REPORT TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENY OF THE CITY OF FRESNO AND THE FRESNO REVITALIZATION CORPORATION
August 28 2014
FROM: MARLENE MURPHEY, Executive Director
Successor Agency
SUBJECT
Title
Successor Agency to the Redevelopment Agency of the City of Fresno and Fresno Revitalization Corporation (FRC) consider adopting:
1. RESOLUTION - Approving the Recognized Obligation Payment Schedule for January - June, 2015 (14-15B)
Body
EXECUTIVE SUMMARY
The Recognized Obligation Payment Schedule (ROPS) for the January through June 2015 period is attached. The ROPS must be submitted to the Department of Finance by October 3, 2014. It is planned for consideration by the Oversight Board (OB) in September.
Successor Agency staff recommends that the Successor Agency Board and FRC approve the attached Joint Resolution approving the ROPS for submittal to the required entities.
BACKGROUND
State legislation, ABX1 26 and AB 1484, created Successor Agencies, which are tasked with the responsibility of winding down former Redevelopment Agencies. As a requirement of the wind-down process, the Successor Agencies are required to provide a ROPS every six months identifying overall outstanding debt for all enforceable obligations with the Agency, as well as the estimated amount needed for each of those obligations during the six-month period covered by that ROPS. The ROPS is required to be considered and approved by the Successor Agency Board and subsequently by the OB. Once approved, the ROPS and OB Resolution are submitted to the Department of Finance for subsequent review and final approval.
Attachment A: Joint Resolution
Exhibit 1 to Attachment A: Recognized Obligation Payment Schedule 14-15B (January - June 2015)