AgdaPkt 2012-03-19 - Laserfiche WebLink

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6.3.D. - Page 2 2. Approve the Recognized Obligation Payment Schedule that lists all of the enforceable obligations in six month increments; 3. Determine whether any contracts, agreements, or other arrangements between the dissolved redevelopment agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities; 4. Cease performance in connection with and terminate all existing agreements that do not qualify as enforceable obligations; 5. Dispose of all assets and properties of the former redevelopment agency that were funded by tax increment revenues of the dissolved redevelopment agency; provided, however, that the oversight board may instead direct the successor agency to transfer ownership of those assets that were constructed and used for a governmental purpose, such as roads, school buildings and parks to the appropriate public jurisdiction pursuant to any existing agreements relating to the construction or use of such an asset; and 6. Terminate any agreement between the dissolved redevelopment agency and any public entity located in the same county, obligating the redevelopment agency to provide funding for any debt service obligations of the public entity or for the construction, or operation of facilities owned or operated by such public entity, in any instance where the oversight board has found that early termination would be in the best interests of the taxing entities. The Oversight Board will likely have regular meetings and is subject to the Ralph M. Brown Act, the California Public Records Act, and the Political Reform Act of 1974. The Oversight Board will not be compensated or reimbursed for expenses. The Successor Agency shall pay for meeting costs of the Oversight Board and may include these costs in its administrative budget. The Oversight Board will cease to exist when all of the indebtedness of the dissolved redevelopment agency has been repaid. ANALYSIS As the Mayor of Redwood City, Alicia Aguirre is recommending the appointment of Robert Bell and herself to the Oversight Board. Mayor Aguirre is familiar with the programs and activities of the former redevelopment agency. Robert Bell, as a former employee of the redevelopment agency was the Agency's Executive Director and currently serves as the City Manager. He is familiar with the former Agency's assets and debt obligations, is aware of the dissolution process outlined in the AB1X26, and will represent the former redevelopment agency employees. Both Mayor Aguirre and City Manager Bell will take proactive steps to safeguard the community's assets.