Loading...
HomeMy WebLinkAboutMIN 1999 0217 RDA REGMINUTES OF THE REDEVELOPMENT AGENCY Moorpark, California February 17, 1999 A Regular Meeting of the Redevelopment Agency of the City of Moorpark was held on February 17, 1999 in the Community Center of said City located at 799 Moorpark Avenue, Moorpark, California. 1. CALL TO ORDER: Chairman Hunter called the meeting to order at 7:32 p.m. 2. ROLL CALL: Present: Agency Members Evans, Harper, Rodgers, Wozniak and Chairman Hunter. Staff Present: Steven Kueny, Executive Director; John Nowak, Agency Treasurer; and Deborah Traffenstedt, Agency Secretary. 3. PUBLIC COMMENT: None. 4. PUBLIC HEARINGS: None. 5. PRESENTATION /ACTION /DISCUSSION: A. Consider an Amendment to the Disposition and Development Agreement with Cabrillo Economic Development Corporation Related to Attachment No. 4, "Schedule of Performance ". Staff Recommendation: Approve Amendment No. 1 to the Disposition and Development Agreement between the Moorpark Redevelopment Agency and Cabrillo Economic Development Corporation revising Attachment No. 4 "Schedule of Performance." Mr. Nowak gave the report. MOTION: Agency Member Harper moved and Agency Member Rodgers seconded a motion to approve Amendment No. 1 to the Disposition and Development Agreement between the Moorpark Redevelopment Agency and Cabrillo Economic Development Corporation revising Attachment No. 4 "Schedule of Performance." The motion carried by unanimous voice vote. B. Consider a Loan Repayment Schedule for Loans from the City of Moorpark to the Moorpark Redevelopment Agency; and Resolution No. 99 -76 Amending the Redevelopment Agency Operating Budget Related to Repayment of Loans to the Agency Capital Fund from the City General Fund; and Minutes of the Redevelopment Agency Moorpark, California Page 2 February 17, 1999 Resolution No. 99 -77 Amending the Redevelopment Agency Operating Budget Related to Repayment of Loans to the Agency Housing Set -Aside Fund from the City General Fund. Staff Recommendation: 1) Approve the loan repayment schedule as recommended by the Council Budget and Finance Committee; 2) Adopt Resolution No. 99 -76 amending the Moorpark Redevelopment Agency's FY 1998/99 budget by appropriating $1.5 million from the Agency's Capital Projects Fund for loan principal repayment; and 3) Adopt Resolution No. 99 -77 amending the Moorpark Redevelopment Agency's FY 1998/99 budget by appropriating $46,202 from the Agency's Housing Set -Aside Fund for loan principal repayment (ROLL CALL VOTE REQUIRED). MOTION: Agency Member Harper moved and Agency Member Evans seconded a motion to approve the loan repayment schedule as recommended by the Council Budget and Finance Committee. The motion carried by unanimous roll call vote. MOTION: Agency Member Evans moved and Agency Member Wozniak seconded a motion to adopt Resolution No. 99 -76 amending the Moorpark Redevelopment Agency's FY 1998/99 budget by appropriating $1.5 million from the Agency's Capital Projects Fund for loan principal repayment. The motion carried by unanimous roll call vote. MOTION: Agency Member Harper moved and Agency Member Rodgers seconded a motion to adopt Resolution No. 99 -77 amending the Moorpark Redevelopment Agency's FY 1998/99 budget by appropriating $46,202 from the Agency's Housing Set -Aside Fund for loan principal repayment. The motion carried by unanimous roll call vote. C. Consider Action for Removal of Billboard. Staff Recommendation: Direct staff as deemed appropriate. Mr. Nowak gave the report. MOTION: Agency Member Wozniak moved and Agency Member Harper seconded a motion to direct staff to write a letter from the Mayor to the Ventura County Transportation Commission (VCTC) requesting that they not renew the lease for the billboard. The motion carried by unanimous voice vote. D. Consider Refunding of the 1993 Tax Allocation Bonds with a New Money Component. Staff Recommendation: 1) Direct staff and the financing team to proceed with the preparation of financing documents and to submit said documents to both Standard & Poor and to various bond Minutes of the Redevelopment Agency Moorpark, California Page 3 February 17, 1999 insurers; 2) Price the bonds after formal approval of the financing documents by both the Agency and the City Council at a meeting to be held in March; 3) Instruct the financing team that the "new money" portion is to be at least $1,900,000 prior to pricing the bond issue; 4) Engage the law firm of Quint & Thimmig to serve as Bond Counsel; and 5) Engage the firm of Miller & Schroeder Financial, Inc. to serve as Underwriter. Mr. Marshall Linn from Urban Futures gave the report. In response to Agency Member Evans, Mr. Nowak stated that the proposed refunding would allow the Agency to get $2 million that could be spent on projects, including 20 percent that would be spent on affordable housing, without increasing the annual debt service. In response to Agency Member Evans, Mr. Linn stated that the advantage is that the Agency would get the money now, at a lower interest rate, and that the money could be spent on projects that may result in higher tax increment values. In response to Agency Member Harper, Mr. Linn stated that an advantage is paying for 18 years at discounted dollars, and that there was the potential for private investment spin -off. In response to Agency Member Rodgers, Mr. Linn stated that all Redevelopment Agencies have debt, but that the goal was to raise $2 million for Agency projects and take advantage of the lower interest rate at this time. Agency Member Harper stated that he wanted to see what the $2 million was intended to be used for. Mr. Kueny stated that staff could come up with a list of potential projects, show the discounted cost of the extra funds, and show the savings if only the current bonds were refinanced. He suggested continuing the item for two weeks. CONSENSUS: continue the 6. CONSENT CALEI MOTION: Agency seconded a motion Consent Calendar. By consensus, the Agency Members determined to item to the March 3, 1999 meeting. VDAR: Member Harper moved and Agency Member Wozniak to pull Item 6.A. and approve the balance of the The motion carried by unanimous roll call vote. Minutes of the Redevelopment Agency Moorpark, California Page 4 February 17, 1999 B. Consider the FY 1997 -98 Annual Financial Report. Staff Recommendation: Receive and file the City's Annual Financial Report for the year ending June 30, 1998. C. Consider Resolution No. 99 -78 Amending the Redevelopment Agency's Annual Budget related to expenditures for Accounting Software Purchase Adjustments for the City's Gas Tax Audit. Staff Recommendation: Adopt Resolution No. 99 -78 approving an amendment to the FY 1998/99 Agency budget related to the City Gas Tax audit and the purchase of accounting software (ROLL CALL VOTE REQUIRED). The following item was pulled from the Consent Calendar for individual consideration: A. Consider Approval of Minutes of the November 18, 1998 Regular Redevelopment Agency Meeting. Consider Approval of Minutes of the December 2, 1998 Regular Redevelopment Agency Meeting. Staff Recommendation: Approve the minutes as processed. Agency Member Harper stated that he would abstain from voting on this item. MOTION: Agency Member Evans moved and Agency Member Rodgers seconded a motion to approve the minutes as processed. The motion carried by voice vote 4 -0, Agency Member Harper abstaining. 7. CLOSED SESSION: None. 8. ADJOURNMENT: MOTION: Agency Member Wozniak moved and Agency Member Rodgers seconded a motion to adjourn. The motion carried by unanimous voice vote. The time was 8:00 p.m. n A rick Hubter, Chairman ATTEST: Deborah S. Traffenstedt, Agency Secretary