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HomeMy WebLinkAboutAG RPTS 2005 0615 RDA REGESTABLISHED MARM It Nor 44IF OF ���P yrr � Ml� Resolution No. 2005 -147 MOORPARK REDEVELOPMENT AGENCY REGULAR MEETING AGENDA WEDNESDAY, JUNE 15, 2005 7:00 P.M. Moorpark Community Center 799 Moorpark Avenue 1. CALL TO ORDER: 2. ROLL CALL: 3. PUBLIC COMMENT: 4. PRESENTATION /ACTION /DISCUSSION: A. Consider Resolution Adopting an Operating and Capital Improvements Budget for the City of Moorpark Redevelopment Agency for the Fiscal Year 2005/06. Staff Recommendation: Adopt Resolution No. 2005- ROLL CALL VOTE REQUIRED (Staff: Johnny Ea) B. Consider Resolution Re- Establishina the Aaencv's Eminent Domain Policy as that Policy Pertains to the Proposed Amendment No. 2 to the Redevelopment Plan for the Moorpark Redevelopment Project. Staff Recommendation: Adopt Resolution No. 2005- re- establishing the Agency's eminent domain policy as it pertains to Amendment No. 2, finding that a Project Area Committee (PAC) is necessary with regard to adoption proceedings, and establishing said PAC. (Staff: Hugh Riley) 5. CONSENT CALENDAR: A. Consider Approval of Minutes of Regular Meeting of May 18 2005. Consider Approval of Minutes of Special Meeting of May 25 2005. Redevelopment Agency Agenda June 15, 2005 Page 2 5. CONSENT CALENDAR: (continued) Consider Approval of Minutes of Special Meeting of June 1, 2005. Staff Recommendation: Approve minutes. B. Consider Resolution Adopting Loan Agreement Between the City of Moorpark and the Moorpark Redevelopment Agency. Staff Recommendation: Adopt Resolution No. 2005 - ROLL CALL VOTE REQUIRED (Staff: Johnny Ea) 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) C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR (Pursuant to Government Code Section 54956.8) Property: APN 512 -0- 091 -080 and APN 512 -0- 091 -100 Agency Negotiator: Steven Kueny, Executive Director Negotiating Parties: Redevelopment Agency of the City of Moorpark and Janss IV Recreation, Inc. (Theater on High /Larry Janss) Under Negotiation: Price and terms of payment 7. ADJOURNMENT: Any member of e public may address the Agen cy urinyy a is Comments portion o e gen a, 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 to 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 the 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 on 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 special assistance to review an agenda or participate in this meeting, including auxiliary aids or services, please contact the City Clerk's Department at (805) 517 -6223. Upon request, the agenda can be made available in appropriate alternative formats to persons with a disability. Any request for disability - related modification or accommodation should be made at least 48 hours prior to the scheduled meeting to assist the City staff in assuring reasonable arrangements can be made to provide accessibility to the meeting (28 CFR 35.102 - 35.104; ADA Title II). STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss CITY OF MOORPARK ) AFFIDAVIT OF POSTING I, Deborah S. Traffenstedt, declare as follows: That I am the City Clerk of the City of Moorpark and that a notice for a Regular Meeting of the Moorpark Redevelopment Agency to be held Wednesday, June 15, 2005, at 7:00 p.m. in the Council Chambers of the Moorpark Community Center, 799 Moorpark Avenue, Moorpark, California, was posted on June 10, 2005, at a conspicuous place at the Moorpark Community Center, 799 Moorpark Avenue, Moorpark, California. I declare under penalty of perjury that the foregoing is true and correct. Executed on June 10, 2005. Deborah S. Traffensted , City Clerk MOORPARK REDEVELOPMENT AGENCY AGENDA REPORT ITEM4• A . WENNEWr CITY OF MOORPARK. CALIFORNIA Redevelopment Agency Meeting ACTIOW444e ws- /4, BY: TO: Honorable Board of Directors FROM: Johnny Ea, Finance Director v DATE: June 3, 2005 (MRA Meeting of June 15, 2005) SUBJECT: Consider Resolution Adopting an Operating and Capital Improvements Budget for the City of Moorpark Redevelopment Agency for the Fiscal Year 2005 -2006. DISCUSSION On May 18, 2005 the City Manager /Executive Director presented to the Board of Directors his recommended Operating and Capital Improvements Budget for the Fiscal Year 2005 -2006. The Agency Board of Directors held a public meeting on the budget during a study session on May 25. The Board of Directors had no changes to the recommended Agency Budget. State law requires adoption of a budget prior to June 30, 2005. Staff recommends that `tie, Board of Directors adopt the attached resolution. STAFF RECOMMENDATION (Roll "'all Vote) Adopt Resolution No. 2005- Attachment: Resolution No. 2005- kN 4� o4 RESOLUTION NO. 2005- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, CALIFORNIA, ADOPTING THE OPERATING AND CAPITAL IMPROVEMENT BUDGET FOR THE MOORPARK REDEVELOPMENT AGENCY FOR THE FISCAL YEAR 2005 -2006 WHEREAS, on May 18, 2005 the City Manager /Executive Director's Recommended Budget for Fiscal Year 2005 -2006 was submitted to the City Council and Agency Board of Directors for its review and consideration; and WHEREAS, the Board of Directors has provided the opportunity for public comment at a public meeting held on May 25, 2005, and conducted detailed review of expenditure proposals; and WHEREAS, as the result of the reviews and analysis, expenditure proposals and revenue projections have been modified as needed. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The Operating and Capital Improvements Budget for Fiscal Year 2005 -2006 (beginning July 1, 2005) for the City of Moorpark Redevelopment Agency containing operating and capital expenditures and anticipated revenues as identified in Exhibit "A" to this resolution, attached hereto and incorporated herein, shall be adopted as the City of Moorpark Redevelopment Agency's Operating and Capital Improvements Budget for Fiscal Year 2005 -2006. SECTION 2. The Executive Director is authorized to amend the capital improvement budget for the 2005 -2006 fiscal year at the conclusion of the 2004 -2005 fiscal year when a final accounting of project costs during the 2004- 2005 year is complete and continuing appropriations are determined, as long as the total project appropriation authorized by the Board of Directors is not exceeded. Resolution No. 2005 - Page 2 SECTION 3. The Executive Director is authorized to approve appropriation transfers within departments and within individual funds as required to provide efficient and economical services, as long as the total department appropriation and fund appropriation authorized by the Board of Directors is not exceeded. SECTION 4. Except as otherwise provided in this resolution, amendments to appropriations in the Fiscal Year 2005 -2006 Operating and Capital Improvements Budget shall require Board action by resolution. SECTION 5. The Executive Director is authorized to make such emergency appropriations as may be necessary to address emergency needs of the Agency, provided that the appropriation is presented to the Board of Directors at its next regular meeting for ratification. SECTION 6. Administrative and planning expenditures, including direct salaries, indirect overhead charges, and other similar costs, are necessary for the production, improvement, and preservation of low- and moderate - income housing. SECTION 7. 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 15th day of June, 2005. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt, Agency Secretary Attachment: Exhibit "A" 0n Resolution No. 2005 - Page 3 Exhibit A Operating and Capital Improvements Budget For the Moorpark Redevelopment Agency Fiscal Year 2005 -2006 Provided Separatel MOORPARK REDEVELOPMENT AGENCY AGENDA REPORT TO: Honorable Agency Board of Directors ITEM y • a • CITY OF MOORPARK. CALIFORNIA Redevelopment Agency Meeting of ACTION:Q 2 A, BY:` FROM: Hugh R. Riley, Assistant Executive Director DATE: June 1, 2005 (Agency Meeting of 6/15/05) J SUBJECT: Consider Resolution Re- establishing Eminent Domain Policy as that Policy Pertains to the Proposed Amendment No. 2 to the Redevelopment Plan for the Moorpark Redevelopment Project BACKGROUND The City of Moorpark Redevelopment Agency (the "Agency ") is proposing to adopt an amendment ( "Amendment No. 211) to the Redevelopment Plan for the Moorpark Redevelopment Project (the "Plan" and the "Project," respectively) . The sole purpose of Amendment No. 2 is to reinstate the Agency's eminent domain authority, as permitted by the California Community Redevelopment Law (CCRL; Health and Safety Code Section 33000 et seq.) for the area included in the Project (the "Project Area "), which prior authority expired in July 2001. Section 403 of the Plan, as approved by the voters in 19891, restricted the Agency's use of eminent domain by barring acquisition through use of eminent domain on properties zoned residential; and by restricting use of eminent domain on property zoned commercial or industrial that had a residential structure owner occupied at the time of Plan adoption. The Plan otherwise authorized the Agency to use its eminent domain authority in "non- residential" land use situations. I On July 5, 1.989, City Council adopted Ordinance No. 211 to amend the Plan (which Plan was adopted by Ordinance No. 210, also :u_y 5, :989) t.c "...reenact .sicl [the Plan's) restrictions on eminent domain in order to submit this specific portion (eminent domain prov'sion) of the Plan to the voters for their approval." Ordinance No. 211 provided that the Plan's eminent domain provision permitting use of eminent domain wit :hir. the Project Area, except for certain resider.tia- property, would not be effective unless and until approved by a majority of voters. Ordinance No. 211 was subsequently submitted to the voters and passed. 0 C�..;r J Honorable Agency Board of Directors June 15, 2005 Page 2 DISCUSSION Amendment No. 2 proposes to reinstate the authority to enact eminent domain proceedings to acquire property within the Project for a 12 -year period pursuant to CCRL Section 33333.4(8) (2) . The extent of the eminent domain authority which would be granted to the Agency has not been fully determined. Since it is possible the Agency's eminent domain authority may be used to take property on which person(s) reside and a substantial number of low- and moderate - income resident S2 reside in the Project, the Resolution also directs the establishment of a Project Area Committee (PAC) , in accordance with CCRL Section 33385.3. Once established, the PAC will be responsible for reviewing the proposed Amendment No. 2 and making a recommendation to the City Council regarding the extent of Agency's eminent domain authority. The City Council will review the PAC's recommendation and take action to grant the Agency "non- residential" eminent domain authority or bring an unrestricted eminent domain authority to the vote of the public. The authority to utilize eminent domain, with or without restrictions, will not be available to the Agency until the ordinance approving the Redevelopment Plan Amendment has been adopted by the City Council. STAFF RECOMMENDATION Adopt resolution No. 2005- re- establishing the Agency's eminent domain policy as it pertains to Amendment No. 2, finding that a PAC is necessary with regard to adoption proceedings, and establishing said PAC. 2 U.S. Census 2000 data show that the median household income in Ventura County Census Tract 76.02 (inclusive of the Project Area) was $55,580; 1.7 percent lower t.har. the City's median income of $76,642 and 7 percent lower than Ventura County's nedian income of $59,666. Inasmuch as the County of Ventura Metropolitan Statistical Area Median Income for a four - person household in 2000 was a maximum limit of $82,200 for moderate- income and an "actual 80 percent low- income" limit of $54,800, it is reasonable to conclude that a "substantial" number of low- and moderate income persons reside in the Project Area. 0 0 ,, RESOLUTION NO.2005 - A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, CALIFORNIA, REESTABLISHING AN EMINENT DOMAIN POLICY PERTAINING TO THE REDEVELOPMENT PLAN FOR THE MOORPARK REDEVELOPMENT PROJECT, AND FINDING THAT A PROJECT AREA COMMITTEE IS REQUIRED AND NECESSARY TO EFFECTUATE THE ADOPTION OF PROPOSED AMENDMENT NO. 2 TO THE MOORPARK REDEVELOPMENT PLAN, AND ACTING TO ESTABLISH A PROJECT AREA COMMITTEE WHEREAS, the City Council of the City of Moorpark (the "City Council ") , adopted the Redevelopment Plan (the "Plan ") for the Moorpark Redevelopment Project (the "Project" and "Project Area," respectively) on July 5, 1989 by Ordinance No. 210 in accordance with the California Community Redevelopment Law (CCRL; Health and Safety Code Section 33000 et seq.); and WHEREAS, Section 33342 of the CCRL provides that "redevelopment plans may provide for the agency to acquire by gift, purchase, lease, or condemnation all or part of the real property in the project area "; and WHEREAS, the Plan provides authority for the Agency to use eminent domain as a redevelopment tool; and WHEREAS, in 1989 the voters of Moorpark subsequently approved at election, the City Council Ordinance No. 111, which contained the following: "The following restrictions are applicable to the Agency's power of Eminent Domain: 1. All property zoned residential is excluded from eminent domain. 2. All property zoned commercial or industrial that has a residential structure (house) on it and is owner occupied at the time the Redevelopment Plan is adopted is excluded from eminent domain for long as that owner occupies the residence.; and WHEREAS, the Agency's eminent domain authority promulgated under the Plan expired in July 2001 in accordance with the 12- year time limit imposed by CCRL Section 33333.4(8)(2) and by Section 403 of the Plan; and 0�,�, , Resolution No. 2005 - Page 2 WHEREAS, by redevelopment plan amendment procedures codified under the CCRL Article 12, commencing with Section 33450, the Agency desires to reinstate the Plan's eminent domain authority for an additional 12 -year period; and WHEREAS, the Agency's ability to utilize eminent domain authority to acquire property may or may not be limited to specific land uses; and WHEREAS, the voters of the City of Moorpark will need to approve the Agency's eminent domain authority if it exceeds the restrictions set forth in City Council Ordinance No. 111; and WHEREAS, the ability to acquire property by eminent domain proceedings will not be granted to the Agency until the ordinance adopting the Redevelopment Plan Amendment No. 2 has been approved by the City Council; and WHEREAS, CCRL Section 33385.3 requires that a Project Area Committee (PAC) be formed by an agency if the proposed redevelopment plan amendment would do either of the following: (1) Grant the authority to the agency to acquire by eminent domain property on which persons reside in a project area in which a substantial number of low- and moderate - income persons reside; or Add territory in which a substantial number of low- and moderate - income persons reside and grant the authority to the agency to acquire by eminent domain property on which persons reside in the added territory. The project area committee may be composed of persons from only the added territory or both the added area and the existing project area; and WHEREAS, it has been determined that a substantial number of low- and moderate - income persons reside in the Project Area, and WHEREAS, Amendment No. 2 does not provide for the addition of new territory to the limits of the Project Area; and Resolution No. 2005 - Page 3 WHEREAS, pursuant to CCRL Section 33385.3, et a1., the Agency desires to establish a PAC for owners, residents, businesses and community organizations as a method of community outreach and participation with respect to Amendment No. 2. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The above facts are true and correct and a substantive part of this Resolution. SECTION 2. Section 403 of the Plan, shall be amended to read as follows: i. The Agency may purchase, lease, obtain option upon or otherwise acquire any interest in real property located in the Project Area by gift, devise, exchange, purchase, or any other means authorized by law including the use of eminent domain for the purpose of redevelopment. Acquisition of property will generally be achieved by cooperative negotiations between the owner of such property and the Agency. ii. The Agency shall not acquire real property to be retained by an owner pursuant to a participation agreement unless provision for such acquisition is made in the agreement. The agency is authorized to acquire structures without acquiring the land upon which those structures are located. iii. No eminent domain proceeding to acquire property within the Project Area shall be commenced after twelve (12) years following the date of adoption of the ordinance approving and adopting this Plan. Such time limitation may be extended only by further amendment of this Plan. iv. The Agency shall not acquire real property on which an existing building is to be continued on its present site and in its present form and use without the consent of the owner, unless (1) such building requires structural alterations, improvement, modernization, or rehabilitation, or (2) the site or lot on which the building is situated requires modification in size, shape, or use, or (3) it is necessary to impose upon such property any of the standards, restrictions and controls of the Plan and the owner fails or refuses to participate in the Plan by executing a participation agreement. Resolution No. 2005 - Page 4 SECTION 3. The Executive Director of the Agency or his /her designee, may make technical, non - material revisions to the eminent domain provisions outlined herein that may be necessary or appropriate and that do not affect the intent and purpose of the provisions. SECTION 4. Pursuant to CCRL Section 33385.3, the Agency hereby directs that a PAC shall be established and requests that the City Council of the City of Moorpark adopt, by resolution after a duly noticed public hearing, procedures for the formation, election, and operation of said PAC Pursuant to CCRL Section 33385(b), et al. SECTION 5. 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 15t" day of June, 2005. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt, Agency Secretary W, rl ` 1. J - v v CITY OF MOORPARK, CALIFORNIA T,�.E Vi Redevelopment Agency Meeting 1 1 of ACTION: r- ---�MINUTES OF THE REDEVELOPMENT AGENCY e.. Moorpark, California May 18, 2005 A Regular Meeting of the Redevelopment Agency of the City of Moorpark was held on May 18, 2005, 2005, 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 7:51 p.m. 2. ROLL CALL: Present: Agency Members Harper, Mikos, Millhouse, Parvin, and Chair Hunter. Staff Present: Steven Kueny, Executive Director; Joseph Montes, General Counsel; Hugh Riley, Assistant Executive Director; and Deborah Traffenstedt, Agency Secretary. 3. PUBLIC COMMENT: None. 4. PRESENTATION /ACTION /DISCUSSION: A. Consider Proposed Operating and Capital Improvements Budgets for the Fiscal Year 2005/2006. Staff Recommendation: Receive the budgets and set a workshop for May 25, 2005. In response to Chair Hunter, Ms. Traffenstedt stated there were no speakers. MOTION: Agency Member Parvin moved and Agency Member Harper seconded a motion to receive the budgets and set a workshop for May 25, 2005. The motion carried by unanimous voice vote. Minutes of the Redevelopment Agency Moorpark, California Page 2 May 18, 2005 5. CONSENT CALENDAR: MOTION: Agency Member Harper moved and Agency Member Parvin 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 6, 2005. Staff Recommendation: Approve minutes. 6. CLOSED SESSION: Mr. Kueny requested the Agency recess the meeting and reconvene into closed session for discussion of Item 6.C. at the conclusion of the City Council meeting. AT THIS POINT in the meeting, a recess was declared. The time was 7:52 p.m. The meeting reconvened at 10:20 p.m. MOTION: Agency Member Harper moved and Agency Member Millhouse seconded a motion to adjourn to closed session for discussion of Item 6.C. on the agenda. The motion carried by unanimous voice vote. C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR (Pursuant to Government Code Section 54956.8) Property: APN 512 -0- 091 -080 and APN 512 -0 -091 -100 Agency Negotiator: Steven Kueny, Executive Director Negotiating Parties: Redevelopment Agency of the City of Moorpark and Janss IV Recreation, Inc. (Theater on High /Larry Janss) Under Negotiation: Price and terms of payment Present in closed session were P. Mikos, Millhouse, Parvin, and Chair Executive Director; Joseph Montes, Riley, Assistant Executive Director; Development Director; and Deborah Secretary. gency Members Harper, Hunter; Steven Kueny, General Counsel; Hugh Barry Hogan, Community Traffenstedt, Agency The Agency reconvened into open session at 10:38 p.m. Mr. Kueny announced Item 6.C. was discussed and there was no action to report. Minutes of the Redevelopment Agency Moorpark, California Page 3 May 18, 2005 7. ADJOURNMENT: Chair Hunter adjourned the meeting at 10:38 p.m. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt Agency Secretary -4.- 3 MINUTES OF THE REDEVELOPMENT AGENCY Moorpark, California May 25, 2005 A Special Meeting of the Redevelopment Agency of the City of Moorpark was held on May 25, 2005, 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 7:09 p.m. and announced that Item 4.A. would be heard concurrent with the City Council Meeting. 2. ROLL CALL: Present: Agency Members Harper, Mikos, Millhouse, Parvin, and Chair Hunter. Staff Present: Steven Kueny, Executive Director; Hugh Riley, Assistant Executive Director; Johnny Ea, Finance Director; and Deborah Traffenstedt, Agency Secretary. 3. PUBLIC COMMENT: None. 4. PRESENTATION /ACTION /DISCUSSION: A. Consider Proposed Operating and Capital Improvements Budgets for the Fiscal Year 2005/2006. Staff Recommendation: Discuss proposed budget for Fiscal Yaar ?nn5inti AT THIS POINT in the meeting, Item 4.A. on the City Council agenda was heard concurrently with Item 4.A. on the Redevelopment Agency agenda. Refer to the City Council Special Meeting Minutes for May 25, 2005, for full discussion of this item. CONSENSUS: It was the consensus of the Agency to accept the proposed budget for the Redevelopment Agency, and to schedule Budget adoption for June 15, 2005. Minutes of the Redevelopment Agency Moorpark, California Page 2 May 25, 2005 5. ADJOURNMENT: Chair Hunter adjourned the meeting at 9:28 p.m. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt Agency Secretary MINUTES OF THE REDEVELOPMENT AGENCY Moorpark, California June 1, 2005 A Special Meeting of the Redevelopment Agency of the City of Moorpark was held on June 1, 2005, 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 6:50 p.m. 2. ROLL CALL: Present: Agency Members Harper, Mikos, Millhouse, Parvin, and Chair Hunter. Staff Present: Steven Kueny, Executive Director; Hugh Riley, Assistant Executive Director; and Deborah Traffenstedt, Agency Secretary. 3. PUBLIC COMMENT: None. 4. CLOSED SESSION: Mr. Kueny requested the Agency go into closed session for discussion of Item 4.C. on the agenda. MOTION: Agency Member Harper moved and Agency Member Millhouse seconded a motion to adjourn to closed session for discussion of Item 4.C. on the agenda. The motion carried by unanimous voice vote. The time was 6:50 p.m. C. CONFERENCE WITH REAL PROPERTY NEGOTIATOR (Pursuant to Government Code Section 54956.8) Property: APN 512 -0- 091 -080 and APN 512 -0- 091 -100 City Negotiator: Steven Kueny, City Manager Negotiating Parties: The City of Moorpark and Janss IV Recreation, Inc. (Theater on High /Larry Janss) Under Negotiation: Price and terms of payment Present in closed session were Agency Members Harper, Mikos, Millhouse, Parvin and Chair Hunter; Steven Kueny, Executive Director; Hugh Riley, Assistant Executive Director; and Deborah Traffenstedt, Agency Secretary 11,;'vv..�I Minutes of the Redevelopment Agency Moorpark, California Paqe 2 June 1, 2005 The Agency reconvened into open session at 7:00 p.m. Mr. Kueny stated Item 4.C. was discussed and there was no action to report. 5. ADJOURNMENT: MOTION: Agency Member Millhouse moved and Agency Member Harper seconded a motion to adjourn the meeting of the Moorpark Redevelopment Agency. The motion carried by unanimous voice vote. The time was 7:00 p.m. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt Agency Secretary ► 0 �? F) o` `' '1 ��-A .A- A ITEM 5.13. CITY OF MOORPAP%<. CALIFORNIA Redevelopment Agency Meeting of /S- A0O b ACTION: MOORPARK REDEVELOPMENT AGENC Y: AGENDA REPORT TO: Honorable Board of Directors FROM: Johnny Ea, Finance Director, DATE: June 3, 2005 (Agency Meeting of June 15, 2005) SUBJECT: Consider Resolution Adopting Loan Agreement between the City of Moorpark and the Moorpark Redevelopment Agency BACKGROUND Community Development Law allows Redevelopment Agencies to borrow funds from the City in support of the Agency's mission and goals. Several times since the creation of the Moorpark Redevelopment Agency, the City has loaned funds to the Agency for specific purposes. All loans have been repaid, or will be repaid by June 30, 2006. DISCUSSION In the coming year, the Agency has budgeted approximately $7.6 million in expenditures, including $1.8 million for capital improvements. While the Agency's annual revenues and existing fund balances are sufficient to finance these expenditures, it is our practice for all expenditures to be paid by the City, then these "advances" are repaid by the Agency. This is a common practice intended to comply with state laws that require Redevelopment Agencies to incur debt and to assist with Agency cash flow. Staff is recommending a loan from the City to the Agency in the amount of $5,000,000 as an advance for anticipated operating and capital expenditures for the coming year. The Agency would be charged a rate equal to the rate earned on investments (the "LAIF" rate) plus 1%; currently this would be approximately 2.70. The loan would be provided by the City General Fund, 4 n �r► i Honorable Agency Board of Directors June 15, 2005 Page 2 which currently has sufficient cash available, and would be due no later than June 30, 2006. STAFF RECOMMENDATION (Roll Call Vote) Adopt Resolution No. 2005- approving a Loan Agreement with the City of Moorpark. Attachment: Resolution No. 2005 - Loan Agreement U RESOLUTION 2005- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, CALIFORNIA, ADOPTING A LOAN AGREEMENT BETWEEN THE CITY OF MOORPARK AND THE MOORPARK REDEVELOPMENT AGENCY WHEREAS, the City of Moorpark has agreed to advance funds to the Moorpark Redevelopment Agency in accordance with the terms of a Loan Agreement dated July 1, 2005; and WHEREAS, the Moorpark Redevelopment Agency has agreed to accept the terms and conditions of the Loan Agreement dated July 1, 2005. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The Loan Agreement between the City of Moorpark and the Moorpark Redevelopment Agency dated July 1, 2005, and attached as Exhibit "A" to this resolution, is hereby adopted. 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 15th day of June, 2005. Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt, Agency Secretary Attachment: Exhibit "A" EXHIBIT "A" LOAN AGREEMENT THIS LOAN AGREEMENT is entered into this 1st day of July, 2005, by and between the City of Moorpark ( "City ") and the Moorpark Redevelopment Agency ( "Agency "). RECITALS WHEREAS, the Agency was created by Ordinance 87, adopted by the City Council on March 18, 1987, for the purpose of eliminating blighted conditions within specified project areas; and WHEREAS, in support of its mission, the Agency is developing and implementing plans to acquire and construct certain public facilities; and WHEREAS, the Agency has determined that, in order to undertake this redevelopment project, temporary financial assistance in the form of a loan is required from the City of Moorpark; and WHEREAS, Section 33600 et. seq. of the California Community Redevelopment Law authorizes the Agency to borrow money or accept financial or other assistance from the City. COVENANTS NOW, THEREFORE, THE CITY AND AGENCY AGREE AS FOLLOWS: SECTION 1. Amount and Use of Loan. The City, from its General Fund, will advance to the Agency the amount of $5,000,000 (five million dollars). Agency agrees to use such loan proceeds only for those purposes set forth in the Health and Safety Code and approved by the Agency. SECTION 2. Repayment of Funds. The Agency will repay this loan, both principal and interest, in full on or before June 30, 2006, unless extended by amendment to this Agreement. SECTION 3. Interest Payment. This loan will bear interest at a rate equivalent to the rate earned by City investments in the Local Agency Investment Fund, plus one percent. Loan Agreement, Page 2 July 1, 2005 SECTION 4. Obligation Constitutes Indebtedness. This loan agreement shall constitute an obligation and debt of the Agency to use all available increment revenue to repay the City. Such indebtedness shall be subordinate to any and all other Agency indebtedness incurred by the Agency, including indebtedness incurred through the issuance of tax allocation notes or bonds or any other bonds of the Agency. IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above. MOORPARK REDEVELOPMENT AGENCY Patrick Hunter, Chair ATTEST: Deborah S. Traffenstedt, Agency Secretary CITY OF MOORPARK Steven Kueny, City Manager Deborah S. Traffenstedt, City Clerk n ! ► ON I p