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Home My WebLink About14-13 (Amended Town Center Housing Deficit Red. Plan Repayment Sch.)OVERSIGHT BOARD RESOLUTION NO. 14 -13 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY RECONSIDERING AND 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 former Tustin Community Redevelopment Agency ( "Agency ") was a community redevelopment agency previously organized and existing under the California Community Redevelopment Law, Health and Safety Code Sections 33000, et seq. ( "CRL ") and prior to its dissolution was authorized to transact business and exercise the powers of a redevelopment agency pursuant to action of the City Council ( "City Council ") of the City of Tustin ( "City "); and B. The City of Tustin is a municipal corporation of the State of California; and C. Assembly Bill X1 26 added Parts 1.8 and 1.85 to Division 24 of the California Health and Safety Code, which laws cause the dissolution and wind down of all redevelopment agencies ( "Dissolution Law "); and D. On December 29, 2011, in the petition California Redevelopment Association, et al v. Ana Matosantos, et al ( "Matosantos Decision "), the California Supreme Court upheld the Dissolution Act and thereby all redevelopment agencies in California were dissolved as of and on February 1, 2012 under the dates in the Dissolution Act that were reformed and extended thereby ( "Supreme Court Decision "); and E. As of February 1, 2012, the former Agency was dissolved pursuant to the Dissolution Laws 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 F. 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 G. Pursuant to Section 34179, the Successor Agency's Oversight Board has been formed and the initial meeting occurred on March 13, 2012; and H. Section 34179(e), as amended by Assembly Bill 1484 ( "AB 1484 "), requires all actions taken by the Oversight Board to be adopted by resolution; and Oversight Board Resolution 14 -13 Page 1 of 4 I. Section 34177(a) permits the Successor Agency to make payments due for enforceable obligations; and J. 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 K. 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 L. 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 M. 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 N. The dissolution of Redevelopment made it necessary to schedule repayment prior to 2013 -14; and O. 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 P. 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 O. 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 R. On April 24, 2014, the Superior Court, County of Sacramento issued its ruling in the Petition Case No. 34- 2013 - 80001623 under which a Writ mandated the State Department of Finance ( "DoF") to issue the Successor Agency its Finding of Completion, nunc pro tunc as of May 15, 2013; and S. On April 29, 2014, the Oversight Board adopted Oversight Board Resolution No. 14- 09, approving the amended Housing Deficit Plan and determined submission to DoF was 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; and Oversight Board Resolution 14 -13 Page 2 of 4 T. On May 14, 2014, DoF did not approve Oversight Board Resolution No. 14 -09, citing Section 34189, which in their opinion rendered the obligation inoperative; and U. The Oversight Board has reconsidered the Housing Deficit Plan and has determined the obligations are enforceable as defined under Sections 34171(d)(1)(G), 34176(e)(6) and 34191.4(b)(2)(A); and V. The Oversight Board has determined reaffirming and re- ratifying the previously approved Housing Deficit Plan and submission to DoF is in the best interest of the City and 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: Section 1. The foregoing recitals are incorporated into this Resolution by this reference, and constitute a material part of this Resolution. Section 2. The Oversight Board, in reconsideration, reaffirms and ratifies the previously approved Housing Deficit Plan, in accordance with Sections 34171(d)(1)(G), 34176(e)(6) and 34191.4(b)(2)(A), attached hereto as Attachment No. 1 and incorporated herein, and further authorizes the Successor Agency to transmit this Resolution to the State Department of Finance ( "DoF"). Section 3. The Executive Director of the Successor Agency or his authorized designee is directed to post this Resolution on the City /Successor Agency website. Section 4. 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 Assembly Bill No. 1484. 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 5. The Secretary of the Oversight Board shall certify to the adoption of this Resolution. APPROVED AND ADOPTED this 24th day,of June, 2014. Doug Dav, Chairman Oversight qbard of the Successor Agency to the Tustin LCommunity Redevelopment Agency Oversight Board Resolution 14 -13 Page 3 of 4 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 -13 was duly passed and adopted at a regular meeting of the Oversight Board, held on the 2e day of June, 2014, by the following vote: BOARD MEMBER AYES: Davert Fitzsimons Bernstein Puckett, Soria, West (6) BOARD MEMBER NOES: None (0 ) BOARD MEMBER ABSTAINED: None (0 ) BOARD MEMBER ABSENT: Nielsen (1 ) zj 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 -13 Page 4 of 4 0 m ATTACHMENT NO. 1 TOWN CENTER HOUSING DEFICIT REDUCTION PLAN REPAYMENT SCHEDULE ROPS 14 -15A I July — Dec 2014