on Jun 16, 2012

HR&A Partner Paul Silvern becomes Chair of Santa Monica Redevelopment Oversight Board

 

HR&A Partner Paul Silvern was recently appointed by Mayor Richard Bloom to the Santa Monica Redevelopment Successor Agency Oversight Board. At the Oversight Board’s first meeting on April 16, Paul was elected Chair for its inaugural year of operation. Other Oversight Board members include an additional Mayoral appointee, three appointees by the Los Angeles County Board of Supervisors, and one appointee each by the Los Angeles County Board of Education and the Chancellor of the California Community Colleges.

 

The Board is tasked with various responsibilities associated with winding down the affairs of the former Santa Monica Redevelopment Agency, as required by a California law enacted in June 2011, and sustained by a State Supreme Court decision issued in December 2011, that required the dissolution of all 400 redevelopment agencies in the state. Among its responsibilities, the Oversight Board is responsible for approving lists of “enforceable obligations,” or redevelopment project expenditures that may be eligible to continue receiving property tax increment funds until they are completed. In doing so, the Oversight Board has fiduciary responsibilities to holders of enforceable obligations as well as the taxing entities that benefit from distributions of property tax and other revenues generated from redevelopment activities. The Santa Monica Oversight Board will operate through June 2016, at which time the Oversight Boards for all the former redevelopment agencies in Los Angeles County will be consolidated into a single Oversight Board.