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3/17/2011 <br /> I Governor's Proposal to Eliminate <br /> Redevelopment Agencies <br /> I Assessment of proposed legislation. alternatives. and contingency budgets <br /> Finance Commutee - February 181011 <br /> Highlights of AB 101 and SB77 <br /> • RDAs prohibited from entering into financial agreements <br /> or contracts, effective immediately. <br /> ■ "Successor Agency" (the City) will manage RDA's debt <br /> and obligations. <br /> ■ Unencumbered fund balances (excluding housing set - <br /> aside) must be remitted to County Auditor for <br /> redistribution (City would receive 12 %). <br /> • Existing Housing Set -Aside Fund Balance can be held by <br /> the City for eligible expenditures. <br /> ■ Successor Agency must dispose of RDA property and <br /> assets with sale proceeds distributed by the County <br /> Auditor. <br /> ■ <br />