AgdaPkt 2012-02-27 - Laserfiche WebLink

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6A. B. - Page 1 REPORT To the Honorable Mayor and City Council From the City Manager February 27, 2012 SUBJECT Resolutions of the Successor Agency adopting an Amended Enforceable Obligations Payment Schedule and adopting an Initial Draft Recognized Obligations Payment Schedule. RECOMMENDATION That the City of Redwood City as the Successor Agency adopt a resolution approving the Draft Initial Recognized Obligation Payment Schedule. (Attachment 1) That the City of Redwood City as the Successor Agency adopt a resolution approving an Amended Enforceable Obligation Payment Schedule. (Attachment 2) BACKGROUND On January 23, 2012, the Council adopted a resolution confirming that the City of Redwood City would serve as the Successor Agency ( "Successor Agency ") to the dissolved Redevelopment Agency ( "RDA ") of Redwood City effective February 1, 2012. During the January 23, 2012 Joint City / Redevelopment Agency Board meeting, the RDA Board also adopted a resolution amending its original Enforceable Obligation Payment Schedule pursuant to AB 1X 26. As of February 1, 2012, redevelopment agencies throughout the State ceased to exist. Successor Agencies are now charged with winding down the affairs of their respective now - dissolved redevelopment agencies. In its capacity as the Successor Agency, the City will: • prepare a draft Recognized Obligation Payment Schedule ( "ROPS ") for each six month period of each fiscal year; • wind up all affairs of the dissolved RDA; and • prepare administrative budgets and pay administrative costs. ANALYSIS Recognized Obligation Payment Schedule As required by AB 1X 26, which dissolves redevelopment agencies, the RDA prepared and provided a preliminary draft of the initial ROPS to the Successor Agency on January 31, 2012. The Successor Agency must now approve and forward the ROPS no later than March 1, 2012. The ROPS lists enforceable obligations, payment due dates and source of payment, e.g., low and moderate income housing fund,