HomeMy WebLinkAbout28 - NB-1 - Attachment 4 - 2/18/2014ATTACHMENT
Department of Finance Finding of Completion Letter
(attached)
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May 24, 2013
Ms. Colleen O'Donoghue, Assistant Finance Director
City of Costa Mesa
77 Fair Drive, 15t Floor
Costa Mesa, CA 92626
Dear Ms. O'Donoghue
Subject: Request for a Finding of Completion
The California Department of Finance (Finance) has completed the Finding of Completion for the City
of Costa Mesa Successor Agency.
Finance has completed its review of your documentation, which may have included reviewing
supporting documentation submitted to substantiate payment or obtaining confirmation from the county
auditor -controller. Pursuant to Health and Safety Code (HSC) section 34179.7, we are pleased to
inform you that Finance has verified that the Agency has made full payment of the amounts determined
under HSC section 34179,6, subdivisions (d) or (e) and HSC section 34183.5.
This letter serves as notification that a Finding of Completion has been granted. The Agency may now
do the following:
• Place loan agreements between the former redevelopment agency and sponsoring entity on the
ROPS, as an enforceable obligation, provided the oversight board makes a finding that the loan
was for legitimate redevelopment purposes per HSC section 34191.4 (b) (1). Loan repayments
will be governed by criteria in HSC section 34191.4 (a) (2).
• Utilize proceeds derived from bonds issued prior to January 1, 2011 in a manner consistent with
the original bond covenants per HSC section 34191.4 (c).
Additionally, the Agency is required to submit a Long -Range Property Management Plan to Finance for
review and approval, per HSC section 34191.5 (b), within six months from the date of this letter.
Please direct inquiries to Andrea Scharffer, Staff Finance Budget Analyst, or Chris Hill, Principal
Program Budget Analyst, at (916) 445-1546.
Sincerely,
STEVE SZALAY
Local Government Consultant
cc: Mr. Bobby Young, Finance Director, City of Costa Mesa
Ms. Willa Bouwens-Killeen, Principal Planner, City of Costa Mesa
Mr. Frank Davies, Property Tax Manager, Orange County
California State Controller's Office