Authorization of Transmittal of the Due Diligence Review for the Low and Moderate Income Housing Fund to the Oversight Board in Accordance with Health and Safety Code Section 34179.5. Item Number: C 1 City of Culver City California Agenda Item Report Meeting Date: 10/08/2012 BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY AGENDA ITEM: Authorization of Transmittal of the Due Diligence Review for the Low and Moderate Income Housing Fund to the Oversight Board in Accordance with Health and Safety Code Section 34179.5 Contact Person/Dept.: Jeff Muir Finance Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas Successor Agency (10/04/12) Department Approval: Jeff Muir (10/04/12) Chief Financial Officer Approval: Jeff Muir (10/04/12) Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (10/04/12) Executive Director Approval: John Nachbar (10/04/12) Phone Number: (310) 253 5865 General Fund: Yes No X Action Item: Attachments: RECOMMENDATION: That the Successor Agency Board authorize the transmittal of the Due Diligence Review for the Low and Moderate Income Housing Fund to the Oversight Board for approval pursuant to Health and Safety Code Section 34179.5. BACKGROUND / DISCUSSION: Pursuant to Health and Safety Code Section 34179.5 each successor agency must employ a licensed accountant approved by the county auditor controller and with experience and expertise in local government accounting to conduct a due diligence review to determine the unobligated balances available for transfer to taxing entities. Each review must determine the net balance of the Low and Moderate Income Housing Fund (the LMIHF ) and specifically the amount of cash and cash equivalents determined to be available for allocation to taxing entities as of June 30 2012 (the Due Diligence Review ). In summary such amount is determined by determining the total ...
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