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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: 3 grants receivable, loan repayments, and rents and other income from operations.' DOF may object to the transfer of any asset within 30 days .7 If, following a meet and confer, the Department continues to object, the asset must be returned to the Successor Agency. The Oversight Board must review and approve the transfer of any mixed -use assets, and may direct the allocation of mixed -use assets by dividing the property or imposing a revenue - sharing arrangement. NEW DEADLINES AND REQUIREMENTS FOR ROPS. By September 1, 2012, the January- June 2013 ROPS, in form yMroved by the Oversight Board must be submitted to the State Controller and DOF. 10 Subsequent ROPS must be submitted to DOF and the County auditor - controller, in form approved by the Oversight Board, no less than 90 days prior to each property tax distribution date." The ROPS must be transmitted to DOF electronically in the form required by DOF. 12 2. The Sponsoring Jurisdiction is subject to a penalty in the amount of $10,000 per day if any ROPS is not timely submitted. 13 In addition, the Successor Agency's administrative cost allowance may be reduced by 25% if the ROPS is more than ten days late (i.e., by September 11, 2012 for the January -June 2013 ROPS). 14 All draft ROPS must be concurrently distributed to the County administrative officer, the County auditor - controller, DOF, and the Oversight Board. 15 The DOF review period is expanded under the legislation. DOF now has 45 days to complete its 6 Secrion 34176(e). Secrion 34176(a)(2). 8 Id. 9 Secrion 34176(£). 10 Secrion 34177(m). 11 Id.. 12 Secrion 34177(m)(1). 13 Secrion 34177(m)(2). 14 Secrion 34177(m)(2). 15 Secrion 341770(2)(B)- A PROFESSIONAL LAW CORPORATION OAKLAND LOS ANGELES SACRAMENTO SAN FRANCISCO SANTA ROSA FRESNO