07-0320_CRA_Minutes_Regular MeetingMINUTES
MARCH 20, 2007
SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
BOARD OF DIRECTORS
CLOSED SESSION (610.85) - None
Chairman Nielsen called the Regular Meeting of the Board of Directors of the San Juan
Capistrano Community Redevelopment Agency to order at 8:51 p.m.
ROLL CALL
BOARD MEMBERS PRESENT: Sam Allevato, Joe Soto, Dr. Londres Uso, Vice
Chairman Tom Hribar and Chairman Mark Nielsen
BOARD MEMBERS ABSENT: None
STAFF PRESENT: Dave Adams, Executive Director; Steve Apple, Deputy Executive
Director; Meg Monahan, Agency Secretary; Cynthia L. Russell, Finance Officer; John
Shaw, Agency Council; and Eileen White, Recording Secretary.
' ANNOUNCEMENT OF CLOSED SESSION ACTIONS - None
CONSENT CALENDAR
Board Action: Moved by Director Soto, seconded by Director Allevato, and carried
unanimously, 5-0, to approve items 1 through 4 as recommended by staff.
1. MINUTES OF THE REGULAR MEETING OF MARCH 6, 2007, APPROVED AS
SUBMITTED.
2. ACCOUNTS PAYABLE WARRANTS DATED MARCH 1, 2007, IN THE
AMOUNT OF $54,956.27, RECEIVED AND FILED. (300.30)
3. CASH BALANCES BY FUND, DATED JANUARY 31, 2007, RECEIVED AND
FILED. (330.50)
4. REPORT OF INVESTMENTS, MONTH ENDING JANUARY 31, 2007,
RECEIVED AND FILED. (350.30)
1 3-20-2007
PUBLIC HEARING - None
BOARD ACTIONS
1. RESOLUTION NO. CRA 07-03-20-01 ADOPTED CONCERNING
REFINANCING OF SEASONS SENIOR AFFORDABLE APARTMENTS.
(SIMPSON HOUSING SOLUTIONS, LLC) (SAN JUAN HOUSING INVESTORS,
L.P.) (340.30/600.40)
Description: Simpson Housing Solutions, LLC (Simpson), current operators of
the Seasons Senior Apartments, requested the Agency and City consider
facilitating their efforts to refinance the 112 -unit complex located at 31641
Rancho Viejo Road. Simpson endeavors to refinance for the purpose of
consolidating debt, resulting in a refinancing of the original tax-exempt debt
issued through the California Statewide Communities Development Authority
(CSCDA), the placement of more institutional debt on the project, .and a lump
sum payment of no less than $650,000 for interest on the Agency's loan to the
project as well as an increased share of the cash flow to the Agency due to the
consolidation of debt. Staff recommended the Board of Directors adopt a
resolution approving amendments to Agency loan and restrictive covenants, and
making findings related to subordination of covenants in connection with a
refinancing of Seasons Senior Affordable Apartments.
Written Communications: Report dated March 20, 2007, by Douglas Dumhart,
Economic Development Manager.
Presentation:
Douglas Dumhart, Economic Development Manager, summarized the staff
report.
Tom Ericson, Long Beach resident, representing Simpson Housing Solutions,
LLC, noted the change in age eligibility to age 55 is in response to the Federal
standard, and will allow younger, spryer seniors to occupy the upper floor units
that have no elevators.
Chair Nielsen invited the public to provide comment but no one came forward.
Board Action: Moved by Director Soto, seconded by Director Uso, and
carried unanimously to adopt Resolution No. CRA 07-03-20-01, entitled "A
RESOLUTION OF THE CITY COUNCIL OF THE SAN JUAN CAPISTRANO,
REDEVELOPMENT AGENCY APPROVING AMENDMENTS TO AGENCY
LOAN AND RESTRICTIVE COVENANTS, AND MAKING FINDINGS RELATED
TO SUBORDINATION OF COVENANTS, IN CONNECTION WITH A
REFINANCING OF SEASONS I AT SAN JUAN CAPISTRANO APARTMENTS."
z 3-20-2007
' ADJOURNMENT
There being no further business, Chairman Nielsen adjourned the meeting at 9:05 p.m.
to Tuesday, April 3, 2007, at 5:30 p.m. for Closed Session, and 7:00 p.m., for the Public
Business Session, in the City Council Chamber.
Respectfully submitted
MONAHAN, AGENCY SECRETARY
17, 2007
ATTEST:
� i X�A—n I
MA NIELS N, CHAIRMAN
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3-20-2007