Successor Agency (Replaced Redevelopment Agency as of February 1, 2012)
The Successor Agency to the Former Reas adopted the following resolutions to date:
Long Range Property Management Plan
At their June 10, 2013 meeting, the Successor Agency approved Resolution 2013-024 regarding the Long Range Property Management Plan (LRPMP) which was subsequently approved by the Oversight Board with minor revisions. Attached is the revised plan that was submitted to the Department of Finance, State Controller and the County of Ventura on November 22, 2013.
Amended Enforceable Obligation Payment Schedule
With the California Supreme Court upholding the State's legislation AB 1X 26, effective February 1, 2012, all Redevelopment Agencies within the State cease to exist.
AB 1X 26 provides that the City of San Buenaventura ("City") will be the "successor agency" to the Agency and responsible for the wind down of the Agency's affairs. The activities of the City, as successor agency, will be overseen by an oversight board, comprised primarily of representatives of other affected taxing agencies, until such time as the debts of the Agency are paid off, all Agency assets liquidated and all property taxes are redirected to local taxing agencies.
AB 1X 26 also allows the City, as the entity that created the Agency, to elect to retain the housing assets and obligations of the former redevelopment agency. The City approved this election on January 30, 2012 thus all rights, powers, duties, and obligations of the former redevelopment agency affordable housing functions shall be transferred to the City.
The following is a required posting listing the Agency's enforceable obligations.