The Successor Agency to the Seal Beach Redevelopment Agency voted unanimously to disband the Successor Agency on Monday, Sept. 27.
The agency’s debts have reportedly been paid, according to the city’s Finance Department Director.
This was not, however, the final step before the Successor Agency actually ceases to exist.
In 2011, the California Budget Act dissolved every redevelopment agency in the state, according to the California Department of Finance website.
“In 2012, the Successor Agency was constituted as the successor entity to the former Redevelopment Agency to the City of Seal Beach (the ‘Former Agency’),” wrote Seal Beach Finance Director/Treasurer Kelly Telford in her report for Sept. 27.
“With the September 20, 2021 redemption of the Mobile Home Park Revenue Bonds (Seal Beach Mobile Home Park Project) Series 2000A (the ‘Mobile Home Park Bonds’) issued by the Former Agency, the last enforceable obligation of the Successor Agency has been retired and paid off,” Telford wrote.
“The Successor Agency’s remaining assets consist of $528,034.42 (the ‘Released Bond Funds’) returned to the Successor Agency by the bond trustee from the ‘Rental Assistance Fund’ previously held under the indenture for the Mobile Home Park Bonds,” Telford wrote.
“In addition, there is a small amount of Successor Agency Administration money from the RPTTF Fund. After the Successor Agency transfers such moneys to the County Auditor-Controller, Staff will request the Successor Agency Board to adopt a last resolution to: (a) notify the Oversight Board of the completion of the transfer, and (b) declare and direct that the Successor Agency will be dissolved upon the Oversight Board’s adoption of the Final OB Resolution,” Telford wrote.
“Within 14 days of verification, the Oversight Board will adopt a final resolution (the “Final OB Resolution”) to dissolve the Successor Agency, which will become effective immediately,” Telford wrote.
“The County Auditor-Controller will disburse such moneys to the taxing entities, including the City of Seal Beach,” Telford wrote.
The members of the Successor Agency Board of Directors are Seal Beach City Council members, meeting as the entity that replaced the local redevelopment agency after the state abolished them.
Monday night’s meeting was adjourned to a date uncertain.