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Oversight Board legal counsel Labadie noted that this legislation <br /> moved up the deadline for the ROPS to Sept. 1, 2012. He <br /> provided details on the different schools of thought in interpreting <br /> the law and then addressed the Housing Funds and how the <br /> Oversight Board (OB) is the entity that will have to approve the <br /> repayment schedule. <br /> Attorney Labadie spoke about other deadlines like the August 1, <br /> 2012 deadline for filling the report on transferred housing assets <br /> and the deadlines for the��due diligence" reviews. He provided <br /> details on deadlines related to bond issues. In relationship to real <br /> property disposition, the agency has to submit to the Oversight <br /> Board and the Department of Finance a long range Property <br /> Management Plan. At this point, Successor Agency Special <br /> Counsel Iris Yang, made comments related to the legislation that <br /> is still being interpreted. One Member asked if there is a date by <br /> which the Property Management Plan needs to be in, and both <br /> attorneys said no. <br /> Chair Holland thanked Mr. Labadie for his report. <br /> VI. Assets of the Former Redevelopment Agency <br /> a. Information Only Report <br /> Mr. Ekern presented a report of the former Redevelopment <br /> Agency property assets (presentation on file). He covered each <br /> property showing pictures and physical address. Some Board <br /> Members asked questions about particular sites. <br /> b. Response to Board Member Christensen's questions <br /> Mr. Ponty referred to the staff report noting that there are two <br /> loans outstanding and these will be reported on the 3�d ROPS. In <br /> regards to the housing funds, there were multiple loans <br /> outstanding and Mr. Ponty also provided details on the First Home <br /> Buyer Program. One Member inquired if the loans go to the City Brian Ponty <br /> Housing Successor Agency, and Mr. Ponty confirmed. Bill Ekern <br /> Mr. Ponty said there are about $110,000 of bond proceeds <br /> unspent and this might come back to the Oversight Board for a <br /> decisions on how to spend these funds. He also spoke about the <br /> funds retained in connection with the Legal Aid Society Agreement <br /> and the housing funds that could go back to the Redevelopment <br /> Property Tax Trust Fund (RPTTF). <br /> Mr. Ponty addressed the questions raised by Ms. Christensen and <br /> she said she was satisfied with the answers provided on the report <br /> and needed no further information. <br /> Mr. Ekern made a correction that the Jefferson garage was City <br /> property and he wanted this fact on the record. <br />