The City of Ripon’s Oversight Board of the Redevelopment Agency will soon dissolved.
It was formed in 2012 shortly after the disbandment of the RDA.
A pair of bills passed by the Legislature that previous year coupled with Gov. Brown arguing that the state could no longer afford redevelopment in a budget crisis contributed to the demise of the RDA.
Planning Director Ken Zuidervaart recently said that July 1 will mark the last day for the local Oversight Board.
From there, a one county-wide Oversight Board will be formed for San Joaquin County in accordance with ABX1 26.
The Ripon City Council – the same elected officials also serve on the Successor Agency – requested a report on the wind down process of the RDA.
Zuidervaart pointed out the Successor Agency of the RDA received what’s called a Finding of Completion back on April 2013.
He added that all the necessary wind-down steps had been accomplished. “The only remaining items ongoing are the recognized enforceable obligations of the former RDA,” Zuidervaart said.
Some of the remaining enforceable obligations are Tax Allocation Bonds.
The RDA, before it was dissolved, had loaned $3.3 million to the Park and Recreation Capital Fund, making possible the softball fields at the Mistlin Sports Park.
To date, over $1.2 million was repaid. The current outstanding balance – calculating interest accrued since the load was made – is $2,103,005, according to Zuidervaart.
Of that, $1.6 million is considered bond proceeds that are due to the Ripon Successor Agency and required to be utilized in accordance with the bond convenants.
Zuidervaart said that the remaining $496,656 is what’s due to the State of California.
His staff is exploring the feasibility of filing a “Last and Final Recognized Obligation Payment Schedule,” which, in turn, will allow a jurisdiction to list all obligations until they’re completely paid.
Zuidervaart said this would eliminate the need for yearly approvals by the Successor Agency and the county-wide Oversight Board.
Before moving forward, his staff looked to ensure that any changes necessary, such as an increase in bond disclosure report or bond administrative fee, could be adjusted, if necessary.