HomeMy WebLinkAbout12. Successor Agency-FY1213_201210041507163063
SUCCESSOR AGENCY
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SUCCESSOR AGENCY
OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
PROGRAM COMMENTARY
PROGRAM DESCRIPTION:
On June 29, 2011, the Governor signed ABx1 26 (the Redevelopment Agency Dissolution Bill) into law. As a result, effective February
1, 2012, all redevelopment agencies (RDAs) were dissolved, and successor agencies, as defined by the law, were required to be
appointed to oversee the distribution of tax proceeds that would have been paid to the RDAs. As provided for under the new law,
each former redevelopment agency is to be governed by a "Successor Agency" and an "Oversight Board".
The primary role of the Successor Agency is to dispose of the former RDA’s assets or properties expeditiously and in a manner aimed
at maximizing values, pay all debts and fulfill all obligations of the former RDA, and to wind down redevelopment affairs.
To accomplish its responsibilities, the Successor Agency will manage redevelopment projects currently underway, make payments
identified on the Recognized Obligation Payment Schedules (ROPS) and dispose of redevelopment assets and properties as directed
by the Oversight Board. The Oversight Board is an appointed body consisting of seven appointed members, as provided by AB x1
26. A separate agency manages the former RDA's housing assets.
The Successor Agency is responsible for drafting a ROPS and the submission for approval every six months. The ROPS must be
approved by the Oversight Board and then submitted to the Los Angeles County Auditor-Controller and the State Department of
Finance for final approval.
STRATEGIC GOALS:
To wind down the affairs of the former RDA of the City by:
disposing of former RDA’s assets at maximized values; and
administering the debt repayments of the former RDA.
FY 12-13 PROGRAM HIGHLIGHTS:
To prepare and submit for approval the January 2013 to June 2013 ROPS.
To sell the former RDA’s assets.
To ensure payment s of existing indebtedness and financial obligations listed on the current ROPS.
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Cost
87xxxxxxxx 6301 $180,000
6315 $11,000
6399 $27,100
6423 $250,000
6572 $7,690
6610 $18,000
6710 $10,000
6805 $600
6915 $1,680
7001 $3,042,250
7005 $3,389,805
7044 $2,542,365
7099 $299,800
Insurance/General Liability - Insurance premium for liabiilty coverage for the Successor Agency
Maintenance/Land - Maintenance for Successor Agency-owned properties.
SUCCESSOR AGENCY OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
ACTIVITY DETAIL
Account Number Description
Legal Fees - For various projects to help wind down Redevelopment.
Accounting/Auditing Services - Services include annual independent audit for the Successor Agency and its tax
allocation bonds.
Professional Services - Miscellaneous consulting services including sales tax and tax increment consulting
L.A. County Pass-Through - Tax increment pass-through to Los Angeles County and statutory pass-through
payments.
Administrative Allocation - Minimum allowed allocation to help fund administrative expenses of the Successor
Agency.
Miscellaneous - Potential liquidated damages; public improvements
Principal Payment - Principal payment towards bond obligations and loans
Bond Administration - Fees associated with bond issues. Pays for bond disclosure services, arbitrage rebate
calculation services, and annual trustee administrative fees for the Agency's bond issues.
Interest Expense - Interest for debt obligatons
Office Furniture & Equipment - Balance of furniture and fixtures equipment agreement with Bambino's.
Utilities/Telephone - Communication line for Readerboard
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BUDGET UNIT: FUND 87 - SUCCESSOR AGENCY FUND
DESCRIPTION ACTUAL ACTUAL REVISED ADOPTED VARIANCE
Acct. #09-10 10-11 11-12 12-13
OPERATIONS
6301 Legal Fees - - - 180,000 180,000
6315 Accounting/Auditing Services - - - 11,000 11,000
6399 Professional Services/Other - - - 27,100 27,100
6423 Administrative Allocation - - - 250,000 250,000
6572 Office Furniture & Equipment - - - 7,690 7,690
6610 Bond Administration - - - 18,000 18,000
6710 Ins/General Liability Premiums - - - 10,000 10,000
6805 Maintenance/Land Improvements - - - 600 600
6915 Utilities/Telephone - - - 1,680 1,680
7001 Interest Expense - - - 3,042,250 3,042,250
7005 Principal Payments - - - 3,389,805 3,389,805
7044 LACO Tax Incr Pass-Through - - - 2,542,365 2,542,365
7099 Miscellaneous - - - 299,800 299,800
OPERATIONS SUBTOTAL - - - 9,780,290 9,780,290
SUCCESSOR AGENCY FUND TOTAL:- - - 9,780,290 9,780,290
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