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Cupertino Redevelopment

On December 29, 2011, the California Supreme Court delivered its decision in the California Redevelopment Association v. Matosantos case. The court ruled that ABx1 26 (the “Dissolution Act”) was largely constitutional and that ABx1 27 (the “Alternative Redevelopment Program Act”) was unconstitutional. As a result, the City of Cupertino RDA will be dissolved on February 1, 2012 pursuant to the Dissolution Act (unless the legislature adopts, and the governor approves, legislation to extend that deadline). At the time of dissolution, the RDA’s non-housing funds and assets will then be turned over to a successor (the “Successor Agency”) charged with the responsibility of paying off the former RDA’s existing debts, disposing of RDA properties and assets to pay off the debt and return revenues to the local government entities that receive property taxes (the “Taxing Entities”) and wrapping up the business of the former RDA. The RDA’s affordable housing assets, other than its existing housing fund balance, will be turned over to a successor housing agency (the “Successor Housing Agency”) to continue performing affordable housing activities. The former RDA’s affordable housing fund balance will be used to repay existing housing fund debts and/or remitted to the County Auditor/Controller for distribution to the Taxing Entities.

On January 10, 2012, the City Council elected the City of Cupertino to serve as both the Successor Agency and Successor Housing Agency to the dissolving Redevelopment Agency.