Redevelopment Successor Agency
The City of Greenfield's former Redevelopment Agency's obligations are accounted for in 5 Trust Funds. Administrative and financial affairs of the former Redevelopment District are assumed by the City's Oversight Board. ABX1 26 requires that each Successor Agency have an Oversight Board that consists of 7 members, with 1 member elected as the chairperson.
Responsibility of the Board
The Oversight Board has a fiduciary responsibility to holders of enforceable obligations and the taxing entities that benefit from the distribution of property tax and other revenue as a result of the dissolution of the RDAs. This requires a balance that mirrors the goals of ABX1 26 and AB 1484 to honor the enforceable obligations of the former RDAs that must be paid and to return the remaining revenue to the taxing entities. California law requires the Oversight Board to direct the Greenfield's Redevelopment Successor Agency to do all of the following:
- Cease performance in connection with and terminate all existing agreements that do not qualify as enforceable obligations.
- Determine whether any contracts, agreements, or other arrangements between the dissolved RDA and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities, and present proposed termination or amendment agreements to the Oversight Board for its approval. The Oversight Board may approve any amendments to or early termination of such agreements where it finds that amendments or early termination would be in the best interests of the taxing entities.
- Dispose of all assets and properties of the former RDA. However, in some cases the Oversight Board may instead direct the Successor Agency to transfer ownership of those assets that were constructed and used for a governmental purpose (e.g. roads, schools, parks) to the appropriate public jurisdiction pursuant to any existing agreements relating to the construction or use of such an asset. Any compensation to be provided to the Successor Agency for the transfer of the asset shall be governed by the agreements relating to the construction or use of that asset. Asset disposition may be accomplished by a distribution of income to taxing entities.
- Terminate any agreement, between the dissolved RDA and any public entity located in the same county, obligating the RDA to provide funding for any debt service obligations of the public entity or for the construction, or operation of facilities owned or operated by such public entity, in any instance where the Oversight Board has found that early termination would be in the best interests of the taxing entities.
- Transfer housing assets pursuant to Section 34176.