Report Prepared by: Kenneth Rozell, Senior Deputy City Attorney
Title
SUBJECT: Transfer of Former RDA Assets to Merced Designated Local Authority and Authorization for City Manager to Accept Such Assets on the City's Behalf
REPORT IN BRIEF
Authorize the City of Merced Public Financing and Economic Development Authority to transfer specific assets to the Merced Designated Local Authority or its designee, and authorize the City Manager to accept and consent to the transfer of these assets to the City, if offered.
RECOMMENDATION
City Council/Public Financing and Economic Development Authority - Adopt a motion:
A. Adopting Resolution PFA 2016-04, a Resolution of the City of Merced Public Financing and Economic Development Authority, authorizing the transfer of specific assets to the Merced Designated Local Authority or its designee; and,
B. Adopting Resolution 2016-27, a Resolution of the City Council of the City of Merced, California, authorizing the City Manager to accept and consent on the City's behalf the transfer of specific former assets of the Merced Redevelopment
Agency; and,
C. Authorizing the Finance Officer to make the necessary budget adjustments.
Body
AUTHORITY
City of Merced Charter, Section 200.
CITY COUNCIL PRIORITIES
Not Applicable.
DISCUSSION
In January 2011, the City of Merced and the Merced Redevelopment Agency took a series of steps to protect the important assets of the Merced Redevelopment Agency from a then pending effort by the State of California, pursuant to AB 1x 26 and AB 1x 27, to take these assets for the benefit of the State of California.
Like a number of other redevelopment agencies around the State of California, the Merced Redevelopment Agency transferred a variety of assets to another entity. For Merced, it was the City of Merced Public Financing and Economic Development Authority ("PFEDA"), a joint powers authority. Until all redevelopment agencies in California were dissolved as of February 1, 2012, PFED...
Click here for full text