T r a nsition Issue s Pre se ntatio n to F ORA BOARD No ve mbe - - PowerPoint PPT Presentation

T r a nsition Issue s

Pre se ntatio n to F ORA BOARD

No ve mbe r 17, 2017

S te ve E ndsle y, Assistant E xe c utive Offic e r S he ri Damo n, Pre vailing Wage / Risk Co o rdinato r

Ove rvie w

 2nd Vo te  Clarific atio n-Que stio ns

• Co mmunity F

a c ilitie s Distric t (CF D)

• Administra tive L

ia bilitie s (Ca lPE RS)

• F

re que ntly Aske d Que stio ns

2

11/ 17/ 17

 Cr

e a te sing le e ntity suc c e ssor (JPA)

 Se e k e xte nsio n o f CF

D/ po we rs fo r suc c e sso r

 Utilize Imple me nta tion

Agr e e me nt/ Pe r c e ntage assignme nt for jur isdic tion’s fa ir a nd e quita ble c ontr ibution to suc c e ssor to c omple te F ORA pr

• g r

a m

3

2nd Vote

11/ 17/ 17

CF D (E ntitle d)

$71M

Wa te r

$17.8M

HCP

$46.2M

T r a nspor ta tion

$115.5M

L a nd Sa le s/ Prope rty T a x/ ?

$57.5M

CF D (Propose d)

$51M

$179.5 M Re ve nue s E xpe nse s $179.5 M

F unding Oblig a tions

• 1. T

he re must be a la ng ua g e mista ke o n the e nd da te o f the CF D, do we e ve n ne e d le g isla tio n? A: Ye s.

5

CF D E xte nsion Options

11/ 17/ 17

“Pe r Se c tio n 53321(d) o f the Ac t, Spe c ia l T a xe s sha ll no t be le vie d a fte r F isc a l Ye a r 2013-14 o r the te rmina tio n o f F ORA, whic he ve r is la te r, but in no c irc umsta nc e s sha ll the Spe c ia l T a x be le vie d la te r tha n c a le nda r ye a r 2051.”

6

CF D L a ng ua g e

11/ 17/ 17

• 1. E

xte nd F ORA Ac t

A.

E xte nd a nd Ame nd F

ORA Ac t to a ddre ss c o mmunity c o nc e rns, thus e xte nding the c urre nt CF D by c ha ng ing F ORA’ s te rmina tio n da te . F

• r E

xample : F ORA L ite (o nly me mbe r jurisdic tio ns) F ORA She ll (re ta ining fina nc ing po we rs a nd limite d pa rtic ipa tio n: re duc e d sta ffing ) E limina te una nimo us first vo te rule ? Co nsiste nc y Ove rsig ht Adjustme nt?

7

CF D E xte nsion Options

11/ 17/ 17

• 1. Vo te and Ame nd Me llo Ro o s
• 2. T

wo I ssue s:

• a. E

nd Da te o f CF

• D. T

he e nd da te a mbig uity is fo und in the fo rma tio n do c ume nts (No tic e

• f Spe c ia l T

a x a nd Ordina nc e 02-01 a nd 05- 01), it wo uld mo st like ly re quire a vote to fix the a mbig uity a nd e xte nd e nd da te to 2051.

• b. T

ra nsfe r Pro c e ss. I f E nd Da te is e xte nde d a nd F ORA is disso lve d, the Me llo Ro o s sta tute must be a me nde d to pro vide a tra nsfe r pro c e ss fro m F ORA to suc c e sso r(s).

8

CF D E xte nsion Options

11/ 17/ 17

11/ 17/ 17 9

F uture Buildout F O R A Prog ra m (Buildout) Voting Admin

Carme l

8% $ 538,462

Co unty 16%

$ 28,720,000 23% $ 1,615,385

CSUMB 0%

$ - 0% $ -

De l Re y Oaks 13%

$ 23,335,000 8% $ 538,462

Marina 37%

$ 66,415,000 15% $ 1,076,923

Mo nte re y 0%

$ - 8% $ 538,462

Pac ific Gro ve

$ - 8% $ 538,462

Salinas

$ - 8% $ 538,462

Sand City

$ - 8% $ 538,462

Se aside 29%

$ 52,055,000 15% $ 1,076,923

UC MBE ST 5%

$ 8,975,000 0% $ - T

• ta ls

100% $ 179,500,000 100% $ 7,000,002

Sa mple Post- 2020 Jur isdic tiona l Oblig a tion/ L ia bility Alloc a tions

11/ 17/ 17 10

Sa mple Post- 2020 Jurisdic tiona l Administra tive (Ca lPE RS) L ia bility Alloc a tions

Vote % $1,000,000 $7,000,000 $0 Carmel 7.69% $76,923.08 $538,461.54 $0.00 County 23.08% $230,769.23 $1,615,384.62 $0.00 CSUMB 0.00% $0.00 $0.00 $0.00 Del Rey Oaks 7.69% $76,923.08 $538,461.54 $0.00 Marina 15.38% $153,846.15 $1,076,923.08 $0.00 Monterey 7.69% $76,923.08 $538,461.54 $0.00 Pacific Grove 7.69% $76,923.08 $538,461.54 $0.00 Salinas 7.69% $76,923.08 $538,461.54 $0.00 Sand City 7.69% $76,923.08 $538,461.54 $0.00 Seaside 15.38% $153,846.15 $1,076,923.08 $0.00 UC MBEST 0.00% $0.00 $0.00 $0.00

Update d F r e que ntly Aske d Que stions on F ORA T ra nsition We b Pa g e http:/ / www.for a .or g / T T F / Additiona l/ F ORA_T r a n sitionPlanning- F AQs_Summar y_102417.pdf

11

F re que ntly Aske d Que stions

11/ 17/ 17

 Cr

e a te sing le e ntity suc c e ssor (JPA)

 Se e k e xte nsio n o f CF

D/ po we rs fo r suc c e sso r

 Utilize Imple me nta tion

Agr e e me nt/ Pe r c e ntage assignme nt for jur isdic tion’s fa ir a nd e quita ble c ontr ibution to suc c e ssor to c omple te F ORA pr

• g r

a m

12

2nd Vote

11/ 17/ 17

13

Disc ussion

11/ 17/ 17