Successor Agency to Paradise Redevelopment Agency

As part of the 2011 Budget Act, the California State Legislature approved the dissolution of the state’s 400 plus RDAs. After a period of litigation, RDAs were officially dissolved as of February 1, 2012. The dissolution was especially harmful for the Town of Paradise. Under financial distress from the housing market meltdown and recession, the RDA was one of the few remaining tools the Town had for economic development through small business loans, blighted property repairs and first time homebuyer programs.    

In January 2012, the Town of Paradise elected to become the Successor Agency of the former Paradise Redevelopment Agency. The Town’s role is now to manage the receipt and disbursement of monies related to debt service of enforceable obligations including loan payments to the Town from the former Paradise Redevelopment Agency. It is important to note that the Town did not assume liability for those obligations, but is merely acting as a trustee in processing the transactions. Each Successor Agency has an oversight board that supervises its work. The seven member Oversight Board is comprised of taxing entities also within the former redevelopment project area.

Following are the Recognized Obligation Payment Schedules and Resolutions approved by the Oversight Board and California Department of Finance during the dissolution process to date: