Executive Board
As the legislative body for the City, the City Council also acts as the Board of Directors of the Redevelopment Agency.
Overview
The City of Lake Elsinore's Redevelopment Agency (RDA) is one of the most important tools your public officials have in improving our fair City.
In the past 20 years, the RDA has paved streets and sidewalks, beautified neighborhoods, and even built a baseball stadium, our beloved Diamond.
Now, with a new management team, a new RDA Board of Directors, and a much improved financial outlook the Agency has a very bright future and can truly start achieving great things.
From the proposed Civic Center in the downtown area to road beautification projects, to providing new and improving existing housing stock, the new RDA will play a key role in making our already wonderful City a truly special place to live, work, and play.
Function
By law, the Redevelopment Agency is legally and financially separate from the City of Lake Elsinore. As in many other cities, the City Council serves dual roles as the RDA Board of Directors. The RDA officers include Chair, Vice-Chair, and Executive Director. The City Manager serves as the RDA's Executive Director.
History
On December 29, 2011, the California Supreme Court upheld Assembly Bill 1X 26 ("the Bill") which provides for the dissolution of all redevelopment agencies in the State of California. This action impacted the reporting entity of the City of Lake Elsinore (City) which previously had reported a redevelopment agency within the reporting entity as a blended component unit. The Bill provides that upon dissolution of a redevelopment agency, either the City or another unit of local government will agree to serve as the "successor agency" to hold the assets until they are distributed to other units of state and local government. On January 24, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in accordance with the Bill. In accordance with the timeline set forth in the Bill (as modified by the California Supreme Court on December 29, 2011) all redevelopment agencies in the State of California were dissolved and ceased to operate as a legal entity as of February 1, 2012.
After the enactment of the law, which occurred on June 28, 2011, redevelopment agencies in the State of California cannot enter into new projects, obligations, or commitments. Subject to the control of a newly established oversight board, remaining assets can only be used to pay enforceable obligations in existence at the date of dissolution (including the completion of any unfinished projects that were subject to legally enforceable contractual commitments). In future fiscal years, successor agencies will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated.