Deadline Approaches for RDA Winddown

As reported early this year, the City of Belmont  (RDA) on February 2 and a successor agency and oversight board were to be appointed to sell assets, pay debts and monitor the process of winding down the RDA.

According to the San Jose Mercury News, by April 15, those boards must approve a document entitled, "Recognized Obligation Payment Schedule," outlining the contractual obligation the agency must still pay. 

On winding down the work of RDAs, Jim Kennedy, interim executive director of the California Redevelopment Association said, "It's much more of a formidable task than anybody imagined."

The shutdown came on the heels of the  of the state Legislature dissolving 425 local agencies throughout the state. Since February, Belmont has been winding down the work of the former agency, which was dedicated to urban renewal.

Belmont's community development director, Carlos de Melo, emphasized the impact of the RDA dissolution. "We will  have to get creative on how we work with the development community on projects like Firehouse Square."

"We are still hopeful that we can complete some of the projects we've been working on, but it will take some creativity," de Melo said.

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