HomeMy WebLinkAboutPCDSA Resolution 2012-05 12/3/2012 Resolution No. 2012-05
of the Petaluma Community Development
Successor.Agency
ACCEPTING THE DUE DILIGENCE REVIEW OF THE NON AFFORDABLE HOUSING
FUNDS PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5
WHEREAS, Assembly Bill ABx1 26 (ABx1 26) was enacted by the State Legislature
and signed by the Governor as of June 29, 2011; and,
WHEREAS, ABx1 26 dissolved redevelopment agencies, including the former
Petaluma Community Development Commission (PCDC), effective February 1, 2012; and,
WHEREAS, pursuant to California Health and Safety Code § 34173(d), the City of
Petaluma elected to serve as the successor agency to the PCDC by City Council Resolution
No. 2012-007 adopted on January 9, 2012, and has been serving in this capacity following
PCDC dissolution on February 1, 2012; and,
WHEREAS, pursuant to Assembly Bill 1484 enacted on June 27, 2012, the City
Council of Petaluma on August 6, 2012, established and acknowledged the "Petaluma
Community Development Successor Agency"(PCDSA) as the successor agency to the former
PCDC, separate and distinct from the City of Petaluma, and to provide for its governance;
and,
WHEREAS, California Health and Safety Code section §34179.5 requires each
successor agency to employ a licensed accountant, approved by the county auditor-
controller, to conduct a due diligence review to determine the unobligated balances in the
low and moderate income housing fund and the other funds and accounts of its former
redevelopment that are available for transfer to taxing entities; and,
WHEREAS, the PCDSA has contracted with Pun & McGeady, LLP, Certified Public
Accountants, to complete the due diligence review of the former PCDC Non-housing Funds
by December 15, 2012; and,
WHEREAS, the Sonoma County Auditor-Controller has approved Pun & McGeady,
LLP for the purpose of undertaking such due diligence review; and,
WHEREAS, the Successor Agency has reviewed the results of the Non-housing Fund
Due Diligence Review.
NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development
Successor Agency that the above recitals and findings are adopted as part of this resolution
and are true and that it hereby:
1. Accepts the Non-housing Fund Due Diligence Review of the former PCDC Non-
housing Fund balances as performed by Pun & McGeady, LLP
PCDSA Resolution No.2012-OS Page 1
2. Directs the Executive Director of the Successor Agency, or his designees to transmit
a copy of the Non-housing Fund Due Diligence Review to the Oversight Board, the
County auditor-controller, the State Controller and the Department. of Finance
pursuant to Health and Safety Code Section 34179.5
It is hereby certified that the foregoing Resolution No. 2012-05 was duly introduced and
adopted by the Petaluma Community Development Successor Agency at a regular meeting
held on the 3rd day of December, by the following vote:
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted Approved as to
by the.Petaluma Community Development Successor Agency at a foreitt n
Regular meeting on the 3rd day of December,2012, by the following (/�!�J�x�
vote:
General Counsel
AYES: Albertson, Barrett,Glass,Harris, Healy, Kearney, Renee
NOES: None
ABSENT: None
ABSTAIN: None//��cocc/� � //// ,,
ATTEST: �t: / _ ���•
Recording Secretary Chair
PCDSA Resolution No. 2012-05 Page 2