Title
Staff Report for Update on AB 1484: Redevelopment Dissolution/Unwind Trailer Bill and Resolutions to Acknowledge the Legal Existing of the Successor Agency and Adopt Successor Agency Procedures
Staffreport
SUMMARY AND RECOMMENDATIONS
This Staff Report provides a summary of key provisions of Assembly Bill 1484 (“AB 1484”), the redevelopment budget trailer bill that was signed into law on June 27, 2012. The bill became effective immediately upon the Governor’s signature. A more detailed Memorandum is attached. Consistent with the provisions of AB 1484, staff recommends that the City Council adopt the resolution acknowledging the legal existence of the Successor Agency to the Redevelopment Agency of the City of San Leandro (“Successor Agency”). Additionally, staff recommends that the Successor Agency adopt the resolution designating officers and adopting administrative and operating procedures.
BACKGROUND
AB 1484 was intended to amend and/or revise several components of the Redevelopment dissolution bill, AB x1 26. Although AB 1484 will have numerous impacts on San Leandro, its most immediate effect requires the acknowledgement of the Successor Agency as a separate legal entity and submission of a Recognized Obligation Payment Schedule (ROPS), approved by the Successor Agency and Oversight Board, by September 1, 2012. This report provides a summary of AB 1484 and the related actions before the Council at this time.
Analysis
PURPOSE/GOALS OF THE LEGISLATION
The primary purpose of the legislation is to require Successor Agencies to remit certain funds for distribution to the taxing entities. To summarize, the legislation:
1. Requires Successor Agencies to remit the residual balance calculated to be due to taxing entities from the December 2011 tax increment distribution, net of ROPS obligations for January to June, 2012. This payment is due July 12, 2012.
2. Requires Successor Agencies to remit fund balances determined to be unobligated following “...
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