Approval of an Amendment to an Existing Professional Services Agreement with Macias Gini & O Connell LLP to Perform Due Diligence Reviews as Required by AB 1484. Item Number: C 1 City of Culver City California Agenda Item Report Meeting Date: 10/22/2012 BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE CULVER CITY REDEVELOPMENT AGENCY AGENDA ITEM: Approval of an Amendment to an Existing Professional Services Agreement with Macias Gini & O Connell LLP to Perform Due Diligence Reviews as Required by AB 1484. Contact Person/Dept.: Jeff Muir Finance Fiscal Impact: Yes X No Public Hearing: Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Agenda and Meetings City Council (10/18/12); Successor Agency (10/17/12) Department Approval: Jeff Muir (10/12/12) Chief Financial Officer Approval: Jeff Muir (10/12/12) Successor Agency General Counsel Approval: Carol Schwab (by H. Baker) (10/15/12) Executive Director Approval: John Nachbar () Phone Number: (310) 253 5865 General Fund: Yes No X Action Item: Attachments: RECOMMENDATION: Staff recommends the Board of Directors of the Successor Agency to the Culver City Redevelopment Agency (the Successor Agency ) approve an amendment to the existing professional services agreement with Macias Gini & O Connell LLP in the amount not to exceed $100 000 to perform the due diligence reviews as required by AB 1484. 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 D...
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