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Recognized Obligation Payment Schedule Fiscal Year (FY) 2024-2025 <br />January 16, 2024 <br />Page 2 <br />3 <br />9 <br />4 <br />6 <br />107, to administer the enforceable obligations of the Agency and otherwise unwind the <br />Agency’s affairs. <br />Effective July 1, 2018, the local Oversight Board to the Successor Agency was <br />dissolved and the new Orange Countywide Oversight Board (OCOB) was <br />established. The OCOB now has oversight with respect to the Dissolution process, <br />including review and approval of the ROPS. <br />The ROPS includes the administrative cost allowance as required under Health and <br />Safety Code Section 34177 (j) through (k), and is presented in the format designed by <br />the Department of Finance (DOF). <br />Upon Successor Agency approval, the ROPS will be submitted to the Orange <br />Countywide Oversight Board for approval at its January 23, 2024 meeting. Upon OCOB <br />approval, the ROPS will be submitted to the DOF, County, and other appropriate <br />entities as required by the Dissolution Act by the February 1, 2024 deadline. The ROPS <br />will also posted on the Successor Agency’s website. <br /> <br />FISCAL IMPACT <br />The Successor Agency is limited to making only payments listed on the approved <br />ROPS for each annual period. Administrative expenses are capped at three percent <br />(3%) of the actual property tax distributed for the ROPS in the preceding fiscal year or <br />the minimum of $250,000 per year. However, the OCOB has been requesting that <br />successor agencies reduce and minimize the administrative allowance necessary to <br />oversee the remaining obligations on the ROPS. Therefore, the Successor Agency <br />estimates the administrative cost allowance for FY 2024-2025 will be $116,260 based <br />upon the expected actual cost of administering the Successor Agency. <br />Funds will be budgeted for FY 2024-2025 in the Redevelopment Obligation Retirement <br />Funds (account no. 67118021-various, 67018843-various) upon approval of the ROPS <br />by the DOF. <br />EXHIBIT(S) <br />1. Resolution <br />A. Recognized Obligation Payment Schedule FY 2024-2025 <br />Submitted By: Michael L. Garcia, Executive Director of Community Development <br />Approved By: Tom Hatch, Interim City Manager