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File Number: 14-032 <br />Cornerstone project. The DOF, through the Low and Moderate Income Housing Fund (LMIHF) <br />Due Diligence Review process, also demanded that the Successor Agency remit a fund <br />balance of $3.9m that had been reserved for this obligation. The Successor Agency filed a <br />legal challenge to these determinations and a settlement in July 2013 resolved the issues in <br />the Successor Agency's favor. The remaining balance on this obligation is expected to be <br />fully paid by June 2014. Beginning with the ROPS for July -December 2014, no further <br />payments will be included for this project and it can be considered a retired obligation. <br />Administrative Budget <br />The ROPS also contains an administrative budget for the Successor Agency. Based on <br />direction from the California Department of Finance, the amount of the administrative <br />allowance is the greater of 3% of funds received from the Redevelopment Property Tax Trust <br />Fund or $250,000 annually. For the July -December 2014 ROPS period, the $250,000 floor will <br />apply. The administrative costs included on this ROPS total $125,000 in staff and legal costs, <br />representing half of one year's allowance. <br />The Oversight Board is scheduled to approve this ROPS on February 26, 2014 and it will be <br />forwarded to the DOF, the State Controller's Office and the Alameda County Auditor <br />Controller after that action is finalized. <br />Previous Actions <br />On January 9, 2012, the City Council affirmed its decision to have the City serve as the <br />Successor Agency for the former Redevelopment Agency and to retain the Agency's <br />housing assets and functions. <br />On April 2, 2012, May 7, 2012, July 17, 2012, February 19, 2013, and September 16, <br />2013, the City Council, serving as governing board of the Successor Agency, adopted <br />ROPS for previous periods. <br />Fiscal Impacts <br />As noted above, payment of the Enforceable Obligations listed on the ROPS will be funded <br />using funds disbursed by the County Auditor -Controller using property tax revenue deposited <br />into the Redevelopment Property Tax Trust Fund (RPTTF). The General Fund (or any other <br />City fund) does not bear any responsibility for the payment of enforceable obligations of the <br />former Redevelopment Agency. <br />ATTACHMENTS <br />►= <br />PREPARED BY: Jeff Kay, Business Development Manager, Community Development <br />Department <br />City of San Leandro Page 3 Printed on 211212014 <br />