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<br />37 <br />THE SUCCESSOR AGENCY <br /> <br /> <br />The Dissolution Act dissolved the Former Agency as of February 1, 2012. Thereafter, <br />pursuant to Section 34173 of the Dissolution Act, the City became the Successor Agency to the <br />Former Agency. Subdivision (g) of Section 34173 of the Dissolution Act, added by AB 1484, <br />expressly affirms that the Successor Agency is a separate public entity from the City, that the <br />two entities shall not merge, and that the liabilities of the Former Agency will not be transferred <br />to the City nor will the assets of the Former Agency become assets of the City. <br /> <br />Successor Agency Powers <br /> <br />All powers of the Successor Agency are vested in its five members who are elected <br />members of the City Council. Pursuant to the Dissolution Act, the Successor Agency is a <br />separate public body from the City and succeeds to the organizational status of the Former <br />Agency but without any legal authority to participate in redevelopment activities, except to <br />complete any work related to an approved enforceable obligation. The Successor Agency is <br />tasked with expeditiously winding down the affairs of the Former Agency, pursuant to the <br />procedures and provisions of the Dissolution Act. Under the Dissolution Act, substantially all <br />Successor Agency actions are subject to approval by the Oversight Board, as well as review by <br />the DOF. <br /> <br />Status of Compliance with Dissolution Act <br /> <br />The Successor Agency completed the due diligence process required by the Dissolution <br />Act, and received its Finding of Completion from the DOF on October 28, 2015. <br /> <br />Last and Final ROPS <br /> <br />The Successor Agency currently has no plans to file a “Last and Final” ROPS. <br /> <br />Audited Financial Statements <br /> <br />The City of San Leandro’s Comprehensive Annual Financial Report for Fiscal Year <br />Ended June 30, 2017 (the “City CAFR”) is attached as APPENDIX E. The City CAFR includes <br />the Successor Agency’s audited financial statements for the fiscal year ended June 30, 2017. <br />The Successor Agency’s audited financial statements were audited by [[_________]] (the <br />“Auditor”). The Auditor has not been asked to consent to the inclusion of the Successor <br />Agency’s audited financial statements in this Official Statement and has not reviewed this <br />Official Statement. <br /> <br />As described in “SECURITY FOR THE 2018 BONDS - Limited Obligation,” the 2018 <br />Bonds are payable from and secured by a pledge of Tax Revenues and the 2018 Bonds are not <br />a debt of the City. The City CAFR is attached as APPENDIX E to this Official Statement only <br />because it includes the Successor Agency’s audited financial statements. <br /> <br />THE PROJECT AREA <br />General <br /> <br />The Project Area consists of approximately 1,700 acres, and is a “joint” area due to the <br />inclusion of land in both unincorporated Alameda County and the City. The Redevelopment <br />142