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Roles and Responsibilities Report AGENDA ITEM Town or Tr�cE 0� MEETING DATE: March 22, 2012 TO: Truckee Successor Agency Oversight Board FROM: Dennis Crabb, Town Attorney SUBJECT: Successor Agency — Roles and Re ons es Report APPROVED B '!( Alex Terrazas Successor Agency Oversight Board Staff RECOMMENDATION Receive and File Report. DISCUSSION: AB 26 X, which abolished the Truckee Redevelopment Agency (and all others in California), established a multi - layered process for winding down the business of redevelopment. The first steps in that process is the creation of a Successor Agency to the dissolved Redevelopment Agency. The Successor Agency is a separate legal entity from the town. It's Board of Trustees, however is the Town Council Members, and Town Staff provides support of the Successor Agency Board. The costs of that support and staff support of the Oversight Board are paid for by and from a separate financial system funded by monies allocated for that purpose by AB 26X. In summary, the duties and responsibilities of the Successor Agency are to wind down the affairs of the dissolved Redevelopment Agency. The Successor Agency takes possession of all property and accounts of the Redevelopment Agency, paying the bills for services necessary to complete the wind down, completing performance of the outstanding contracted obligations of the Redevelopment Agency, and deciding how to expend and /or distribute to the other taxing agencies the monies which remain after all obligations are satisfied. The Successor Agency Board expects to approve an annual work plan; have an administrative budget approved annually, and approve reportable obligations schedules (ROPS) every six months until the wind down is complete. All of these actions are subject to the review and approval of the Oversight Board. The Oversight Board is by statute, charged with recognizing the interests of bond holders and the general public interest, as well as the interests of the individual agencies represented on the Oversight Board in making its decisions. Once the wind down is complete, the property taxes once treated as tax increment for Redevelopment progress will be distributed to the various tax agencies, presumably on the same formula as property taxes generally. That, however, is currently the subject of dispute due to ambiguities in the language of AB26X. AB26X says that all Oversight Boards within a county will be consolidated into a single board by 2016. The goal from staff's point of view is to have all Truckee activities other than ongoing bond payments completed by that date. At that time, the only functions remaining would be the Page 1 of 2 AGENDA ITEM bookkeeping and financial reporting then required by the state. FISCAL IMPACT: None at this time. PUBLIC COMMUNICATIONS: Agenda posting. ATTACHMENTS: None. Page 2 of 2