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OCII holds ROPS workshop; staff outlines cash‑flow, debt service and proposed uses including Housing Authority elevator repairs
Summary
At a workshop on the Recognized Obligation Payment Schedule for Jan.–June 2015, OCII staff presented a $288.5M six‑month plan, explained an elevated property‑tax request and shortfall risks, described a preferred treasurer’s cash‑flow loan option, and discussed proposed use of $8.2M in excess tax‑exempt bond proceeds (including about $3M for Housing Authority elevator repairs and $5M for preservation grants).
At an informational workshop, OCII staff presented the Recognized Obligation Payment Schedule (ROPS) for Jan. 1–June 30, 2015 and outlined funding sources, expected cash‑flow constraints, and proposed uses of certain bond proceeds.
Deputy Director Leo Levinson told the Commission the six‑month ROPS totals $288.5 million and includes $69 million in bond proceeds, about $110 million in other funds (primarily developer fees and lease revenues), and a property‑tax request of about $109 million for project costs and administrative allowance. Levinson warned the Commission the requested property‑tax amount exceeds expected January distributions and that staff expects available property tax in the January distribution to be nearer $80–90 million. To address an expected shortfall, staff said the preferred approach is to request a treasurer's cash‑flow loan (an intra‑city advance) that could be repaid with the June distribution; the alternative would be invoking subordination of pass‑throughs and postponing certain ROPS draws.
Levinson highlighted a strong housing commitment in the ROPS (Alice Griffith, Transbay, Mission Bay, Shipyard projects) and identified new lines for use of excess tax‑exempt bond proceeds from prior RDA issuances. Kate Hartley of the Mayor’s Office of Housing and Community Development described an intended allocation of $8.2 million of excess tax‑exempt bond proceeds: approximately $3 million for urgent Housing Authority elevator repairs and about $5 million for grants to nonprofit affordable‑housing sponsors for capital repairs or modest unit additions that do not require combination with low‑income housing tax credits (which are incompatible with tax‑exempt bond proceeds). Hartley said the NOFA for the preservation funds would be citywide and targeted at preservation and repairs.
Levinson said next steps include returning to the Oversight Board (Sept. 22) and submitting the ROPS to the Department of Finance; staff will pursue a treasurer’s loan if needed and indicated they would return with cash‑flow estimates and the loan request for Oversight Board/DOF review.
