TITLE
Recommendation to approve the draft Amended Recognized Obligation Payment Schedule 19-20B, for the period of January 1, 2020 through June 30, 2020. (Citywide)
DISCUSSION
Section 34177(o)(1) of the California Health and Safety Code, as adopted by AB1x 26 (the “Dissolution Act”) and amended by Senate Bill (SB) 107, requires the Successor Agency to the Redevelopment Agency of the City of Long Beach (Successor Agency) to prepare an annual Recognized Obligation Payment Schedule (ROPS) covering the period from July 1, 2019 to June 30, 2020. A successor agency may request an amendment to the annual ROPS once during that year as long as the amended ROPS is submitted to the California Department of Finance (DOF) prior to October 1 and the Oversight Board makes a finding that a revision is necessary for the payment of approved enforceable obligations. The attached draft Amended ROPS 19-20B represents the anticipated additional funding (“Requested Adjustments”) needed to meet the enforceable obligations for the period of January 1, 2020 through June 30, 2020 (Attachment A). Two adjustments are being requested: (1) reinstate the enforceable obligation for Shoreline Gateway Phase 2; and, (2) increase the funding requested for environmental remediation at 5301 Long Beach Boulevard. The Shoreline Gateway Phase 2 Amended and Restated Owner Participation Agreement obligation was mistakenly defunded. The funding request for 5301 Long Beach Boulevard is due to additional work anticipated as a result of the Regional Water Quality Board’s actions.
The Amended ROPS is based on the Enforceable Obligation Payment Schedule, a list of the total outstanding debts and obligations of the Successor Agency, which was certified by the DOF on March 30, 2012.
The Amended ROPS must identify the source of payment for each obligation from among the following:
· The Redevelopment Property Tax Trust Fund (former tax increment, which is also referred to as RPTTF and is maintained by the ...
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