SUCCESSOR AGENCY UPDATES Community/Economic Development Department Presented by: Kymberly Horner, Economic Development Director October 18, 2016

Successful Compliance with Redevelopment Agency (“RDA”) Dissolution Regulatory Requirements Finding of Completion (“FOC”) Recovery of approximately $6 million in loan proceeds $9.6 million in Bond proceeds to be transferred to the City for Spending and Oversight authority SUCCESSOR AGENCY ACCOMPLISHMENTS 2

Per AB X1 26 Successor Agency Staff formulated a Long Range Property Management Plan (“LRPMP”) The City of Oxnard’s LRPMP included a total of 51 properties December 31, 2015 State Department of Finance (“DOF”) Approval of LRPMP Transfer of 38 parcels from Successor Agency to City 13 Properties Non Governmental Use Properties to be Disposed Next Steps Disposition of Key Properties through a Request For Proposal (“RFP”) process. Staff to come back to Successor Agency with a comprehensive report on the RFP process LONG RANGE PROPERTY MANAGEMENT PLAN 3

June 28, 2016 Successor Agency Approved Sale of Acres in Ormond Beach to Nature Conservancy Option to Purchase Agreement subsequently approved by Oversight Board on June 30, 2016 Option to Purchase Agreement Acknowledged by DOF Nature Conservancy requested expedited escrow closing Nature Conservancy Requested funding assistance from Navy’s Readiness and Environmental Protection Integration (“REPI”) Program Through the assistance of Community Members Escrow Closed on September 13, 2016 ORMOND BEACH ACRES NATURE CONSERVANCY OPTION TO PURCHASE AGREEMENT 4

The transfer of certain real property from the Successor Agency to the City of Oxnard for governmental use pursuant to the LRPMP approved by the DOF on December 31, 2015 Through the LRPMP, approximately 38 of the Successor Agency’s 51 properties were designated as Government Use properties. In May of 2016, the Successor Agency Adopted Resolution # 68 authorizing the transfer of Real Property to the City In June 2016, the OB approved of the Action In August 2016, the DOF approved Resolution #68 authorizing the transfer of 38 Successor Agency owned parcels to the City City retains parking lots, public access areas, Visitor’s Center and the Heritage Hall at Heritage Square Next Steps Staff has successfully recorded the deeds with the County. 38 SUCCESSOR AGENCY PROPERTIES APPROVED FOR TRANSFER TO THE CITY 5

On November 29, 2013, the Successor Agency prepared and submitted to the Department of Finance (DOF) for approval of its LRPMP, as approved by its Oversight Board On November 5, 2015, the Successor Agency prepared and submitted to the DOF for approval a revised LRPMP that addressed the disposition of certain parcels of the Former CDC, including the subject Governmental Use Property, as described in the revised LRPMP OB RESOLUTION NO. 68 CONTINUED 6

Heritage Square (“HS”) is a Former Redevelopment Project The property showcases 12 Historic Homes The McGrath House is located at HS and owned by the Successor Agency and occupied by LDV since 2006 LDV fell behind in Rent The Successor Agency and LDV began workout negotiations Settlement Agreement and First Amendment to Lease Agreement was approved by all parties OB Approved Resolution #69 authorizing Settlement and First Amendment to Lease Resolution # 69 was approved by the DOF in August 2016 LA DOLCE VITA DI MARE (“LDV”) SETTLEMENT AGREEMENT AND FIRST AMENDMENT TO LEASE 7

Next Steps Per the Agreement LDV to pay Successor Agency $83, for past due rent and catering fees Successor Agency to provide LDV with a MAI appraisal Parties are working toward closing Escrow If LDV fail to close escrow within 120 days of receipt of MAI appraisal the lease shall immediately and automatically be terminated Staff is providing LDV with Small Business Loan recommendations to secure funding and close escrow on the properties The appraised value of the property is approximately $790,000 The date to complete escrow is December 17, LA DOLCE VITA DI MARE (“LDV”) SETTLEMENT AGREEMENT AND FIRST AMENDMENT TO LEASE

In accordance with Assembly Bill ABX1 26, all California Redevelopment Agencies were dissolved in February 2012 Successor Agencies were designated with the responsibility of paying, performing and enforcing the enforceable obligations of the former agencies and wind down the business and fiscal affairs of the former Redevelopment Agencies ROPS is a schedule of obligations that serves that function The ROPS include: Bonds Loans Mandatory payments by the federal government; Existing obligations to the state or obligations set by state law; Settlements or binding judicial decisions Legally binding and obligatory agreements or contracts County Auditor-Controller allocate property tax increment to Successor Agencies The Funds are used to pay debts listed on the ROPS. A new ROPS must be adopted for each successive six-month period. Commencing with the ROPS covering the period from July 1, 2016 to June 30, 2017 and thereafter, agencies shall submit an oversight board approved annual ROPS Failure to submit a ROPS in a timely manner may result in a fine for every day the schedule is late. Since the 2012 inception of the ROPS, staff has successfully submitted the schedule in accordance with AB X1 26. Next Steps Submit the ROPS in January of 2017 to the Successor Agency RECOGNIZED OBLIGATION PAYMENT SCHEDULE (“ROPS”) 9

OPA proposed changes to the OPA included Extension of the schedule to begin construction on or before December 31, 2018, Development of a high quality, select service hotel containing approximately rooms 3,000 sf of meeting space A second room hotel by December 31, 2024 Corresponding to the Sixth Amendment a Memorandum of Understanding between the City and the Developer was considered. Approval of OPA requires Developer to pay the City $20,000 for a trolley survey of for a Downtown Arts Program Upon DOF approval of the OPA Sixth Amendment, Developer agreed to: Pay the City a total of $500,000. Approximately $100,000 would be provided to the City, upon final approval of entitlements for the proposed hotel and $400,000 upon issuance of building permits for the proposed hotel. June 2016, Sixth Amendment was approved by Oversight Board by Resolution #70. August 2016, Sixth Amendment approved by DOF by Resolution #70 Per the MOU, Developer provided Successor Agency $20,000 for trolley study or Downtown arts on August 23, 2016 Next Steps- Account has been created and earmarked specifically for use of these funds for arts in the Downtown or a Downtown Trolley Study. Development of the RiverPark Hotel is on track. The additional payment from the Developer to the City of $500,000 will follow in accordance with the MOU RIVERPARK SIXTH AMENDMENT TO THE OWNER PARTICIPATION AGREEMENT (“OPA”)- 10

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