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CITY COUNCIL AGENDA ITEM: FOUR-FIFTHS VOTE REQUIREMENT - Approval of a Budget Amendment to Appropriate and Re-Allocate Pre-2011 Bond Proceeds Pursuant to the Master Agreements Between the City and the Successor Agency to the Culver City Redevelopment Agency.
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Contact Person/Dept.: Jeff Muir/FIN
Phone Number: 310-253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [] No [X]
Public Hearing: [] Action Item: [] Attachments: Yes [] No []
Commission Action Required: Yes [] No [X] Date:
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (07/08/15)
Department Approval: Jeff Muir (07/02/15)
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RECOMMENDATION:
Staff recommends the City Council approve a budget amendment to appropriate and re-allocate pre-2011 bond proceeds pursuant to the Master Agreements between the City and the Successor Agency to the Culver City Redevelopment Agency (Successor Agency).
A budget amendment requires a 4/5ths vote.
BACKGROUND:
At the time the former Culver City Redevelopment Agency (Former CCRA) was dissolved in February 2012, there existed certain unexpended tax-exempt bond proceeds from bond issues prior to 2011. Under the provisions of the Dissolution Law, a successor agency is able to spend pre-2011 bond proceeds once it receives a Finding of Completion from the State Department of Finance (DOF). On December 5, 2013, the Successor Agency received a Finding of Completion from the DOF.
On June 23, 2014, the Successor Agency Board and City Council adopted respective resolutions approving a Master Agreement in order to allow the Successor Agency to transfer $2,772,076 in 1999 tax-exempt bond proceeds and $13,965,558 in 2002 tax-exempt bond proceeds to the City, so that the City might use the bond proceeds for the purposes ide...
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