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REQUEST FOR <br />COUNCIL ACTION <br />CITY COUNCIL MEETING DATE: <br />FEBRUARY 6, 2012 <br />TITLE: <br />APPROPRIATION ADJUSTMENT TO <br />TRANSFER FUNDS TO THE SUCCESSOR <br />AGENCY OF THE FORMER <br />REDEVELOPMENT AGENCY <br />( iA- <br />;Ct? <br />CITY MANAGER <br />RECOMMENDED ACTION <br />CLERK OF COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Ordinance on 15f Reading <br />? Ordinance on 2"d Reading <br />? Implementing Resolution <br />? Set Public Hearing For <br />CONTINUED TO <br />FILE NUMBER <br />Approve an appropriation adjustment transferring fund balances from the former Community <br />Redevelopment Agency of the City of Santa Ana to the City, acting as the Successor Agency. <br />DISCUSSION <br />The State Supreme Court's decision on the CRA v Matosantos case upheld State Assembly Bill AB1X <br />26 and required the dissolution of all redevelopment agencies by February 1, 2012. As part of the <br />dissolution process, on January 9, 2012, City Council adopted a resolution designating the City of <br />Santa to serve as the Successor Agency for the former Community Redevelopment Agency of the City <br />of Santa Ana (RDA). On January 30, 2012, the Redevelopment Agency Board adopted a resolution <br />establishing an amended Enforceable Obligation Payment Schedule to deliver to the Successor <br />Agency. <br />Section 34170.5(a) of the dissolution bill requires the Successor Agency to create a Redevelopment <br />Obligation Retirement Fund within its treasury to administer the former RDA's assets, properties, <br />contracts, and leases. The former RDA fund balances will be transferred to the City, acting as the <br />Successor Agency, in order to continue making payments against the amended Enforceable Obligation <br />Payment Schedule. <br />FISCAL IMPACT <br />Funds will be transferred from the former Redevelopment Agency Fund (various accounting units in the <br />500 series) and appropriated into the Redevelopment Obligation Retirement Fund (various accounting <br />units in the 600 series). <br />APPROVED AS TO FUNDS AND ACCOUNTS: <br />Nancy T. ards Francisco Gutierrez <br />Interim Exe utive Director Executive Director <br />Community Development Agency Finance & Management Services Agency <br />NTE/SG/mlr <br />20C-1