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Report regarding a resolution of the Successor Agency to the Redevelopment Agency of the City of South San Francisco, reviewing and approving a Recognized Obligation Payment Schedule and Administrative Budget for fiscal year 2026-27 (Drew Corbett, Interim Finance Director)
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RECOMMENDATION
Recommendation
It is recommended that the Successor Agency to the Redevelopment Agency of the City of South San Francisco ("Successor Agency") adopt a resolution approving the Recognized Obligation Payment Schedule and Administrative Budget for Fiscal Year 2026-27 as required by State law.
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BACKGROUND/DISCUSSION
The State Legislature dissolved all California redevelopment agencies in 2012. The Successor Agency is responsible for winding down the affairs of the former Redevelopment Agency of the City of South San Francisco ("RDA"). This includes completing projects that were under contract with the RDA prior to dissolution.
State law requires successor agencies to request funding for obligations on an annual basis. The Recognized Obligation Payment Schedule 26-27 ("ROPS 26-27") requests funding for Fiscal Year 2026-27. The Successor Agency must adopt an Administrative Budget for the same time period.
Enforceable obligations are funded by property tax revenues from former redevelopment project areas and other sources, such as repayments of loans issued by the RDA. Funds that are not committed on the ROPS are distributed to taxing agencies that serve former redevelopment project areas such as the City, County, schools, and special districts.
The ROPS must be approved by the San Mateo Countywide Oversight Board ("Oversight Board") and California Department of Finance ("DOF"). The Oversight Board will consider the ROPS 26-27 on January 5, 2026. The ROPS must be submitted to DOF by February 1, 2026, who will make a determination by April 15, 2026. If the ROPS is not submitted to DOF on time, the City and Successor Agency could be subject to a civil penalty o...
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