When the State of California dissolved redevelopment agencies, the state needed to create a mechanism for the orderly payment of outstanding debts and disposal of assets. To assure this was done in an orderly manner and in the interest of all the taxing jurisdictions, the State ordered the creation of oversight boards to authorize actions proposed by redevelopment successor agencies.
Successor agency staff will prepare a schedule showing what debt service payments are due. The oversight board approves the payments. The auditor/controller then releases property tax revenues to the successor agency sufficient to pay all debt service payments approved by the oversight board.
To the extent the successor agency has non-cash assets to dispose of, the oversight board will approve the method of the disposal of these assets. The successor agency is directed to perform certain actions outlined in the law. In most cases, these actions require approval of the oversight board. Oversight boards exist only as long as debt needs to be repaid. The boards purpose is to repay this debt and then close down the agency.
Further, the law states that oversight board members: Serve without compensation; and, serve with personal immunity.
The Oversight Board Members of the Successor Agency of the Redevelopment Agency of Visalia are: Chairman - Michael Olmos, City of Visalia; Vice-Chairman - Phil Cox, Tulare County Board of Supervisors; Secretary - Mark Larsen, Kaweah Delta Water Conservation District; Eric Frost, City of Visalia; Nathan Hernandez, Visalia Unified School District; John Hess, County of Tulare; and Greg Sherman, College of the Sequoias Board of Trustees.
Public Hearing Notice: The Oversight Board for the Successor Agency to the Dissolved Visalia Redevelopment Agency will hold a public hearing on Wednesday, August 28, 2013 at 5:30pm in the Main Conference Room at the City Hall located at 707 W. Acequia, Visalia. Please click here to view the notice.