As of July 2013
Department of Finance
Local Government Unit

• Finance Goals and Objectives
• Local Taxing Entities
• Completed Tasks
– Housing Asset Transfers
– Recognized Obligation Payment Schedules
– Due Diligence Reviews
• Upcoming Tasks and Focus
– Final and Conclusive Requests
– Finding of Completion
– Long-Range Property Management Plan
• Other Endeavors
• Questions and Answers
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• Protect Core Public Services
• Protect Bond Holders
• Expeditiously Wind Down former RDA Affairs
• Solve Problems (Get to Yes when Possible)
• Develop Positive Working Relationships
• Minimize Litigation when Possible
3

• Dissolution Provides General Purpose
Revenues to Affected Taxing Entities (Counties,
Cities, and Special Districts)
• Current Estimates:
– $1.4 Billion to Counties
– $1.1 Billion to Cities
– $500 Million to Special Districts
• Increases Local Flexibility with Regards to Use of Money
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• Housing Asset Transfers
• Recognized Obligation Payment Schedules
• Due Diligence Reviews
5

• Housing Asset Transfer Forms were Due to Finance by August 1, 2012
• Finance Received 372 Requests to Transfer Housing
Assets to a Housing Successor Entity
• Finance Issued 372 Letters Approving and/or
Objecting to Transfers Have been Sent Out
• 120 Requests to Meet and Confer on Finance
Decisions
• 110 Meet and Confer Sessions Held to Date with 9
Determinations Outstanding
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• Detailed Listing of Upcoming Enforceable Obligations of the Successor Agency
• Submitted to Finance Every Six Months (90 Days Prior to
Property Tax Distribution)
• Finance has 45 Days to Review and Successor Agencies can Meet and Confer if they Disagree with Finance’s
Determination
• Successor Agencies Can Only Pay those Enforceable
Obligations Listed and Approved on the Schedules from the Funding Source Identified on the Schedule
• Approval is only Good for the Upcoming Six Month
Period
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• Completed 4 Full Cycles (ROPS I, ROPS II, and ROPS III, and
13-14A)
• 381 ROPS Were Submitted and Completed for the Current
ROPS Period (July – Dec 2013)
– 170 Meet and Confer Sessions Requested and
Conducted
– ROPS 13-14A (July – Dec 2013), 13-14B (Jan-June 2014),
14-15A (July – Dec 2014), etc…
8

• Due Diligence Reviews Identify
Unencumbered Balances that Should be held by Successor Agencies
• Two Separate Reviews were Required:
– Low and Moderate Income Housing Fund (LMIHF)
– All Other Funds and Accounts
9

• Due to Finance by October 15th
• 380 Reviews Have been Submitted to Finance
• 6 More Reviews are Anticipated
• 190 Meet and Confer Requests Received
• All Meet and Confer Requests have either
Been Conducted or are Scheduled
10

• Due to Finance by January 15th
• 363 Reviews Have been Submitted to Finance
• 23 More Reviews are Anticipated
• 221 Meet and Confer Requests Have been
Received
• All Meet and Confer Requests have either
Been Conducted or are Scheduled with 15
Determinations Outstanding
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• Final and Conclusive Requests
• Finding of Completion Issuances
• Long-Range Property Management Plans
12

• A Successor Agency can request to have an
Enforceable Obligation be determined to be final and conclusive
• If Finance approves the request, the Enforceable
Obligation would no longer be subject to DOF rejection during ROPS reviews
• This process removes the uncertainty involved with the six-month approval of ROPS items
• 20 Requests Have Been Received and 7 Have
Been Approved with 13 Requests Awaiting
Decisions
13

• Finance will Issue a Finding of Completion within 5 Days of
Verification that the Successor Agency has Paid the Amounts
Required by the July True Up, LMIHF Due Diligence Review, and Other Funds Due Diligence Review
• Benefits of Receiving a Finding of Completion Include:
– Successor Agency Can Dispose of Property pursuant to an
Approved Long-Range Property Management Plan
– Loans between the former RDA and the Sponsoring Entity can become enforceable
– Stranded Bond proceeds from bonds issued before Jan 1,
2011 can be used for the purposes in which they were sold
• 223 Finding of Completions Have Been Issued
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• AB 1484 Suspended Property Disposition Until Finding of
Completion Received (exceptions include Housing Assets,
Pursuant to an EO, and Governmental Purpose)
• Successor Agencies shall prepare a Property Plan that
Addresses the Disposition and Use of the Real Properties of the former RDA
• The Property Plan shall be submitted within Six Months
Following the Issuance of a Finding of Completion
• Property Plans have to be Approved by Finance
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• The Law Specifies Requirements of the Plan
• The Four Types of Disposition Include:
– Retention for Governmental Purpose
– Retention by City for Future Development
– Sale of the Property
– Use of the Property to Fulfill an Enforceable
Obligation
• To Date 41 Oversight Board Approved Property Plans
Have Been Submitted to Finance and Finance has
Approved 2 Plans
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• ROPS Automation Efforts
• Dedicated County Teams
• Bond Debt Refinancing Tools
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DOF public website (www.dof.ca.gov/redevelopment)
 FAQs
 Templates
 DOF Letters
Contact Information
 (916) 445-1546
 Redevelopment_Administration@dof.ca.gov
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