Redevelopment Successor Agency

In June 2011, Governor Brown signed into law two pieces of legislation, AB x1 26 (“Dissolution Act”) and AB x1 27 (“Alternative Redevelopment Program Act”). AB x1 26 immediately suspended redevelopment agencies’ operations, and would have eliminated agencies as of October 1, 2011. AB x1 27, a companion piece of legislation, would have allowed redevelopment agencies to be “re-established” if the local legislative body (City Council) adopted a continuation ordinance and agree to participate in the “Voluntary Alternative Redevelopment Program”, a program which included payment of certain sums to the County Auditor Controller. This legislation was challenged, and on December 29, 2011 the Supreme Court rendered its decision, finding the Dissolution Act constitutional, and the Alternative Redevelopment Program Act unconstitutional. The effect of the Supreme Court’s decision is that the Thousand Oaks Redevelopment Agency and all other redevelopment agencies in the State ceased to exist as of February 1, 2012.

Duties of the Redevelopment Agency have been assumed by the City of Thousand Oaks acting as “Successor Agency.” As of February 1, 2012, all assets, properties, contracts, lease, books and records, buildings, equipment and existing Housing Fund balances of the former redevelopment agency have been transferred to the Successor Agency.

The primary role of the Successor Agency is to (in summary) dispose of former redevelopment agency assets or properties expeditiously and in a manner aimed at maximizing values, pay all debts and fulfill all obligations of the former agency, and to wind down redevelopment affairs.

Activities of the City as successor agency are subject to review, and in some cases approval, of a Successor Agency Oversight Board, an appointed body consisting of 7 appointed members, as provided by AB x1 26.

Links:

  • Redevelopment Successor Agency Oversight Board
  • Recognized Obligation Payment Schedule
  • Update Enforceable Obligation Payment Schedule
  • Recognized Obligation Payment Schedule I (January - June 2012)
  • Recognized Obligation Payment Schedule II (July - December 2012)
  • Recognized Obligation Payment Schedule III (January - June 2013)
  • Recognized Obligation Payment Schedule 13-14A (July-December 2013)
  • Recognized Obligation Payment Schedule 13-14B (January-June 2014)
  • Recognized Obligation Payment Schedule 14-15A (July - December 2014) 
  • Recognized Obligation Payment Schedule 14-15B (January - June 2015)
  • Oversight Board-Approved Long Range Property Management Plan