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xN <br />City of San Leandro <br />Meeting Date: February 14, 2012 <br />Oral /Discussion Item <br />File Number: <br />TO: <br />FROM: <br />BY: <br />i PA 1811-S] <br />City Council Work Session <br />Chris Zapata <br />City Manager <br />Agenda Section: WORK SESSION <br />Agenda Number: 2.B. <br />Luke Sims <br />Community Development Director <br />FINANCE REVIEW: Not Applicable <br />TITLE: Discussion Regarding the Oversight Board for the Successor Agency to the <br />San Leandro Redevelopment Agency <br />:7x��]JiIJiI��IILAIC906i <br />This report is for information only and no action is required at this time. <br />BACKGROUND AND ANALYSIS <br />Assembly Bill x1 26, which dissolved all redevelopment agencies in California as of February <br />1, 2012, calls for the formation of an Oversight Board to govern certain issues related to the <br />dissolution of each former agency. This report provides a description of the Oversight Board <br />with a focus on its responsibilities, composition, and expected operating practices. As noted <br />below, some issues related to the Oversight Board are not entirely clear in the language of <br />ABx1 26. Staff will continue to work with legal counsel and professional organizations (such as <br />the California Redevelopment Agency) to stay abreast of ongoing legal interpretations and <br />best practices. <br />As a general rule, staff believes that expeditious formation of the San Leandro Oversight <br />Board is in the City's best interest because it will provide necessary direction on several <br />issues related to disposal of assets and payment of enforceable obligations. <br />Roles of the Oversight Board and Successor Agency <br />On January 9, 2012 the City Council took action electing to serve as the Successor Agency to <br />the San Leandro Redevelopment Agency. According to ABx1 26, Successor Agencies shall <br />create a Redevelopment Obligation Retirement Fund, continue payments on the Enforceable <br />Obligation Payment Schedule (EOPS), maintain reserves, perform obligations required by <br />Enforceable Obligations, and dispose of assets and property. By March 1, 2012 the <br />Successor Agency shall prepare a draft of the Recognized Obligation Payment Schedule <br />City of San Leandro Page 1 Printed on 211012012 <br />