Adoption of Budget to Provide Appropriations Authority for the Successor Agency to the Culver City Redevelopment Agency. City of Culver City California Agenda Item Report Item Number: C 1 Meeting Date: 02/13/12 BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY AGENDA ITEM: Adoption of Budget to Provide Appropriations Authority for the Successor Agency to the Culver City Redevelopment Agency. Contact Person/Dept.: Jeff Muir Chief Financial Officer Fiscal Impact: Yes x No Phone Number: (310) 253 5870 General Fund: Yes No x Public Hearing: Public Notification: Meetings and Agendas City Council/SA (02/09/12) Action Item: Attachments: Department Approval: Jeff Muir (02/08/12) Chief Financial Officer Approval: Jeff S. Muir (02/08/12) City Attorney Approval: Carol Schwab (by H. Baker) (02/09/12) City Manager Approval: John M. Nachbar (02/09/12) RECOMMENDATION: Staff recommends the Board of Directors of the Successor Agency to the Culver City Redevelopment Agency (Successor Agency Board) adopt the budget of the former Redevelopment Agency to provide appropriations authority for the Successor Agency. BACKGROUND: Pursuant to AB 1X 26 (AB 26) the Redevelopment Agency Dissolution Bill the Culver City Redevelopment Agency (CCRA) was dissolved effective at 12:01 AM on February 1 2012. As provided in AB 26 on January 9 2012 the City Council adopted Resolution No. 2012 R001 affirmatively electing to have the City serve as the Successor Agency to the Culver City Redevelopment Agency. By operation of law the former Redevelopment Agency assets are transferred to the Successor Agency (or to the Housing Authority in the case of low and moderate income housing assets). On January 30 2012 the Redevelopment Agency adopted an updated Enforceable Obligations Payment Schedule (EOPS). In order to make payments that were included on the EOPS budgetary authority within the Successor Agency is required. On February 6 2012 the Successor Agency Board adopted a Resol...
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