their investment. If the developer's return exceeds the thresholds, the Agency will receive 50% of the excess. The Internal Auditor Report estimated the project would not generate revenue participation. The project has not reached the return thresholds and thus participation has not been triggered INDIRECT BENEFIT The picture for indirect impacts is unclear. Spin-off development may not be evident for years given the time required for new development. In addition , it is challenging to control for broader economic trends influencing real estate development or the project's performance. Given the inability to control for broader economic influences and other factors , this report does not attempt to quantify the indirect benefits of the Americana at Brand. FISCAL IMPACT There is no fiscal impact associated with this report . EXHIBITS Exhibit 1: List of Americana Project Objectives Exhibit 1 AMERICANA AT BRAND OBJECTIVES The following presents the project's objectives as defined by the Agency and how those objectives have been met by the Americana: OBJECTIVE HOW POLICY OBJECTIVE WAS ACHIEVED .:. The project demolished aged, blighted • Support the objectives of the commercial building stock and replaced them redevelopment plan to eliminate with a contemporary mixed-use developmertt blight and revitalize the Central thereby eliminating and preventing the re- Glendale Redevelopment Project introduction of blighting influences in the project Area. area. . • Enhance and diversify the cultural .:. The public open space area provides a series of fabric of the downtown area by special and recurring events for the community providing space for community including free concerts, "Yoga on the Green", events. kids club, and the upcoming holiday tree lighting • Create a diversity of uses to ceremony. By providing a large, public area for activate and strengthen the urban these types of community events, the project vitality of downtown. has enhanced and diversified the cultural fabric • Create a pedestrian-oriented open of downtown. air commercial and residential .:. The project emphasizes open space in its center with an emphasis on an design and function. The project is centered on open space network of nearly 3-acres of open lawn area , sidewalks, landscaped streets, sidewalks, promenades, and seating areas that are publicly paseos, promenades, and public accessible and encourages pedestrian space that forms a central movement between the project, Brand gathering place for the Glendale Boulevard , and the Galleria. community. .:. By providing new retail and housing opportunities on forma lly blighted property, the • Provide an expanded economic base for the City that maximizes project has increased the City's opportunity to property and sales tax revenue generate additional property and sales tax. This objective was balanced by attention to design while balancing urban design principals. considerations limiting the density and height of the project and providing 3 acres of publicly • Develop a regional open-air accessible open space . marketplace to attract retail and specialty uses that are not .:. The project currently has over 75 retail, currently represented in the City. restaurant , and entertainment tenants. Only three businesses (Jamba Juice, Barnes and • Develop a regional open-air Noble, and Rite Aid) relocated from other commercial center to attract Glenuale locations. Thus, the tenant mix is consumers/visitors from outside comprised of retailers that were new to the City. Glendale. .:. The tenant mix represents a variety of nationally known and unique retailers including many first- to-the-region locations. The appeal of the retail , restaurant , and entertainment uses has attracted visitors and consumers from outside Glendale and assisted in achieving the goal of a regional open-air commercial center. • Create a high-quality, comprehensive and functionally integrated open-air commercial, retail , entertainment, and housing .:. The Americana at Brand went through an development that is distinctive, extensive three-year community design review creates a "sense of place, " and process. The result is a unique, integrated open- contributes to the creation of a air, mixed-use center that utilizes distinctive downtown residential base. architectural design , high quality materials, • Provide housing opportunities, per atheistically pleasing signage and lighting, and Agency's policy, in an urban extensive landscaping to create a u sense of setting in close proximity to place" and contributes to a strong identity and employment opportunities, public image of the downtown area. transportation , public facilities , .:. The Americana at Brand combines 338 and goods and services while residential units with retail , entertainment, and maintaining balance with retail , open space elements . With its downtown entertainment, and open space location , the project achieves the goal of uses. providing housing in an urban setting in close • Utilize architectural design, proximity to employment, public transportation , lighting , signage , and landscape and other goods and services. The southern materials to give the project a downtown location , next to the Galleria and distinctive and pleasing bordered by major traffic arterials , offered the appearance. best location in the City for high density • Focus development of retail and development like the Americana at Brand high-density residential uses on a thereby minimizing potential land use conflicts. site adjacent to compatible uses, thereby minimizing potential conflicts. .:. The project generated 2,500 construction and 1,500 permanent jobs. Caruso Affiliated hired • Provide employment opportunities numerous operational positions (i.e. concierge) for City residents. through a Verdugo Jobs Center sponsored jobs fair that attracted over 1,340 applicants. FORM CM-37 CITY OF GLENDALE CALIFORNIA REPORT TO REDEVELOPMENT AGENCY September 27, 201 1 AGENDA ITEM Report: Draft Preliminary Recog nized Obligation Payment Schedule (ROPS) 1) Agency resolution to adopt Draft Preliminary Recognized Ob ligation Payment Schedule (ROPS) AGENCY ACTION Public Hearing [ 1 Resolution [ 1 Consent Calenda r ( Action Item [ X 1 Report Only [ 1 Approved for -------------------------_calendar ADMINISTRATIVE ACTION Signature Submitted Hassan Haghani , Director of Community Development '-iJ-n~/~ HHHHHHHj- -r---v- Prepared Elena Bolbolian, Senior Administrative Analyst .......... .............. ...... _ _ _ . -'~"""='--":..L_ _ __ Approved James E. Starbird, Executive Director ........................................ . Reviewed Michael J. Garcia, City Attorney ............................................... . Philip Lanzafame, Chief Assistant Director of Community DeveloP'me,nt_/--JLL)~i;}~~~~ RECOMMENDATION It is recommended that the Agency adopt the Draft Pre liminary Recognized Obligation Payment Schedule. 6 B / Recognized Obligation Payment Schedule Page 2 of 3 SUMMARY AND BACKGROUND On June 29, 2011 , two bills related to redevelopment (AS X1 26 and AS X1 27) became law. The purpose of AS X1 26 is to dissolve redevelopment agencies. AS X 1 27 provides for a "voluntaryft alternative redevelopment program, where agencies are exempt from dissolution if the City Council enacts an ordinance before November 1, 2011 to comply with the new legislation and makes certain required payments. On July 19, 2011 , the City Council adopted urgency Ordinance No. 5743 to participate in the Voluntary Alternative Redevelopment Program as part of the prescribed process of AS x 1 27. However, on August 11 , 2011, the California Supreme Court (Court) issued a stay of AS X1 26 except for certain provisions and stayed all of AS X1 27. Glendale had enacted its VARP ordinance prior to the California Supreme Court Stay, therefore , because it is unclear whether the stay of AS X 1 27 applies to this action, the California Redevelopment Association (CRA) and the League of California Cities (LOCC) requested that the Court clarifl whether the stay applies to Cities that had adopted their VARP th ordinances prior to August 11 . On September 14 , the Court denied the request to clarify the issue. The Court has however, indicated its intention to decide the case before January 15, 2012 when the first VARP payments come due. In an abundance of caution, the Agency is taking all necessary actions to comply with both AS X1 26 and AS x 1 27 since it cannot be known whether one, both, part or none of these laws may be invalidated. The first action the Agency took to comply with AS 1 X 26 was the formal adoption of the Enforceable Obligation Payment Schedule (EOPS) which listed the Agency's obligations and required payments from July to December 2011 . The Agency adopted the EOPS on August 23, 2011 , and notified the State Department of Finance, State Controller and Los Angeles County Auditor/Controller of adoption as specified in the statute. Health and Safety Code Section 34169(h) (of AB Xl 26), calls for an Agency to prepare a preliminary draft Recognized Obligation Payment Schedule (ROPS) on or before September 30, 2011 . Although the Statute does not specifically mandate formal adoption of the RaPS by the Agency, the CRA advises that agencies formally adopt the ROPS (simi lar to the adoption of the EOPS) due to the uncertainties in the current redevelopment law litigation. The EOPS and RaPS are similar in that they identify the financial obligations of the Agency and the required payments to be made to payees. The difference between the two schedules is that the EOPS covered obligated payments to be made from July to December 2011, where as the RaPS covers the period of January to June 2012. Additionally, the ROPS requires that each obligation listed on the ROPS identify one or more of the following sources of payment: (A) Low and Moderate Income Housing Fund (B) Bond Proceeds (C) Reserve Balances (0) Administrative Cost Allowance (E) The Redevelopment Property Tax Trust Fund (F) Other Revenue Sources Recognized Obligation Payment Schedule Page 3 of 3 Additionally, an Agency must prepare and file with the County Auditor its Statement of Indebtedness (SOl) on or before October 1, 2011 , pursuant to Section 3367S(b) of the California Community Redevelopment Law. The filing of this document does not require Agency action. Redevelopment and Finance Staff are currently preparing the SOl and will assure timely filing with the County. FISCAL IMPACT No new fiscal impacts are anticipated from the adoption of the ROPS . The existing obligations as listed in the ROPS will need to be met; the Agency has previously approved these commitments. However, it is important to note that Health & Safety Code Section 34177(a)(3) (AB X 1 26) (which is currently subject to the Court stay), states that , commencing January 1, 2012, the ROPS shall supersede the 501. Therefore , if AB X 1 26 is upheld by the Court, then it is foreseeable that agency obligations, determined "enforceable obligations~ by successor agencies under AB X 1 26, will be based in part on the obligations listed in a redevelopment agency's SOl filed on or before October 1, 2011 . Therefore , the SOl that is filed October 1, 2011 , may include line items that may not have typically been included as debt in statements prepared in prior years. One example of a new line item is the required payments to the State as part of the continuation ordinance (AB X 1 27), which are due in January and May 2012. Glendale's payment as calculated by the State Department of Finance for FY 2011-12 is $11,823,360 in order to continue to operate the Agency. The Agency appealed this payment amount with the OOF and LA County and believes a more accurate payment amount is $10,783,508 due to additional bonds that were issued (post 2008-09) and for inaccuracies discovered in the Annual State Controllers' Report. Per the Statue, the OOF must render a decision on the appeal by September 15, 2011 (or October 1Sth if extended). To date, no response has been received from the OOF on Glendale's appeal. If AS 1 X 26 is upheld and AS 1 X 27 is invalidated, the payment will not be required. However, any funding for identified obligations will be distributed, but there will be no funding for new redevelopment activities. EXHIBITS Exhibit 1: Draft Preliminary Recognized Obligation Payment Schedule (ROPS) RESOLUTION NO. _ _ A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF GLENDALE APPROVING AND ADOPTING A RECOGNIZED ENFORCEABLE OBLIGATION PAYMENT SCHEDULE PURSUANT TO AB 1X 26 WHEREAS , pursuant to the Community Redevelopment Law (Health and Safety Code Sections 33000 et seq.), the City Council of the City of Glendale ("City") created the Redevelopment Agency of the City of Glendale ("Agency"); and WHEREAS , the Agency has been responsible for implementing the Redevelopment Plan(s) for the Central Glendale and the San Fernando Road Corridor Redevelopment Project(s) coveri ng certain properties within the City ("Project Areas"); and WHEREAS, as part of the 2011-2012 State budget bill, the California State Legislature recently enacted, and the Governor signed, companion bills AS 1X 26 and AS 1X 27, which eliminate every redevelopment agency unless the community that created it adopts an ordinance ( ~ Continuation Ordinance") agreeing to participate in an Alternative Voluntary Redevelopment Program which requires the payment of an annual ~ community remittance" payment; and WHEREAS , on July 18, 2011, the League of California Cities (LOCC) and the California Redevelopment Association (CRA) filed suit in the Supreme Court of the State of California challenging the constitutionality of and requesting a stay of enforcement of AS 1X 26 and AS 1X 27; and WHEREAS, on August 11 , 2011 , the Supreme Court agreed to take the case and issued and order for the immediate stay of the enforcement of AS 1X 26 in part and AS 1X 27 in its entirety; and WHEREAS, on August 17, 2011, the Court modified its stay to clarify that Health and Safety Code Sections 34161 through 34 169.5 are not subject to the stay. The LOCC and CRA sought further clarification of the stay which the Court denied; and WHEREAS, Health and Safety Code Section 34169, enacted by AB 1X 26, requires redevelopment agencies to adopt, by August 27, 201 1, an Enforceable Obligation Payment Schedule ("EOPS"); and WHEREAS, on August 23,2011, the Agency adopted the EOPS and notified the State Department of Finance, State controller and Los Angeles County Auditor/Controller of its action ; and WHEREAS , Health and Safety Code Section 34169, enacted by AS 1X 26 requires the Agency to prepare a preliminary draft Recognized Obligation Payment Schedule (ROPS) on or before September 30, 2011 . NOW, THEREFORE, THE GLENDALE REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Page 1 of 4 C:lOocumenls and SeuingslMDunnlLocal SeUingslTemporary Internet FileslOLKF\A.gency Reso Adopling ROPS.DOC 6 B 1 Section 1. Recitals. The Recitals set forth above are true and co rrect and incorporated herein by reference . Section 2. Approval of ROPS. The Agency hereby approves and adopts the Recognized Obligation Payment Schedule, in substantially the form attached hereto as Exhibit A, as required by Health and Safety Code Section 34169. Section 3. !!f!~. The Executive Director is hereby authorized a copy on the City's website and, pursuant to Section 34169(i) is hereby designated as the uofficial" to whom the Department of Finance may submit any request for review of the ROPS . The Executive Director is further authorized and directed to transmit, by mail or electronic means, to the Department of Finance, the Executive Director's contact information. Section 4. Effective Date. Pursuant to Health and Safety Code Section 34169(i), the Agency's action to adopt the ROPS as set forth herein shall not be effective for three (3) business days following adoption of this Resolution, pending a request for review of the ROPS by the Department of Finance. PASSED AND ADOPTED at a regular meeting of the Redevelopment Agency of the City of Glendale on the _ _ day of , 2011 , by the following vote: Agency Chair ATIEST: Ardashes Kassakhian, Agency Secretary Page 2 of 4 J :\FILES\DOCFlLESIAGM\GRA\Redevelopment Elimination·Reform 2011IAgency Reso Adopting ROPS.DOC STATE OF CALIFORNIA ) ) SS COUNTY OF LOS ANGELES ) I, ARDAS HES KASSAKHIAN, secretary to the Glendale Redevelopment Agency, certify that the foregoing Resolution No. _ ___ was adopted by the Glendale Redevelopment Agency of the City of Glendale, California , at a regular meeting held on the _ _ _ _ _ day of _ _ _ _ _ _ _, 2011, and that same was adopted by the fol lowing vote: Ayes: Noes: Absent: Abstain : Agency Secretary Page 3 of 4 J:IFILESIOOCFILESIAGMIGRA\Redevelopmenl Elimination-Refonn 201 lIAgency Reso Adopting ROPS.DOC EXHIBIT A RECOGNIZED OBLIGATION PAYMENT SCHEDULE N..... 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