HomeMy WebLinkAboutAG RPTS 2003 0507 RDA REGn
ESTABLISHED
61 —OF
Resolution No. 2003 -114
MOORPARK REDEVELOPMENT AGENCY
REGULAR MEETING AGENDA
WEDNESDAY, MAY 71 2003
6:30 P.M.
Moorpark Community Center 799 Moorpark Avenue
1. CALL TO ORDER:
2. ROLL CALL:
3 . PUBLIC COMMENT:
4. PRESENTATION /ACTION /DISCUSSION:
5. CONSENT CALENDAR:
A. Consider Approval of Minutes of Regular Redevelopment
Meeting Minutes of April 16, 2003. Staff Recommendation:
Approve minutes.
B. Consider Approval Contract for Demolition of Commercial
Structure and Appurtenances at 226 High Street and Adopt
Resolution Amending Agency Budget for This and Demolition
of 661 Magnolia Street. Staff Recommendation: 1) Award
bid for Demolition of 226 High Street to International
Environmental Corporation for $9,800; and 2) Approve
Resolution No. 2003- amending the Agency Budget. ROLL
CALL VOTE REQUIRED (Staff: Hugh Riley)
C. Consider Approval of Agreement of Purchase and Sale of
Property at 47 -51 West High Street and Adopt Resolution
Amending Agency Budget. Staff Recommendation: 1) Approve
Agreement of Purchase and Sale of 47 -51 West High Street
from Monte Lewis Abbath for $350,000 and related closing
costs of $5,000 subject to final language approval by the
Executive Director and Agency Counsel; and 2) Approve
Resolution No. 2003- amending the Agency Budget. ROLL
CALL VOTE REQUIRED (Staff: Hugh Riley)
Redevelopment Agency Agenda
May 7, 2003
Page 2
5. CONSENT CALENDAR: (Continued)
D. Consider Awarding Government Accounting Standards Board
(GASB) Statement No. 34 Implementation Proposals. Staff
Recommendation: 1) Adopt the recommended infrastructure
capitalization threshold of $100,000 and fixed asset
(equipment) capitalized threshold of $5,000 effective July
1, 2002; 2) Adopt the use of the standard depreciation
reporting method rather than the modified approach for the
entire infrastructure of the Agency upon adoption of the
New Reporting Model; 3) Authorize the Executive Director
to execute a professional services agreement with Harris &
Associates subject to final language approval by the
General Counsel and Executive Director not to exceed
$24,990; 4) Accept the proposal from Vavrinek, Trine, Day
& Co., LLP, for assistance in implementation of GASB 34 in
accordance with their current hourly rates not to exceed
$20,000; and 5) Adopt Resolution No. amending the
Fiscal Year 2002/2003 Budget to revise the amount of
funding for this project per the agenda report. ROLL CALL
VOTE REQUIRED (Staff: Cynthia Borchard)
6. CLOSED SESSION:
A. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Significant exposure to litigation pursuant to Subdivision
(b) of Section 54956.9 of the Government Code: (Number of
cases to be discussed - 4)
B. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Initiation of litigation pursuant to Subdivision (c) of
Section 54956.9 of the Government Code: (Number of cases
to be discussed - 4)
7. ADJOURNMENT :
Redevelopment Agency Agenda
May 7, 2003
Page 3
Any member of the public may address the Acjency during the Public Comments portion
of the Agenda, unless it is a Public Hearing or a Presentation /Action /Discussion
item. Speakers who wish to address the Agency concerning a Public Hearing or
Presentations /Action/ Discussion item must do so during the Public Hearing or
Presentations /Action. /Discussion portion of the Agenda for that item. Speaker
cards must be received by the City Clerk for Public Comments prior tc the
beginning of the Public Comments portion of the meeting and for
Presentation /Action /Discussion items prior to the beginning of the first item of
he Presentation /Action /Discussion portion of the Agenda. Speaker Cards for a
Public Hearing must be received prior to the beginning of the Public Hearing. A
limitation of three minutes shall be imposed upon each Public Comment and
Presentation /Action /Discussion item speaker. A limitation of three to five minutes
shall be imposed upon each Public Hearing item speaker. Written: Statement Cards
may be submitted in lieu of speaking orally for open Public Hearings and
Presentation /Action /Discussion items. Copies of each item of business or. the
agenda are on file in the office of the City Clerk and are available for public
review. Any questions concerning any agenda item may be directed to the City Clerk
at (805) 517 -6223.
In compliance with the Americans with Disabilities Act, if you need assistance to
participate in this meeting, please contact the City Clerk s Department at (805)
517 -6223. Notification 48 hours prior to the meeting will enable the City to make
reasonable arrangements to ensure accessibility to this meeting (28 CFR 35.102-
35.104 ADA Title II).
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_ _MINUTES OF THE REDEVELOPMENT AGENCY
Moorpark, California
ITEM -5. A.
April 16, 2003
A Regular Meeting of the Redevelopment Agency of the City of
Moorpark was held on April 16, 2003, in the Community Center of
said City located at 799 Moorpark Avenue, Moorpark, California.
1. CALL TO ORDER:
Chair Hunter called the meeting to order at 6:43 p.m.
2. ROLL CALL:
Present: Agency Members Harper, Mikos, Millhouse,
Parvin, and Chair Hunter.
Staff Present: Hugh Riley, Assistant Executive Director;
Julie C.T. Hernandez, Senior Management
Analyst; and Deborah Traffenstedt, Agency
Secretary.
3. PUBLIC COMMENT:
None.
4. PRESENTATION /ACTION /DISCUSSION:
A. Consider ADDroval of the Lease of a .44 Acre Site and
Site Improvement Grant to Catholic Charities - Ventura
County Region for a Temporary Location of Their
Moorpark Service Center. Staff Recommendation: 1)
Approve the Lease Agreement with Catholic Charities -
Ventura Region subject to final language approval by
the Executive Director and authorize Executive
Director to sign the Agreement on behalf of the
Agency; and 2) Authorize a grant to Catholic Charities
not to exceed $28,300 for the purposes identified in
the agenda report. ROLL CALL VOTE REQUIRED
Mr. Riley gave the staff report.
In response to Agency Member Parvin, Mr. Riley advised
that the estimated time of completion for the
temporary structure, to be completed for occupation,
is 30 -60 days. Mr. Riley discussed the relocation of
the temporary structure and modifications and
improvements that need to be taken care of including a
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Minutes of the Redevelopment Agency
Moorpark, California Page 2 April 16, 2003
handicap access ramp and utility connections. He also
stated that Mr. Robert Bagdazian is present and can
report on interim plans and the status of their move.
He concluded stating that they do need to be out of
the Flory Avenue Community Services Center by Friday,
April 18, 2003.
Mr. Robert Bagdazian, Regional Director, for Catholic
Charities Ventura County Region, 519 E. Virginia
Terrace, Santa Paula, California, introduced himself
and referenced a letter dated April 16, 2003, that he
addressed to the Mayor, City Council Members, and City
Staff outlining the situation and their request which
he summarized during his presentation.
In response to Mayor Hunter, Ms. Traffenstedt
confirmed Mr. Robert Bagdazian was the only speaker on
this item.
Agency Member Mikos stated she is pleased with and
strongly supports the recommendation, and for those
not able to read the Staff Report, she mentioned the
lease term of $1.00 per year for the next two years as
well as the recommendation to approve the grant
proposal. She stated she is very much in support of
the Ad Hoc Committee's recommendation.
MOTION: Agency Member Mikos moved and Agency Member
Harper seconded a motion to approve the staff
recommendation: 1) Approve the Lease Agreement with
Catholic Charities - Ventura County Region subject to final
language approval by the Executive Director and authorize
Executive Director to sign the Agreement on behalf of the
Agency; and 2) Authorize a grant to Catholic Charities not
to exceed $28,300 for the purposes identified in the agenda
report. The motion carried by unanimous roll call vote.
5. CONSENT CALENDAR:
MOTION: Agency Member Millhouse moved and Agency Member
Harper seconded a motion to adopt the Consent Calendar.
The motion carried by unanimous roll call vote.
A. Consider Approval of Minutes of Regular Meeting of
April 2, 2003. Staff Recommendation: Approve
minutes.
OO00O2
Minutes of the Redevelopment Agency
Moorpark, California Page 3 April 16, 2003
B. Consider Approval of Contract for Hazardous Material
Abatement in Connection with the Demolition of
Structures and Appurtenances at 226 High Street and
661 Magnolia Street. Staff Recommendation: Award bid
for Hazardous Material Abatement at 661 Magnolia
Street and 226 High Street to Ventura Asbestos Control
for $6,060.
6. CLOSED SESSION:
None was held.
7. ADJOURNMENT:
MOTION: Agency Member Harper moved and Agency Member
Parvin seconded a motion to adjourn. The motion passed by
unanimous voice vote. The time was 6:51 p.m.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt
Agency Secretary
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ITEM
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ArAl
MOORPARK REDEVELOPMENT AGEiiCY - Q _
AGENDA REPORT
TO: The Honorable Chair and Board of Directors
FROM: Hugh R. Riley, Assistant Executive Direc
DATE: April 23, 2003 (Agency Meeting of May 7, 2003)
SUBJECT: Approve Contract for Demolition of Commercial
Structure and Appurtenances at 226 High Street and
Adopt Resolution No. 2003 - Amending Agency
Budget For This and Demolition of 661 Magnolia
Street
DISCUSSION:
The Agency plans to demolish and clear the commercial
structure at 226 High Street as it is in substandard,
dilapidated condition. The structure and property had been
leased to JEMCO Plumbing until February 2, 2003. The property
is no longer suitable for use.
On April 4, 2003 the Agency obtained bids for the demolition
of the structure and appurtenances on the property. A summary
of the bids received is as follows:
Viking Equipment Corp. $ 21,000
MARCOR Remediation, Inc $ 19,300
International Environmental Corp $ 9,800
Penhall Company $ 12,500
Rollins Consulting, Inc., the Agency's project management
consultant has reviewed the bids obtained and recommends the
contract be awarded to International Environmental Corp. for
their bid of $ 9,800.
The Agency budget did not include sufficient funds for the
demolition of the residential structure at 661 Magnolia
Street authorized by the Agency Board on April 2 or the
hazardous material testing and removal for both structures
authorized by the Board on April 16. The Agency did not
anticipate the vacating of 226 High Street creating the
opportunity for the demolition of this structure. Therefore
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Moorpark Redevelopment Agency Agenda Report
April 23, 2003
Page 2
funds for the removal of the structure must also be included
in the budget. The costs for these actions are summarized
below:
661 Maqnolia Street
Hazmat Removal $ 2,810
Demolition $ 8,200
226 High Street
Hazmat Removal $ 3,250
Demolition $ 9,800
Hazmat Testing for both
Structures $ 1,455
TOTAL $25,515
STAFF RECOMMENDATION:
Award bid for Demolition of 226 High Street to International
Environmental Corp. for $ 9,800. Adopt Resolution 2003 -
Amending the Agency Budget. (Roll Call Vote Required)
Attachment: Consultant's Recommendation
Resolution No. 2003-
2
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RESOLUTION 2003-
A RESOLUTION OF THE MOORPARK REDEVELOPMENT
AGENCY BOARD OF DIRECTORS, MOORPARK,
CALIFORNIA, AMENDING THE ADOPTED FY 02/03
MOORPARK REDEVELOPMENT AGENCY BUDGET TO
PROVIDE HAZARDOUS MATERIAL ABATEMENT AND
DEMOLITION OF STRUCTURES AT 661 MAGNOLIA
STREET AND 226 HIGH STREET
WHEREAS, on June 5, 2002, the Moorpark Redevelopment Agency
Board of Directors adopted the Moorpark Redevelopment Agency
budget for Fiscal Year 2002/2003; and
WHEREAS, the Moorpark Redevelopment Agency Board of
Directors approved a Redevelopment Agency budget to be funded by
Moorpark Redevelopment Tax Increment funds; and
WHEREAS, on April 2, 2003, the Moorpark Redevelopment
Agency Board of Directors approved demolition of the structure
at 661 Magnolia Street; and
WHEREAS, on April 16, 2003, the Moorpark Redevelopment
Agency Board of Directors approved the hazardous material
abatement at 661 Magnolia Street and 226 High Street; and
WHEREAS, on May 7, 2003, the Moorpark Redevelopment Agency
Board of Directors considered and approved the demolition of the
commercial structure at 226 High Street; and
WHEREAS, the Moorpark Redevelopment Agency Board of
Directors now wishes to amend the adopted budget to reflect the
cost for the demolition and related services totalling $25,515
using Moorpark Redevelopment Tax Increment Funds.
NOW, THEREFORE, THE MOORPARK REDEVELOPMENT AGENCY BOARD OF
DIRECTORS DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That a budget amendment in the amount of
$25,515 in Agency funds, as described in Exhibit "A" attached
hereto, is hereby approved.
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Resolution No. 2003 -
Page 2
SECTION 2. The Agency Secretary shall certify to the
adoption of this resolution and shall cause a certified
resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 7th day of May, 2003.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt,
Agency Secretary
Attachment:
Exhibit A: Budget Amendment Detail
OO0007
Resolution No. 2003 -
Page 3
EXHIBIT A
BUDGET AMENDMENT DETAIL
L U11U111y JUl.1t C.;CS
Funding Source Account Amount
MRA A--ea 1- Increment & Other 2902 $ 25,515
Appropriations
Current New
Budget Budget
Budget :;nit Object Amount Change Amount
2902 -2410 -5012 9611 -0- $1" -_,010 $11,010
2902 - 2410 -0000 9611 -0- $14,505 $14,505
Approved as to form: n
ITEM S . C ,
CITY OF N40ORpARK, CALTFOR- IA
Redevelopment Agency Meeting
of 7 --1 -
ACTIOI : 4121-1`0 --A . Aete r fe-A.
MOORPARK REDEVELOPMENT AGE �I
AGENDA REPORT
TO: The Honorable Chair and Board of Directors
FROM: Hugh R. Riley, Assistant Executive Director-'
f �
DATE: April 22, 2003 (Agency Meeting of May 7, 2003)
SUBJECT: Approve Agreement of Purchase and Sale of Property
at 47 -51 High Street and Adopt Resolution No. 2003 -
Amending Agency Budget
nT- qrTTCS TOM -
On December 4, 2002 the City Council authorized the
acquisition of the property at 47 -51 High Street in
connection with the Civic Center Project. The Redevelopment
Agency has now assumed the responsibility to acquire the
property and an Agreement of Purchase and Sale has been
prepared including the terms and price of the transaction
with the property owner. Staff recommends the acquisition of
the property for $ 350,000 with closing costs of an
additional $5,000.
The Agency budget did not include sufficient funds for the
acquisition of this property. Therefore funds for the removal
of the structure were not budget.
STAFF RECOMMENDATION:
Approve Agreement of Purchase and Sale of 47 -51 West High
Street from Monte Lewis Abbath for $350,000 and related
closing costs of $5,000 subject to final language approval by
the Executive Director and Agency Counsel. Adopt Resolution
2003 - Amending the Agency Budget. (Roll Call Vote
Required)
Attachment: Agreement of Purchase and Sale
Resolution No. 2003-
OOOC 9
AGREEMENT OF PURCHASE AND SALE
THIS AGREEMENT FOR PURCHASE AND SALE OF PROPERTY AND
JOINT ESCROW INSTRUCTIONS ( "Agreement ") is made and entered into
this day of 1 2003, whereby Monte Lewis Abbath
( "Seller "), agrees to sell, and Moorpark Redevelopment Agency
( "Buyer ") , agrees to purchase, on the terms and conditions
hereinafter set forth, the following:
(a) That certain real property (the "Land ") in the
County of Ventura, State of California, as more particularly
described in Exhibit "A" attached hereto; and
(b) All rights (including water and mineral rights),
privileges, easements, tenements, rights of way and
appurtenances which belong to or appertain to the Land (the
"Appurtenances "). The Land and Appurtenances are collectively
referred to herein as the "Property."
The terms and conditions of this Agreement and the
instructions to Chicago Title Company ( "Title Company" and
"Escrow Holder ") with regard to the escrow ( "Escrow ") created
pursuant hereto are as follows:
1. SALE OF PROPERTY.
For valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Seller agrees to
sell the Property to Buyer, and Buyer agrees to purchase the
Property from Seller, upon the terms and conditions herein set
forth.
2. PURCHASE PRICE.
The total purchase price ( "Purchase Price ") for
the Property and any and all interests Seller has in the
Property shall be THREE HUNDRED AND FIFTY THOUSAND DOLLARS
($350,000).
3. ESCROW.
3.1 Opening of Escrow.
Within ten (10) business days following the
Effective Date hereof, Buyer and Seller shall deliver an
executed Agreement, or copy hereof, to Escrow Holder. For
purposes of this Agreement, the Escrow shall be deemed opened on
the date Escrow Holder shall have received said executed
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Agreement or copy. Escrow Holder shall notify Buyer and Seller,
in writing, of the date Escrow is opened and the Closing Date.
In addition, Buyer and Seller agree to execute, deliver and be
bound by any reasonable or customary supplemental escrow
instructions of Escrow Holder or other instruments as may
reasonably be required by Escrow Holder in order to consummate
the transaction contemplated by this Agreement. Any such
supplemental instructions shall not conflict with, amend or
supersede any portions of this Agreement. If there is any
inconsistency between such supplemental instructions and this
Agreement, this Agreement shall control.
3.2 Close of Escrow.
For purposes of this Agreement, the "Close
of Escrow" or "Closing" shall be defined as the date the Grant
Deed conveying the Property to Buyer is recorded in the Official
Records of Ventura County, California. The "Closing Date" shall
be May , 2003. Unless otherwise subsequently agreed to in
writing signed by Buyer and Seller, if Close of Escrow fails to
occur by the Closing Date, the Close of Escrow shall occur as
soon thereafter as possible unless one party gives written
notice to the Escrow Holder and the other party to cancel the
escrow. Cancellation of the escrow, as provided in this Section,
shall be without prejudice to whatever legal or equitable rights
Buyer or Seller may have against each other arising from this
Agreement or otherwise.
4. TITLE
(a) Promptly following the full execution of this
Agreement, Escrow Agent shall cause Chicago Title Company
( "Title Company ") to issue to Buyer (with a copy to Seller) a
preliminary title report for the Property, setting forth all
liens, encumbrances, easements, restrictions, conditions,
pending litigation, judgments, administrative proceedings, and
other matters affecting Seller's title to the Property
( "Preliminary Report "), together with copies of all documents
relating to title exceptions referred to in the Preliminary
Report
(b) Purchaser shall approve or disapprove each
exception shown in the Preliminary Report and each encroachment,
overlap, or boundary line dispute, or any other matter that
affects title to the Property or that violates any law, rule, or
regulation reflected therein (each an "Exception ") within thirty
(30) days following the receipt of the Preliminary Report.
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Purchaser's failure to object within the thirty (30) day period
shall be deemed to be a disapproval of the Exceptions.
(c) If any Exception is disapproved or deemed
disapproved (each a `Disapproved Exception "), Seller shall,
within thirty (30) days following expiration of the thirty (30)
day period provided under Section 4(b) above, use its best
efforts to cause each Disapproved Exception to be discharged,
satisfied, released, or terminated, as the case may be, of
record, and in a form that is reasonably satisfactory to
Purchaser and Escrow Agent, all at Seller's sole cost and
expense. Upon Seller's request and with Purchaser's approval,
Escrow Agent will be authorized to disburse from the cash
portion of the Purchase Price and proceeds otherwise disbursable
to Seller upon Closing the sum sufficient to discharge any
Disapproved Exception that may be discharged only by the payment
of money. If Seller is unable to obtain a discharge,
satisfaction, release, or termination within the period
specified above, Buyer shall have the right to:
(1) waive the Disapproved Exception and proceed
with Closing, accepting title to the Property subject to the
Disapproved Exception, or
(2) deem Seller's failure to cure any and all
matters described in this section as a default and terminate
this Agreement. If Buyer terminates this Agreement as provided
in this Section, the provision of Section 14 will apply.
4.1 Title Policv.
Buyer shall cause the Title Company to issue
its Standard CTLA Owner's form Policy of Title Insurance ( "Title
Policy ") in the amount of the Purchase Price showing good and
marketable title to the Property vested in Buyer subject only to
the exceptions to title approved in Section 5.1. Buyer may, at
Buyer's option, elect to cause the Title Company to issue an
ALTA form Title Policy with such extended coverage protection
and other endorsements as Buyer may request of Title Company.
All cost and expense of such ALTA Title Policy, endorsements and
extended coverage protection shall be borne by Buyer, including
the cost of any survey of the Property that may be required to
obtain such coverage.
5. SELLER'S DELIVERIES.
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5.1 Prior to the Close of Escrow, Seller shall
deposit or cause to be deposited into Escrow for delivery to
Buyer at closing the following:
(a) A duly executed and acknowledged Grant
Deed in the Title Company's usual form;
(b) A Certificate of Non - Foreign Status
required under Section 1445(b) of the Internal Revenue Code.
(c) A Certificate pursuant to California
Revenue And Taxation Code Section 18662 pertaining to Seller's
status as a resident of California or as having a corporate
permanent place of business in California.
(d) Any other document provided for herein
or reasonably required by Escrow Holder.
5.2 Seller agrees to allow a walk - through
inspection of the Property by the Buyer five (5) days after the
signing of this Agreement and to allow Buyer or its
representatives access to the Property for the purpose of
conducting any required environmental inspection of the
Property.
6. BUYER'S DELIVERIES.
Prior to the Close of Escrow, Buyer shall deposit
or cause to be deposited into Escrow to be delivered to Seller
the following:
(a) The Purchase Price, in accordance with Section 2;
(b) Any other document provided for herein or
reasonably required by Escrow Holder.
7. AUTHORIZATION TO RECORD DOCUMENTS AND DISBURSE
FUNDS.
Escrow Holder is hereby authorized and directed
to record the documents and disburse the funds and documents
called for hereunder, provided each of the following conditions
have been or will concurrently with the Close of Escrow be
fulfilled;
(a) Title Company has committed to issue to Buyer the
Title Policy with liability equal to the Purchase Price, in
accordance with Section 4 above.
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000013
(b) Seller shall have deposited in Escrow the Grant
Deed required of it hereunder.
(c) Buyer shall have deposited into Escrow the funds
described in Section 2.
(d) Escrow Holder is authorized to record any
instrument delivered through this Escrow if necessary or proper
for the issuance of the Title Policy referred to above.
8. COSTS AND EXPENSES.
The cost and expense of the Title Policy, the
escrow fee, and all documentary transfer taxes payable in
connection with the recordation of the Grant Deed and all of
Escrow Holder's customary charges for Closing, document
drafting, recording and miscellaneous charges shall be paid by
Buyer.
9. PRORATIONS.
The following prorations shall be made between
Buyer and Seller by Escrow Holder at the Close of Escrow,
computed as of the closing date:
9.1 Taxes.
Real property taxes, special taxes, and
assessments shall be prorated as of the Close of Escrow based
upon the latest available tax information. Seller shall be
responsible for all special taxes and assessments accrued
against the Property to and including the day prior to the Close
of Escrow based upon payment of such assessments in installments
to the greatest extent permitted. Unless any special tax or
assessment payment or installment specifies the time period for
which such payment is owed, it shall be presumed that such
payment is for the full year immediately preceding the day upon
which such payment is due.
9.2 Utilities.
shall be paid by
long as occupar
efforts to cause
the respective
occupancy.
Seller agrees that all utility billings
the occupants or tenants of the property for so
.cy continues and Seller shall use its best
all utility billings to be closed and billed by
utility companies as of the last day of
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10. WAIVER BY SELLER.
Seller knowingly and voluntarily waives the
following rights: the right to seek any compensation for the
acquisition of the property in any amount greater than that set
forth in Section 2 herein; the right to claim relocation
benefits or assistance; the right to claim damage or injury to
business goodwill; the right to claim loss of rent; the right to
claim severance damages; the right to claim fixtures and
equipment; or any similar right or claim arising out of the
acquisition of the Property.
11. SELLER'S REPRESENTATIONS.
In consideration of Buyer entering into this
Agreement and as an inducement to Buyer to purchase the
Property, Seller makes the following representations, each of
which (i) is a condition to Close of Escrow, (ii) is true as of
the Effective Date, and (iii) is material and is being relied
upon by Buyer:
11.1 Authority.
Seller has full power and authority to enter
into this Agreement and to consummate the transactions
contemplated herein without obtaining the consent or approval of
any other person, entity or governmental authority. The persons
whose names are set forth below hereby personally represent and
warrant that they have full power and authority to sign the name
of Seller to this Agreement and to cause this Agreement to be a
binding obligation of Seller.
11.2 Litigation.
There is no litigation, bankruptcy or
receivership proceeding or any other proceeding pending, or, to
Seller's knowledge, threatened against, relating to, or
involving Seller's interest in the Property or Seller's interest
in the Property, nor does Seller know or have any reasonable
ground to know of any basis for any such action. No consents or
waivers of or by any third party are necessary to permit the
consummation by Seller of the transactions contemplated pursuant
to this Agreement.
11.3 Compliance With Laws.
Seller has received no notice and has no
actual knowledge of any violation of applicable law, ordinance,
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00001S
rule, regulation or requirement of any governmental agency, body
or subdivision affecting or relating to the Property, including,
without limitation, any subdivision, building, use or
environmental law, ordinance, rule, requirement or regulation.
11.4 Governmental Notices.
Seller shall deliver to Buyer each and every
notice or communication Seller receives from any governmental
body relating to the Property or any portion thereof upon
Seller's receipt of the same.
11.5 No Leases.
Seller has no actual knowledge of any leases
or other agreements (either oral or written), other than the
leases with Steve and Ann Abbath (47 -51 W. High Street) and
Steve Abbath Jr. (47 -51 W. High Street[Rear]), affecting or
relating to the right of any party with respect to the
possession of the Property, or any portion thereof.
11.6 Future Action.
From and after the date hereof, without the
prior written consent of Buyer, Seller shall not execute nor
consent to the execution of any lease of any portion of the
Property or any other instrument which may result in an
alteration of the condition of title.
11.7 Hazardous Materials.
To the best of Seller's actual knowledge (i)
there are no Hazardous Materials in existence on or below the
surface of the Land, including, without limitation,
contamination of the soil, subsoil or ground water, which
constitute a violation of any law, rule or regulation of any
government entity having jurisdiction thereof or which expose
Buyer to liability to third parties, or (ii) there are no
underground fuel or chemical storage tanks located on the
Property, and (iii) Seller has not used, nor permitted use of,
the Property for the generation, treatment, storage or disposal
of Hazardous Materials, or other condition or use that could
result in or cause a discharge of any Hazardous Materials on or
below the Property. "Hazardous Materials" as used herein means
hazardous, toxic or radioactive substances or materials, as the
same are defined or described by applicable federal laws or
regulations (including the Resource Conservation and Recovery
Act, 42 U.S.C. Section 6901 et seq., and the Comprehensive
Environmental Response, Compensation and Liability Act, 42
U.S.C. Section 9601 et sec.., and any regulations adopted and
publications promulgated pursuant to said laws) , California laws
or regulations (including those substances defined as "Hazardous
Substances" in Section 25316 of the California Health & Safety
Code, and any regulations adopted and publications promulgated
pursuant to said laws). Further, Seller has received no
notification, warning or citation within the last 5 years
regarding any violation, or potential or pending violation, of
any Hazardous Materials regulations or laws or any other law,
statutory provision or regulation regarding the use, condition
or status of the Property and Seller has no knowledge of any
condition or activity on the Property which will or could, upon
passage of time, constitute a violation.
11.8 Environmental Violations.
Seller has no knowledge of any condition or
use of the Property that constitutes, or if unremedied, with the
passage of time would constitute, a violation of (i) Section
404 of the Federal Clean Water Act (33 U.S.C. Section 2344) ;
(ii) the Federal Clean Air Act (33 U.S.C. Section 7401, et
sec..); (iii) the Federal Water Pollution Control Act (33 U.S.C.
Section 1251, et sec.); (iv) any State of California law of
similar substance or nature controlling or regulating the use or
condition of land, water or air (including the California
Environmental Quality Act) or (v) any federal or California laws
or regulations relating to use of or conservation of wetlands or
other natural topographical conditions. Further, Seller has
received no notification, warning or citation within the last 5
years regarding any violation or potential or pending violation,
of any of such laws or regulations.
11.9 Work and Materials Furnished.
All bills for work done and materials
furnished with respect to the Property have been paid in full by
Seller or will be discharged and paid in full by Seller by the
date of Closing.
11.10 Not a Foreian Person.
Seller is not, and never has been, a
"foreign person" within the meaning of Sections 1445(f) (3) and
7701(a) (30) of the Internal Revenue Code of 1954, as amended, or
California Revenue and Taxation Code Section 18662, and Seller
will furnish to Buyer, prior to the Closing, an affidavit in
form satisfactory to Buyer confirming the same.
-8-
0000112
11.11 Declaration, Covenants, Restrictions.
Other than as identified in the Title
Report, there are no declarations or covenants affecting the use
of the Property; and there is no association which has been
formed for the purpose of managing any portion of the Property.
11.12 Contracts.
Except as may be disclosed by the Title
Documents, there are no contracts or agreements relating to the
operation, development, management or ownership of the Property
or any portion thereof.
11.13 Truthfulness at Closin
Except as expressly herein otherwise
provided, the representations and warranties of Seller set forth
in this Agreement shall be true on and as of the Close of Escrow
as if those representations and warranties were made on and as
of such time.
12. BUYER'S REPRESENTATIONS.
In consideration of Seller entering into this
Agreement and as an inducement to Seller to sell the Property to
Buyer, Buyer makes the following representations, each of which
is material and is being relied upon by Seller:
12.1 Authority.
Buyer has full power and authority to enter
into this Agreement and to consummate the transactions
contemplated herein without obtaining the consent or approval of
any other person, entity or governmental authority. The
person(s) whose name(s) are set forth below hereby personally
represent and warrant that they have full power and authority to
sign the name of Buyer to this Agreement and to cause this
Agreement to be a binding obligation of Buyer.
12.2 Truthfulness at Closing.
The representations of Buyer set forth in
this Agreement shall be true on and as of the Close of Escrow as
if those representations and warranties were made on and as of
such time.
000018
13. DEFAULT.
13.1 LIQUIDATED DAMAGES.
IF BUYER COMMITS A MATERIAL DEFAULT UNDER
THIS AGREEMENT AND THE CLOSE OF ESCROW FAILS TO OCCUR BY REASON
OF SUCH DEFAULT, THEN IN SUCH EVENT, THE ESCROW HOLDER MAY BE
INSTRUCTED BY SELLER TO CANCEL THE ESCROW AND SELLER SHALL
THEREUPON BE RELEASED FROM ITS OBLIGATIONS HEREUNDER. BUYER AND
SELLER AGREE THAT BASED UPON THE CIRCUMSTANCES NOW EXISTING
KNOWN AND UNKNOWN, IT WOULD BE IMPRACTICAL OR EXTREMELY
DIFFICULT TO ESTABLISH SELLER'S DAMAGES BY REASON OF BUYER'S
DEFAULT. ACCORDINGLY, BUYER AND SELLER AGREE THAT IT WOULD BE
REASONABLE AT SUCH TIME TO AWARD SELLER "LIQUIDATED DAMAGES"
EQUAL TO ONE THOUSAND DOLLARS ($1,000.00). FOR THE PURPOSE OF
THE FOREGOING PROVISIONS OF THIS SECTION, BUYER SHALL BE DEEMED
TO HAVE COMMITTED A MATERIAL DEFAULT UNDER THIS AGREEMENT AT THE
TIME BUYER IS IN FACT IN DEFAULT AND /OR BUYER NOTIFIES SELLER OF
BUYER'S ELECTION TO TERMINATE THIS AGREEMENT AND THE ESCROW AT A
TIME WHEN BUYER DOES NOT HAVE THE RIGHT UNDER THE TERMS OF THIS
AGREEMENT TO SO TERMINATE THIS AGREEMENT OR THE ESCROW. SELLER
AND BUYER ACKNOWLEDGE AND AGREE THAT THE APPLICABLE FOREGOING
AMOUNT OF LIQUIDATED DAMAGES ARE REASONABLE AS LIQUIDATED
DAMAGES AND SHALL BE SELLER'S SOLE AND EXCLUSIVE REMEDY IN LIEU
OF ANY OTHER RELIEF, RIGHT OF REMEDY, AT LAW OR IN EQUITY, TO
WHICH SELLER MIGHT OTHERWISE BE ENTITLED BY REASON OF BUYER'S
DEFAULT.
ACCORDINGLY, IF BUYER FAILS TO COMPLETE THE
PURCHASE OF THE PROPERTY AND SUCH FAILURE CONSTITUTES A BREACH
OF THIS AGREEMENT, SELLER MAY INSTRUCT THE ESCROW HOLDER TO
CANCEL THE ESCROW, WHEREUPON SELLER SHALL BE RELIEVED FROM ALL
LIABILITY HEREUNDER. SELLER AND BUYER ACKNOWLEDGE THAT THEY
HAVE READ AND UNDERSTAND THE PROVISIONS OF THIS SECTION AND BY
THEIR INITIALS IMMEDIATELY BELOW AGREE TO BE BOUND BY ITS TERMS.
Seller's Initials Buyer's Initials
13.2 Seller's Default.
In the event that Seller shall fail to
perform Seller's obligations hereunder, Buyer shall have the
option to: (i) seek specific performance and /or damages for
Seller's breach, (ii) extend the Closing for such time as Buyer
chooses to allow Seller to remedy such default, (iii) waive such
-10-
000019
default in writing, (iv) proceed to Closing and deduct from the
Purchase Price such amount as required to cure Seller's default
hereunder; or (v) terminate this Agreement by written notice to
Seller prior to cure of the default. In the event of
termination of the Agreement pursuant to this Section 13.2 or
otherwise as a result of Seller's default, the parties shall be
discharged from any further obligations and liabilities
hereunder, except that Buyer shall be entitled to damages
arising from Seller's default and the resulting termination of
this Agreement.
14. MISCELLANEOUS.
14.1 Risk of Loss
The risk of loss or damage to the Property
until the Closing is assumed by Seller. If any damage occurs to
the Property prior to Closing, Buyer at its sole option may:
(i) terminate this Agreement by written notice given to Seller
within thirty (30) days of Buyer's receipt of notice of the
occurrence of such damage, in which case all monies received
hereunder shall be returned to Buyer and this Agreement shall be
null and void; (ii) proceed to closing and deduct from the
Purchase Price of the Property the amount which will be required
to repair such damage, applied first to reduce the cash portion
of the Purchase Price; or (iii) Buyer may accept title to the
Property without any abatement in the Purchase Price, in which
event, on the Closing of Escrow, all insurance proceeds shall be
assigned to Buyer and Seller shall pay to Buyer an amount equal
to the deductible amount of the insurance award along with any
funds theretofore received by Seller in connection with such
casualty.
14.2 Notices.
All notice or other communications required
or permitted hereunder shall be in writing, and shall be
personally delivered or sent by registered or certified mail,
postage prepaid, return receipt requested, delivered or sent by
overnight courier and shall be deemed received upon the earlier
of (i) if personally delivered, the date of delivery to the
address of the person to receive such notice, (ii) if mailed,
three (3) business days after the date of posting by the United
States Post Office, (iii) if sent by overnight courier, when
delivered to the specified address, or (iv) if given by telex or
telecopy, when sent.
-11- 000020
To Buyer: Moorpark Redevelopment Agency
799 Moorpark Avenue
Moorpark, CA 93021
Attn: Executive Director
With a copy to:
Burke, Williams & Sorensen
611 West Sixth Street, Suite 2500
Los Angeles, CA 90017
Attn: Joseph M. Montes, Esq.
To Seller: Monte Lewis Abbath
294 Sarah Avenue
Moorpark, CA 93021
To Escrow
Holder: Chicago Title Company
5675 Ralston St.
Ventura, CA 93003
Notice of change of address shall be given by written notice in
the manner detailed in this Section. Rejection or other refusal
to accept or the inability to deliver because of changed address
of which no notice was given shall be deemed to constitute
receipt of the notice, demand, request or communication sent.
14.3 Brokers' Commission.
If any claims for brokers' or finders' fees
for the consummation of this Agreement arise, then Buyer hereby
agrees to indemnify, save harmless and defend Seller from and
against such claims if they shall be based upon any statement or
representation or agreement by Buyer, and Seller hereby agrees
to indemnify, save harmless and defend Buyer if such claims
shall be based upon any statement, representation or agreement
made by Seller.
14.4 Assianment.
Buyer may assign, transfer or convey its
rights or obligations under this Agreement without the prior
written consent of Seller, provided, however, that Buyer shall
in no event be released from its obligations hereunder by reason
of any assignment. No assignment or transfer, if permitted,
shall be effective unless each assignee or transferee expressly
-12-
000021
agrees in writing to be bound by the terms and conditions of
this Agreement. Any purported assignment, transfer, or
encumbrance in violation of the foregoing may, at the option of
Seller, be deemed null and void or be a default hereunder.
14.5 Seller's Use of Property.
From and after the date of Seller's
execution hereof, Seller shall not grant or convey any easement,
lease, license, permit, encumbrance, lien or any other legal or
beneficial interest in or to the Property, improvements thereon,
mineral or water rights appurtenant thereto, or any other
property rights whatsoever without the prior written consent of
Buyer, nor shall Seller violate, or allow the violation of any
law, ordinance, rule or regulation affecting the Property.
Seller shall do or cause to be done all things reasonably within
its control to preserve intact and unimpaired any and all
easements, grants, appurtenances, privileges and licenses in
favor of or constituting any portion of the Property. Further,
Seller agrees to pay, as and when due, all payments on any liens
or encumbrances presently affecting the Property and any and all
taxes, assessments and levies in respect of the Property through
the Close of Escrow.
14.6 Delivery of Materials.
Seller shall deliver to Buyer, at no expense
to Buyer, within ten (10) days of Seller's execution hereof,
copies of any and all contracts affecting the Property
(including service and materials contracts), soils
investigations and reports, water and sewer studies, topographic
maps, photographs, mapping, platting and other materials, if
any, concerning the Property, which are owned by Seller or are
in Seller's possession.
14.7 Survival and Conditions Precedent.
Agreements, representations, covenants and
warranties contained in this Agreement or any amendment or
supplement hereto shall survive Closing and delivery of deed
hereunder and shall not be merged thereby, and, in addition to
any effect any of the same have in law or in equity, all of the
same will be deemed to be conditions precedent to the Buyer's
obligations hereunder, whether so expressed or not. Seller
acknowledges that all of the conditions to this Agreement which
are for the sole benefit of the Buyer may unilaterally be waived
by the Buyer.
-13-
000022
14.8 Mutual Indemnification.
Buyer and Seller agree to protect, defend,
indemnify and hold the other party harmless from and against any
claims, losses, demands, liabilities, suits, costs and damages,
including consequential damages and attorneys' fees and other
costs of defense, incurred, arising against or suffered by
either party as a direct or indirect consequence of (i) any
breach of any representation, warranty, covenant or
indemnification made in this Agreement, whether discovered
before or after the Closing, or (ii) any facts, circumstances or
occurrences existing or occurring with regard to the Property
prior to the Close of Escrow.
15. GENERAL PROVISIONS.
15.1 Required Actions of Buyer and Seller.
Buyer and Seller agree to execute such
further instruments and documents and to consummate the purchase
and sale herein contemplated, and to effectuate the intent of
this Agreement.
15.2 Time of Essence.
TIME IS OF THE ESSENCE OF EACH AND EVERY
TERM, CONDITION, OBLIGATION AND PROVISION HEREOF.
15.3 Counterparts.
This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all
of which, together, shall constitute one and the same
instrument.
15.4 Captions.
Any captions to, or headings of, the
paragraph or subparagraphs of this Agreement are solely for the
convenience of the parties hereto, are not a part of this
Agreement, and shall not be used for the interpretation or
determination of the validity of this Agreement or any provision
hereof.
15.5 No Obligations to Third Parties.
Except as otherwise expressly provided
herein, the execution and delivery of this Agreement shall not
be deemed to confer any rights upon, nor obligate any of the
-14-
000023
parties hereto, to any person or entity other than the parties
hereto.
15.6 Exhibits.
The Exhibits attached hereto are hereby
incorporated herein by this reference.
15.7 Amendment to this Agreement.
The terms of this Agreement may not be
modified or amended except by an instrument in writing executed
by each of the parties hereto.
15.8 Waiver.
The waiver or failure to enforce any
provision of this Agreement shall not operate as a waiver of any
future breach of any such provision or any other provision
hereof.
15.9 Applicable Law.
This Agreement shall be governed by and
construed in accordance with the laws of the State of
California.
15.10 Fees and Other Expenses.
Except as otherwise provided herein, each of
the parties shall pay its own attorneys', consultants' and other
fees and expenses in connection with this Agreement.
15.11 Entire Aareement.
This Agreement supercedes any prior
agreements, negotiations and communications, oral or written,
and contains the entire agreement between Buyer and Seller as to
the subject matter hereof. No subsequent agreement,
representation, or promise made by ether party hereto, or by or
to an employee, officer, agent or representative of either party
shall be of any effect unless it is in writing and executed by
the party to be bound thereby.
15.12 Successors and Assians.
Subject to any limitations on assignment
contained herein, this Agreement shall be binding upon and shall
MISIM
000024
inure to the benefit of the successors and assigns of the
parties hereto.
15.13 No Presumption.
Each provision of this Agreement has been
independently and freely negotiated by both parties as if this
Agreement were drafted by both parties. In the event of any
ambiguity in this Agreement, the parties waive any presumption
or rule requiring or permitting interpretation of said ambiguity
against or in favor of either party.
15.14 Attorneys' Fees.
In the event that either party is required
to commence any action or proceedings against the other in order
to enforce the provisions hereof, or in order to obtain damages
for the alleged breach of any of the provisions hereof, the
prevailing party (which shall be the party receiving the larger
award or otherwise receiving the more significant relief)
therein shall be entitled to recover, in addition to any amounts
or relief otherwise awarded, all reasonable costs incurred in
connection therewith, including reasonable attorneys' fees.
15.15 Survival.
Except as otherwise provided herein, all
covenants, agreements, representations and warranties set forth
in this Agreement or in any certificate or instrument executed
or delivered pursuant to this Agreement shall survive the
Closing and shall not merge into any deed, assignment or other
instrument executed or delivered pursuant hereto.
15.16 IRS Real Estate Sales Reoortina.
Buyer and Seller hereby appoint Escrow Agent
as, and Escrow Agent agrees to act as "the person responsible
for closing" the transactions which are the subject of this
Agreement, pursuant to Internal Revenue Code of 1986 Section
6045(e). Escrow Agent shall prepare and file the informational
return (IRS Form 1099 -5) required by and otherwise comply with
the terms of IRS Section 6045(e).
16. AGENCY APPROVAL
Seller acknowledges that no representation,
statement or act of any agent, attorney or employee of Buyer
shall be binding upon Buyer until and unless such
-16-
000025
representation, statement or act is duly approved or ratified by
the governing board of Buyer.
IN WITNESS WHEREOF, the parties hereto have executed this
Agreement as of the day and year first above written.
This Agreement creates certain legal rights and
responsibilities as described herein and all parties should
consider obtaining legal advice prior to execution of it.
"Buyer" Moorpark Redevelopment Agency
"Sellers"
By:
Steven Kueny
Executive Director
By:
Monte Lewis Abbath
-17-
000026
Exhibit "A"
LEGAL DESCRIPTION
Part of Lot "U" of Tract "L" of Rancho Simi, in the County of
Ventura, State of California, as per map recorded in Book 5,
Page 5 of Maps, in the office of the County Recorder of said
county, described as follows:
Beginning at a point in the North line of the Moorpark Station
grounds distant West 193.11 feet from the point of intersection
of the center line of Moorpark Avenue with said North line of
Station Grounds, as said avenue and station grounds are
designated and delineated upon the map above referred to; thence
from said point of beginning,
lst: West 45.29 feet with said North line of station grounds to
a point distant East 185.45 feet from the Southwest corner of
said lot "L ", said point being the Southeast corner of that
piece or parcel of land conveyed by Michale Hoffelt and Wally
Hoffelt, husband and wife, to Alice M. Graham by deed dated July
16, 1917, recorded in Book 143 Page 131 of Deeds; thence with
the East line of said parcel so conveyed to Alice M. Graham,
2nd: North 180.00 feet; at 40.00 feet a 3/4 inch pipe; at 180.00
feet a 1/2 inch pipe; thence,
3rd: East 45.29 feet to a 1/2 inch pipe set in the West line of
that certain piece or parcel of land conveyed by Erwin G.
Kellogg to Ira G. Tanner, et ux., by deed dated February 3,
1920, recorded in Book 171 Page 113 of Deeds; thence with said
West line,
4th: South 180.00 feet; at 14.00 feet a 1/2 inch pipe; at 180.00
feet to the point of beginning.
Excepting for road purposes a strip of land 40.00 feet wide off
of and adjoining the South line of said property.
000027
RESOLUTION 2003-
A RESOLUTION OF THE MOORPARK REDEVELOPMENT
AGENCY BOARD OF DIRECTORS, MOORPARK,
CALIFORNIA, AMENDING THE ADOPTED FY 02/03
MOORPARK REDEVELOPMENT AGENCY BUDGET TO
ACQUIRE THE PROPERTY AT 47 -51 WEST HIGH
STREET
WHEREAS, on June 5, 2002, the Moorpark Redevelopment Agency
Board of Directors adopted the Moorpark Redevelopment Agency
budget for Fiscal Year 2002/2003; and
WHEREAS, the Moorpark Redevelopment Agency Board of
Directors approved a Redevelopment Agency budget to be funded by
Moorpark Redevelopment Tax Increment funds; and
WHEREAS, on December 2, 2002, the Moorpark Redevelopment
Agency Board of Directors authorized the acquisition of the
property at 47 -51 West High Street; and
WHEREAS, on May 7, 2003, the Moorpark Redevelopment Agency
Board of Directors approved an Agreement for Purchase and Sale
of the Property with Monte Lewis Abbath; and
WHEREAS, the Moorpark Redevelopment Agency Board of
Directors now wishes to amend the adopted budget to reflect the
cost for the acquisition of 47 -51 West High Street totaling
$355,000 using Moorpark Redevelopment Tax Increment Funds.
NOW, THEREFORE, THE MOORPARK REDEVELOPMENT AGENCY BOARD OF
DIRECTORS DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1.
$25,515 in Agency
hereto, is hereby
That a budget amendment in the amount of
funds, as described in Exhibit "A" attached
approved.
000028
Resolution No. 2003 -
Page 2
SECTION 2. The Agency Secretary shall certify to the
adoption of this resolution and shall cause a certified
resolution to be filed in the book of original resolutions.
PASSED AND ADOPTED this 7th day of May, 2003.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt,
Agency Secretary
Attachment:
Exhibit A: Budget Amendment Detail
000029
Resolution No. 2003 -
Page 3
EXHIBIT A
BUDGET AMENDMENT DETAIL
Funding Sources
Funding Source Account Amount
MRA Area 1- Increment & Other 2902 $355,000
Appropriations
Current New
Budget Budget
Budget Unit Object Amount Change Amount
4001 - 2100 -2007 9610 $ 54,000 $301,000 $355,000
Approved as to form:
b-
000030
ITEM s • � •
CITV OF MOORPA RK, CALIFORNIA
Redevelopment Agency Fleeting
of
CTION: � f'. mac .
� E�:.�c^• a' -•ESC 3 I t lr �� `C�
BY: `1.11�.GtA.L -ter.
MOORPARK REDEVELOPMENT AGENCY
AGENDA REPORT
TO: Honorable Agency Board of Directors
FROM: Cynthia L. Borchard, Administrative Services Director�Lp
DATE: April 30, 2003 (Agency meeting of May 7, 2003)
SUBJECT: Consider GASB Statement No. 34 Implementation Proposals
SUMMARY
The City and Agency are required to comply with Government
Accounting Standards Board (GASB) Statement No. 34 which
establishes new financial reporting guidelines including
infrastructure reporting. Proposals from our audit firm to
restate our financial statements and from engineering firms to
value our infrastructure have been obtained. Staff is
recommending approval of the proposal from our audit firm,
Vavrinek, Trine, Day and Co., LLP, in an amount not to exceed
$20,000 and from Harris and Associates in the amount of $24,990.
An appropriation of $9,990 is required from the Agency with the
balance coming from Gas Tax and General Funds.
BACKGROUND /DISCUSSION
Please refer to City Council Agenda Item #10 C.
FISCAL IMPACT:
The FY 2002 -2003 City budget includes an appropriation of $5,000
for Public Work's consultants and $15,000 for Finance
consultants. The attached budget resolution increases the
appropriation in the amount of $19,990 for the Public Work's
consultant and $5,000 for Finance consultant, resulting in an
increased appropriation of $24,990.
1 OOO 31
STAFF RECOMMENDATION: (Roll Call Vote)
1) Adopt the recommended infrastructure capitalization
threshold of $100,000 and fixed asset (equipment)
capitalization threshold of $5,000 effective July 1,
2002;
2) Adopt the use of the standard depreciation reporting method
rather than the modified approach for the entire
infrastructure of the Agency upon adoption of the New
Reporting Model;
3) Authorize the Executive Director to execute a professional
services agreement with Harris & Associates subject to
final language approval by the General Counsel and
Executive Director not to exceed $24,990;
4) Accept the proposal from Vavrinek, Trine, Day & Co., LLP,
for assistance in implementation of GASB 34 in accordance
with their current hourly rates not to exceed $20,000;
5) Adopt Resolution No. 2003- amending the FY 02/03
Budget to revise the amount of funding for this project per
Exhibit "A ".
2 000032
RESOLUTION No. 2003-
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF MOORPARK, CALIFORNIA, AMENDING THE FY 2002/03
BUDGET BY APPROPRIATING $7,500 FROM THE GAS TAX FUND
(2605- 5500) ; $7,500 FROM THE GENERAL FUND (1000 -5500)
AND $9,990 FROM THE REDEVELOPMENT AGENCY FUND (2902 -
5500)TO SPECIAL PROFESSIONAL SERVICES (1000- 5110 -1016-
9103; 2605 -5110- 0000 - 9103;2902- 5110 - 0000 -9103) FOR GASB
34 IMPLEMENTATION SERVICES.
WHEREAS, on June 5, 2002, the Redevelopment Agency Board of
Directors adopted the budget for Fiscal Year 2002/03; and
WHEREAS, an appropriation was made for GASB 34
implementation in the amount of $20,000 from General Fund
($10,000) and Gas Tax Fund ($10,000); and
WHEREAS, proposals have been received from our auditor and
public work's consultants to implement GASB 34 for amounts
exceeding current appropriations; and
WHEREAS, Exhibit "A" hereof describes said necessary budget
amendment and its resultant impacts to the budget line item(s).
NOW, THEREFORE, THE BOARD OF DIRECTORS OF THE REDEVELOPMENT
AGENCY OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS:
SECTION 1. A budget amendment appropriating $24,990 from
the funds listed above to the line item for implementation of
GASB 34 as more particularly described in Exhibit "A" attached
hereto is hereby approved.
SECTION 2. The Agency Secretary shall certify to the
adoption
resolution
of this resolution and shall cause a certified
to be filed in the book of original resolutions.
PASSED AND ADOPTED this 7th day of May, 2003.
Patrick Hunter, Chair
ATTEST:
Deborah S. Traffenstedt, Agency Secretary
Attachment: Exhibit "A" - Budget Amendment
000033
EXHIBIT A
BUDGET AMENDMENT FOR
FINANCE
FY 2002 -03
FUND ALLOCATION FROM:
Fund
Account Number
Amount
General
1000 -5500
$ 7,500.00
Gas Tax
2605 -5500
$ 7,500.00
Redevelopment Agency
2902 -5500
$ 9,990.00
Total
$
$ 24,990.00
DISTRIBUTION OF APPROPRIATION TO EXPENSE ACCOUNTS:
Account Number
Current Budget
Revision
Amended Budget
1000 - 5110 - 1016 -9103
$ 47,310.00
$
7,500.00
$
54,810.00
2605- 5110 - 0000 -9103
$ 10,000.00
$
7,500.00
$
17,500.00
2902 - 5110 - 0000 -9103
$ -
$
9,990.00
$
9,990.00
Total
1 $ 57,310.00
1 $
24,990.00
1 $
82,300.00
Approved as to Form:
C�v
000034