City of Inglewood Oversight Board
Duties of the Oversight Board
Assembly Bills 26 and 1484 require that each Successor Agency to a former redevelopment agency create an Oversight Board. The Oversight Board was formed pursuant to California Assembly Bill x 1 26, which dissolved all development agencies in the State of California. The Oversight Board has a fiduciary responsibility to holders of enforceable obligations and taxing entities that benefit from the distributions of property taxes. The Oversight Board will oversee the winding down process of the former Inglewood Redevelopment Agency which includes the responsibility of reviewing and approving the following Successor Agency Actions as outlined in Health & Safety Code Section 34180.
- The establishment of new repayment terms for outstanding loans where the terms have not been specified prior to June 28, 2011.
- The issuance of bonds or other indebtedness ( to reduce current interests).
- Setting aside of amounts in reserves as required by indentures, trust indentures or similar documents governing the issuance of outstanding redevelopment agency bonds.
- The merging of project areas.
- Continuing the acceptance of federal or state grants, or to her forms of financial assistance from either public or private sources, where assistance is conditioned upon the provision of matching funds, but the Successor Agency in an amount greater than 5 percent
- If city chooses to retain any properties or other assets for future redevelopment activities, funded from its own funds and under its own auspices, it must reach a compensation agreement with the other taxiing entities to provide payment t them in proposition to their shares of the base property tax for the value of the retained property.
- The Recognized Obligation Payment Schedules
- Agreements between the Successor Agency and the City that formed the RDA that it is succeeding.
- Request by Successor Agency or taxing entity to pledge or enter into an agreement for the pledge of property tax revenues.
The Oversight Board is also required to direct the Successor Agency to do the following as required under Health & Safety Code Section 34181.
- Dispose of assets and properties of the Former Redevelopment Agency
- Cease performance in connection with and terminate all existing agreements that do not qualify as enforceable obligations.
- Transfer the Housing assets to the Housing Successor Agency.
- Terminate any agreement between the dissolved Redevelopment agency and a public entity where the oversight board has found that early termination would be in the best interests of the taxing entities.
- Determine whether any contracts, agreements or other arrangements between the dissolved Redevelopment Agency and any private parties should be terminated or renegotiated to reduce liabilities and increase net revenues to the taxing entities. The Oversight Board may approve early termination or amendments to the agreements.
Assembly Bill 1x 26 calls for the creation of the Oversight Board to be in place until July 1, 2016, at which time, it is anticipated that only one Oversight Board will serve each County within the State. Assembly Bill 1 x 26 also calls for the creation of the Oversight Board for each Successor Agency to be comprised of seven members that are made up of the following:
- 2 appointed by the mayor; 1 must represent the recognized employee organization representing the largest number of former agency employees;
- 3 appointed by the County Board of Supervisors (2 at large and 1 appointed by the largest special taxing district in the former agency);
- 1 appointed by the County School Superintendent; and
- 1 appointed by the Community College Chancellor.
The Los Angeles County Chief Executive Office and the Economic and Community Development Department Successor Agency division provides administrative support for the Oversight Board.