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City Council/ Redevelopment <br />Agency Memorandum <br />CITW OF <br />TO: HONORABLE MAYOR, CITY COUNCIL, DATE: November 1, 2011 <br />AND AGENCY MEMBERS <br />FROM: DEVELOPMENT DEPARTMENT ITEM NO: 24 <br />WARDS: ALL <br />SUBJECT: ADOPTION OF THE SECOND UPDATE OF THE ENFORCEABLE OBLIGATION <br />PAYMENT SCHEDULE AND UPDATED INITIAL RECOGNIZED OBLIGATION <br />PAYMENT SCHEDULE FOR THE REDEVELOPMENT AGENCY OF THE CITY <br />OF RIVERSIDE <br />ISSUE <br />The issue before the Agency Board is the adoption of the second update of the Enforceable <br />Obligation Payment Schedule for Agency expenditures to occur before December 31, 2011. <br />The issue before the City Council is to receive and file the updated Initial Recognized Obligation <br />Payment Schedule. <br />RECOMMENDATIONS <br />1. That the Agency Board adopt the attached second update of the Enforceable Obligation <br />Payment Schedule (Exhibit A). <br />2. That the City Council receive and file the updated Initial Recognized Obligation Payment <br />Schedule (Exhibit B). <br />BACKGROUND <br />On August 23, 2011, the Agency Board adopted the Agency's Enforceable Obligation Payment <br />Schedule (EOPS) and on September 27, 2011 the City Council received an Initial Recognized <br />Obligation Payment Schedule ( IROPS). These schedules were prepared in accordance with <br />Assembly Bill 1X 26 (AB 1X 26), the State bill to eliminate redevelopment agencies throughout <br />California. Although the City adopted an opt in ordinance that would exempt the Agency from <br />AB 1X 26 requirements, an injunction issued by the California Supreme Court, effectively stayed <br />the City's ordinance, and continued in effect the requirement for preparation of the EOPS and <br />IROPS. <br />The EOPS was initially updated on September 20, 2011. Additional commitments have been <br />identified that were inadvertently omitted from both schedules. The second update of the EOPS <br />and the updated IROPS are attached as Exhibits A and B, respectively. <br />24 -1 <br />