Successor Agency to the Norwalk Redevelopment Agency

Pursuant to AB X1 26, as upheld by the Supreme Court in California Redevelopment Association, et al. v. Matosantos, et al. (Case No. S194861), the Norwalk Redevelopment Agency (the "Redevelopment Agency") is dissolved as of February 1, 2012. The City of Norwalk (the "City") has elected to serve as the successor agency to the Redevelopment Agency (the "Successor Agency").

The Norwalk Redevelopment Agency was established in 1984 to promote the City's commercial attractiveness and strengthen its fiscal capacity. Norwalk's redevelopment project areas encompass each of the community's major commercial corridors and shopping districts. These include Firestone Boulevard, the Norwalk Entertainment Center, Norwalk Towne Square, Paddison Square, Alondra Boulevard, South Norwalk and the Carmenita Industrial Park.

The Redevelopment Agency has played a vital role in the revitalization of the City's major commercial and industrial areas. Its purpose is to stimulate new private investment, such as the attraction of two new Target Stores and a Wal-Mart store to the community. The Agency is also supportive of maintaining a healthy and stable business environment for existing business owners. Major business retention projects include the McKenna Motors Expansion project , the expansion of the parking area for the Norwalk Superior Court and the development of the Norwalk Entertainment Center. In addition, studies are underway to evaluate the potential uses for the "Norwalk Tank Farm", including creation of light industrial, commercial and recreational facilities.

Recognized Obligation Payment Schedule

Administrative Budget

Oversight Board of the Successor Agency to the Norwalk Redevelopment Agency

This Oversight Board has been created pursuant to Section 34179 of the Health and Safety Code for the sole purpose of overseeing certain actions of the Successor Agency to the Norwalk Redevelopment Agency. In accordance with Health and Safety Code Section 34179(h), all Oversight Board actions shall become effective five business days after notice of such action has been given to the State Department of Finance (Department), unless the Department requests a review. In the event that the Department requests a review of a given Oversight Board action, it shall have 40 days (or longer in limited circumstances) from the date of the Department's request to approve the Oversight Board action or return it to the Oversight Board for reconsideration. If the Department returns the Oversight Board action to the Oversight Board for reconsideration, the Oversight Board shall resubmit the modified action for Department approval, and the modified Oversight Board action shall not become effective until approved by the Department.

Notice of Special Meeting, November 17, 2014

Oversight Board Agenda, November 17, 2014