The state law that dissolved redevelopment agencies, mandated establishment of an oversight board to supervise the activities of the successor agency that assumed the assets and responsibilities of the former redevelopment agency. The Contra Costa County Oversight Board oversees the activities of the Contra Costa County Redevelopment Successor Agency, which is the Board of Supervisors. Oversight boards are independent of successor agencies. Oversight boards have a fiduciary responsibility to holders of enforceable obligations of the successor agency and to the taxing entities that benefit from distributions of property tax generated in former redevelopment project areas. The actions of the oversight board of each successor agency are in turn be overseen by the Director of the Department of Finance and may be subject to disapproval or modification.
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