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HomeMy WebLinkAboutAG RPTS 2011 0316 RDA SPCESTABLISHED 1•` * YARaI 1�,1M1 )* rr OF; 11 NOTICE AND CALL OF A SPECIAL MEETING OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK TO THE MEMBERS OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK: NOTICE IS HEREBY GIVEN that a Special Meeting of the Redevelopment Agency of the City of Moorpark is hereby called to be held on Wednesday, March 16, 2011, commencing at 8:31 p.m. Said meeting will convene in the Community Center located at 799 Moorpark Avenue, Moorpark, California. Said Special Meeting shall be for the purpose of considering the following: 1. CALL TO ORDER: 2. ROLL CALL: 3. PUBLIC COMMENT: 4. REORDERING OF, AND ADDITIONS TO, THE AGENDA: All writings and documents provided to the majority of the Agency regarding all open- session agenda items are available for public inspection at the City Hall public counter located at 799 Moorpark Avenue during regular business hours. The agenda packet for all regular Redevelopment Agency meetings is also available on the City s website at www.ci.mooroark.ca.us. Any member of the public may address the Agency 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 Comment prior to the beginning of the Public Comments portion of the meeting; for a Presentation /Action /Discussion item, prior to the Chair's call for speaker cards for each Presentation /Action/ Discussion agenda item; and for a Public Hearing item, prior to the opening of each Public Hearing, or beginning of public testimony for a continued 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. Any questions concerning any agenda item may be directed to the City Clerk's office at 517 -6223. SPECIAL MEETING NOTICE — Redevelopment Agency March 16, 2011 Page 2 5. PRESENTATION /ACTION /DISCUSSION A. Consider Resolution Adopting a First Amendment to a Loan Agreement between the City of Moorpark and the Redevelopment Agency of the City of Moorpark. Staff Recommendation: Adopt Resolution No. 2011- ROLL CALL VOTE REQUIRED (Staff: Ron Ahlers) 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: Dated: March 15, 2011. Maureen Benson, City Clerk 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 Division at (805) 517 -6223. Upon request, the agenda can be made available in appropriate alternative formats to persons with a disability. Upon advance notification of the need for disability - related modification or accommodation, reasonable arrangements will be made by City staff to provide accessibility to the meeting (28 CFR 35.102 - 35.104; ADA Title 11). STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss CITY OF MOORPARK ) AFFIDAVIT OF POSTING I, Maureen Benson, declare as follows: That I am the City Clerk of the City of Moorpark and that a notice for a Special Meeting of the Redevelopment Agency of the City of Moorpark will be held Wednesday, March 16, 2011, commencing at 8:31 p.m. at the Moorpark Community Center, located at 799 Moorpark Avenue, Moorpark, California. A copy of said Notice was posted on March 15, 2011, 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 March 15, 2011. Maureen Benson, City Clerk CITY OF MOORPARK, CALIFORNIA Redevelopment Agency Meeting of 40// ACTION: MOORPARK REDEVELOPMENT AGENCY AGENDA REPORT TO: Honorable Board of Directors FROM: Ron Ahlers, Finance Director GZ-k DATE: March 15, 2011 (MRA Meeting of March 16, 2011) ITEM 5.A. SUBJECT: Consider Resolution Adopting a First Amendment to a Loan Agreement between the City of Moorpark and the Redevelopment Agency of the City of Moorpark BACKGROUND In June of 2010, the City of Moorpark ( "City ") and Redevelopment Agency of the City of Moorpark ( "Agency ") entered into a loan agreement for a $5,000,000 loan pursuant to California Health and Safety Code Section 33610. That loan is due and payable as of June 30, 2011. The Agency is also the holder of a note secured (in second position) by the Parcel 7 of the Mission Bell Plaza shopping center, in an original amount of $1,704,786. A notice of default has been issued by the senior lender for the property, and there is a possibility that the $1,704,786 note could be foreclosed out. The California legislature is also considering AB 101, which would sunset redevelopment agencies. If adopted, AB 101 could limit the Agency's ability to collect on and /or negotiate a resolution of the outstanding Mission Bell Note. Accordingly, it is appropriate for the City and Agency to consider an assignment of the Mission Bell note to the City, via an amendment to the loan agreement between the City and the Agency. If and to the extent that any moneys are recovered from the Mission Bell note, those moneys will be credited toward the outstanding balance owed pursuant to the City /Agency loan agreement. Honorable Agency Board of Directors March 16, 2011 Page 2 STAFF RECOMMENDATION (Roll Call Vote) Adopt Resolution No. 2011- approving a First Amendment to Loan Agreement with the City of Moorpark. Attachment: Resolution No. 2011 - First Amendment to Loan Agreement 2 RESOLUTION 2011- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK, CALIFORNIA ADOPTING A FIRST AMENDMENT TO LOAN AGREEMENT BETWEEN THE CITY OF MOORPARK AND THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK WHEREAS, the Redevelopment Agency of the City of Moorpark approved that certain loan agreement by and between the City of Moorpark and the Redevelopment Agency of the City of Moorpark dated July 1, 2010; and WHEREAS, the Redevelopment Agency of the City of Moorpark is the holder of a note secured by Parcel 7 of the Mission Bell Shopping Center and wishes to assign same to the City of Moorpark in partial satisfaction of the outstanding loan between the City of Moorpark and the Redevelopment Agency of the City of Moorpark. NOW, THEREFORE, THE REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. The First Amendment to Loan Agreement between the City of Moorpark and the Redevelopment Agency of the City of Moorpark dated March 16, 2011, 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 16th day of March 2011. Janice S. Parvin, Chair ATTEST: Maureen Benson, Agency Secretary Attachment: Exhibit "A" 3 EXHIBIT "A" FIRST AMENDMENT TO LOAN AGREEMENT THIS FIRST AMENDMENT TO LOAN AGREEMENT is entered into this 16th day of March, 2011 and amends that certain Loan Agreement dated 1st day of July, 2010, by and between the City of Moorpark ( "City ") and the Redevelopment Agency of the City of Moorpark ( "Agency ") RECITALS WHEREAS, the Agency and City are parties to that certain Loan Agreement dated as of July 1, 2010 (the "Loan Agreement "); and WHEREAS, the Agency is the holder of a note by and between the Agency (as lender) and Mission Bell West LP, originally entered into on August 2, 1995 and subsequently amended three times, the latest amendment dated as of December 1, 2006 (the "Mission Bell Note "); and WHEREAS, the Agency wishes to transfer the Mission Bell Note to the City in partial satisfaction of the outstanding obligation of the Loan Agreement by and between the City and the Agency. COVENANTS NOW, THEREFORE, THE CITY AND AGENCY AGREE AS FOLLOWS: SECTION 1. Assignment, assumption and partial repayment of funds. Agency hereby assigns to the City and City hereby agrees to assume the Mission Bell Note. If and to the extent that any moneys are recovered in satisfaction of the Mission Bell Note (whether through payment, settlement, foreclosure, sale, or otherwise), prior to June 30, 2011, such moneys shall be credited against the amounts owed by the Agency to the City pursuant to the Loan Agreement. If any such moneys are received by the City after June 30, 2011, then no amount shall be credited against such repayment obligation and the Agency shall be obligated to make a full repayment of the loan amount to the City. Any moneys recovered by the City from the Mission Bell Note after June 30, 2011 shall be reimbursed to the Agency — unless the Agency has any other outstanding financial obligations owed to the City, or unless the Agency has not paid off the Loan Agreement in its entirety, in either of which case, moneys recovered from the Mission Bell Note will be applied against those obligations. SECTION 2. The Mayor and /or City Manager and the Agency Chair and /or Executive Director are hereby directed and authorized to execute any further such documentation required to effectuate the intent of this First Amendment. SECTION 3. Effect of First Amendment. Except as expressly amended herein, the Loan Agreement is and remains in full force and effect. IN WITNESS WHEREOF, the parties have executed this First Amendment to Loan Agreement as of the date first written above. MOORPARK REDEVELOPMENT AGENCY CITY OF MOORPARK Janice S. Parvin, Chair ATTEST: Maureen Benson, Agency Secretary Steven Kueny, City Manager Maureen Benson, City Clerk k"