REPORT TO THE CITY COUNCIL, SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF FRESNO AND THE FRESNO REVITALIZATION CORPORATION January 14, 2016 FROM: MARLENE MURPHEY, Executive Director SUBJECT ..Title Successor Agency to the Redevelopment Agency of the City of Fresno and Fresno Revitalization Corporation (FRC) consider adopting: 1 RESOLUTION - Approving the Recognized Obligation Payment Schedule 16-17 ..Body EXECUTIVE SUMMARY The Recognized Obligation Payment Schedule (ROPS) for the July 1, 2016 through June 30, 2017 period is attached. The ROPS must be submitted to the Department of Finance by February 1, 2016. It is planned for consideration by the Oversight Board (OB) in late January. Successor Agency staff recommends that the Successor Agency Board and FRC approve the attached Joint Resolution approving the ROPS for submittal to the required entities. BACKGROUND State legislation, ABX1 26 and AB 1484, created Successor Agencies, which are tasked with the responsibility of winding down former Redevelopment Agencies. As a requirement of the wind-down process, the Successor Agencies under the recently approved SB 107 are now required to provide a ROPS every twelve months identifying overall outstanding debt for all enforceable obligations with the Agency, as well as the estimated amount needed for each of those obligations during the twelve-month period covered by that ROPS. The ROPS is required to be considered and acted upon by the OB. Once approved, the ROPS and OB Resolution are submitted to the Department of Finance for subsequent review and final approval. ENVIRONMENTAL FINDINGS N/A LOCAL PREFERENCE N/A FISCAL IMPACT N/A Attachment A: Joint Resolution Exhibit 1 to Attachment: Recognized Obligation Payment Schedule 16-17 (July 2016 - June 2017)