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Redevelopment Issues

Redevelopment Issues. 2012-13 Budget . Redevelopment 101. Resources: FCMAT www.fcmat.org Presentation by Public Economics, Inc. ACBO www.acbo.org Presentation by Dolinka Group. Termination of RDAs. ABX1 26 – part of 2011-12 budget actions Lawsuit delayed dates by 4 months

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Redevelopment Issues

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  1. Redevelopment Issues 2012-13 Budget

  2. Redevelopment 101 Resources: • FCMAT www.fcmat.org Presentation by Public Economics, Inc. • ACBO www.acbo.org Presentation by Dolinka Group

  3. Termination of RDAs • ABX1 26 – part of 2011-12 budget actions • Lawsuit delayed dates by 4 months • Successor Agencies and Oversight Boards

  4. Enforceable Obligations and ROPS • Responsibility of Oversight Boards • Department of Finance to approve • Links to DOF web pages: • http://www.dof.ca.gov/assembly_bills_26-27/ • http://www.dof.ca.gov/assembly_bills_26-27/Redevelopment_Letters/

  5. 2011-12 Actions Residual payments to be made by county auditor-controllers to schools and colleges. • $147 million estimate for community colleges in Governor’s Budget • $116 million estimate at May Revision • MR amount of $116 million withheld from May payments in anticipation of residual payments

  6. Some Good News forCommunity Colleges Advocacy efforts centered on receiving a “hold harmless” pledge in case estimates of residual payments and proceeds of asset liquidation were overly optimistic. SUCCESS!!!

  7. Resulting Action • $105 million of the $116 million taken in May is being returned to districts now • Districts receiving residual payments will report them in a new object code 8819 on their 311 • All will be “trued-up” at Recal

  8. 2012-13 Continuation AB 1484 is Redevelopment trailer bill • Intended to clarify and “enhance compliance” with ABX1 26 • Expresses intent that full payment of pass-through amounts are to be made • Also states that pass-through payments will end when all RDA debt is retired

  9. New Developments More lawsuits have been filed: • Palmdale vs. Matosantos (decided) • National City vs. Matosantos (new) • Hercules LLC vs. Department of Finance (involves a developer that was to receive TI)

  10. Many Uncertainties Remain • Disagreement about the treatment of pass-through payments in calculating residual payments • Interpretation of “when all RDA debt is retired” • Unknown unknowns???

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