As Redevelopment winds down in cities across the State, Kosmont Companies helps Successor Agencies (SAs) and Oversight Boards (OBs) navigate through the often confusing and rapidly changing process of dissolution.
Among our other redevelopment dissolution clients, Kosmont Companies was retained by the California Department of Finance to provide comprehensive staff support to six of the seven agencies – known under ABx1 26 as “Designated Local Authorities.”
Based upon the firm’s long and successful track record in the redevelopment arena and its current roster of nearly a dozen dissolution clients, Kosmont is ideally suited to assist Successor Agencies and Oversight Boards with duties such as:
- Preparing an administrative budget and Recognized Obligation Payment Schedule (ROPS)
- Paying existing bond debt
- Following through on pre-existing contractual obligations
- Maintaining reserves
- Enforcing former Redevelopment Agency rights to protect and benefit bondholders
- Communication with the Department of Finance
- Monitoring changes in legislation
Kosmont is also assisting agencies as they develop long-range Property Management Plansthat govern the use and disposal of all former redevelopment agency (RDA) properties.