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Paradise successor agency adopts FY 2025–26 budget, anticipates bond payments
Summary
The Successor Agency to the Paradise Redevelopment Agency adopted Resolution 2025-01 approving a fiscal year 2025–26 budget that allocates anticipated revenue to make payments toward outstanding redevelopment bonds; officials said roughly $200,000 is a conservative revenue estimate and payments require county approval.
The Successor Agency to the Paradise Redevelopment Agency on Dec. 10, 2024, adopted Resolution 2025-01 approving its fiscal year 2025–26 budget, a measure agency staff said directs incoming revenue toward payments on outstanding redevelopment bonds.
Agency staff member Amy said the adopted budget reflects all expected revenue being allocated to make bond payments. “So congratulations. We're actually creating revenue in order to make payments on a bond. I know. Right? It's nice,” Amy said during the presentation. She added the agency expects the revenue to come in two separate installments and described a conservative estimate of $200,000 for this year.
The budget discussion emphasized that the agency must pay the primary bond before it can make payments on a secondary bond because of the agency's payment priorities. Agency staff said the successor agency previously defaulted on both bonds and that this budget is a step toward resuming payments. Staff also said the agency will need to request county approval before making the payments.
Board members approved the resolution by unanimous vote. Director Boland moved approval; Director Culliton seconded. Directors Boland, Culliton, Lang and Lassonde and Chair Crowder voted aye.
Earlier in the meeting the board also approved the consent calendar. That action was moved by Director Culliton and seconded by Director Lassonde and passed unanimously.
The adopted FY 2025–26 budget does not detail amounts beyond the conservative $200,000 revenue estimate mentioned in the presentation; staff said the actual revenue may exceed that figure when the two installments are received. The presentation described the adopted budget as a mechanism to allocate incoming revenues directly to bond payments rather than to other uses.
The agency did not take other substantive policy actions during the portion of the meeting covered in the transcript. The board did not provide a detailed breakdown of budget line items in the record excerpted here, and staff indicated that timing and final payment amounts will depend on the amounts actually received and on county approvals.
