pages: SuccessorAgencyOversightBoard/2012-04-02.pdf, 2
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SuccessorAgencyOversightBoard | 2012-04-02 | 2 | Annual Meeting of SA-OB April 2, 2012 Page 2 5. SELECT CHAIR and VICE CHAIR: Motion/Second (Potter/Chan) nominated Russo as Chair. Motion unanimous. Motion/Second (Chan/Potter) nominated Biggs as Vice-Chair. Motion unanimous. 6. IDENTIFY POINT OF CONTACT FOR DEPARTMENT OF FINANCE (DOF): Staff Kern provided an explanation of the timelines and requirements for reporting to the DOF pursuant to ABX126. Potter is the Oversight Board point of contact for the DOF. 7. OVERVIEW OF ABX1 26 and HOW THE "WATERFALL" OF REVENUE WORKS IN ALAMEDA: Review of Assembly Bill No. 26 (handout), Kern explained the process for distribution of former tax increment funds to the taxing entities. Discussion about how that process affects the taxing entities represented on the Board. 8. ADOPT RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) and NOTIFY THE DEPARTMENT OF FINANCE: The Summary of Enforceable Obligations (handout) was provided as an overview for discussion. ABX126 provides that every County will establish a Redevelopment Trust Fund for each Successor Agency. Former tax increment funds will be deposited into the Trust Fund and distributed as follows: A.) county administration costs, B.) pass-through to taxing entities, C.) enforceable obligations, D.) Successor Agency administration expenses, and E.) any remaining funds to the taxing entities. The ROPS is approved every six months and funds are distributed according to the "waterfall" every six months. Board reviewed the ROPS item-by-item and discussed, all items were approved. Motion/Second (Ortiz/VC-Biggs) and unanimous to submit to the DOF an uncertified ROPS by April 15, 2012. 9. SET NEXT SPECIAL MEETING: May 3, 2012 approved as the next meeting. Motion/Second (Russo, Potter) and unanimous. 10. PUBLIC COMMENT: Taken out of order Mr. Matthew Fitzgerald addressed the Board to thank the Board in person, for all the work being done to construct Jack Capon Villa on Lincoln Avenue. 11. ADJOURNMENT: Meeting was adjourned by Chair at 9:05 p.m. Respectfully submitted, D.Brun Susie Brown Secretary | SuccessorAgencyOversightBoard/2012-04-02.pdf |