Following the December 29, 2011, California Supreme Court decision in California Redevelopment Association v. Matosantos redevelopment agencies in the State of California ceased to exist. Effective February 1, 2012, Successor Agencies “assumed all authority, rights, powers, duties and obligations previously vested with the former redevelopment agency.” Seven cities across California elected not to become the Successor Agency.
Kosmont Companies was retained by the California Department of Finance to provide staff support to six of the seven agencies – known under AB 26 as the “Designated Local Authority.” Based upon the firm’s long and successful track record in the redevelopment arena, Kosmont has expertise in evaluating bond debt, following through on pre-existing contractual obligations, maintaining reserves, enforcing former Redevelopment Agency rights to protect and benefit bondholders, and preparing an administrative budget and Recognized Obligation Payment Schedule (ROPS). In the near future Kosmont will also be assisting several DLAs and Successor Agencies (“SAs”) prepare a long-range Property Management Plan that governs the use and disposal of all former redevelopment agency (RDA) properties.
For additional information on the redevelopment dissolution process and the full text of AB 26 and AB 1484, please visit http://www.dof.ca.gov/redevelopment/
Kosmont Companies is providing consulting services to the following Designated Local Authorities: