Assembly Bill x1 26 calls for the creation of an Oversight Board for each Successor Agency, with the primary purpose of overseeing theactivities of the Successor Agency. The membership is comprised of comprised of seven (7) members as follows:
This Oversight Board will be in place until July 1, 2016, at which time, it is anticipated that only one Oversight Board will serve the County. The Oversight Board will oversee the winding down process of the former Inglewood Redevelopment Agency, which includes the responsibility of reviewing and approving Successor Agency Actions outlined in Health & Safety Code Section 34180. The Oversight Board has a fiduciary responsibility to taxing entities that benefit from the distributions of Redevelopment Property Tax Trust Funds (RPTTF), formerly called Tax Increment. The Oversight Board will oversee the following Successor Agency activities:
The Los Angeles County Chief Executive Office and the Economic and Community Development Department Successor Agency Division provide administrative support for the Oversight Board.