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Home My WebLink About14-09 (Amended Town Center Housing Deficit Red. Plan Repayment Sch.)OVERSIGHT BOARD RESOLUTION NO. 14 -09 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE AMENDED TOWN CENTER HOUSING DEFICIT REDUCTION PLAN REPAYMENT SCHEDULE The Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency finds, determines and declares as follows: A. The City of Tustin ( "City ") is a municipal corporation organized and operating under the laws of the State of California; and B. The Successor Agency is a public body corporate and politic, organized and operating under Parts 1.8 and 1.85 of Division 24 of the California Health and Safety Code, and the successor the former Tustin Community Redevelopment Agency ( "former Agency ") that was previously a community redevelopment agency organized and existing pursuant to the Community Redevelopment Law, Health and Safety Code Section 33000, et seq. ( "CRL "); and C. Assembly Bill x1 26 ( "AB x1 26 ") added Parts 1.8 and 1.85 to Division 24 of the California Health & Safety Code and which laws were modified, in part, and determined constitutional by the California Supreme Court in the petition California Redevelopment Association, et al. v. Ana Matosantos, et a/., Case No. S194861, which laws and court opinion caused the dissolution of all redevelopment agencies and winding down of the affairs of former redevelopment agencies; thereafter, such laws were amended further by Assembly Bill 1484 and subsequent legislation (together AB x126, the Matosantos Decision, and subsequent legislation are referred to as the "Dissolution Law"). All statutory references herein are to the Health and Safety Code of the Dissolution Laws unless otherwise stated; and D. As of February 1, 2012 the former Agency was dissolved pursuant to the Dissolution Law and as a separate public entity, corporate and politic the Successor Agency administers the enforceable obligations of the former Agency and otherwise unwinds the former Agency's affairs, all subject to the review and approval by a seven - member oversight board ( "Oversight Board "); and E. Section 34179 provides that the Oversight Board has fiduciary responsibilities to holders of enforceable obligations and the affected taxing entities that benefit from distributions of property tax and other revenues pursuant to Section 34188 of Part 1.85 of the Dissolution Laws; and F. Section 34177(a) permits the Successor Agency to make payments due for enforceable obligations; and Oversight Board Resolution 14 -09 Page 1 of 4 G. Section 34177(1) requires the Successor Agency to prepare a Recognized Obligation Payment Schedule ('BOPS') before each six -month fiscal period that lists its Enforceable Obligations; and H. Section 34171(d)(1)(G) defines funds borrowed from the Low and Moderate Income Housing Fund of a redevelopment agency, which had been deferred, as an enforceable obligation, provided the repayment schedule has been approved by the Oversight Board; and 1. From Fiscal Years 1986/87 to 1992/93, $2,776,042 in Low and Moderate Income Housing Funds were deferred from the Town Center Redevelopment Project Area pursuant to California Redevelopment Law; and J. On May 1, 2000, the former Agency adopted Resolution No. RDA 00 -4, approving the Town Center Housing Deficit Reduction Plan ( "Housing Deficit Plan "), which projected the first payments occurring in 2013 -14; and K. The dissolution of Redevelopment made it necessary to schedule repayment prior to 2013 -14; and L. On May 29, 2012, the Oversight Board reaffirmed the Housing Deficit Plan repayment schedule and amounts which were approved by DoF and the Successor Agency received repayment during the distribution of Redevelopment Property Tax Trust Funds from the Orange County Auditor - Controller as listed on the Second Amended First ROPS and First Amended Second ROPS; and M. On February 25, 2012, the Oversight Board adopted Oversight Board Resolution No. 14 -05, approving ROPS 14 -15A, including the final payment of $976,042 against the Housing Deficit Plan; and N. On April 11, 2014, DoF did not approve the final payment, stating the Successor Agency did not have a Finding of Completion and the schedule needs to be approved by the Oversight Board; and O. The Superior Court, County of Sacramento has issued its ruling in the Petition Case No. 34- 2013 - 80001623 under which a Writ will mandate the State Department of Finance ( "DoF ") to issue the Successor Agency its Finding of Completion, which is expected to be issued nunc pro tunc as of May 2013; and P. In light of the pending Finding, the Oversight Board has determined amending and approving the previously approved Housing Deficit Plan repayment schedule is in the best interest of the City and Successor Agency and in the health, safety, and welfare of its residents, and in accord with the public purposes and provisions of applicable state and local laws and requirements. NOW, THEREFORE, BE IT RESOLVED BY A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY: Oversight Board Resolution 14 -09 Page 2 of 4 a Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. Section 2. Pursuant to Section 34171(d)(1)(G) of the Dissolution Law, the Oversight Board reaffirms the previously approved repayment schedule and approves the amended repayment schedule for the Housing Deficit Plan included hereto as Attachment No. 1 and incorporated herein. Section 3. The Oversight Board authorizes the Successor Agency to transmit this Resolution to the DoF. Section 4. The Executive Director of the Successor Agency or his authorized designee is directed to post this Resolution on the City /Successor Agency website. Section 5. This Resolution shall be effective after transmittal of this Resolution to DoF and the expiration of five (5) business days pending a request for review by DoF within the time periods set forth in the Dissolution Law. In this request, if DoF requests review hereof, it will have 40 days from the date of its request to approve this Oversight Board action or return it to the Oversight Board for reconsideration and the action, if subject to review by DoF, will not be effective until approved by DoF. Section 6. The Secretary of the Oversight Board shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 29th day of April, 2014. t1 n Doug Dav Oversight the Tustin ATTEST: -- AC Charles E. "Chuck" Puckett, Secretary Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency Oversight Board Resolution 14 -09 Page 3 of 4 iii'fi Tip. of the Successor Agency to iunity Redevelopment Agency STATE OF CALIFORNIA ) COUNTY OF ORANGE )SS CITY OF TUSTIN ) I, CHARLES E. "CHUCK' PUCKETT, Secretary of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency, do hereby certify that the whole number of the members of the Agency Board is seven; that the above and foregoing Resolution No. 14 -09 was duly passed and adopted at a regular meeting of the Oversight Board, held on the 29th day of April, 2014, by the following vote: BOARD MEMBER AYES: Davert, Fitzsimons, Bernstein, Soria Wocr (5) BOARD MEMBER NOES: None (0) BOARD MEMBER ABSTAINED: None (0) BOARD MEMBER ABSENT: Nielsen, Puckett (2) 10JI � � Charles E. "Chuck" Puckett, Secretary Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency Attachment No. 1 — Town Center Housing Deficit Reduction Plan Repayment Schedule Oversight Board Resolution 14 -09 Page 4 of 4 ATTACHMENT NO. 1 TOWN CENTER HOUSING DEFICIT REDUCTION PLAN REPAYMENT SCHEDULE 14 -15A I July — Dec 2014