HomeMy WebLinkAbout15. Succ Agency-FY1415_1_201409081107497448SUCCESSOR 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". AB 1484 is a budget
trailer bill that made changes to the dissolution process implemented by ABx1 26. It became effective on June 27, 2012. AB 1484
made several substantive and technical amendments to ABx1 26.
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 2014-15 PROGRAM HIGHLIGHTS:
To prepare and submit for approval the July 2014 to June 2015 ROPS.
To sell the former RDA’s assets.
To ensure payment s of existing indebtedness and financial obligations listed on the current ROPS.
To reinstate loans between the Successor Agency and the City.
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Cost
87xxxxxxxx 6423 $150,000
6423 $250,000
7001 $2,962,810
7005 $1,615,000Principal Payment - Principal payment towards bond obligations and loans
Interest Expense - Interest for debt obligatons
Administrative Allocation - Housing administration
Administrative Allocation - Minimum allowed allocation to help fund administrative expenses of the Successor
Agency such as legal fees, bond administration, maintenance for properties, accounting/auditing services, staffing
costs, etc.
SUCCESSOR AGENCY OF THE FORMER REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
ACTIVITY DETAIL
Account Number Description
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BUDGET UNIT:FUND 87 - SUCCESSOR AGENCY FUND
DESCRIPTION ACTUAL ACTUAL REVISED ADOPTED VARIANCE
Acct. #11-12 12-13 13-14 14-15
OPERATIONS
6423 Administrative Allocation-Housing ---150,000 150,000
6423 Administrative Allocation 76,760 167,964 239,870 250,000 10,130
7001 Interest Expense 3,873,093 3,091,833 3,155,800 2,962,810 (192,990)
7005 Principal Payments 1,410,000 1,705,000 1,780,000 1,615,000 (165,000)
7041 Contributions to Other Agencies 250,531 ----
7045 Other Agency Contributions -128,924 ---
OPERATIONS SUBTOTAL 5,610,383 5,093,721 5,175,670 4,977,810 (197,860)
SUCCESSOR AGENCY FUND TOTAL: 5,610,383 5,093,721 5,175,670 4,977,810 (197,860)
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