UPDATE - Status of Big Bear Lake Improvement Agency
On December 29, 2011, the California Supreme Court ("Court") published its decision in the California Redevelopment Association v. Matosantos case finding that AB 1X 26 (the "Dissolution Act") constitutional and AB 1X 27 (the "Alternative Redevelopment Program Act") unconstitutional. This decision means that all redevelopment agencies in the State of California were dissolved as of February 1, 2012, and none will have the opportunity to continue operating under the alternative program.
As provided for under the new law, each former redevelopment agency is to be governed by a "Successor Agency" and an "Oversight Board". On January 9, 2012, the Big Bear Lake City Council voted to assume the responsibilities of the Successor Agency for the former Big Bear Lake Improvement Agency.
In general, all of the assets, properties, contracts, leases and records of the former Improvement Agency are to be transferred to the Successor Agency. The Successor Agency will in turn, be responsible for overseeing and winding down the remaining legal and contractual obligations ("enforceable obligations") of the agency. Essentially that obligation amounts to ensuring: the implementation of all existing contracts and agreements; payment of all existing indebtedness and financial obligations; and performing any required asset transfers or liquidations. Additionally, the Successor Agency will be responsible for preparing an annual administrative budget and paying any unencumbered fund balances to the County Auditor-Controller for distribution to the local taxing districts.
Each Successor Agency will be subject to oversight from an Oversight Board which shall have fiduciary responsibilities to the holders of enforceable obligations and the taxing entities that benefit from distributions of property tax and other revenue. Each Oversight Board will consist of seven (7) members are are to be composed of one member each appointed by the County Board of Supervisors, Mayor, the largest special district by property tax share (school district), the County Supervisor of Education, the Chancellor of the California Community Colleges, a public member appointed by the County Board of Supervisors, and a member representing former employees of the IA appointed by the Mayor.