Successor Agency

Mission

The mission of the Successor Agency is to carry out the winding down and completion of the remaining activities, programs and projects of the former Community Redevelopment Agency. These programs and projects were created to expand and diversify the entrepreneurial economic base of the community by eliminating neighborhood blight and assembling land for the utilization of job-producing and revenue-generating retail, commercial, and industrial developments, while fostering home ownership opportunities; ultimately creating a viable and sustainable community that enhances the quality of life for our residents and business community.
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Core Services

▪ Wind down Agency activities, programs and projects thru sale and disposition of over 30 properties for retail, commercial and residential development

▪ Manage the completion of North Downtown Master Plan-Public Facility and Infrastructure Improvement projects:
   – MLK Transit Center
   – Community Center
   – Multi-Level Parking Structure
   – META Housing and Retail Activities

▪ Administer a newly created Low and Moderate Income Housing Fund to provide funding production, preservation and expansion of affordable housing opportunities:
   – First Time Homebuyer Program
   – Rehabilitation Program
   – New Housing Development

▪ Oversee the expenditure accounts of Tax Allocation Bonds, Tax Increment Revenue

Overview

The Successor Agency formerly known as the Community Redevelopment Agency serves as the economic development engine of the City, focused on restoring economic vitality and creating wealth in the community. The Agency's objective is to implement the City Council's policy of fostering growth by utilizing tax increment revenues, leveraged with additional funding sources and financing mechanisms to address the causes of market failure and facilitate projects that enhance the quality of life and increase the economic base of the community. The Agency is an agent of change; creating physical and social infrastructures that stimulate growth, enhance the community and provide a return on investment to the City of Compton's residents and businesses. The Agency undertakes this effort by employing a variety of leveraging tools that attract private investment to the community. With each new infrastructure, residential, retail, commercial and industrial development project, the Agency actively facilitates job development to ensure that Compton's residents enjoy the full benefit of community revitalization.

Successor Agency to the Community Redevelopment Agency

As of February 1, 2012, the Community Redevelopment Agency (CRA) of the City of Compton was dissolved by Governor Jerry Brown and the State Legislature by approving AB X1 26.

Assembly Bill AB X1 26

Assembly Bill AB X1 26 was adopted February 1, 2012 and in essence phases out the current tax increment funding mechanism for redevelopment agencies and returns property tax revenues to schools, special districts, cities and counties to help sustain their core functions.

Successor Agency Enforceable and Recognized Payment Obligations

Pursuant to the requirements of Assemble Bill X1 26, the Successor Agency of the City of Compton adopted a Schedule of Enforceable Obligations for payments due through December 31,2011. The Schedule was originally adopted by Agency Resolution 9 and 10. The Agency has also prepared a Recognized Payment Obligation Schedule covering all obligations due between January 1, 2012 and June 30, 2012 and from July 1, 2012 to December 31, 2012.