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HomeMy WebLinkAboutSuccessor Agency Agenda Item No. SA2I TY ~ ~ ~~a • ~ REPORT TO CITY COUNCIL AS SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY flF LAKE ELSINORE TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCIL FROM: PAT KILROY INTERIM CITY MANAGER DATE: APRIL 1 2012 SUBJECT: ADOPTION BY THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE flF THE FIRST AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE {ROPS~ DATED APRIL 1 2012 PURSUANT TO HEALTH AND SAFETY CODE SECTION 3~4117~L~ Background On June 29, 2011, the State of California enacted Assembly Bill x1 26 and Assembly Bill x1 27, which 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. latosantos case, finding ABx1 2~6 largely constitutions! and ABx1 27 unconstitutional. As a result, the Redevelopment Agency of the City of Lake Elsinore was dissolved effective February 1, 2012. On January 10, 2012, pursuant to Resolution hlo. 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. Discussion Health and Safety Code section 34177~aj(1j {added by ABx1 20j requires that the Successor Agency adopt the EOPS submi#ted to it by the Redevelopment Agency as of January 31, 2012. On February 14, 2012, the Successor Agency adopted the 2412 FOPS adopted by the former Redevelopment Agency and also approved an amendment to that FOPS Amended EOPSj. AGENDA ITEM NO. SA2 Pale 1 of 6 ADOPTIOI'~ OF FIRSTAMENDEfl BOPS April ~ 0, 2012 Page 2 ABx1 20 also requires that the Successor Agency adopt a Recognized Obligation Payment Schedule {BOPS) based on the FOPS. The Successor Agency adopted its initial BOPS on February 28, 2012. Recently, the Department of Finance requested that a column be added to the BOPS reflecting the date of any contracts or agreements reflected therein. The First Amended BOPS attached) is based on the initial BOPS but adds the additional column. No other changes were made to the BOPS. Fiscal ir~~►act Adoption of the First Amended BOPS continues the process set forth in ABx1 20 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. Recc~mment~ation 1. Adopt the First Amended Recognized Obligation Payment Schedule {BOPS) dated April 10, 2012 and authorize the Interim City Manager, or his designee, to take all necessary actions with respect thereto on behalf of the Successor Agency. Prepared by: James Riley Director of Administrative Services Barbara Leibold City A#torney Approved by: Pat Kilroy .Interim City Manager Attachment: 1. First Amended Recognized Obligation Payment Schedule dated April 10, 2012 Page ~ of 6 WW W NNNNNNN N N s s ssss s ss N O t4 OD V 'O {JI A W ~ _s O f0 ~ V 4f 41 A W _N O to 'ar V 43 CA A W N r zJ : : ' -I -I y c~ -t v r ~ ~ c~ N to to ' v, cn m p ~ ~ m m r -I -p Z ~ s ~ Q 0 o D o w a ° o c ~ c c c c ~ m a~ a m m m m 1u -i~b-t' m m v m .o+ " ~ m c ~ a 3 3 3 3 ~ n~ x x x x o a ~ 'n ~ » W o. m ~ cn N a ~ # m ~ ~ 3 ~ s s v < ~ m D o 0 0 0' o r~~~ S n~ c G c D O fl D D O m o~ o QI B Uf O p1 T ~ O ~ a 0 0 0 O' ~ o H y m 4a w in D n m ° a a~° o o v v 3 D c -n 3~~ a ~ ~ o faN ~mm c m m ® DD D D o-o o ° ~ Ll ~ 0 ~ 0 A W N S a o m o o A N t77 m D a°°° m m m m tB ~ O G~ O C m Rt m 7 m N m<<<<{ 9i a-~ a~ 1? 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