G.8 Dissolution of the Successor AgencyDissolution
of
Successor
Agency
Presenter G. Harold Duffey
Tonight’s Presentation
Dissolution of Successor Agency
The Staff report will cover the following:
•Redevelopment Dissolution Act (ABx1 26)
•Required Actions of ABx1 26
•Successor Agency Progress on Dissolution
•Next Steps
Redevelopment Dissolution Act (ABx1 26)
ABX1 26 Required Redevelopment Agencies :
•Dissolve and Successor Agencies Were Formed
•Successor Agencies Charged with Winding Down Agency
•Audits Conducted to Determine Agency Liabilities & Assets
•Long Range Property Management Plan Developed
•City’s Can Form Housing Successor Agency From RDA Assets
•Recognized obligation Payment Schedules (ROPS) Developed
•ROPS Determine Schedule for Payment of All Liabilities
Redevelopment Dissolution Act (ABx1 26)
Successor Agency Progress on Agency Dissolution:
•Long Range Property Management Plan Developed
•City Established Housing Successor Agency
•Recognized Obligation Payment Schedules (ROPS) Approved
•Defeased Over Seventeen Million in Bonds
Next Steps
•Dispose of Successor Agency Property for $160,000
Next Steps
•City Needs to Repay $885,797 to Successor Agency
Balance of $885,797 in Prior
Year Loan Advances Made
to the General Fund from
The Redevelopment Agency
Successor Agency
Owes $248,636 to
the Housing
Successor Agency.
Listed on ROPs for
Repayment at
$50,000 Per Year.
Next Steps Summary
•Dispose of Successor Agency Property for $160,000
•City Needs to Repay $885,797 to Successor Agency
•Successor Agency Owes Housing Successor Agency $248,636
•Plus Successor Agency has $482,958
City of Grand
Terrace Successor Agency
Housing
Successor
Agency
Sale of Property $ 160,000 $ 160,000
Rayment of CityLoan $ 885,797 $ 885,797
Bond Proceeds Interest $ 482,958
SERF Repayment $ (248,636)$ 248,636
Total $ 1,045,797
Distribution to Taxing Entities $ 1,280,119
Questions
City of Grand
Terrace Successor Agency
Housing
Successor
Agency
Sale of Property 160,000$ 160,000$
Rayment of CityLoan 885,797$ 885,797$
Bond Proceeds Interest 482,958$
SERF Repayment (248,636)$ 248,636$
Total 1,045,797$ 1,280,119$
City Share 255,655.13$
Property can be purchased with General Fund or General Facilities Fund
Questions
Property can be purchased with General Fund or General Facilities Fund
1,156,412,730.00$ 11,564,127.30$ 2,309,494.99$
1,202,945,440.00$ 12,029,454.40$ 2,402,426.40$
1,260,723,265.00$ 12,607,232.65$ 2,517,815.65$
1,324,528,950.00$ 13,245,289.50$ 2,645,243.26$
1,392,798,167.00$ 13,927,981.67$ 2,781,585.08$