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Consider adopting a resolution approving the Amended Recognized Obligation Payment Schedule (ROPS) for the Successor Agency to the Former Redevelopment Agency of the City of Suisun City for the period from July 1, 2025 through June 30, 2026
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Published Notice Required? Yes ___ No _X _
Public Hearing Required? Yes ___ No _X _
RECOMMENDATION:
It is recommended that the Solano Consolidated Oversight Board (Board) adopt the resolution approving the Amended Recognized Obligation Payment Schedule (ROPS) for the Successor Agency to the Former Redevelopment Agency of the City of Suisun City (SA) for the period from July 1, 2025 through June 30, 2026.
DISCUSSION:
In 2011, the Governor signed into law AB1X 26 (the "Dissolution Act") which immediately suspended most activities of Redevelopment Agencies prior to their elimination effective October 1, 2011. All agencies were subsequently dissolved as of February 1, 2012, and a Successor Agency was designated to complete the work of the Agency and satisfy the outstanding financial obligations. Assembly Bill 1484 ("AB 1484") was signed by the Governor in 2012, adding significant new or modified actions and deadlines. The Dissolution Act was further amended by SB 107 on September 22, 2015.
Health and Safety Code (HSC) section 34177 (o) (1) (E) authorizes a successor agency, once per Recognized Obligation Payment Schedule (ROPS) period, and no later than October 1, to submit one amendment to the ROPS if the oversight board (OB) finds a revision is necessary for the payment of approved enforceable obligations during the second half of the ROPS period. Under this provision, a successor agency may only amend the amount requested for payment of approved enforceable obligations and the requested adjustment must be an increase.
The Board is being asked to approve the Amended ROPS 25-26 which covers July 1, 2025 – June 30, 2026 (Attachment B) for the SA. The amendment adds the interest amount of $9,304 for the final payment of Item #5 – Marina Expansion Loan to the previously approved schedule. This change is permitted under Health & Safety Code Section 34177(o)(1)(E) and is subject to review by the County Auditor-Controller.
The Amended ROPS 25-26 includes the following forms provided by the DOF:
Page 1 - An amended summary of the obligations to be paid.
Page 2 - Amended anticipated expenditures: bond payments and expenditures for contracts, leases and agreements.
All items on this ROPS have been previously reviewed and approved by the SA and Board. There are no new items on this ROPS.
The SA will file, post, mail or otherwise deliver via electronic mail, internet posting, and/or hardcopy, all notices and transmittals necessary or convenient in connection with the approval of the ROPS.
FINANCIAL IMPACT:
Funding of the obligations listed in Amended ROPS 25-26 will be subject to approval by the DOF and dependent upon the availability of sufficient redevelopment property tax revenues, as determined by the County Auditor-Controller.
ALTERNATIVES:
The Board could direct the SA to amend or remove items on the Amended ROPS 25-26. However, this alternative is not recommended as enforceable obligations are required to be paid to fulfill the terms of the debt agreements.
OTHER AGENCY INVOLVEMENT:
None.