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File Number: 12 -381 2013 period. PASSTHROUGH PAYMENTS FOR FY 2011 -12 AB 1484 provides that if any passthrough payment obligation has not yet been paid to the taxing entities for fiscal year 2011 -12, the County Auditor - Controller shall make such payments and shall reduce property tax allocations to the Successor Agency by the amount of such payments. It is the understanding of staff that all pass- through payments due for San Leandro were paid by the County Auditor - Controller and that this amount has already been reflected in the June distribution from the Redevelopment Property Tax Trust Fund. Bill : a 9] 11 lei 211[a]:a V2W12kyl%\ II91W_\'11VAI2111 Cal QIM7_ ,II Eel 06"] The Successor Agency must hire a licensed accountant to perform a "Due Diligence Review" of all housing and non - housing redevelopment agency and successor agency financial activities that took place between January 1, 2011 and June 30, 2012. The purpose of the review is to determine the unobligated fund balance that will be available for distribution to the taxing entities. The Due Diligence Review will establish the value of all assets transferred by the Redevelopment Agency to the Successor Agency and by either the Redevelopment Agency or the Successor Agency to the Sponsoring Jurisdiction or any other entity during the period January 1, 2011 through June 30, 2012. Evidence demonstrating the requirement for each transfer will be required to document that each transfer was made pursuant to an enforceable obligation. The review of the Housing Fund must be completed by October 1, 2012. The Oversight Board must hold a public hearing on the audit by October 15, 2012. The deadline for payment is five business days following the DOF's final determination which may follow a meet and confer if requested by the Successor Agency. The review of all other funds must be completed by December 15, 2012. The Oversight Board must hold a public hearing on the non - housing audit by January 15, 2013. The deadline for payment is also five business days following the DOF's determination. If the Successor Agency does not remit the amounts determined to be payable as a result of the Due Diligence Review, and is unable to recover funds that were transferred to other public agencies without an enforceable obligation, any public agency to which funds were transferred without an enforceable obligation may be subject to an offset of its sales and use or property tax allocations. FINDING OF COMPLETION ( "SAFE HARBOR ") Issuance of Finding of Completion. After the Successor Agency pays (i) the housing fund balance as determined by Due Diligence Review, (ii) the non - housing fund balance as determined by Due Diligence Review, and (iii) the balance of any outstanding taxing entity passthrough obligations and residual payments, DOF will issue a Finding of Completion ( "FOC "). City - Agency Loans. Upon issuance of an FOC, loans made by the City to the Agency may be City of San Leandro Page 3 Printed on 711012012