HomeMy WebLinkAboutOSB Resolution 2012-03 04/25/2012 Resolution No. 2012-03
Petaluma Oversight Board to the
Successor Agency of the Former
Petaluma Community Development.Commission
RESOLUTION OF THE OVERSIGHT BOARD FORMED PURSUANT TO HEALTH
AND SAFETY CODE SECTION 34179 TO OVERSEE THE SUCCESSOR AGENCY
OF THE FORMER PETALUMA COMMUNITY DEVELOPMENT COMMISSION (PCDC),
APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE AND THE
SUCCESSOR AGENCY ADMINISTRATIVE BUDGET FOR THE PERIOD ENDING
JUNE 30, 2012; AND MAKING RELATED FINDINGS AND DETERMINATIONS AND
TAKING RELATED ACTIONS IN CONNECTION THEREWITH
WHEREAS, on December 29, 2011, the California Supreme Court delivered its
decision in California Redevelopment Association v. Matosantos, finding ABX1 26 (the
"Dissolution Act") largely constitutional; and,
WHEREAS, under ABx1 26 (the "Dissolution Act") and the California Supreme
Court's decision in California Redevelopment Association v. Matosantos, all California
redevelopment agencies, including the Petaluma Community Development Commission
(the "former PCDC "),were dissolved on February 1, 2012; and,
WHEREAS, on January 9, 2012 by Resolution No. 2012-007 N.C.S., the City Council
elected that the City of Petaluma serve as the Successor Agency of the former PCDC, subject
to all limitations, conditions and qualifications stated in that resolution; and,
WHEREAS, under the Dissolution Act, the City in its capacity as Successor Agency
must prepare a "Recognized Obligation Payment Schedule" ("ROPS") that enumerates the
enforceable obligations and expenses of the Successor Agency for the six-month period
ending June 30, 2012; and,
WHEREAS, on April 16, 2012, the City Council approved the ROPS for the six-month
period ending June 30, 2012 for the Successor Agency; and,
WHEREAS, under the Dissolution Act, the ROPS must be approved by the Oversight
Board to enable the City, acting as the Successor Agency, to continue to make payments on
enforceable obligations of the former PCDC; and,
WHEREAS, pursuant to the Dissolution Act, the duly-constituted Oversight Board to
the Successor Agency met at a duly-noticed public meeting on April 25, 2012 to select a
chair and carry out certain other administrative tasks, and to obtain an overview of the
Dissolution Act and the ROPS, including the Successor Agency Administrative Budget,
consider obligations listed on the ROPS, and consider approval of the ROPS; and,
WHEREAS, after reviewing the ROPS, including the Administrative Budget,
presented to and recommended for approval to the Oversight Board by Successor Agency
Resolution No. 2012-03 Page 1
staff; and considering the related recommendations of Successor Agency staff with respect
to authorization for continuing specified agreements and/or related obligations and
programs, including agreements and related obligations and programs, if any, that may be
declared invalid under the Dissolution Act, and authorization concerning entering into such
further agreements or amendments as are necessary to implement the recognized
obligations in the ROPS; and after considering any written and oral comments from the
public relating thereto.
NOW, THEREFORE, BE IT RESOLVED that the Oversight Board, formed pursuant to
California Health and Safety Code Section 34179 to oversee the Successor Agency for the
former PCDC, hereby finds, resolves, and determines as follows:
1. The foregoing recitals are true and correct.
2. The Oversight Board hereby approves the ROPS, including the Successor
Agency Administrative Budget, in the form presented to the Oversight Board
and attached hereto as Attachment A, including the agreements and
obligations described in the ROPS, and hereby determines that such
agreements and obligations constitute "enforceable obligations" or
"recognized obligations" for all purposes of the Dissolution Act. In
connection with such approval, the Oversight Board makes the specific
findings set forth below.
3. The Oversight Board hereby determines that none of the agreements or
obligations of the former PCDC with private parties (listed as Items 8-10 and
19-22 on Form A on the ROPS and Items 1, 3-4, 6-9; and 11-17 on Form B on
the ROPS) should be terminated or renegotiated to reduce liabilities and
increase net revenues to the taxing entities. Pursuant to Health and Safety
Code 34181(e), the Oversight Board hereby finds that there is insufficient
evidence that amendment or early termination of such private agreements
would be in the best interests of the taxing entities, and further finds that the
continuation of such agreements would further the fiduciary responsibilities
of the Oversight Board to the holders of enforceable obligations.
4. Pursuant to Health and Safety Code Section 34181(d), the Oversight Board
has considered whether to terminate agreements of the PCDC or the City
utilizing former PCDC funds and any public entity,located in the same county,
obligating the former PCDC to provide funding for the construction or
operation of facilities owned or operated by such public entity. These
agreements are listed as Items 16-18, and 23 on Form A of the ROPS and
Items.2, 5, 10, 18, and 19 on Form B on the ROPS. The Oversight Board
hereby determines that there is insufficient evidence that termination of such
public entity agreements would be in the best interests of the taxing entities,
and that the continuation of such agreements would further the fiduciary
responsibilities of the Oversight Board to the holders of enforceable
obligations. The Oversight Board further finds that the ongoing performance
of these public agreements will allow the completion of critical infrastructure
that supports both countywide and city traffic and/or pedestrian circulation
needs, provides critical support to the region's low-income population,
and/or supports the remediation of contaminated properties in the former
Resolution No. 2012-03 Page 2
PCDC's redevelopment project areas, and will benefit taxing entities in the
areas by increasing property values in those areas into the future.
5. Pursuant to Health and Safety Code Sections 34178(a) and 34180(h), the
Oversight Board has considered the request of the Successor Agency that, in
the event that the Cooperative Agreement between the City of Petaluma and
the former PCDC dated January 31, 2011 is determined by the State
Department of Finance to be invalid, the programs and obligations contained
in such agreement should be authorized to continue for the purpose of
funding the items listed as Items 12-15 and 24 on Form A of the ROPS. The
Oversight Board determines that the continuation of the Cooperative
Agreement, and/or of the obligations and programs thereunder would be in
the best interest of the taxing entities. The Oversight Board further finds that
the ongoing performance of such public agreements, obligations and/or
programs will decrease or eliminate adverse conditions in the former PCDC's
redevelopment project areas that hinder private investment in those areas,
and will benefit taxing entities by increasing property values in those areas
into the future. The Oversight Board also finds that the ongoing performance
of such agreements, obligations, and/or programs will provide significant
indirect benefits to the taxing entities, including, but not limited to, providing
needed economic development and affordable housing programs, which will
increase local property tax revenues and reduce required services needed by
low-income populations in the former project area. Accordingly, the
Oversight Board hereby authorizes and directs that the 2011 Cooperative
Agreement and/or the programs and obligations there under shall continue,
and that the Successor Agency shall take any and all steps as may be
necessary to effectuate the intent of the, 2011 Cooperative Agreement and
the obligations and programs thereunder.
6. The Oversight Board has examined the remaining items contained on the
ROPS and finds that each of them is necessary for the continued maintenance
and preservation of property owned by the Successor Agency until
disposition and liquidation, the continued administration of the ongoing
agreements herein approved by the Oversight Board, or the expeditious
wind-down of the affairs of the former PCDC by the Successor Agency.
7. The Successor Agency is authorized and directed to enter into any
agreements and amendments to agreements necessary to memorialize and
implement the specific agreements and obligations in the ROPS and herein
approved by the Oversight Board.
8. The Oversight Board authorizes the Successor Agency, pursuant to Health
and Safety Code Section 34180(e), to continue the acceptance of public
financial assistance for Items 16 and 18 on Form A of the ROPS,
notwithstanding that such assistance is conditioned upon the provision of
matching funds in an amount greater than five percent.,
Resolution No.2012-03 Page 3
9. The Oversight Board authorizes and directs the Successor Agency staff to
take all actions necessary under the Dissolution Act to post the ROPS on the
Successor Agency website, transmit the ROPS to the Auditor-Controller of the
County of Sonoma and to the State Controller and the State Department of
Finance, and to take any other actions necessary to ensure the validity of the
ROPS or the validity of any enforceable obligation or other agreement
approved by the Oversight Board in this Resolution.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Petaluma Oversight Board to the Successor
Agency of the Former Petaluma Community Development Commission at a Regular meeting on the 25th day of April.
2012,by the following vote;
AYES: Davis; Duiven;Chair Healy;Herrington:Jolley; Vice Chair Rabbitt; Scharer
NOES: None
ABSENT: None
ABSTAIN: None
ATTEST: _
Recording Secretary Chair
Resolution No. 2012-03 Page 4
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