Laserfiche WebLink
REQUEST FOR <br />SUCCESSOR AGENCY <br />ACTION <br />?p <br />MEETING DATE: <br />OCTOBER 1, 2012 <br />TITLE: <br />DUE DILIGENCE REVIEW FOR THE LOW <br />AND MODERATE INCOME HOUSING FUND <br />A, )L <br />CLN-CITY MANAGER <br />RECOMMENDED ACTION <br />Receive and file. <br />CLERK OF THE COUNCIL USE ONLY: <br />APPROVED <br />? As Recommended <br />? As Amended <br />? Implementing Resolution <br />? Other <br />CONTINUED TO <br />FILE NUMBER <br />DISCUSSION <br />AB 1484, which was adopted on June 27, 2012, requires that the Successor Agency employ a <br />licensed accountant approved by the County of Orange Auditor-Controller to conduct a Due <br />Diligence Review (Review) to determine the unobligated balances available for transfer to taxing <br />entities. The low and moderate income housing fund is the first of two such reviews to be <br />performed. The Review must be submitted to the Oversight Board for their review and approval. <br />In addition, it must be submitted to the County Auditor-Controller's Office, State Controller's <br />Office and the Department of Finance (DOF). <br />AB 1484 also requires that the Oversight Board hold a public comment session at least five <br />business days prior to holding an approval vote. The request to approve the Review will take <br />place at the Oversight Board meeting on Tuesday, October 9, 2012. which will comply with <br />Health and Safety Code 34179.6(b). At that time, the Oversight Board shall consider any <br />opinions provided by the County Auditor-Controller regarding the Review, if received. <br />After Oversight Board approval of the Review, it will be submitted to the DOF and County <br />Auditor-Controller for the final determination of the amount to be disbursed. DOF must complete <br />its determination by November 9, 2012. If there are any items in dispute, the Successor Agency <br />will have the opportunity to request a Meet and Confer with DOF. <br />FISCAL IMPACT <br />There is no fiscal impact associated with this action. <br />"h " W_ r-'? &&)aZ42 <br />Nancy T. Ed rds <br />Interim Exec ve Director <br />Community Development Agency <br />NTE/SLB/kg <br />Exhibit: 1. Due Diligence Review <br />2-1