Successor Agency

SUCCESSOR AGENCY

Successor Agency

The Successor Agency is a separate legal entity from the City, and succeeds the former Redevelopment Agency.  The City Council serves as the Successor Agency Board, for which the Mayor serves as the Chair and Mayor Pro-Tem as the Vice Chair.  Board meetings are held on the same date and time as City Council meetings.

Recognized Obligation Payment Schedules (ROPS)

The Successor Agency is required to prepare a Recognized Obligation Schedule (ROPS) every 6 months and submit to the Oversight Board for approval prior to forwarding to the State Department of Finance for its review and approval.

 

Finding of Completion

Pursuant to Health and Safety Code (HSC) Section 34179.7, the Department of Finance will issue a finding of completion once the Successor Agency has made full and complete payments to the State as determined through the Due Diligence Review and True-Up process.

The City of Yorba Linda has complied with the legal requirements for transferring former redevelopment funds to the State and received its Finding of Completion on May 9, 2013. (link to attachment)

Long Range Property Management Plan

Pursuant to Assembly Bill 1484, within six (6) months of receiving a Finding of Completion, the Successor Agency is required to prepare a Long Range Property Management Plan (“LRPMP”) that addresses the disposition and use of the former redevelopment agency’s real property. The Successor Agency to the Yorba Linda Redevelopment Agency submitted its LRPMP to the State Department of Finance for review in August of  2013 and received its approval letter from the State on June 13, 2014. (link to attachment)

Oversight Board

A seven (7) member Oversight Board is appointed by the Orange County Board of Supervisors and is responsible for overseeing the activities of the Successor Agency to the Yorba Linda Redevelopment Agency. The board members are tasked with reviewing and approving Successor Agency activities relative to the disposal of assets, enforceable obligations, transfer of responsibilities, and terms and conditions of new and existing agreements.  Oversight Boards have the fiduciary responsibility to holders of enforceable obligations and the taxing entities that benefit from distribution of property tax revenues. Each Oversight Board action is reviewed by the State Department of Finance.  Members of the Oversight Board are not compensated and serve at the pleasure of the appointing authority.

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