TO: SUCCESSOR AGENCY
BOARD TO THE SAN JOSE
REDEVELOPMENT
AGENCY
FROM: Maria Öberg
SUBJECT: See Below DATE: May 11, 2026
Approved
Date:
5/14/26
SUBJECT: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2026 through June 30, 2027 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2026-2027
RECOMMENDATION
Successor Agency Board to the San José Redevelopment Agency adopt resolutions approving the:
(a) Administrative Budget for July 1, 2026 through June 30, 2027; and
(b) Recognized Obligation Payment Schedule 2026-27 and authorizing payment for items thereon, which details the obligations of the Successor Agency Board to the San José Redevelopment Agency for the period of July 1, 2026 through June 30, 2027.
SUMMARY AND OUTCOME
The Administrative Budget illustrates the City of San José (City) allocation of personnel and professional service resources. The Recognized Obligation Payment Schedule 2026-27 (ROPS 26-27) includes financial obligations of the Successor Agency Board to the Redevelopment Agency (Successor Agency Board) for the reporting period of July 1, 2026 through June 30, 2027. Approval of the resolutions by the Successor Agency Board provides budgetary authority to incur expenditures subject to the availability of funds and in accordance with the established priority of obligations.
COUNCIL AGENDA: 6/2/26
FILE: 26-664
ITEM: 9.1
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 11, 2026
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2026 through June 30, 2027 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2026-2027
BACKGROUND
Under the legislation dissolving redevelopment agencies, a successor agency is required to submit an Administrative Budget and Recognized Obligation Payment Schedule each fiscal year to the County of Santa Clara Countywide Oversight Board and the California Department of Finance (DOF) for their respective approvals.
The County of Santa Clara completed its review of ROPS 26-27 and issued a Notice of No Objection on January 16, 2026. The Administrative Budget and ROPS 26-27 were approved by the County of Santa Clara Countywide Oversight Board on January 29, 2026 and submitted to the DOF on January 30, 2026, prior to the February 1 submission deadline. The DOF completed its review and released its final determination of enforceable obligations listed on ROPS 26-27 and approval of Redevelopment Property Tax Trust Fund (RPTTF) funding on April 15, 2026.
ANALYSIS
In accordance with the legislative requirement, the Successor Agency has developed an Administrative Budget and ROPS 26-27, summarized below.
A. Administrative Budget for July 1, 2026 through June 30, 2027
The Successor Agency Administrative Budget (Attachment A) summarizes provisions for professional services and City personnel costs. Professional services for Fiscal Year (FY) 2026-27 include banking, external municipal advisory services and audit services.
Each budget line item references the payee’s name, description of work, and budgetary comparison between FY 2025-26 and FY 2026-27. The DOF requested the Successor Agency reclassify municipal advisory services provided by Ross Financial on line 138 of ROPS 26-27 to the Administrative Budget. The reclassification adds $15,000 to the Administrative Budget without increasing the total requested RPTTF. The Successor Agency Administrative Budget for FY 2026-27 totals $161,883, reflecting a decrease of $31,334 or (16%) from the approved Administrative Budget for FY 2025-26.
The personnel cost portion of the Administrative Budget (Attachment B) for FY 2026-27 was developed based on actual staff time reported for FY 2024-25, adjusted for an estimated increase of 8%, including retirement and fringe benefits. The City is forecasting a decrease in staffing support costs for FY 2026-27 by $48,416, or (40%) from ROPS 25-26 personnel costs. The personnel costs budgeted for ROPS 26-27 are $72,384.
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 11, 2026
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2026 through June 30, 2027 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2026-2027
The Successor Agency may refund the Tax Allocation Bonds Series 2017A, A-T, and B in 2027 if it is determined that sufficient savings can be achieved. The City personnel costs will increase with the additional work associated with bond refunding. The Successor Agency has not included an estimate of personnel costs associated with bond refunding on ROPS 26-27 because it was too early to anticipate the transaction execution.
If the actual administrative costs are more than the approved budget, the City will file an amended ROPS in the following year to request reimbursement for the excess cost amount. If the actual administrative costs are less than the approved budget, a prior period adjustment report will be filed, and the excess RPTTF revenue will be applied to obligations on a future ROPS.
B. Recognized Obligation Payment Schedule Summary
The ROPS 26-27 Summary shows a budget of $200,975,913 to pay for enforceable obligations from July 1, 2026 through June 30, 2027 (Attachment C). The funding sources include:
• A reserve amount from ROPS 25-26 in the amount of $56,487,500; • Other funds in the amount of $2,460,709; and
• RPTTF in the amount of $142,027,704.
Pursuant to California Health and Safety Code section 34186 (c), successor agencies are required to report differences between actual payments and past estimated obligations (prior period adjustments) for the period of July 1, 2023 through June 30, 2024 (ROPS 23-24). The prior period adjustments for ROPS 23-24 resulted in an excess RPTTF revenue distribution of $60,808, which will be netted against the authorized RPTTF revenue distributed for ROPS 26-27.
Line 85 on ROPS 26-27 Detail Section
Line 85 of the ROPS 26-27 budget includes a new annual assessment expense for the Billy DeFrank Community Center property, located within the Alameda Community Business Improvement District. The Successor Agency is subject to this assessment for a 15-year term, effective January 1, 2026, through December 31, 2040, with an annual cost-of-living adjustment not to exceed 7%. The total anticipated assessment obligation for the Billy DeFrank Community Center for FY 2025-26 and FY 2026-27 is $7,148.
Including the associated $1,200 insurance cost, the County Oversight Board and the DOF have approved a total budget of $8,348 for line 85 on ROPS 26-27.
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 11, 2026
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2026 through June 30, 2027 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2026-2027
C. Review of ROPS by County Auditor-Controller
The County of Santa Clara Auditor-Controller is authorized, but not required, to review the ROPS and transmit objections to any items not demonstrated to be enforceable obligations to the Successor Agency, County of Santa Clara Countywide Oversight Board, or DOF. On January 16, 2026, the County of Santa Clara Controller-Treasurer sent a Notice of No Objection for ROPS 26-27 (Attachment D) via email.
D. Review of ROPS by DOF
The DOF completed its review of ROPS 26-27 on April 15, 2026. Pursuant to its review, the DOF issued a Final Determination Letter (Attachment E) requiring a reclassification of Line 138, from the RPTTF to the Administrative RPTTF. Going forward this type of service will be budgeted under the Administrative Budget.
EVALUATION AND FOLLOW-UP
The California Health and Safety Code section 34177 (o) (1) (E) allows the Successor Agency to amend its ROPS one time prior to October 1 during the reporting period.
FISCAL IMPACTS
ROPS 26-27 reflects financial obligations due during the reporting period of July 1, 2026 through June 30, 2027. The Successor Agency has sufficient funds to pay for all enforceable obligations, including administrative costs.
COORDINATION
This memorandum was prepared in coordination with the City Attorney’s Office and City Manager’s Budget Office.
PUBLIC OUTREACH
This memorandum will be posted on the City Council Agenda website for the June 2, 2026 City Council meeting. The City Council is also the Successor Agency Board and will convene as the Successor Agency Board to consider this memorandum during the June 2, 2026 City Council meeting.
SUCCESSOR AGENCY BOARD TO THE SAN JOSE REDELOPMENT AGENCY May 11, 2026
Subject: Successor Agency to the San José Redevelopment Agency Approval of the July 1, 2026 through June 30, 2027 Administrative Budget and Annual Recognized Obligation Payment Schedule for Fiscal Year 2026-2027
BOARD, COMMISSION, COMMITTEE RECOMMENDATION AND INPUT
No board, commission, or committee recommendation or input is associated with this action.
CEQA
Not a Project, File No. PP17-004, Government Funding Mechanism or Fiscal Activity with no commitment to a specific project which may result in a potentially significant physical impact on the environment.
PUBLIC SUBSIDY REPORTING
This item does not include a public subsidy as defined in section 53083 or 53083.1 of the California Government Code or the City’s Open Government Resolution.
Maria Öberg
Chief Financial Officer
For questions, please contact Maria Öberg, Chief Financial Officer of the Successor Agency, at [email protected] or (408) 535-7011
ATTACHMENTS:
Attachment A - Successor Agency Administrative Budget
Attachment B - Successor Agency Personnel Costs - Administrative Budget Attachment C - Recognized Obligation Payment Schedule (ROPS 26-27) Attachment D - County of Santa Clara Notice of No Objection to ROPS Attachment E - DOF Final Determination Letter ROPS 26-27
ATTACHMENT A
Successor Agency
ROPS 26-27
Administrative Budget
City of San Jose
Personnel costs for operations (refer to
Attachment #2) 120,800 36,192 36,192 72,384 (48,416)
Ross Financial Municipal Advisory Services 0 15,000 0 15,000 15,000 Macias, Gini & O'Connell LLP Financial Audit Services - Annual Audit 69,417 71,499 0 71,499 2,082 JPMorgan Chase General banking service fees 3,000 1,500 1,500 3,000 0 193,217 124,191 37,692 161,883 (31,334)
Change %
-16%
APPROVED
BUDGET FY25-26
TOTAL
BUDGET
26-27A
BUDGET
26-27B
BUDGET
26-27 CHANGEPAYEE DESCRIPTION OF WORK
ATTACHMENT BSuccessor Agency
ROPS 26-27
Personnel Costs - Administrative Budget
FY 24-25 factor for FY 26-27 : 1.08
PCN Employee Name Personnel by Position ROPS 25-26
Budget
FY2024-25
Actual
ROPS 26-27
Budget
@108% of
FY24-25
ROPS
26-27A
ROPS
26-27B
Attorney's Office
P_00009174 Kevin Fisher Assistant City Attorney 11,181$ 4,978$ 5,377$ 2,689$ 2,689$ P_00000270 Sarah Jane Tapia Legal Admin Assistant 907 21 - - P_00000279 Amparo Sandoval Executive Assistant - - 250 125 125 12,088 4,999 5,627 2,814 2,814 City Manager's Office - Budget Office
P_00007205 Christopher Petak Senior Executive Analyst 1,456 569 615 308 308 1,456 569 615 308 308 Finance Department
P_00000184 Yolanda Ayala Accounting Technician 886 85 92 46 46 P_00000213 Maria Guerrero Accounting Technician 984 119 129 65 65 P_00000167 Jaime Fonseca Accountant II 996 190 206 103 103 P_00021959 Molly Kuhlmann-Haley Analyst II - 363 392 196 196 P_00022740 Joshua Goshay Analyst II 1,591 561 606 303 303 P_00016679 Tanner Warner Debt Administrator 2,994 4,693 5,069 2,535 2,535 P_00021585 Qianyu Sun Deputy Director, Debt and Treasury 1,933 2,853 3,082 1,541 1,541 P_00018148 Victor (Yick Kwan) Lo Deputy Director, Accounting 1,995 - 443 222 222 P_00000146 Maria Oberg Director/SARA Chief Financial Officer 2,373 - - - - P_00008147 Kevin Freimarck Financial Analyst 24,040 11,071 11,957 5,979 5,979 P_00017221 Vicky Szeto Principal Accountant 14,708 4,280 4,623 2,312 2,312 P_00014854 Brianna Mora Mendoza Senior Account Clerk 735 - - - - P_00017349 Ruiw
en Su Senior Accountant 49,129 35,129 37,940 18,970 18,970 P_00000200 Alex Rojas Senior Investigator Collector 1,157 - 371 186 186 P_00013195 Deepak Sharma Financial Analyst - 348 376 188 188 P_00000175 My Quach Accounting Technician - - - - - P_00007386 Weekwan Jang Accounting Technician - 223 241 121 121 P_00000156 Mi
nyi Huang Accountant II - 159 172 86 86
P_00017829 Cal Haynes Analyst I - - - - -
P_00020763 Eric Warnars Program Manager - - - - - P_00008028 Theresa Monzon Senior Account Clerk - - - - - P_00017223 Margarita Barrios Senior Office Specialist 701 356 385 193 193 P_00019257 Rebecca Todd Staff Specialist 793 - - - - P_00019874 Kei Motonishi-Romero Supervising Accountant 2,242 52 58 29 29 107,257 60,480 66,142
33,071 33,071
Total Wages 120,800$ 66,048$ 72,384$ 36,192 $ 36,192 $ % change in salaries from 25-26 Budget -40%
Cost change from 25-26 Budget ($48,416)
Recognized Obligation Payment Schedule (ROPS 26-27) - Summary Filed for the July 1, 2026 through June 30, 2027 Period Successor Agency: San Jose
County: Santa Clara
Current Period Requested Funding for Enforceable
Obligations (ROPS Detail)
26-27A Total
(July -
December)
26-27B Total
(January -
June)
ROPS 26-27
Total
A Enforceable Obligations Funded as Follows (B+C+D) $ 58,948,209 $ - $ 58,948,209 B Bond Proceeds - - -
C Reserve Balance 56,487,500 - 56,487,500
D Other Funds 2,460,709 - 2,460,709
E Redevelopment Property Tax Trust Fund (RPTTF)
(F+G)
$ 69,841,300 $ 72,186,404 $ 142,027,704
F RPTTF 69,717,109 72,148,712 141,865,821
G Administrative RPTTF 124,191 37,692 161,883
H Current Period Enforceable Obligations (A+E) $ 128,789,509 $ 72,186,404 $ 200,975,913 Certification of Oversight Board Chairman:
Name Title
Pursuant to Section 34177 (o) of the Health and Safety
code, I hereby certify that the above is a true and
accurate Recognized Obligation Payment Schedule for
the above named successor agency. /s/
Signature Date
ATTACHMENT C
1 San Jose
Recognized Obligation Payment Schedule (ROPS 26-27) - ROPS Detail July 1, 2026 through June 30, 2027
A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
T
ype
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS 26-27
Total
ROPS 26-27A (Jul - Dec)
26-27A Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
$1,392,153,827 $200,975,913 $- $56,487,500 $2,460,709 $69,717,109 $124,191 $128,789,509 $- $- $- $72,148,712 $37,692 $72,186,404 69 Successor
Agency Bond
Activities
Professional
Services
07/01/
2024
06/30/2029 Arbitrage
Service
Arbitrage rebate
calculation
services
Merged 5,000 N $- - - - - - $- - - - - - $-
85 Asset
Management/
Successor
Agency's Lease
Obligations (refer
to "Notes"
section)
Property
Maintenance
01/01/
2014
06/30/2054 Miscellaneous
Vendors
Utilities,
insurance,
assessment,
and
maintenance for
Successor
Agency
Properties
Merged 120,371 N $8,348 - - - 8,348 - $8,348 - - - - - $- 138 Successor
Agency
operations (refer
to "Notes"
section)
Professional
Services
07/01/
2023
06/30/2028 Ross
Financial
Ongoing
financial advisor
services on an
as-needed
basis
Merged 30,000 N $15,000 - - -
15,000 $15,000 - - - - - $-
143 Successor
Agency Bond
Activities
Professional
Services
07/01/
2025
06/30/2030 Tax Increment
Fiscal
Consultant
Fiscal
consultant
services
including
analysis of tax
increment data
Merged 91,580 N $17,070 - - - 17,070 - $17,070 - - - - - $- 144 May 2001
Amended &
Restated
Agreement (refer
to "Notes"
section)
Miscellaneous 05/22/
2001
06/30/2035 County of
Santa Clara
County Pass-
Through
Payments -
annual formula
based on tax
increment
growth.
Merged - N $- - - - - - $- - - - - - $-
149 Jones Hall-
Successor
Agency SARA
Activities (refer
to "Notes"
section)
Legal 10/01/
2010
06/30/2028 Jones Hall Legal services
on an as-
needed basis to
support bond
and
administrative
issues.
Merged 30,000 N $- - - - - - $- - - - - - $-
162 Property
Disposition
Costs (refer to
"Notes" section)
Property
Maintenance
07/01/
2014
06/30/2025 Miscellaneous
Vendors
Potential
solicitation
expenses
associated with
the disposition
of Agency-
owned
properties as
approved in the
Successor
Agency's Long
Range Property
Management
Merged - N $- - - - - - $- - - - - - $-
ATTACHMENT C
2 A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS 26-27
Total
ROPS 26-27A (Jul - Dec)
26-27A Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Plan.
260 2017 Successor
Agency Senior
Refunding
Bonds Series A
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2035 Wilmington
Trust
This authorizes
the issuance of
$1,413,150,000
($1,333,325,000
and
$79,825.000)
aggregate
principal
amount (Tax
Allocation
Taxable and
T
ax-Exempt
Refunding
Bonds)
Merged 116,441,125 N $3,991,250 - - - 1,995,625 - $1,995,625 - - - 1,995,625 - $1,995,625 261 2017 Successor
Agency Senior
Refunding
Bonds Series A-
T
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2034 Wilmington
Trust
This authorizes
the issuance of
$264,390,000
aggregate
principal
amount (Tax
Allocation
Refunding
Bonds)
Merged 814,308,618 N $106,762,737 - 56,487,500 2,460,709 37,384,566 - $96,332,775 - - - 10,429,962 - $10,429,962 262 2017 Successor
Agency
Subordinate
Refunding
Bonds Series B
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2029 Wilmington
Trust
This authorizes
the issuance of
$264,390,000
aggregate
principal
amount (Tax
Allocation
Refunding
Bonds)
Merged 81,357,750 N $31,491,625 - - - 30,308,500 - $30,308,500 - - - 1,183,125 - $1,183,125
263 Series 2017
Refunding
Bonds ("Merged
Area")
Fees 12/21/
2017
12/20/2035 Wilmington
Trust
Fiscal Agent
Fees for bond
administrative
services
Merged 30,000 N $3,000 - - - 3,000 - $3,000 - - - - - $- 265 Allowable Bond
Reserve-
Pursuant to
Health and
Safety Code
§34171(d)(1)(A).
Refunding
Bonds Issued
After 6/27/12
12/21/
2017
08/01/2035 Wilmington
Trust
Per indenture,
the Agency is
required to
reserve 50% of
principal paid in
Aug debt
service period in
the January
RPTTF
distribution
Merged 379,592,500 N $58,540,000 - - - - - $- - - - 58,540,000 - $58,540,000 268 Series 2017A,
Series 2017A-T,
Series 2017B
(Merged Area)
Fees 12/21/
2017
08/01/2035 Standard &
Poor's, Fitch
Annual
analytical
review of
Ratings
Agencies
Merged - N $- - - - - - $- - - - - - $-
269 Administrative
Expenses for
Successor
Admin Costs 07/01/
2020
06/30/2036 Various
Vendors
Annual
administrative
fees for SARA
Merged 146,883 N $146,883 - - - - 109,191 $109,191 - - - - 37,692 $37,692
ATTACHMENT C
3 A B C D E F G H I J K L M N O P Q R S T U V W
Item
# Project Name Obligation
Type
Agreement
Execution
Date
Agreement
Termination
Date
Payee Description Project
Area
Total
Outstanding
Obligation
Retired ROPS 26-27
Total
ROPS 26-27A (Jul - Dec)
26-27A Total
ROPS 26-27B (Jan - Jun)
26-27B
Total
Fund Sources Fund Sources
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Bond
Proceeds
Reserve
Balance
Other
Funds RPTTF Admin
RPTTF
Agency operations
ATTACHMENT C
4 San Jose
Recognized Obligation Payment Schedule (ROPS 26-27) - Report of Cash Balances July 1, 2023 through June 30, 2024
(Report Amounts in Whole Dollars)
Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A B C D E F G H
ROPS 23-24 Cash Balances
(07/01/23 - 06/30/24)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
1 Beginning Available Cash Balance (Actual 07/01/23)
RPTTF amount should exclude "A" period distribution
amount.
- 51,017,500 3,505,355 237,917
2 Revenue/Income (Actual 06/30/24)
RPTTF amount should tie to the ROPS 23-24 total
distribution from the County Auditor-Controller
2,463,404 143,041,462
3 Expenditures for ROPS 23-24 Enforceable Obligations
(Actual 06/30/24)
51,017,500 1,528,468 90,400,089
4 Retention of Available Cash Balance (Actual 06/30/24) RPTTF amount retained should only include the amounts
distributed as reserve for future period(s)
1,979,582 52,818,481 Other Funds Retention amount is equal to ending actual available cash balance in Other
Funds column shown on 21-22 and 22-23
Cash Reports used for debt service in FYs
24-25 and 25-26. RPTTF Retention is the
amount on line 265 from PPA 23-24 reserved
for debt service in August 2024 plus the
excess RPTTF 21-22 PPA plus excess
RPTTF 22-23 PPA shown on DOF Final
Determination letters used for debt service in
24-25 and 25-26.
ATTACHMENT C
5 Pursuant to Health and Safety Code section 34177 (l), Redevelopment Property Tax Trust Fund (RPTTF) may be listed as a source of payment on the ROPS, but only to the extent no other funding source is available or when payment from property tax revenues is required by an enforceable obligation.
A B C D E F G H
ROPS 23-24 Cash Balances
(07/01/23 - 06/30/24)
Fund Sources
Comments
Bond Proceeds Reserve Balance Other Funds RPTTF
Bonds issued
on or before
12/31/10
Bonds issued
on or after
01/01/11
Prior ROPS
RPTTF and
Reserve
Balances retained
for future
period(s)
Rent, grants,
interest, etc.
Non-Admin
and Admin
5 ROPS 23-24 RPTTF Prior Period Adjustment
RPTTF amount should tie to the Agency's ROPS 23-24 PPA
form submitted to the CAC
No entry required 60,808
6 Ending Actual Available Cash Balance (06/30/24)
C to F = (1 + 2 - 3 - 4), G = (1 + 2 - 3 - 4 - 5)
$- $- $- $2,460,709 $-
ATTACHMENT C
6 San Jose
Recognized Obligation Payment Schedule (ROPS 26-27) - Notes July 1, 2026 through June 30, 2027
Item # Notes/Comments
69 85 An annual assessment fee has been added to Billy DeFrank Community Center for 15 years and the lease expires in 2054.
138
143
144
149
162
260
261
262
263 Trustee fees is paid one year in arrears.
265
268
269
ATTACHMENT C
7 County of Santa Clara
Finance Agency
County Government Center
70 West Hedding Street, East Wing 2nd floor
San Jose, California 95110-1705
(408) 299-5206
NOTICE OF NO OBJECTION TO ROPS
January 16, 2026
City of San Jose Successor Agency
200 E. Santa Clara St. 14th Floor
San Jose, CA 95113
Redevelopment Dissolution Countywide Oversight Board of Santa Clara County 70 West Hedding Street
San Jose, CA 95110
Department of Finance
915 L Street
Sacramento, CA 95814
ROPS Period: ROPS 26-27 (July 1, 2026 - June 30, 2027)
Successor Agency: City of San Jose
To the Successor Agency, Countywide Oversight Board, and Department of Finance:
Pursuant to Health and Safety Code section 34182.5, our office has reviewed the Recognized Obligation Payment Schedule (ROPS) submitted by the above-noted successor agency for the above noted period. After reviewing all items and funding sources, the Santa Clara County Auditor Controller does not object to any items or funding sources on the submitted ROPS.
Please note items and/or funding sources are subject to change by the Department of Finance Cash Balance Review and that items and/or funding sources not questioned during this review are subject to subsequent review if they are included on a future ROPS. We also reserve the right to object to an item and/or funding source (including, but not limited to, the use of fund balance) on a future ROPS, even if no objection was made on a preceding ROPS.
Sincerely,
�DocuSigned by:
L�r,!:};;��°"
Margaret Olaiya
Director, Finance Agency
County of Santa Clara
Attachment: ROPS 26-27 as submitted to the County Auditor-Controller by Successor Agency Board of Supervisors: Sylvia Arenas, Betty Duong, Otto Lee, Susan Ellenberg, Margaret Abe-Koga County Executive: James R. Williams
ATTACHMENT D
April 15, 2026
Kevin Freimarck, Financial Analyst
City of San Jose
200 East Santa Clara Street, 13th Floor
San Jose, CA 95113
2026-27 Annual Recognized Obligation Payment Schedule
Pursuant to Health and Safety Code (HSC) section 34177 (o) (1), the City of San Jose Successor Agency (Agency) submitted an annual Recognized Obligation Payment Schedule for the period July 1, 2026 through June 30, 2027 (ROPS 26-27) to the California Department of Finance (Finance) on January 30, 2026. Finance has completed its review of the ROPS 26-27.
Based on a sample of line items reviewed and application of the law, Finance made the following determination:
• Item No. 138 – Payments for these types of services requested in the amount of $15,000 are considered general administrative costs and have been reclassified to the Administrative Redevelopment Property Tax Trust Fund.
Pursuant to HSC section 34186, successor agencies are required to report differences between actual payments and past estimated obligations (prior period adjustments) for the July 1, 2023 through June 30, 2024 (ROPS 23-24) period. The ROPS 23-24 prior period adjustment (PPA) will offset the ROPS 26-27 Redevelopment Property Tax Trust Fund (RPTTF) distribution. The amount of RPTTF authorized includes the PPA resulting from the County Auditor-Controller’s review of the PPA form submitted by the Agency.
The Agency’s maximum approved RPTTF distribution for the reporting period is $141,966,896, as summarized in the Approved RPTTF Distribution table (see Attachment).
RPTTF distributions occur biannually, one distribution for the July 1, 2026 through December 31, 2026 period (ROPS A period), and one distribution for the January 1, 2027 through June 30, 2027 period (ROPS B period), based on Finance's approved amounts.
Since this determination is for the entire ROPS 26-27 period, the Agency is authorized to receive up to the maximum approved RPTTF through the combined ROPS A and B period distributions.
ATTACHMENT E
1 Margaret Oliaya, Finance Agency Director, Santa Clara County Brian Darrow, Countywide Oversight Board Representative Except for the adjusted item, Finance approves the remaining items listed on the ROPS 26-27 at this time. If the Agency disagrees with our determination with respect to any items on the ROPS 26-27, except items which are the subject of litigation disputing our previous or related determinations, the Agency may request a Meet and Confer within five business days from the date of this letter. The Agency must use the RAD App to complete and submit its Meet and Confer request form. The Meet and Confer process and guidelines are available on our website:
http://dof.ca.gov/Programs/Redevelopment/Meet_And_Confer/ Absent a Meet and Confer, this is our final determination regarding the obligations listed on the ROPS 26-27. This determination only applies to items when funding was requested for the 12-month period. If a determination by Finance in a previous ROPS is currently the subject of litigation, the item will continue to reflect the determination until the matter is resolved.
The ROPS 26-27 form submitted by the Agency and this determination letter will be posted on our website:
http://dof.ca.gov/Programs/Redevelopment/ROPS/
This determination is effective for the ROPS 26-27 period only and should not be conclusively relied upon for future ROPS periods. All items listed on a future ROPS are subject to Finance's review and may be adjusted even if not adjusted on this ROPS or a preceding ROPS. The only exception is for items that have received a Final and Conclusive determination from Finance pursuant to HSC section 34177.5 (i). Finance’s review of Final and Conclusive items is limited to confirming the scheduled payments as required by the obligation.
The amount available from the RPTTF is the same as the amount of property tax increment available prior to the enactment of the redevelopment dissolution law.
Therefore, as a practical matter, the ability to fund the items on the ROPS with property tax increment is limited to the amount of funding available to the Agency in the RPTTF.
Please direct inquiries to [email protected].
Sincerely,
Cheryl L. McCormick, CPA
Chief, Office of State Audits and Evaluations
cc: Maria Öberg, Director of Finance, City of San Jose
ATTACHMENT E
2 ATTACHMENT E
Approved RPTTF Distribution
July 2026 through June 2027
ROPS A ROPS B Total
RPTTF Requested $ 69,732,109 $ 72,148,712 $ 141,880,821 Administrative RPTTF Requested 109,191 37,692 146,883
Total RPTTF Requested 69,841,300 72,186,404 142,027,704 RPTTF Requested 69,732,109 72,148,712 141,880,821
Adjustment(s)
Item No. 138 (15,000) 0 (15,000)
RPTTF Authorized 69,717,109 72,148,712 141,865,821
Administrative RPTTF Requested 109,191 37,692 146,883
Adjustment(s)
Item No. 138 15,000 0 15,000
Adjusted Administrative RPTTF 124,191 37,692 161,883
Administrative RPTTF Authorized 124,191 37,692 161,883
ROPS 23-24 Prior Period Adjustment (PPA) (60,808) 0 (60,808) Total RPTTF Approved for Distribution $ 69,780,492 $ 72,186,404 $ 141,966,896 3