Successor Agency Administration

The Successor Agency Administration Fund accounts for the receipt of revenue associated with the expenses and debt repayment from the City of Greenfield's former Redevelopment Agency. All expenses included in this proposed budget must be approved by the City's Oversight Board, which has the fiduciary responsibility to holders of enforceable obligations, as well as to the local agencies that would benefit from property tax distributions from the former redevelopment project area.

Assembly Bill 1X26 gave the Oversight Board authority over the former Redevelopment Agency's financial affairs, as handled by the City acting as Successor Agency. In addition to approving the Successor Agency's administrative budget, the Oversight Board adopts the recognized obligation payment schedule-the central document that identifies the financial obligations of the former Redevelopment Agency that the Successor Agency may pay over any six months period.

Key Agents

Key agents serving the Successor Agency Administration include:
  • BLX Group, which provides annual arbitrage rebate calculation (contract dated February 15, 2006)
  • Dale Bacigalupi with the law firm Lozano Smith as Legal Counsel (contract dated January 15, 2009)
  • Eric Sciven, with De La Rosa and Company as bond broker redeem bonds - 1st priority $11,225,000 4.75 Term bonds due February 1, 2037 (contract dated July 23, 2010)
  • Union Bank of California as Trustee (contract dated December 1, 2006)
  • Urban Futures for continuing disclosure as required by bond covenants (contract dated December 1, 2006)