HomeMy WebLinkAboutCity Council Meeting 1/24/2014 - RDA Agenda Item 5 - Amendment to Enforceable Obligations Pay Sch CITY OF
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DREAM EXTREME.
REPORT TO REDEVELOPMENT AGENCY
TO: HONORABLE CHAIRMAN
AND MEMBERS OF THE REDEVELOPMENT AGENCY
FROM: ROBERT A. BRADY
EXECUTIVE DIRECTOR
DATE: JANUARY 24, 2012
SUBJECT: AMENDMENT TO ENFORCEABLE OBLIGATIONS PAYMENT
SCHEDULE
Background
On June 29, 2011, the State of California enacted Assembly Bill x1 26 and Assembly
Bill x1 27 which bills eliminated redevelopment but also allowed agencies to remain in
existence so long as certain voluntary payments were made to the State. However, on
December 29, 2011, the California Supreme Court delivered its decision in the
California Redevelopment Association v. Matosantos case, finding ABx1 26 largely
constitutional and ABx1 27 unconstitutional. As a result, the Redevelopment Agency
will be dissolved effective February 1, 2012.
As part of the ABx1 26 and pursuant to an earlier Supreme Court order, agencies were
required to adopt an "Enforceable Obligations Payment Schedule" or "EOPS" not later
than August 28, 2011. In compliance with these directives, on August 23, 2011, the
Redevelopment Agency adopted an EOPS which has been submitted to the State.
After reconciling additional financial data, on December 13, 2011, the Agency approved
an amended EOPS which was then forwarded to the State.
Discussion
The EOPS list includes bonded indebtedness, loans and money borrowed by the
Redevelopment Agency and enforceable contracts, including loan agreements, pass
through agreements and disposition and development agreements, and other
enforceable obligations such as statutory pass through payments.
In the course of completing the Agency's year -end financial statement and
implementing the dissolution provisions of the legislation, the Agency Finance Team
has identified further revisions that should be made to the EOPS.
AGENDA ITEM NO. 5
Page 1 of 4
Adoption Of Revised Enforceable Obligations Payment Schedule
January 24, 2012
Page 2
A revised EOPS is attached for the Agency Board's consideration. In the event that any
additional revisions are identified prior to the Agency Board's consideration of this item
on January 24, 2012, Agency staff will submit such further revised EOPS to the Agency
Board and make it available to the public.
Fiscal Impact
None. Adoption of the revised EOPS will assure that the Agency's financial obligations
have been properly submitted to the State as required by ABx1 26.
Recommendation
That the Agency Board adopt the attached revised Enforceable Obligations Payment
Schedule and direct Agency staff to forward the schedule in accordance with ABx1 26.
Prepared by: Barbara Leibold, Agency Counsel
Approved by: Robert A. Brady, Executive Director' 0/
Attachments:
1. Revised EOPS
Page 2 of 4
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