HomeMy WebLinkAbout2012-02-14 Successor Agency Item No. 6 CITY OF ice.
LADE 6 LSINOR
E
DREAM EXTREME.
REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE
TO: HONORABLE MAYOR
AND MEMBERS OF THE CITY COUNCIL
FROM: ROBERT A. BRADY
CITY MANAGER
DATE: FEBRUARY 14, 2012
SUBJECT: ADOPTION BY THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE OF
THE ENFORCEABLE OBLIGATION PAYMENT SCHEDULE (EOPS)
DATED 1/24/2012 AND THE AMENDED ENFORCEABLE OBLIGATION
PAYMENT SCHEDULE (EOPS) DATED 2/14/2012 PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34177(A)(1)
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 of
the City of Lake Elsinore (the "Redevelopment Agency ") was 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
former Redevelopment Agency adopted an EOPS. The Redevelopment Agency
subsequently approved amended EOPS's on December 13, 2011 and January 24,
2012.
AGENDA ITEM NO. SA6
Page 1 of 6
ADOPTION OF EOPS
February. 14, 2012
Page 2
Discussion
On January 10, 2012, pursuant to .Resolution No. 2012 -001, the City Council elected to
become the Successor Agency of the Redevelopment Agency of the City of Lake
Elsinore upon the Agency's dissolution on February 1, 2012.
Health and Safety Code section 34177(a)(1) (added by ABx1 26) requires that at its first
public meeting, the Successor Agency must adopt the EOPS that was submitted to it by
the Redevelopment Agency as of January 31, 2012. The January 24, 2012 EOPS
adopted by the former Redevelopment Agency is on file with the City Clerk and available
on the City's website. The Successor Agency can also amend the EOPS that was
approved by the Redevelopment Agency. A proposed Amended EOPS is attached.
The Amended EOPS includes certain corrections to reflect actual payments made by
the former Redevelopment Agency prior to its dissolution, correction of certain statutory
pass through payment calculations and other';; payments due from the former Agency's
fund balances pursuant to the terms and conditions of the underlying documents
evidencing those obligations. By adopting the January 24, 2012 EOPS and adopting
the attached amended EOPS, the City as Successor Agency will comply with the
requirements of ABx1 26.
Fiscal Impact
There is no impact to the City General Fund.
Recommendation
1. Adopt the Amended Enforceable Obligation Payment Schedule (Amended EOPS)
dated January 24, 2012 as the initial EOPS of the Successor Agency and authorize
the City Manager, or his designee, to take all necessary actions with respect
thereto on behalf of the Successor Agency; and,
2. Adopt the Amended Enforceable Obligation Payment Schedule (Amended EOPS)
dated February 14, 2012 and authorize the City Manager, or his designee, to take
all necessary actions to submit the Amended EOPS to the appropriate parties and
take any other necessary actions with respect thereto in accordance with AB X1 26
on behalf of the Successor Agency.
Prepared by: James Riley eie
Director of Adm prative Services
Barbara Leibold
City Attorney /Agency Counsel
Page2of6
ADOPTION OF EOPS
February 14, 2012
Page 3
Approved by: Robert A. Brady I ��
City Manager ,,
Attachment:
1. Amended Enforceable Obligation Payment Schedule 02/14/12
Page3of6
Page 4 of 6
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