Oversight Board to the Successor Agency to the Dissolved Redevelopment Agency Meeting

OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY REGULAR MEETING AGENDA January 21, 2026 @ 2:30 p.m. Wastewater Treatment Facility Conference Room 210 Battery Street Crescent City, California 95531 CALL TO ORDER PLEDGE OF ALLEGIANCE ROLL CALL PUBLIC COMMENT PERIOD NEW BUSINESS 1. Select Vice-Chair and Chair to serve for 2026 2. Approve a Recognized Obligation Payment Schedule for the Period July 1, 2026 through June 30, 2027 • Recommendation: Hear staff report • Receive public comment • Consider and adopt Resolution OB2026-01, A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE (ROPS) PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(I) FOR THE PERIOD JULY 1, 2026 THROUGH JUNE 30, 2027. CONSENT CALENDAR 3. Meeting minutes • Recommendation: Approve and adopt the January 15, 2025 meeting minutes of the Oversight Board of the Successor Agency to the Redevelopment Agency of Crescent City ➢ Finance Director Report – brief update from the Finance Director on matters pertaining to the Oversight Board. ADJOURNMENT Adjourn to the next scheduled meeting on July 15, 2026 at 2:00 p.m. in the Wastewater Treatment Facility Conference Room, 210 Battery Street, Crescent City, CA 95531 POSTED: January 16, 2026 /s/ Robin Altman, Secretary to the Board Select a New Chair and Vice Chair for 2026 1  OVERSIGHT BOARD AGENDA REPORT TO: CHAIR AND MEMBERS OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY FROM: LINDA LEAVER, FINANCE DIRECTOR (CITY OF CRESCENT CITY) DATE: JANUARY 21, 2026 SUBJECT: APPROVE A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIOD JULY 1, 2026 THROUGH JUNE 30, 2027 RECOMMENDATION • Consider and adopt Resolution No. OB 2026-01, A Resolution of the Oversight Board of the Successor Agency to the Dissolved Redevelopment Agency of the City of Crescent City Approving a Recognized Obligation Payment Schedule (ROPS) Pursuant to Health and Safety Code Section 34177(I) for the period July 1, 2026 through June 30, 2027 BACKGROUND Pursuant to Health and Safety Code Section 34172, the Redevelopment Agency of the City of Crescent City was dissolved as of February 1, 2012. The City of Crescent City (“RDA Successor Agency”) is the successor agency of the Redevelopment Agency, and pursuant to Health and Safety Code Section 34173(g), the RDA Successor Agency is now a separate legal entity from the City. The sole purpose of the Successor Agency is to wind down (close out) the affairs of the former RDA. This involves disposing of all assets and paying off all enforceable obligations. The Successor Agency has sold or transferred all real property owned by the former RDA in accordance with the Long-Range Property Management Plan, and all outstanding notes receivable have been collected and disbursed to the taxing entities as required by State regulation. The only remaining business of the Successor Agency is to pay off the enforceable obligations, of which only one remains outstanding (Water Fund loan with current balance of $276,214). These obligations are paid off over time, through the annual approval of a Recognized Obligation Payment Schedule (ROPS). Through the ROPS process, the Successor Agency estimates its own resources available (if any) to pay the obligations and requests additional funding from the Redevelopment Property Tax Trust Fund (RPTTF) as available. The total amount the Successor Agency is allowed to pay out each year is based on a formula and the actual amount changes 2 Oversight Board Staff Report ROPS 26-27 January 21, 2026 from year to year. The Successor Agency utilizes the maximum amount allowed under the formula to make payments on any outstanding loans. The Oversight Board is responsible for approving the actions of the RDA Successor Agency pursuant to Health and Safety Code Section 34179, including approval of the ROPS each year. The Successor Agency is scheduled to review and approve the attached ROPS at its January 20, 2026 meeting by way of Resolution No. SA 2026-01. After the Successor Agency approves the ROPS, the Oversight Board must review and approve the ROPS before it is submitted to the State Department of Finance and the County Auditor. The ROPS must be submitted by February 1, 2026. ANALYSIS Attached is the ROPS for the period July 1, 2026 through June 30, 2027. It is organized into the following sections as required by the California Department of Finance: Recognized Obligation Payment Schedule (ROPS 26-27) – Summary and Detail This report shows the estimated amounts to be expended and the funding source for those amounts. The Successor Agency has two potential sources of funding to make payments on recognized obligations and to cover administrative costs: • Existing assets / fund balance • Redevelopment Property Tax Trust Fund (RPTTF) Of these amounts, the Successor Agency is required to use its assets first and then may apply for RPTTF to cover any shortfall to make approved payments toward recognized obligations. RPTTF is collected by the County and distributed to taxing entities pursuant to Health and Safety Code Section 34183. The remaining amount (called the residual) is potentially available to fund Successor Agency obligations. However, the Successor Agency may only request up to 50% of the difference between the projected residual and the actual residual from the base year 2012-13. The proposed ROPS estimates $159,778 will be available to make recognized obligation payments in Fiscal Year 2026-27. Of this amount, $12,771 will come from existing funds in the Successor Agency fund and $147,007 is requested to be funded from RPTTF. Cash Balance Report The Report of Cash Balances tracks Successor Agency cash flow and ending balances across several ROPS periods. This form helps provide transparency over the continual estimation and tax distribution true-up processes embedded in the State dissolution law. 2 Oversight Board Staff Report ROPS 26-27 January 21, 2026 FISCAL IMPACT The ROPS 26-27 financial report authorizes the Successor Agency to request $147,007 from RPTTF funds, all of which will go toward the loan payment. This is in accordance with the purpose of the Successor Agency, which is to wind down the affairs of the former Redevelopment Agency and pay its enforceable obligations. Due to the timing of when final RPTTF information is available compared to the deadline for ROPS submission, the amounts provided are based on estimates. If necessary, the DOF will make adjustments to the ROPS when final RPTTF amounts are known. If the DOF makes any adjustments, the Successor Agency will pay the updated amounts in FY 2026-27 and no additional action will be required. The total amount to be repaid each year will depend on the RPTTF residual, which fluctuates from year to year. Staff estimates the loan will be fully paid off in Fiscal Year 2028-29, although this may change depending on the annual RPTTF calculation. Once this loan is fully paid off, there will be no outstanding obligations of the Successor Agency. ATTACHMENTS • Resolution No. OB 2026-01 • ROPS 26-27 3  OVERSIGHT BOARD RESOLUTION NO. OB2026-01 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(l) WHEREAS, pursuant to Health and Safety Code Section 34173(d), the City of Crescent City (“RDA Successor Agency”) is the successor agency to the dissolved Redevelopment Agency of the City of Crescent City (“Agency”), confirmed by Resolution No. 2012-03 adopted on January 17, 2012, and pursuant to Health and Safety Code Section 34173(g), the RDA Successor Agency is now a separate legal entity from the City; and WHEREAS, Health and Safety Code Section 34179(a) provides that each successor agency shall have an Oversight Board composed of seven members; and WHEREAS, the Oversight Board is the RDA Successor Agency’s oversight board pursuant to Health and Safety Code Section 34179(a); and WHEREAS, Health and Safety Code Section 34177 requires the RDA Successor Agency to prepare a “recognized obligation payment schedule” (“ROPS 26-27”) for the period of July 1, 2026 through June 30, 2027, listing outstanding obligations of the Agency to be performed by the RDA Successor Agency; and WHEREAS, Health and Safety Code Section 34177(l)(2) requires the RDA Successor Agency to submit the ROPS to the California Department of Finance (DOF), State Controller’s Office and County of Del Norte Auditor-Controller; and WHEREAS, Health and Safety Code Section 34180(g) requires the Oversight Board to approve the RDA Successor Agency’s establishment of the ROPS; and WHEREAS, Health and Safety Code Section 34177(m) requires that the ROPS 26-27 must be submitted to the DOF and the County Auditor-Controller by February 1, 2026, and the DOF shall make its determination of the enforceable obligations and the amounts and funding sources of the enforceable obligations no later than April 15, 2026; NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. Recitals. The Recitals set forth above are true and correct and are incorporated into this Resolution by this reference. SECTION 2. CEQA Compliance. The approval of the ROPS 26-27 through this Resolution does not commit the Oversight Board to any action that may have a significant effect Oversight Board Resolution No. OB2026-01 on the environment. As a result, such action does not constitute a project subject to the requirements of the California Environmental Quality Act. SECTION 3. Approval of the ROPS. The Oversight Board hereby approves and adopts the ROPS 26-27, in substantially the form attached to this Resolution as Exhibit A, pursuant to Health and Safety Code Section 34177. SECTION 4. Implementation. The Oversight Board hereby directs the RDA Successor Agency to submit copies of the ROPS approved by the Oversight Board to the County of Del Norte Auditor-Controller, the State of California Controller and the State of California Department of Finance after the effective date of this Resolution and by no later than February 1, 2026, and to post the ROPS on the RDA Successor Agency’s website. SECTION 5. Severability. If any provision of this Resolution or the application of any such provision to any person or circumstance is held invalid, such invalidity shall not affect other provisions or applications of this Resolution that can be given effect without the invalid provision or application, and to this end the provisions of this Resolution are severable. The Oversight Board declares that the Oversight Board would have adopted this Resolution irrespective of the invalidity of any particular portion of this Resolution. SECTION 6. Certification. The City Clerk of the City of Crescent City, acting on behalf of the Oversight Board as its Secretary, shall certify to the adoption of this Resolution. PASSED, APPROVED AND ADOPTED by the Oversight Board of the Successor Agency to the dissolved Redevelopment Agency of the City of Crescent City this 21st day of January 2026, by the following vote: AYES: NOES: ABSTAIN: ABSENT: _____________________________ Chairperson ATTEST: _______________________________ Robin Altman, Secretary to the Board Page 2 Oversight Board Resolution No. OB2026-01 EXHIBIT A RECOGNIZED OBLIGATION PAYMENT SCHEDULE 26-27 [Attached behind this page]  26-27A 26-27B ROPS Requested Funding for Obligations Total Total Total Obligations Funded as A Follows (B+C+D) 12,771 - 12,771 B Bond Proceeds - - - C Reserve Balance 12,771 - 12,771 D Other Funds - - - Redevelopment Property Tax Trust E Fund (RPTTF) (F+G) 147,007 - 147,007 F RPTTF 147,007 - 147,007 G Administrative RPTTF - - - H Current Period Obligations (A+E) 159,778 - 159,778  ROPS 26-27A (Jul-Dec) ROPS 26-27B (Jan-June) Fund Sources Fund Sources Agreement Agreement Total Execution Termination Outstanding ROPS 25- 25-26 A 25-26 B Item # Obligation Name Obligation Type Date Date Payee Description Obligation Retired 26 Total Bonds Reserves Other RPTTF Admin Total Bonds Reserves Other RPTTF Admin Total City/County Loan (Prior 06/28/11), City of Crescent Debt to fund non- 1 Water Fund Loan Other 1/1/1996 6/30/2032 City Water Utility housing projects 276,214 N 159,778 12,771 147,007 159,778 0  July 1, 2023 through June 30, 2024 (Report Amounts in Whole Dollars) A B C D E F G H ROPS 23-24 Cash Balances Fund Sources (07/01/23 - 06/30/24) Bond Proceeds Reserve Balance Other Funds RPTTF Prior ROPS RPTTF and Rent, Non-Admin Comments Bonds issued on or Bonds issued on or after Reserve Balances Grants, and before 12/31/10 01/01/11 retained for future Interest, etc. Admin 1 Beginning Available Cash Balance (Actual 07/01/23) 9,675 2,160 Adjusted to reflect actual cash RPTTF amount should exclude "A" period distribution amount 2 Revenue/Income (Actual 06/30/24) 3,096 95,000 RPTTF amount should tie to the ROPS 23-24 total distribution from the County Auditor-Controller 3 Expenditures for ROPS 23-24 Enforceable Obligations (Actual 06/30/24) 93,463 4 Retention of Available Cash Balance (Actual 06/30/24) RPTTF amount retained should only include the amounts distributed as reserve for future period(s) 5 ROPS 23-24 RPTTF Prior Period Adjustment 1,537 RPTTF amount should tie to the Agency's ROPS 23-24 PPA form submitted to the CAC 6 Ending Actual Available Cash Balance (06/30/24) 0 0 0 12,771 2,160 C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)  OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY REGULAR MEETING MINUTES January 15, 2025 @ 2:00 p.m. Wastewater Treatment Facility Conference Room 210 Battery Street Crescent City, California 95531 CALL TO ORDER Board Member Wier called the meeting to order at 2:13 p.m. ROLL CALL Board Members present: Board Member Jeff Harris, Board Member Dan Schmidt, Board Member Candace Tinkler, and Board Member Eric Wier Board Members absent: Board Member Ericka Barber and Board Member Chris Howard Staff members present: Board Secretary Robin Altman and Finance Director Linda Leaver Board Member Wier asked for an emergency item to be placed on the agenda to select a Vice-Chair and Chair for this year. The Board was in consensus to add the item. Board Member Schmidt nominated Board Member Wier to serve as Chair, Board Member Wier accepted the nomination and the Board was in consensus to appoint him as Chair. Board Member Schmidt nominated Board Member Harris to serve as Vice-Chair, Board Member Harris declined the nomination. Board Member Schmidt nominated Board Member Tinkler to serve as Vice-Chair, Board Member Tinkler accepted the nomination and the Board was in consensus to appoint her as Vice-Chair. PUBLIC COMMENT PERIOD There were no members of the public present and no written public comment submitted. CONSENT CALENDAR 1. Meeting minutes • Recommendation: Approve and adopt the January 26, 2024 meeting minutes of the Oversight Board of the Successor Agency to the Redevelopment Agency of Crescent City On a motion by Board Member Harris, seconded by Vice-Chair Tinkler, and carried by oral vote, with Board Members Harris and Barber being absent, the Oversight Board of the Successor Agency to the Redevelopment Agency of Crescent City approved and adopted the January 26, 2024 meeting minutes of the Oversight Board of the Successor Agency to the Redevelopment Agency of Crescent City. 3 Oversight Board Minutes January 15, 2025 NEW BUSINESS 2. Approve a Recognized Obligation Payment Schedule for the Period July 1, 2025 through June 30, 2026 • Recommendation: Hear staff report • Receive public comment • Consider and adopt Resolution OB2025-01, A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(I) FOR THE PERIOD JULY 1, 2025 THROUGH JUNE 30, 2026. Director Leaver gave a brief history of the dissolution of the Redevelopment Agencies and how each RDA had a successor agency that was responsible for winding everything down and eventually closing it completely. There is one outstanding loan and each year a payment on the loan is discussed at the meeting of the Successor Agency and the Oversight Board reviews the payment. Board Member Harris asked if the $89k will come out of the $319k remaining balance; Director Leaver answered in the affirmative. Board Member Schmidt asked questions in regards to the history and purpose of the loan; Chair Wier explained that back in 2008, the Redevelopment Agency borrowed money from the City’s Water Fund. The RDAs were dissolved in 2012 leaving an outstanding loan in the Water Fund. There were no members of the public present and no written public comment submitted. On a motion by Vice-Chair Tinkler, seconded by Board Member Harris, and carried on a 4-0 polled vote with Board Members Howard and Barber being absent, the Oversight Board of the Successor Agency to the Redevelopment Agency of Crescent City approved and adopted Resolution OB2025-01, A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE DISSOLVED REDEVELOPMENT AGENCY OF THE CITY OF CRESCENT CITY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177(I) FOR THE PERIOD JULY 1, 2025 THROUGH JUNE 30, 2026 ➢ Finance Director Report – Director Leaver stated that this is winding down and anticipates only 2-3 more meetings required. ADJOURNMENT There being no further business to come before the Board, Chairman Wier adjourned the meeting at 2:29 p.m. to the next scheduled meeting on July 16, 2025 at 2:00 p.m. in the Wastewater Treatment Facility Conference Room, 210 Battery Street, Crescent City, CA 95531 ATTEST: _____________________________________ Robin Altman, Secretary to the Board 2