Local Oversight Board and Second District Consolidated Oversight Board
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Agendas & Minutes for Second District Consolidated Oversight Board http://lacob.lacounty.gov/Home/Second-District-Consolidated-Oversight-Board
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Assembly Bill X1 26 calls for the creation of an Oversight Board for each Successor Agency, with the primary purpose of overseeing the activities of the Successor Agency. The Oversight Board oversees the winding down process of the former Inglewood Redevelopment Agency. 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 Local Oversight Board oversaw the Successor Agency activities until June 30, 2018. On July 1, 2018 the local Oversight Board was dissolved and its activities are now administered by the County wide Oversight Boards. The City of Inglewood is part of the Second District Consolidated Oversight Board which includes the cities of Carson, Compton, Culver City, Hawthorne, Lawndale, Lynwood and Inglewood. The Second District Consolidated Oversight Board will oversee the following activities.
- Disposition of assets and properties of the former Redevelopment Agency.
- Cease performance and terminate all existing agreements that do not qualify as enforceable obligations.
- Terminate any agreements between the dissolved Redevelopment Agency and a public entity where the Oversight Board has found that early termination would be in the best interests of the taxing entities.
- Determine whether any contracts, agreements or other arrangements between the dissolved Redevelopment Agency and any private parties should be terminated or renegotiated to
reduce liabilities and increase net revenues to the taxing entities. The Oversight Board may approve early termination or amendments to the agreements.
The Los Angeles County Chief Executive Office and the Economic and Community Development Department Successor Agency Division provide administrative support for the Oversight Board. Supporting documentation can be obtained at the following locations: Inglewood City Hall, One Manchester Boulevard, Inglewood, CA 90301 and Commission Services, Kenneth Hahn Hall of Administration, 500 West Temple Street, Room B-50, Los Angeles, CA 90012