5A Public Hearings 2019 0603 - Laserfiche WebLink

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SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY FUNDS OVERVIEW On June 29, 2011, Assembly Bill x1 26 was passed by the California State Legislature adding several sections to the California Community Redevelopment Law, Health and Safety Code Section 33000 et seq. (“CRL”). This bill mandated the dissolution of all Redevelopment Agencies in California as of February 1, 2012 by the California Supreme Court. On January 9, 2012, the City Council affirmed its decision to serve as the Successor Agency for the Redevelopment Agency and to retain the Agency’s housing assets and functions. The Successor Agency is empowered to wind down the affairs of the Redevelopment Agency, subject to review and approval of a local Oversight Board and the State of California. Under AB x1 26, the City, acting as the Successor Agency, is obligated to prepare a Recognized Obligation Payment Schedule (ROPS) every six months for as long as there are enforceable obligations of the former Redevelopment Agency. The City, as Successor Agency, can only pay obligations that are listed on the ROPS. Enforceable obligations are defined as bonds, loans, payments to federal or state government, pension, unemployment payments, judgments, settlements, contracts and any legally binding and enforceable contracts. The Successor Agency remains responsible for the four redevelopment project area obligations and debt; they are the Plaza Project Area Fund, the Joint Project Area Fund, the West San Leandro/MacArthur Project Area Fund and the Low/Moderate Housing Fund. PLAZA PROJECT AREA The Successor Agency provides obligated funding for enforceable obligations related to the former Plaza Redevelopment Project Area. The Plaza Project Area was formed in 1960 and was the City’s oldest project area. Enforceable obligations for this project area include Tax Allocation Bonds issued in 2002, a reinstated loan agreement between the City and Successor Agency, capital improvements to Hays Street/, some costs related to the reconstruction of the downtown parking garage, and some contractual obligations related to maintenance and security in Downtown San Leandro. JOINT PROJECT AREA The Successor Agency provides obligated funding for enforceable obligations related to the former City of San Leandro – Alameda County (Joint) Redevelopment Project Area. The Joint Project Area was a cooperative between the Alameda County and San Leandro Redevelopment Agencies and each agency maintained separate control over the planning and implementation of projects. The Successor Agency’s responsibilities only 115 137