HomeMy WebLinkAbout2012-02-28 Successor Agency Item No. 3CITY OF
LADE LSMOKE
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 28, 2012
SUBJECT: ADOPTION BY THE SUCCESSOR AGENCY OF THE
REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE OF
THE INITIAL RECOGNIZED OBLIGATION PAYMENT SCHEDULE
(IROPS) DATED 2/2812012 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.
SA AGENDA ITEM NO. 3
Page 1 of 8
ADOPTION OF IROPS
February 28, 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. On February 14, 2012, the
Successor Agency adopted the 2012 EOPS adopted by the former Redevelopment
Agency and also approved an amendment to that EOPS (Amended EOPS).
Health and Safety Code section 34177(1)(2) (added by ABx1 26) requires that the
Successor Agency adopt its initial draft ROPS before March 1, 2012. The attached
initial ROPS is based on the Amended EOPS but differs somewhat in format from the
Amended EOPS as required by ABx1 26.
Additionally, current year administrative costs were increased by $57,800, and an
estimated administrative cost amount for July through December of 2012 was added to
the initial ROPS. Further, the initial ROPS reflects required payments on the Housing
Fund Loan for fiscal 2011/2012, which were not reflected on the Amended EOPS.
Fiscal Impact
Adoption of the Initial ROPS continues the process set forth in ABx1 26 to insure that
the Successor Agency will be allocated adequate property tax revenues to make
required debt service and other obligation payments in addition to recouping its
administrative costs. As such, there is no financial impact on the City's general fund.
Recommendation
1. Adopt the Initial Recognized Obligation Payment Schedule (ROPS) dated February
28, 2012 as the initial ROPS 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.
Prepared by: James Riley,L7k
Director of Ad i istrative Services
Barbara Leibold
City Attorney
Page 2 of 8
ADOPTION OF IROPS
February 28, 2012
Page 3
Approved by: Robert A. Brady
City Manager
Attachment:
Initial Recognized Obligation Payment Schedule 02/28/12
Page 3 of 8
Page 4 of 8
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