TITLE:
title
ADOPT RESOLUTION APPROVING RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR FISCAL YEAR 2020-2021 FOR THE PERIOD OF JULY 1, 2022 TO JUNE 30, 2023
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DEPARTMENT: FINANCE DEPARTMENT
PRESENTED BY: CAROL MOLINA, FINANCE DIRECTOR
CONTACT INFORMATION: CAROL MOLINA, FINANCE DIRECTOR, (714) 754-5243
RECOMMENDATION:
recommendation
Adopt Successor Agency Resolution No. 2022-xx approving the Recognized Obligation Payment Schedule for Fiscal Year 2022-23 for the period of July 1, 2022 to June 30, 2023.
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BACKGROUND:
As of February 1, 2012, all California redevelopment agencies were dissolved. The Successor Agency to the Costa Mesa Redevelopment Agency (Successor Agency) is performing its functions under Division 24, Parts 1.8 and 1.85 of the Health and Safety Code, as amended by Assembly Bill 1484 and other subsequent legislation (together as amended, the "Dissolution Law"), to administer the enforceable obligations and unwind the affairs of the former Agency.
One of the enforceable obligations is the $9.3 million loan from the City's General Fund to the former Redevelopment Agency. Upon dissolution, the State Department of Finance (DOF) initially disapproved the loan repayment to the General Fund. Staff and the Agency's legal counsel met with DOF numerous times and provided extensive documentation showing that the loan was originally established within two years of the former Agency's formation and evidenced through a series of promissory notes. In May 2014, DOF approved the reinstatement of the Successor Agency's loan and allowed the annual loan repayment be placed on the Recognized Obligation Payment Schedules (ROPS), subject to annual approval by the oversight board and DOF.
At previous meetings of the Successor Agency, under the Dissolution Law, all prior ROPS were approved and thereafter submitted to the local oversight board, then to the DOF, and ultimately approved with modifications. As of July 1, 2018; the Orange Countywide Oversight Bo...
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