11-01-2011 CC RPT 24 - Laserfiche WebLink

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