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Cooperative Agreement Between City And Successor Agency, Successor Agency Administrative Budget and Cooperative Agreement Resolution April 2, 2012 Page 2 DISCUSSION On January 9, 2012, City Council adopted Resolution No. 2012-002 and designated the City of Santa Ana as the Successor Agency for the former Community Redevelopment Agency of the City of Santa Ana (Successor Agency), and the Housing Authority of the City of Santa Ana as the Successor Housing Agency pursuant to California Health and Safety Code Section 34176. On February 1 , 2012, the former redevelopment agency was dissolved and the City assumed the role of the Successor Agency. Additionally, on March 1 , 2012, the required Recognized Obligation Payment Schedule CROPS) was prepared and posted on the City's website for the period covering January -June 2012, and received and filed by the Successor Agency on March 19, 2012. Further actions are now proposed in furtherance of ABX1 26, the Dissolution Act. Dissolution Act Section 34177Q), as modified by the Supreme Court's opinion in the matter of California Redeve/opment Association, et a/. v. Ana Matosantos, requires the Successor Agency to prepare a proposed "Administrative Budget" covering the period from February 1 , 2012 through June 30, 2012 and submit it to the Oversight Board for approval. Pursuant to Section 34177(j), the Administrative Budget is to include the estimated amounts of the Successor Agency's administrative costs for the six-month fiscal period (first period is February 1, 2012 to June 30, 2012 based on reformed dates), the proposed sources of payment for the identified costs, and proposals for arrangements for administrative and operations services provided by the City to the Successor Agency. Attached is the proposed Successor Agency Administrative Budget (Exhibit 1) to be submitted to the Oversight Board of the Successor Agency for approval at their April 1 O meeting. Following the Oversight Board action pursuant to Section 34177(k), the Successor Agency would then provide the administrative cost estimate from the approved Administrative Budget that are to be paid from the property tax revenues deposited into the Redevelopment Property Tax Trust Fund for the six month period through June 30, 2012 to the County of Orange Auditor-Controller. Additionally, to ensure provision of the necessary services from the City to support Successor Agency responsibilities in winding down the activities of the former redevelopment agency and under the proposed Administrative Budget, it is necessary that the City and the Successor Agency enter into an agreement (Exhibit 2) for reimbursement of costs incurred by City to support Successor Agency operations and obligations [pursuant to Sections 34171(d)(1)(F) and 34178(a) of the Dissolution Act]. This agreement is also subject to Oversight Board approval. FISCAL IMPACT California Health and Safety Code Section 34173(e) stipulates that "the liability of any successor agency, acting pursuant to the powers granted under the act adding this part, shall be limited to the extent of the total sum of property tax revenues it receives pursuant to this part and the value of 2-2