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meyers <br />55512 t h Street, Suite 1500 <br />Oakland, California 94607 <br />tel(510)808 -2000 <br />fax (510) 444 -1108 <br />www.meyersnave.com <br />►, MA • : _ , • ►, <br />DATE: <br />TO: <br />FROM: <br />RE: <br />nave <br />July 5, 2012 <br />Successor Agency Clients <br />Susan E. Bloch <br />AB 1484 — RDA Budget Trailer Bill <br />Susan E. Bloch <br />Attorney at Law <br />This Memorandum provides a summary of key provisions of Assembly Bill 1484, the <br />redevelopment budget trailer bill that was signed into law on June 27, 2012. The bill became <br />effective immediately upon the Governor's signature. <br />PURPOSE /GOALS OF THE LEGISLATION <br />Require Successor Agencies to remit the residual balance calculated to be due to <br />taxing entities from the December 2011 tax increment distribution, net of ROPS <br />obligations for January through June, 2012. This payment is due July 12, 2012. <br />2. Require Successor Agencies to remit fund balances determined to be unobligated <br />following comprehensive "Due Diligence Reviews" of housing and non - housing asset <br />transfers that took place after January 1, 2011. <br />Require Successor Agencies to pay passthrough obligations due to taxing entities for <br />Fiscal Year 2011 -12. <br />4. Provide certain "safe harbors" upon compliance, subject to significant caveats <br />discussed below. <br />IMMEDIATE REQUIREMENTS <br />Separate Legal Entity. The legislation establishes Successor Agencies as separate <br />legal entities, distinct from the city, county or city and county that formed the <br />A PROFESSIONAL LAW CORPORATION OAKLAND LOS ANGELES SACRAMENTO SAN FRANCISCO SANTA ROSA FRESNO <br />