Welcome to website of the Successor Agency to the former County of Santa Barbara Redevelopment Agency in Isla Vista.
All Redevelopment Agencies in the State of California, including the County of Santa Barbara Redevelopment Agency in Isla Vista (IVRDA), were eliminated on February 1, 2012, pursuant to ABX1 26 (the “Dissolution Act”). On January 10, 2012, the Santa Barbara County Board of Supervisors directed the County to become the “Successor Agency” to the former IVRDA. As such, the former RDA’s assets and liabilities are now under the control of the County.
ABX1 26 requires the establishment of an Oversight Board for each former Redevelopment Agency. The Oversight Board is generally intended to supervise the activities of the Successor Agency and ensure the former RDA’s assets are distributed to the taxing entities expeditiously and in a manner that maximizes value. The Oversight Board has a fiduciary responsibility to holders of Enforceable Obligations of the former RDA and to the taxing entities that would benefit from the distribution of revenues generated by the liquidation of RDA assets.
The Oversight Board will conduct public meetings in order to carry out its business of winding down the affairs of the former IVRDA and disposing of its assets. The first of these meetings will be held on April 5, 2012.
For more information on Successor Agencies, Oversight Boards and the dissolution process, please click the following link to review a summary document prepared by the State Legislative Analyst’s Office.