HomeMy WebLinkAbout14-Successor Agency.pdf 05-10 (002)pAIY VILLE
FY 19/20 FY 20/21 FY 20/21 FY 21/22
PROGRAMS Actual Adopted Adjusted Recommended
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Successor Agency $ 1,181,014 $ 1,179,212 $ 1,182,302 $ 1,174,714
TOTAL $ 1,184,184 $ 1,179,212 $ 1,182,302 $ 1,174,714
FUNDING____
Successor Agency RPTTF
TOTAL
$ 1,184,184 $ 1,179,212 $ 1,182,302 $ 1,174,714
$ 1,184,184 $ 1,179,212 $ 1,182,302 $ 1,174,714
PROGRAM DESCRIPTION
The Danville Community Development (Redevelopment) Agency (CDA) was
established in 1986, in accordance with state -enacted Redevelopment Law, and
was responsible for carrying out the goals of the 1986 Redevelopment Plan.
Implementation of those goals assisted private property owners and businesses,
spurred private re -investment in the project area and reduced or eliminated
blighted conditions that existed when the Agency was established.
In 2011, the State enacted ABx1 26, which eliminated redevelopment. Effective
February 1, 2012, the CDA was dissolved and all assets were transferred to the Town,
acting as the Successor Agency for the former CDA. The role of the Successor Agency
is to wind down the affairs of the former CDA. This wind down process initially
required the biannual preparation of a Recognized Obligation Payment Schedule
(BOPS), listing all of the ongoing obligations of the former CDA. Each BOPS had to be
submitted to, and approved by, the Successor Agency's Oversight Board, the County
Auditor -Controller and the State Department of Finance. Approval of each ROPS
allowed the Successor Agency to receive Redevelopment Property Tax Trust Fund
(RPTTF) funds in an amount equal to the obligations contained on the approved
BOPS. The law also required the Successor Agency to identify and dispose of all
assets.
In April 2017, the State Department of Finance approved the Last and Final ROPS for
the Successor Agency. This approval established the precise amount of each RPTTF
payment due to the Successor Agency until all of its obligations are retired in 2035.
The Successor Agency also completed disposition of all assets in 2017. Taken
together, these steps eliminated the need for the Oversight Board and the
preparation of any further BOPS.
HIGHLIGHTS
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RPTTF revenues are projected to fully fund all 2021/22 Enforceable Obligations
included on the Last and Final ROPs filed with the State. This includes:
❖ Debt service payments associated with the 2001 and 2005 Certificates of
Participation (to be retired in 2026 and 2035).
❖ Debt service payments associated with the 2001 Taxable Revenue Bonds (to
be retired in 2028).
❖ Repayment of the outstanding $5.06 million debt to the Town under the
2011 Re-entered Cooperation Agreement between the former CDA and the
Town (to be retired in 2026).
❖ Allowable administrative costs.
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