Redevelopment Dissolution Countywide Oversight Board - September 30, 2026 (full)

The Santa Clara County Redevelopment Dissolution Countywide Oversight Board met on September 30, 2026. Its principal financing action was unanimous approval of a resolution authorizing the Milpitas successor agency to pursue refunding of its 2015 bonds, originally issued for approximately $128 million and carrying a 5% interest rate. The authorization requires at least 3% net-present-value savings, limits the refunding principal to $40 million, caps the underwriters’ discount at the stated parameter, and prohibits extending the September 1, 2032 maturity. The resolution also includes an expiration date of January 31, 2027; the successor agency may proceed only if the savings conditions and market requirements are met. Staff said the refinancing could benefit 15 affected taxing entities and that updated savings information would be provided if the bonds are issued.

The board reviewed dissolution progress for the county’s remaining successor agencies, including outstanding bonds, property transfers and development agreements. Staff reported bond payoff dates ranging from 2031 to 2035 and remaining property-related work in several cities. A motion was made to require an annual consolidated countywide status report showing outstanding obligations, target completion dates or timelines, and whether each item has a fiscal impact; the transcript does not capture the motion’s vote or disposition. No vendor selection, purchase contract, or procurement award was identified.