HdL COREN & CONE ("HdLCC")-2016 - Laserfiche WebLink

Home Browse Search

Successor Agency Services including but not limited to: S Tax increment projections for each former Project Area • Cash flow estimates for the Successor Agency by Project Area • Assistance in providing property tax information for the taxing agencies receiving property tax revenues from former Project Areas Estimates of property tax revenues to be received by the taxing entities from former Project Areas Provide property tax information to the Oversight Board at the direction of the Successor Agency • Monitor the County distribution of Redevelopment Property Tax Trust Fund (RPTTF) revenues, tax -sharing amounts to the City and taxing entities of the former redevelopment agency and allocation of residual revenues • Coordinate with the Auditor -Controller the relationship between the tax -sharing, debt service and other obligations of former redevelopment agency • Prepare, as needed, an assessment of resources available to the Successor Agency to meet the long term obligations of the former redevelopment agency including bonded indebtedness, SERAF/ERAF loan repayment and City loan repayment. Prior to their dissolution, redevelopment agencies were the major beneficiaries of the $80 million Hdl_CC audit revenue recovered because most of the corrections involved the miscoding of parcels in a city's general fund that belonged in a redevelopment project area, and because all of the tax increment revenue went to the former redevelopment agency. Recoveries for successor agencies offer limited advantages to their cities. Audit recoveries provide the successor agency additional revenue to wind down their obligations more quickly, and may add to the residual distribution for all the taxing entities in project areas. The City, like the other taxing entities, would receive its share (approximately 20% for Santa Ana) of any residual revenue payments after Redevelopment Obligation Payments (ROPE) have been satisfied. School districts would Page 1 13