For those of you who have followed the end of Redevelopment in Emeryville, the Oversight Board has been meeting since April 2012 to oversee the unwinding of the Agency. See my previous posts here (Feb. 29) and here (May 17) on the work we do and who serves on the OB. To read about the end of redevelopment read my January 17 post.
Next Tuesday, October 2, at 5:30 pm at City Hall, there will be a public comment session.
The following Wednesday, October 10, at 5:30 pm at City Hall, the Oversight Board will meet.
With the new state budget passed in June 2012, there have been some modifications to our process of "unwinding." Emeryville is undertaking a "due diligence review" of all of the redevelopment funds and assets in two parts. First, all of the Low and Moderate Income Housing Funds are being audited (to be completed and released to the public by Monday, October 1), and second all other funds are to be scrutinized (by December 15). At the end of these reviews, any unencumbered cash will be redistributed to the taxing entities (who are represented on the Oversight Board and are listed on your property tax bill), and the remaining enforceable obligations will be paid from cash on hand or future tax increment money. Only enforceable obligations listed on the ROPS and approved by the Department of Finance are allowed. The public meeting next Tuesday is for people to weigh in on the first of the two "due diligence reviews." At the 10/10 meeting, the Oversight Board will review the document as well. The public is welcome at both meetings.
At the end of this process, the state is allowing the Successor Agency (which took over the unwinding of the former Redevelopment Agency) to use unspent bond proceeds that are still being held. For Emeryville, that means that there are $24.5 million from previous bond sales (most recently 2004) to pay for projects such as the Center of Community Life, to which we have committed $21.2 million. The remaining $3.3 million will be decided on in the spring of 2013.
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