AgdaPkt 2012-01-23 - Laserfiche WebLink

Browse Search

8. B. - Page 2 In compliance with AB1X27, on September 12, 2011, the City adopted Ordinance No. 2366 (Continuation Ordinance) determining it would comply with the �/oluntary Alternative Redevelopment Program. The Supreme Court's ruling invalidates the Continuation Ordinance. In an effort to maintain a clear record, staff recommends that the Continuation Ordinance be expressly repealed by the City Council. Successor Ac�y AB1X26 suspended all new redevelopment activities and incurrence of indebtedness by terminating virtually all otherwise legal functions of the Agency and mandating a liquidation of any assets for the benefit of local taxing agencies. Such liquidation is to be managed by a successor agency that would function primarily as a debt repayment administrator. The activities of the successor agency will be overseen by an oversight board, comprised of seven members, including two people appointed by the Mayor, one of which will be a former redevelopment agency employee, and representatives of other taxing agencies. (See additional discussion on the oversight board below.) The Supreme Court's ruling provided a new deadline (January 13, 2012) for a city that does not want to serve as the successor agency to adopt a resolution to that effect. Although not required by the legislation, it is recommended that a city intending to serve as successor agency pass a resolution affirmatively stating its intention as well. On August 22, 2011, the City Council adopted Resolution No. 15141 electing to be the Successor Agency of the Redevelopment Agency. Staff recommends the City Council confirm its election to be Successor Agency. If the City elects to become the Successor Agency, effective February 1, 2012, the City will: 1) make payments and perform other obligations listed on the Enforceable Obligation Payment Schedule such as bonds and legally enforceable agreements; 2) prepare a"Recognized Obligation Payment Schedule" for each six month period of each fiscal year; 3) dispose of the Redevelopment Agency's non-housing assets as expeditiously as possible, while maximizing their value; 4) wind up all other affairs of the Redevelopment Agency; and 5) prepare administrative budgets and pay administrative costs. Attachment 4 provides a summary of the pros and cons of beinq a successor aq�^ and housinq successor acaenc� Housinq Functions and Assets AB 1 X 26 gives the community that created a redevelopment agency the option to retain its housing assets and functions (excluding the amounts on deposit in the low and moderate income housing fund). It is recommended that cities wishing to retain the housing assets and obligations of their redevelopment agencies pass a resolution affirmatively electing to do so prior to the effective dissolution of the redevelopment agency on February 1, 2012.