OBRES 2012-016RESOLUTION NO. OB 2012 -016
A RESOLUTION OF THE OVERSIGHT BOARD OF THE
CITY AS SUCCESSOR AGENCY TO THE LA QUINTA
REDEVELOPMENT AGENCY REVIEWING, APPROVING,
AND TRANSMITTING THE DETERMINATION OF LOW
AND MODERATE INCOME HOUSING FUND CASH AND
CASH EQUIVALENTS AVAILABLE FOR DISBURSEMENT
PURSUANT TO HEALTH AND SAFETY CODE SECTION
34179.5
WHEREAS, the Oversight Board of the City as Successor Agency to the La
Quinta Redevelopment Agency ( "Oversight Board" or "Successor Agency," as
applicable) has been established to direct the Successor Agency to take certain actions
to wind down the affairs of the former La Quinta Redevelopment Agency ( "Agency ") in
accordance with the California Health and Safety Code; and
WHEREAS, the Agency was engaged in activities to execute and implement
the Project Area No. 1 Redevelopment Plan and the Project Area No.2
Redevelopment Plan (collectively, the "Redevelopment Plans ") pursuant to the
provisions of the California Community Redevelopment Law (Health and Safety
Code § 33000, et seq.) ( "CRL "); and
WHEREAS, as part of the 2011 -12 State budget bill, the California
Legislature enacted and the Governor signed, ABx1 26 requiring that each
redevelopment agency be dissolved; and
WHEREAS, an action challenging the constitutionality of ABx1 26 and
companion bill ABx1 27 was filed in the California Supreme Court by the California
Redevelopment Association, the League of California Cities, and two individual
cities; and
WHEREAS, on December 29, 2011, the Court upheld ABx1 26 and struck
down as unconstitutional ABx1 27; and
WHEREAS Health and Safety Code Section 34179.5 requires each successor
agency to employ a licensed accountant to conduct a due diligence review to
determine the unobligated balances available for transfer to taxing entities; and
WHEREAS, Health and Safety Code Section 34179.6 requires that each
successor agency provide to the oversight board, county auditor - controller,
Controller, and California Department of Finance ( "DOF ") the result of the due
diligence review for the Low and Moderate Income Housing Fund, and specifically
Resolution No. OB 2012 -016
Adoption of LMIHF Due Diligence Review
Adopted: October 10, 2012
Page 2 of 3
the amount of cash and cash equivalents determined to be available for allocation
to taxing entities (collectively, the "LMIHF DDR Review "), by October 1, 2012; and
WHEREAS, Health and Safety Code Section 34179.6 further requires that
each oversight board convene a public comment session upon receipt of the LMIHF
DDR Review, and that not less than five business Aays after the public comment
session, but not later than October 15, •2012, the oversight board review, approve,
and transmit to the DOF and county auditor - controller the LMIHF DDR Review; and
WHEREAS, the Successor Agency has completed the LMIHF DDR Review,
and has provided the result to the oversight board, county auditor - controller,
Controller, and DOF, and on October 3, 2012, the Oversight Board held a public
comment session on the LMIHF DDR Review; and
WHEREAS, the Oversight Board has reviewed the LMIHF DDR Review, and
has considered any comments received from members of the public at the public
comment session, and any opinions offered by the county auditor - controller; and
WHEREAS, all other legal prerequisites to the adoption of this Resolution
have occurred.
NOW, THEREFORE, BE IT RESOLVED that the Oversight Board of City as
Successor Agency to the La Quinta Redevelopment Agency, does hereby resolve as
follows:
Section 1 . Recitals The Recitals set forth above are true and correct and
incorporated herein by reference.
Section 2 Approval of LMIHF DDR Review The Oversight Board hereby
approves the LMIHF DDR Review, a copy of which is on file with the Oversight
Board Secretary.
Section 3 . Transmittal The Oversight Board Secretary is hereby directed to
transmit the LMIHF DDR Review to the DOF and the county auditor - controller.
Section 4 . Severability If any provision of this Resolution or the application
thereof to any person or circumstance is held invalid, such invalidity shall not affect
other provisions or applications of this Resolution which can be given effect
without the invalid provision or application, and to this end the provisions of this
Resolution are severable. The Oversight Board hereby declares that it would have
adopted this Resolution irrespective of the invalidity of any particular portion
thereof.
Resolution No. OB 2012 -016
Adoption of LNIIHF Due Diligence Review
Adopted: October 10, 2012
Page 3 of 3
Section 5 . Certification The Oversight Board Secretary shall certify to the
adoption of this Resolution.
PASSED, APPROVED, AND ADOPTED at the meeting of the Oversight Board
of the City as Successor Agency to the La Quinta Redevelopment Agency held this
10 day of October, 2012, by the following vote, to wit:
AYES: Board Members Ellis, Marshall, Maysels, McDaniel, Osborne and
Chairperson Pena
NOES: None.
ABSENT: Board Member Nelson
/_R13IF_110mil� oMW
( A � g
JOHN -P NA, hairperson
Oversight Board of the Successor Agency
to La Quinta Redevelopment Agency
ATTEST:
Oversight Board