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To: Memo to Successor Agency Clients From: Susan E. Bloch Re: AB 1484— Redevelopment Budget Trailer Bill Date: July 5, 2012 Page: 9 a restricted housing set -aside fund, (iv) the annual repayment amount is limited to the amount which, together with repayment of SERAF loans and deferred deposits to the Low- and Moderate - Income Housing Fund, is equal to one -half of the amount of the residual payment to the taxing entities (i.e., the residual amount payable to the taxing entities after the "waterfall" of payments (County auditor - controller expenses, passthrough payments, enforceable obligations, administrative budget)) above such amount paid in 2012 -13 , and (v) repayment of sums owed to the Low- and Moderate - Income Housing Fund for SERAF loans have priority for payment. Use of Pre -2011 Bond Proceeds. Upon issuance of an FOC, the proceeds of bonds issued prior to December 31, 2010 may be used for purposes consistent with the bond covenants. Obligations to be paid with bond proceeds that exceed the amount for approved enforceable obligations must be separately listed on the ROPS, and thus are subject to review by the Oversight Board and the DOF. 4. Property Management Plan. Upon receiving an FOC, the Successor Agency may prepare a long -range property management plan that addresses the disposition and use of real property assets . The plan must be prepared and submitted to the Oversight Board and DOF within six months after issuance of the FOC. 40 The plan must include a detailed inventory documenting for each property the date of acquisition, the value at acquisition and the current estimated value, the purpose for the acquisition, the income generated by the property, any history of contamination and remediation, a description of the property's potential for transit - oriented development and the advancement of planning objectives, and the history of prior development proposal S. 41 Use of Properties. The plan must address the use or disposition of all properties, which may include: (i) retention of property for governmental use, (ii) retention of the property for future development (iii) sale of the property, (iv) use of the property to fulfill an enforceable obligation . 42 For properties that are not to be used for 37 Secrion 34191.4(6). 38 Secrion 34191.4(c). 39 Secrion 34191.5(6). 40 Id. 41 Secrion 34191.5(c)(1). 42 Secrion 34191.5(c)(2). A PROFESSIONAL LAW CORPORATION OAKLAND LOS ANGELES SACRAMENTO SAN FRANCISCO SANTA ROSA FRESNO