AGENDA_2012-12-21_SPECIAL MEETING

Home Browse Search

Ms. Susan Gorospe December 15, 2.012 Page 2 mature until September 2031 and therefore currently unavailable. Finance has made the appropriate adjustments to reflect this information. The Agency's request to retain balances needed to satisfy enforceable obligations through June 2013 in the amount of $30,593,530 Is based on the total of all outstanding obligations. After further review, it was determined that the approved amount was incorrectly calculated. Based on the recalculation, Finance approves the retention of $200,000, as this amount was identified on the Recognized Obligation Payment Schedule for the period of January through June 2013; therefore, the remaining amount, $30,393,530 is denied. The Agency's LMIHF revised balance available for distribution to the affected taxing entities is $56,035,501 (see table below). LMIHF Balances Available For Dlstributlon To Taxing Entities Available Balance per DDR: $ - Fnance Adjustments Add: Disallowed transfers $ 25,641,971 Requested retained balance not supported 30,393,530 Total LMIHF available to be distributed: $ 56,035,501 This is Finance's final determination of the LMIHF balances available for distribution to the taxing entities. HSC section 34179.6 (f) requires successor agencies to transmit to the county auditor - controller the amount of funds identified in the above table within five working days, plus any interest those sums accumulated while in the possession of the recipient. if funds identified for transmission are in the possession of the successor agency, and if the successor agency is operated by the city or county that created the former redevelopment agency, then failure to transmit the identified funds may result in offsets to the city's or the county's sales and use tax allocation, as well as its property tax allocation. If funds identified for transmission are in the possession of another taxing entity, the successor agency is required to take diligent efforts to recover such funds. A failure to recover and remit those funds may result in offsets to the other taxing entity's sales and use tax allocation or to its property tax allocation. If funds Identified for transmission are in the possession of a private entity, HSC 34179.6 (h) (1) (B) states that any remittance related to unallowable transfers to a private party may also be subject to a 10 percent penalty if not remitted within 60 days. Failure to transmit the identified funds will also prevent the Agency from being able to receive a finding of completion from Finance. 'Without a finding of completion, the Agency will be unable to take advantage of the provisions detailed in HSC section 34191.4. Specifically, these provisions allow certain loan agreements between the former redevelopment agency (RDA) and the city, county, or city and county that created the RDA to be considered enforceable obligations. These provisions also allow certain bond proceeds to be used for the purposes in which they were sold and allows for the transfer of real property and interests into the Community Redevelopment Property Trust Fund once Finance approves the Agency's long - range property management plan.