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Home My WebLink AboutAG RPTS 1993 0106 RDA SPC 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 AND TO THE CITY CLERK: 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, January 6, 1993 , commencing at 6: 55 P.M. Said meeting will be held in the Council Chambers of the Community Center of the City of Moorpark, located at 799 Moorpark Avenue, Moorpark, California. Said Special Meeting shall be for the purpose of considering the following: 1) Approval of Minutes of the Special Meeting of the Redevelopment Agency of November 18 , 1992 , 2) Approval of the Warrant Register, 3) Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1991/92 , and that City Loan Funds to Agency for Fiscal Year 1991/92 , 4) Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1992/93 . Dated: December 30, 1992 �/ 1 4. 1I ( 31/1/0-11‘,- Paul W. La , ason Jr. , Cbairman NOTICE IS HEREBY GIVEN that a special meeting of the Redevelopment Agency of the City of Moorpark will be held on WEDNESDAY, January 6, 1993 , commencing at 6: 55 p.m. The meeting will be held in the Council Chambers of the Community Center of the City of Moorpark, located at 799 Moorpark Avenue, Moorpark, California. Said special meeting shall be for the purposes mentioned above. Dated: December 30, 1992 Lillian E. Hare, Secretary STATE OF CALIFORNIA ) COUNTY OF VENTURA ) ss CITY OF MOORPARK AFFIDAVIT OF POSTING SPECIAL MEETING NOTICE I, Lillian E. Hare, declare as follows: That I am the Secretary of the Redevelopment Agency of the City of Moorpark; that a SPECIAL MEETING of the Redevelopment Agency of the City of Moorpark was held on January 6, 1993 in the Council Chambers of the Community Center at 6:55 P.M. and that a copy of said Special Meeting Notice was posted on December 30, 1992 at a conspicuous place near the door of the room at which said meeting was held. I declare under penalty of perjury that the foregoing is true and correct. Executed on March 23 , 1993 at Moorpark, California. Lillian E. Hare Secretary affsmt.rda REDEVELOPMENT AGENCY OF THE CITY OF MOORPARK AGENDA Wednesday, January 6, 1993 6:55 p.m. Moorpark Community Center 799 Moorpark Avenue 1. CALL TO ORDER: 2 . ROLL CALL: 3 . CONSENT CALENDAR: (Roll Call Vote) A. Consider Approval of Minutes of the Special Meeting of the Redevelopment Agency of November 18 , 1992 . Staff Recommendation: Approve the minutes as processed. B. Warrant Register Regular Warrants 153 $ 11 , 607 . 09 C. Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1991/92 , and that City Loan Funds to Agency for Fiscal Year 1991/92 . Staff Recommendation: A) Approval by the City Council of a loan of $1, 851, 000 from the City General Fund Reserve to the Moorpark Redevelopment Agency; and B) The following Moorpark Redevelopment Agency Actions: 1) Accept a loan from the City of $1,851, 000; 2) Adopt the recommended budget as presented in Attachment "A" for FY 1991/92 . D. Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1992/93 . Staff Recommendation: That the Moorpark Redevelopment Agency Adopt the recommended budget as presented in Attachment "A" for fiscal year 1991/92. 4. ADJOURNMENT: Any member of the public may address the Redevelopment Agency during the Public Comments portion of the Agenda, unless it is a Public Hearing item. Speakers who wish to address the Redevelopment Agency concerning a Public Hearing item must do so during the Public Hearing for that item. Speaker Cards must be received by the Secretary of the Redevelopment Agency prior to the Call to Order of the meeting. Speakers will be heard in the order that their Speaker Cards are received. A limitation of 3 minutes yshall be imposed upon each speaker. MOORPARK ITE r„r3.8. 799 Moorpark Avenue Moorpark, California 93021 (805) 529 -6864 WARRANT REGISTER FOR THE 1992 -93 FISCAL YEAR CITY COUNCIL MEETING OF JANUARY 06, 1992 REDEVELOPMENT AGENCY WARRANT 153 $ 11,607.09 TOTAL $ 11,607.09 OORPARK, CALIFOR,N' City COuuncif Meot;ng of / / �_ 199-3 ACTION: PAUL W. LAWRASON JR. BERNARDO M. PEREZ SCOTT MONTGOMERY ROY E. TALLEY JR. JOHN E. WOZNIAK Mayor Mayor Pro Tem Councilmember Councilmember Councilmember BRC ACCOUNTS PAYABLE 12/22/92 15:53:05 Schedule of Bills by Fund FUND RECAP: FUND DESCRIPTION DISBURSEMENTS - - -- ---------------------- - - - - -- 070 REDEVELOPMENT AGENCY 11,607.09 TOTAL ALL FUNDS 11,607.09 BANK RECAP: BANK NAME DISBURSEMENTS -- -- ---------------------------- BANK BANK OF A. LEVY 11,607.09 TOTAL ALL BANKS 11,607.09 DATE 00"01.1 . APPROVED BY �p . .......... . 1� � WE HAVE EXAMINE THE CLAIMS LISTED ON THE FOREGOING REGISTER OF CLAIMS, CONSISTING OF PAGES, AND EXCEPT FOR CLAIMS NOT ALLOWED AS SHOWN ON TH REGISTER SUCH CLAIMS ARE EREBY ALLOWED IN THE TOTAL AMOUNT OF '�/7 40 0 7 DATED THIS -4,- DAY OF 1913 CITY OF MOORPARK GL060S- V02.03 RECAPPAGE GL540R BRC ACCOUNTS PAYABLE 12/22/92 15:56:58 Report Selection: CITY OF MOORPARK Disbursements Journal GL050S- VO2.03 COVERPAGE GL540R RUN GROUP... 01693 COMMENT... RDA WARRANT 01/06/93 MTG DATA -JE -ID DATA COMMENT -------- - - - - -- ------------------ - - - - -- H- 01061993 -249 RDA WARRANT 01/06/93 MTG Run Instructions: Jobq Banner Copies Form Printer Hold Space LPI Lines CPI J 03 P1 N S 6 066 10 BRC ACCOUNTS PAYABLE 12/22/92 15:57:07 WARRANT DATE VENDOR BANK OF A. LEVY 153 01/06/93 BURKE, WILLIAMS & SO 25 153 01/06/93 BURKE, WILLIAMS & SO 25 153 01/06/93 BURKE, WILLIAMS & SO 25 153 01/06/93 BURKE, WILLIAMS & SO 25 153 01/06/93 BURKE, WILLIAMS & SO 25 BANK OF A. LEVY Disbursements Journal DESCRIPTION AMOUNT CLAIM INVOICE 9/92 #1359 -029 COMM RE 40.50 004825 11437 9/92 #1359 -049 VCCC 4,812.03 004825 11437 9/92 #1359 -073 VCTC R 360.15 004825 11437 10/92 #1359 -049 VCC 5,634.01 004826 11765 10/92 #1359 -073 VCTC R 760.40 004826 11765 11,607.09 *CHECK TOTAL TOTAL 11,607.09 CITY OF MOORPARK GL540R- VO2.03 PAGE 1 PO# F 9 S ACCOUNT P N H 070.4.131.642 P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 P N H 070.4.114.643 BRC ACCOUNTS PAYABLE CITY OF MOORPARK 12/22/92 15:57:07 Disbursements Journal GL540R- V02.03 PAGE 2 WARRANT DATE VENDOR REPORT TOTALS: DESCRIPTION RECORDS PRINTED - 000005 AMOUNT CLAIM INVOICE 11,607.09 PO# F 9 S ACCOUNT BRC ACCOUNTS PAYABLE CITY OF MOORPARK 12/22/92 15:57:15 Disbursements Journal GL060S- V02.03 RECAPPAGE GL540R FUND RECAP: FUND DESCRIPTION - - -- ---------------------- - - - - -- 070 REDEVELOPMENT AGENCY TOTAL ALL FUNDS BANK RECAP: BANK NAME - - -- ---------------------------- BANK BANK OF A. LEVY TOTAL ALL BANKS DISBURSEMENTS 11,607.09 11,607.09 DISBURSEMENTS 11,607.09 11,607.09 -746,-746,P, a c: MOORPARk TW-&* C pad nit rAwl; . 799 Moorpark Avenue Moorpark, California 93021 (805) 59c6 Moe.." f 1993 ACTION: A G E N D A R E P O R T TO: Honorable City Council and Moorpark Redevelopment Agency FROM: Donald P. Reynolds Jr., Administrative Services Manager DATE: December 28, 1992, (CC Meeting of January 6, 1993) SUBJECT: Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1991/92, and that City Loan Funds to Agency for Fiscal Year 1991/92 The following report will combine a request by staff of the City Council and the Redevelopment Agency ( "MRA") to approve a fiscal year ( "FY") 1991/92 budget, (as amended and provided in Attachment "A"), for the MRA and a loan from the City of $1,851,000 to the MRA. Background The last transaction between the City and the MRA occurred on January 16, 1991, when the MRA adopted a budget for the fiscal year in order to fund costs for special legal services. This included a $50,000 loan from the City bringing the current loan amount since FY 1987/88, to $233,000. A summary of the loan transactions is provided in Attachment "B." The majority of these funds have been used for special legal services to pay for the litigation which is now close to being concluded. With the adoption of the 1989/90 amended budget, the terms and conditions of the loan from the City was established by the MRA Board providing that all the loans be repaid by MRA to the City by June 30, 1994. The additional loan request of $1,851,000 will bring the total amount to $2,084,000, and pay for all expenses incurred during the fiscal year plus set aside funds for the acquisition of and improvements to the property from Southern Pacific Railroad. This loan is also subject to the MRA Board's 1989 repayment policy unless otherwise amended. Discussion By October 1st of each year, the MRA Treasurer must submit a debt statement to the County Auditor. Preparing this statement allowed staff to identify the final unaudited expenses for the MRA which led to the development of draft trial balances. From this PAUL W. LAWRASON JR. JOHN E. WOZNIAK SCOTT MONTGOMERY BERNARDO M. PEREZ ROY E. TALLEY JR. Mayor Mayor Pro Tern Councilmember Councilmember Councilmember Pnnted On Recycled Paper statement, staff has created a budget for the fiscal year, (Attachment "A"). While in litigation, the MRA received a tax increment of $263,388 from the County (FY 1990/91). This amount is shown as a Reserved Fund Balance which would remain in reserve to account for subsequent liabilities that may have resulted from pending litigation. The proposed loan of $1,851,000 (from the City's General Fund Reserve) will help to remedy the deficit incurred from the prior year and pay for all but $2,371 of the FY 1991/92 expenses. It will also allow the City to account for the Southern Pacific Railroad land acquisition ($811,667) and subsequent improvements to this property. By adopting the proposed amended budget, the MRA will be able to move forward with the current fiscal year's activities and begin to develop projects for the MRA Project Area. This action will ratify the recording of funds by the MRA Treasurer /City Treasurer (pursuant to MRA Board Resolution 91 -12) on June 30, 1992. Recommendations, (Roll Call Vote Required): A) Approval by the City Council of a loan of $1,851,000 from the City General Fund Reserve to the Moorpark Redevelopment Agency; and B) The following Moorpark Redevelopment Agency Actions: 1) Accept a loan from the City of $1,851,000; 2) Adopt the recommended budget as presented in Attachment "A" for FY 1991/92. Attachments: A) Proposed Budget FY 1991/92 Budget B) Summary of City /MRA Loan Transactions ATTAIM n PROPOSED MOCRPARR REDE:T.LOPl -NT AGENCY BUDGET FOR FISCAL YEAR 19911192 Year End Amended Year End REVENUE Projection Budget Projection --------------------------------------------------------------------------- 1090/91 1991/92 1441/92 - - - - -- Tax Increnet 263388 0 0 Interest Ean „ s.l,,i „yn s --------------------------------------------------------------------------- inn 5 9 i 7� X96, 1 J :3673 - - - - -- TOTAL REVS,” ES 273483 1°J673 :01673 AGENCY APPROPRIATIONS Amended Actual Budget Actual Expenditure Line I +em ------------------------------------------------------------- oJoJn V /oJi l 10191/02 - - - - -- 1J09J1 119 2 ---- - - - - -- 621 Office Supplies 0 0 0 641 Professional Senn dces 0 0 0 642 Contractual Services 8061 0 -1058 64' J Spec1 i al Legal Se ii ^V es J°� -5 °32 1 J 801 interest Expense* 15661 18352 18352 901 Land Acquisition 0 e5nnnn v vvvv 0 90' J Imps ^vlements 0`u �er than Bui'au;ung n v ----------------------------------------------- - - - - -- oGnnnC JJVVv ------ --- 0 ---- - - - - -- TOTAL EXP�ITURES 66188 1844284 43226 EXCESS /DEFICIENCY Pw'E,"IUES OVA? EXFE,'iDITURES BEGINNING FUND BALANCE, (DEFICIT) ENDING FU4" BAUNCE, U^IRESERVED (DEFICIT; 207295 - 18246ll -23553 - 186113 21182 21182 21182 - 1803429 -2371 FUND BALANCE (RESERVED) 263388 263388 263388 F"N" BALANCE (DEHIM L"iRESEP "� _nnnnna 5 °z _,G a �.. 111-V -26 ,019 1„57501 --- - - - - -- ---- - - - - -- ---- - - - - -- 21182 -2371 -2371 + Interest Expenses are based on the total loan from the City's General Fund to the Redevelopment Agerzy. The total loan from the City to the Redevelopment Agency from FY 1987,88 to FY 1990/91 equals $233,000. Adding rroposed FY 1991,92 lean of $1,251,000 equals a total loan of $2,084,000. ATTACHMENT "B" SUMMARY HISTORY OF CITY /MRA LOAN TRANSACTIONS DATE PURPOSE AMOUNT 8/26/87 Consulting Services $ 55,000 7/1/88 Legal and Consulting Services $ 13,000 10/18/89 Legal and Consulting Services $ 70,000 1/10/90 Legal Services $ 15,000 6/15/90 Legal Services $ 30,000 1/16/91 Legal Services $ 50,000 sub total $ 233,000 Proposed Loan Amount .................................... ............................... 6/30/92 Legal Services, Land Acquisition Improvements $1,851,000 PROPOSED TOTAL $2,084,000 7(, e:, pzzP MOORPARK)TE� Ze 799 Moorpark Avenue Moorpark, California 93021 A G E N D A R E P O R T TO: The Moorpark Redevelopment Agency �8o gN-%894" - . ouncil Meol:ng 199-1 ACTION: By FROM: Donald P. Reynolds Jr., Administrative Services Manager %�- DATE: December 28, 1992, (CC Meeting of January 6, 1993) (f/ SUBJECT: Consider Agency Adoption of an Amended Redevelopment Agency Budget for Fiscal Year 1992/93 The following report will propose that the Moorpark Redevelopment Agency, ( "MRA"), adopt a budget for Fiscal Year ( "FY") 1992/93 as presented in draft as "Attachment A." Background The last transaction between the City and the MRA occurred on June 6, 1992, which resulted in the MRA recognizing a loan in the amount of $1,851,000 to fund the acquisition and improvements to the Southern Pacific railroad property and special legal services, bringing the total to $2,084,000. This transaction was recorded by the MRA /City Treasurer. A summary and history of the loan transactions is provided in Attachment "B." The majority of these funds have been used for special legal services to pay for the litigation which is now close to being concluded. With the adoption of the 1989/90 amended budget, the terms and conditions of the loan from the City was established by the Board providing that all of the loans be repaid by MRA to the City by June 30, 1994. Discussion The attached draft budget reflects staff's anticipated revenue and expenditure amounts. Revenues Staff has calculated the interest earnings for the MRA during the fiscal year with low interest rates and with the land acquisition expenditures proposed to be applicable to FY 1991/92 as additional factors. This calculation also includes the previously reserved tax increment received in fiscal 1990/91 in the amount of $263,388. Only tax increments and interest earnings are represented by this budget as revenue, (loans from the City's general fund are not). PAUL W. LAWRASON JR. JOHN E. WOZNIAK SCOTT MONTGOMERY BERNARDO M. PEREZ ROY E. TALLEY JR. Mayor Mayor Pro Tem Councilmember Councilmember Councilmember Printed On Recycled Paper Expenditures The MRA budget is moving towards a more familiar expenditure format. Staff has provided for a small amount of office supplies ( "623 Shop and Operating Supplies ") , for items such as the printing of checks, recommends $3,000 for the audit services ( 11641 Professional Services "), legal costs associated with developing leases for the City's proposed property acquisition, ( "643 Special Legal Services"), provides for consulting service and /or for the City Engineer's design services, ( 11642 Contractual Services "). The special legal services appropriation will account for the conclusion of pending litigation and costs that have already been incurred between July and December of this fiscal year. The interest expense, (line item 11801 "), is a conservative estimate of interest earned on the loans from the City's General fund since 1986/87, through June 30, 1993. Technically, the loans are not due to the City from MRA until June, 1994, but the interest earnings were calculated for the entire fiscal year. The property to be acquired as mentioned above may be improved by using the $950,000 set aside in line item 903, "Improvements other than Buildings ". The property acquisition is being completed by the MRA, so while funds were obligated in FY 1991/92 no actual expenditure occurred, which is why the amount is being proposed again for FY 1992/93, (901 "Land Acquisition "). As noted in Attachment "A ", there will most likely be a surplus ( "Ending Fund Balance ") of $227,616, which could be held in reserve for use as the affordable housing set aside which is currently $265,694.20, or used to repay a portion of the loan to the City near the end of the fiscal year after all of the tax increments have been received, thereby reducing the interest expense amount. By adopting the proposed amended budget, the MRA will be able to move forward with the current fiscal year by acquiring land and developing projects for the MRA Project Area. Recommendations (Roll Call Vote Required) That the Moorpark Redevelopment Agency adopt the recommended budget as presented in Attachment "A" for fiscal year 1992/93. Attachments: A) Proposed Budget for 1992/93 B) Summary of City /MRA Loan Transactions ATTACHMENT A PROPOSED MOORPARK REDEVELOPMENT AGENCY BUDGET FOR FISCAL YEAR 1992/93 Year End Amended Year End Amended REVENUE Projection Budget Projection Budget 1990/91 1991/92 1991/92 1992/93 ----------------------------------------------------------------------------------------------- Tax Increment 263388 0 0 2136237 Interest Earnings 10095 19673 19673 100000 ---------------------------------------------------------------------------------------- - - - - -- TOTAL REVENUES 273483 19673 19673 2236237 AGENCY APPROPRIATIONS Ratified Actual Budget Actual Budget Line Item Expenditures --------------------------------------------------------------- 1990/91 1991/92 - - - - -- 1991/92 ---- - - - - -- 1992/93 --- - - - - -- 621 Office Supplies 0 0 0 250 641 Professional Services 0 0 0 3000 642 Contractual Services 8061 0 -1058 50000 643 Special Legal Services 42458 25932 25932 15000 801 Interest Expense* 15669 18352 18352 88000 901 Land Acquisition 0 850000 0 850000 903 Improvements Other than Buildings ------------------------------------------------- 0 - - - - -- 950000 ---- - - - - -- 0 ---- - - - - -- 950000 --- - - - - -- TOTAL EXPENDITURES 66188 1844284 43226 1956250 EXCESS /DEFICIENCY REVENUES OVER 207295 - 1824611 -23553 279987 EXPENDITURES BEGINNING FUND BALANCE, (DEFICIT) - 186113 21182 21182 -2371 ENDING FUND BALANCE (DEFICIT) 21182 - 1803429 -2371 277616 FUND BALANCE (RESERVED) 263388 263388 263388 0 FUND BALANCE (DEFICIT) UNRESERVED - 242206 - 265759 - 265759 277616 --- - - - - -- ---- - - - - -- ---- - - - - -- --- - - - - -- 21182 -2371 -2371 277616 * Interest Expenses are based on the total loan from the General Fund to the the Redevelopment Agency. The total loan from the City to the Redevelopment Agency from FY 1987/88 to FY 1990/91 equals $233,000. Adding proposed FY 1991/92 loan of $1,851,000 equals a total City loan of $2,084,000. The jump in the cost is due to the City's move to acquire land prior to receiveing the actual tax increments, (close escrow in early January, tax increments arrive in January and April). ATTACHMENT "B" SUMMARY /HISTORY OF CITY /MRA LOAN TRANSACTIONS DATE PURPOSE AMOUNT 8/26/87 Consulting Services $ 55,000 7/1/88 Legal and Consulting Services $ 13,000 10/18/89 Legal and Consulting Services $ 70,000 1/10/90 Legal Services $ 15,000 6/15/90 Legal Services $ 30,000 1/16/91 Legal Services $ 50,000 6/30/92 Legal Services, Land Acquisition, and Improvements $1,851,000 TOTAL $2,084,000