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Adopt Ordinance Per Part 1.9 of Division 24 of the California Health and Safety Code September 6, 2011 Page 3 totaling $741,995. As the majority of the successful appeals were not resolved by the County of Orange until 2009 and 2010, this information was not available at the time the Agency was required to submit the 2008 -09 State Controller's Report. Factoring this into the state's formula may result in a decrease in the initial base year remittance amount by as much as $350,000. Many cities /counties have also filed appeals; therefore, it cannot be assured that the state will not make further adjustments to the calculations that will affect the estimated remittances. The State Director of Finance has until September 15, 2011 to reject or approve the appeal, and may also extend the decision deadline until October 15, 2011. It is anticipated that the Redevelopment Agency will reimburse the City for the requisite initial and annual remittance payments based on the interpretation of the intent of the legislation. A Remittance Agreement and an appropriation adjustment will be forthcoming to the City Council and Agency Board for approval, pending adoption of the ordinance. Unless and until the stay is lifted, cities will not have to make the continuation payments. FISCAL IMPACT Following adoption of the ordinance, subsequent appropriation adjustments totaling $20,489,170 will be required in order for the City to make the payments in two installments for FY 2011 -12. The annual continuation payments of approximately $5 million will also require action by the City and Agency. APPROVED AS TO FUNDS AND ACCOUNTS: ,cq Nancy T. E ards Francisco Gu ierrez W Interim Exe tive Director Executive Director Community Development Agency Finance & Management Services Agency NTE /SG /mlr Exhibit: 1. Ordinance