The Grass Valley Successor Agency, formerly the Redevelopment agency met for the first time (Thursday) at city hall to begin the process of tying up the loose ends of the State’s redevelopment agency since the State terminated redevelopment due to budget constraints. The city of Grass Valley has been named as the successor agency and has the responsibility to complete contracts already in process. City Administrator Dan Holler outlines a few of those projects that are affected.
The obligations of the Successor Agency include; disposing of all assets and properties of the former redevelopment agency Transfer housing duties, and obligations along with any amounts on deposit in the Low and Moderate Income Housing Fund and Terminating agreements, between the dissolved redevelopment agency and any public entity located in the same county. One of the primary tasks of the board is setting up a Payment Schedule to service outstanding debts.
Holler says the city will have the funds, to pay the May/June total due of just over $297,thousand dollars. The concern is having adequate funds to make the next principal and interest payment due in November/December 2012 totaling just over $452 thousand dollars.
The deadline for the Recognized Obligation Payment Schedule to be submitted to the state is Monday April 16th.