Laserfiche WebLink
File Number: 12 -381 <br />Requires Successor Agencies to remit the residual balance calculated to be due to taxing <br />entities from the December 2011 tax increment distribution, net of ROPS obligations for <br />January to June, 2012. This payment is due July 12, 2012. <br />2. Requires Successor Agencies to remit fund balances determined to be unobligated <br />following "Due Diligence Reviews" of housing and non - housing asset transfers that took <br />place after January 1, 2011. These reviews will take place during the fall and winter, <br />2012. <br />3. Requires Successor Agencies to pay pass- through obligations due to taxing entities for <br />Fiscal Year 2011 -12. <br />If all of these payments are made, the legislation provides certain "safe harbors" relating to <br />retention of land, use of bond proceeds and repayment of City- Agency loans, subject to <br />specified restrictions. <br />IMMEDIATE REQUIREMENTS <br />1. Separate Legal Entity. The legislation establishes Successor Agencies as separate legal <br />entities, distinct from the city, county or city and county that formed the redevelopment <br />agency (the "Sponsoring Jurisdiction "). Prior to any new Successor Agency action, the <br />City Council, acting in its capacity as the legislative body of the Sponsoring Jurisdiction <br />and acting in its capacity as the governing board of the Successor Agency, should <br />adopt resolutions acknowledging the separate legal existence of the Successor <br />Agency. In addition, the governing board for the Successor Agency should adopt a <br />resolution adopting operational procedures, and ratifying or affirming prior actions. <br />Resolutions for this purpose accompany this report. <br />2. Payment of January - June Residual Balance By July 12, 2012, the Successor Agency is <br />obligated to pay the amount that the County Auditor - Controller determines is owed to <br />the taxing entities for the period January through June 2012, based upon the <br />December 2011 distribution of tax increment and the January - June 2012 ROPS. <br />Failure to pay amounts due may subject the Sponsoring Jurisdiction and the Successor <br />Agency to penalties equal to 10% of the amount due plus 1.5% for each month the <br />payment is late. In addition, the legislation provides that until the amount determined to <br />be due is paid the Sponsoring Jurisdiction will not receive sales and use tax scheduled <br />to be distributed on July 18, 2012 or any subsequent payment. <br />3. Housing Asset Inventory. By August 1, 2012, the City, serving as "Housing Successor," <br />is required to submit to the Department of Finance ( "DOF ") a comprehensive listing of <br />all housing assets that were transferred to the Housing Successor. The legislation <br />provides an expanded definition of "housing assets" that includes properties acquired <br />or restricted for use as affordable housing, loans and grants receivable, loan <br />repayments, and rents and other income from operations. Staff is currently assembling <br />this inventory. <br />NEW DEADLINES AND REQUIREMENTS FOR ROPS. <br />By September 1, 2012, the January- June 2013 ROPS must be submitted to the State <br />Controller and DOF in the form approved by the Oversight Board. Penalties apply if the ROPS <br />is not timely submitted. A separate staff report presents a draft ROPS for the January - July <br />City of San Leandro Page 2 Printed on 711012012 <br />