HomeMy WebLinkAboutPCDSA Resolution 2012-04 10/1/2012 Resolution No. 2012-04
of the Petaluma Community Development
Successor Agency
ACCEPTING THE DUE DILIGENCE REVIEW OF THE LOW AND MODERATE INCOME
HOUSING FUND 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.Low and Moderate
Income Housing Fund by October 1, 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 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 resolution acceptingthe due diligence review of the former PCDC Low
and Moderate Income Housing Fund as performed by Pun & McGeady, LLP.
PCDSA Resolution No. 2012-04 Page 1
2. Directs the Executive Director of the Successor Agency, or his designees to transmit
a copy of the due diligence review to the Oversight Board, the County auditor-
controller, the State Controller and the Department of Finance pursuant to §Section
34179.5.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted Approved s to
by the Petaluma Community Development Successor Agency at a form:
Regular meeting on the 1st day of October,2012,by the following vote:
/�. \
General Coo j sel
AYES: Glass, Harris, Healy, Kearney, Renee
NOES: None
ABSENT: Albertson,Barrett
ABSTAIN: (/None
ATTEST: es. +s.`
Recording Secretary Chair
PCDSA Resolution No. 2012-04 Page 2