As part of the unwinding process successor agencies are required to transmit all unobligated funds or cash to the County Auditor Controllers for distribution to local taxing agencies such as school districts, etc. H&SC 34179.5 required that the amounts to be transmitted be identified by preparing two Due Diligence Reports: one for the Low and Moderate Income Housing Fund (LMIHF) and a second for the "Other Funds and Accounts" (OFA).
The Department of Finance (DOF) reviews the submitted reports and determines the amount of unobligated funds that must be transmitted to the Auditor Controller. The City of Inglewood, as Successor Agency to the Former Inglewood Redevelopment Agency, has received a Finding of Completion letter issued by DOF verifying that all fund remittances determined by the DOF have been transmitted to the Los Angeles County Auditor Controller, as required. Under Health and Safety Code (HSC) 34191.4 (c) upon receiving the Finding of Completion letter, the Successor Agency may use bond proceeds in a manner that is consistent with former Inglewood Redevelopment Agency bond covenants. The ability to access bond funds directly impacts the Successor Agency's ability to fund the development of the Senior Center and Century Boulevard Reconstruction.
State Controller's Office Asset Transfer Review Under Health and Safety Code 34167.5, the State Controller's Office is required to review all asset transfers made by the Inglewood Redevelopment Agency to the City of Inglewood or any other public agency after January 1, 2011. The review applied to all assets including real and personal property, cash funds, accounts receivable, deeds of trusts and mortgages, contract rights and rights to payment of any kind. View the State Controller's Office Asset Transfer Review Report (PDF).