HomeMy WebLinkAboutOSB Resolution 2012-09 10/10/2012 Resolution No. 2012-09
Petaluma Oversight Board to the
Petaluma Community Development Successor Agency
RESOLUTION OF THE OVERSIGHT BOARD FORMED PURSUANT TO
HEALTH AND SAFETY CODE SECTION 34179 APPROVING AND
TRANSMITTING THE DUE DILIGENCE REVIEW PURSUANT TO
HEALTH AND SAFETY CODE SECTIONS 34179.5 AND 34179.6
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 to review, approve and
transmit the due diligence review pursuant to Health and Safety Code Section 34179.6; 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 reviewed and accepted the results of the due
diligence review on October 1, 2012 by Resolution 2012-04; and,
WHEREAS, AB 1484 requires that the Oversight Board hold a public comment
session at least five days prior to approving the due diligence review; and,
WHEREAS, the Oversight Board noticed and conducted a meeting to hear public
comment on the due diligence review on October 3, 2012; and,
Resolution No.2012-09 Page 1
WHEREAS, the Oversight Board has reviewed the due diligence review and
considered options to make adjustments to certain amounts or retain specific assets; and,
NOW, THEREFORE, BE IT RESOLVED by the Petaluma Community Development
Successor Agency Oversight Board that the above recitals and findings are adopted as part
of this resolution and are true and that it hereby:
1. Adopts the resolution approving the due diligence review of the former PCDC
Low and Moderate Income Housing Fund as performed by Pun & McGeady, LLP.
2. Directs the Executive Director of the Successor Agency, or his designees to
transmit a copy of the due diligence review to the County auditor-controller, the
State Controller and the Department of Finance pursuant to §Section 34179.6.
REFERENCE: I hereby certify the foregoing Resolution was introduced and adopted by the Petaluma Oversight Board to the
Petaluma Community Development,Successor Agency at a Regular meeting on the 10th day of October,2012,by
the following vote:
AYES: Davis,Duiven;Chair Healy;Jolley;Vice Chair Rabbitt;Scharer
NOES: None
ABSENT: Herrington
ABSTAIN: None
ATTEST: -OZ A SI J 0--OkVl-,
Recording Secretary Chair
Resolution No. 2012-09 Page 2