Redevelopment agency dissolution: finding of completion: City of Hercules.

Existing law dissolved redevelopment agencies as of February 1, 2012, and designates successor agencies to, among other things, continue to make payments due for enforceable obligations and expeditiously wind down the affairs of those redevelopment agencies. Existing law requires that each successor agency have an oversight board, composed of 7 members as specified, and sets forth the powers and duties of the oversight board with respect to the successor agency. Existing law requires the oversight board to review, approve, and transmit to the Department of Finance and the county auditor-controller the determination of the amount of cash and cash equivalents that are available for disbursement to taxing entities as determined according to the method provided in connection with a due diligence review. Existing law authorizes the Department of Finance to adjust that amount and requires that it complete its review and notify the oversight board and successor agency of its decision to overturn any oversight board authorizations within specified time periods. Existing law requires the department to meet and confer with a successor agency or entity that created a former redevelopment agency that requests a meet and confer to resolve disputes regarding the amounts or sources of funds identified as determined by the department. Existing law requires the department to issue a finding of completion to the successor agency upon payment of specified amounts, but prohibits a successor agency that fails by December 31, 2015, to pay or enter into a written installment payment plan with the department for the payment of the amounts determined by the department, or as specified, from ever receiving a finding of completion. This bill would, notwithstanding that prohibition, authorize the successor agency in the City of Hercules, with the approval of the department, to be eligible for a finding of completion if it has entered into an agreed-upon written installment payment plan with the department and is in compliance with that plan. This bill would make legislative findings and declarations as to the necessity of a special statute for the City of Hercules.