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Consent-Affiliated Agencies # 28.
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| Board of Supervisors |
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| Subject |
| Authorize the County Administrator to confirm the subordination of the County's pass-through payments by the "Successor Agency to the Winters Community Development Agency" to the County of Yolo. (No general fund impact) (Newens) |
| Recommended Action |
| Authorize the County Administrator to confirm the subordination of the County's pass-through payments by the "Successor Agency to the Winters Community Development Agency" to the County of Yolo. |
| Strategic Plan Goal(s) |
| Thriving Residents |
| Reason for Recommended Action/Background |
The Successor Agency to the Winters Community Development Agency is planning to issue Tax Allocation Refunding Bonds to refund outstanding bonds by the former Winters Community Development Agency, and is requesting the County to confirm our agreement to subordinate our pass-through payments to their debt service needs (Att. A - Winters Request). The 2017 Bonds will be issued pursuant to Section 34177.5 of the California Health and Safety Code and Section 53580 et seq. of the California Government Code. The Agency does not foresee that it will require use of the County's share of the tax increment to repay the 2017 Bonds. This subordination would only come into play if there were a major and completely unforeseen decrease in tax increment revenues to the Agency.
Section 302 of the 1992 Pass-Through Agreement between the Agency and County provides that the County agrees to subordinate its interest in the Pass-Through Agreement and allow the Agency to pledge all or any portion of the tax increments otherwise payable to the County under the agreement in order to secure the repayment of Agency indebtedness incurred. The County's agreement to subordinate is conditioned upon the Agency submitting evidence reasonably satisfactory to the County demonstrating the Agency's ability to repay such indebtedness incurred without demand being made on the pass-through payments due to the County.
The County Department of Financial Services has reviewed the financial analysis provided by the City's and the Agency's consultants (Urban Futures, Inc.) and determined that the analysis reflects that there are sufficient revenues to meet the debt service requirements without impacting the payments owed to the County under the Pass-Through Agreement. (Att B -Tax Increment Projections. County pass-through amounts are shown in the next to last column) |
| Collaborations (including Board advisory groups and external partner agencies) |
| The Department of Financial Services has coordinated this recommendation with County Counsel and the Successor Agency to the Winters Community Development Agency. |
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| Fiscal Impact |
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| Source of Funds for this Expenditure |
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Explanation (Expenditure and/or Revenue) |
| Further explanation as needed: |
| There is not expected to be a fiscal impact to the County. |
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