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To: Memo to Successor Agency Clients <br />From: Susan E. Bloch <br />Re: AB 1484— Redevelopment Budget Trailer Bill <br />Date: July 5, 2012 <br />Page: 10 <br />governmental purposes or to fulfill an enforceable obligation, the following rules <br />apply: <br />(A) the property shall be transferred to the Sponsoring Jurisdiction if the <br />property management plan directs the property to be used or sold for a "project <br />identified in an approved redevelopment plan. ,43 <br />(B) sale proceeds are to be distributed to the taxing entities if the property <br />management plan directs the property to be sold or directs that lease or other revenue <br />generated by the property is to be used for any purpose other than to fulfill an <br />enforceable obligation or for a project identified in an approved redevelopment <br />plan. <br />(C) the property shall not be transferred to the Successor Agency or the <br />Sponsoring Jurisdiction unless the property management plan has been approved by <br />the Oversight Board and the DOF. <br />ADDITIONAL PROVISIONS <br />Annual Audit. An agreed upon procedures audit of the Successor Agency, <br />commissioned by the County Auditor Controller, is to be completed by October 1, <br />2012. This audit is in addition to the housing fund and non - housing Due Diligence <br />Reviews. In addition, the Successor Agency is to cause an audit of the Successor <br />Agency's financial transactions and records to be conducted at least annually by a <br />certified public accountant . 47 <br />2. Public Purpose Properties. The Oversight Board may authorize the transfer of public <br />purposes properties to the Successor Agency or other public entity for which a public <br />facility was constructed . This action may only be authorized at a public meeting <br />held by the Oversight Board following 10 days' public notice. In addition, the <br />43 Secrion 34191.5(c)(2)(A). <br />44 Secrion 34191.5(c)(2)(B). <br />4s Secrion 34191.5(c)(2)(C). <br />46 Secrion 34182. <br />47 Secrion 34177(n). <br />48 Secrion 34181(a). <br />49 Secrion 341810. <br />A PROFESSIONAL LAW CORPORATION OAKLAND LOS ANGELES SACRAMENTO SAN FRANCISCO SANTA ROSA FRESNO <br />