On December 29, 2011, the California Supreme Court upheld ABx1 26 (the “Dissolution Act”) abolishing redevelopment in California as of February 1, 2012. On February 28, 2012, the City of Moreno Valley, acting as the Successor Agency for the former Redevelopment Agency (RDA), became responsible for winding down the affairs of the redevelopment agency including disposing of its assets and making payments due for debt incurred by the former RDA.
The Dissolution Act provides for an Oversight Board to be duly constituted to review and approve the activities of the Successor Agency and ensure the former RDA's assets are distributed to the taxing entities. The Oversight Board is an independent decision-making body with a fiduciary responsibility to holders of enforceable obligations of the former RDA and the taxing entities that remain in the former redevelopment project areas. The Boards actions will be overseen by the State Department of Finance and may be subject to disapproval or modification. The City of Moreno Valley’s Oversight Board was created in February 2012 to meet these requirements. In 2018, State legislation under Health and Safety Code Section 34179 (j) dissolved all City Oversight Board’s and created Countywide Oversight Board’s to resume the City Oversight Board’s responsibilities which commenced after July 1, 2018.
The Countywide Oversight Board is composed of seven members representing various taxing entities and is an independent decision-making body with a trustee responsibility to holders of enforceable obligations of the former RDA and the taxing entities that remain in the former redevelopment project areas. The Board's actions are overseen by the State Department of Finance and may be subject to disapproval or modification. Click here for more information about the Countywide Oversight Board.