07-0605_CRA_Minutes_Regular Meeting' MINUTES
JUNE 5, 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 9:26 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; Omar
Sandoval, Deputy Agency Counsel; and Eileen White, Recording Secretary.
ANNOUNCEMENT OF CLOSED SESSION ACTIONS - None
' CONSENT CALENDAR
Board Action: Moved by Director Hribar, seconded by Director Soto, and carried
unanimously, 5-0, to approve items 1 through 6 as recommended by staff.
1. MINUTES OF THE REGULAR MEETING OF MAY 1, 2007, APPROVED AS
SUBMITTED.
2. DISCLOSURE OF OWNERSHIP INTEREST IN REAL PROPERTY RECEIVED
AND FILED. (640.40)
3. ACCOUNTS PAYABLE WARRANTS DATED MAY 10, 2007, IN THE AMOUNT
OF $70,293.67, RECEIVED AND FILED. (300.30)
4. REPORT OF INVESTMENTS — MONTH ENDING APRIL 30, 2007, RECEIVED
AND FILED. (350.30)
5. CASH BALANCES BY FUND — APRIL 30, 2007, RECEIVED AND FILED.
(330.50)
6. MINUTES OF THE ADJOURNED REGULAR MEETING, JOINT BUDGET
IWORKSHOP, OF MAY 9, 2007, APPROVED AS SUBMITTED.
6-5-2007
PUBLIC HEARING
1. RESOLUTION NO. CRA 07-06-05-01 ADOPTED APPROVING THE FISCAL
YEAR 2007-2008 COMMUNITY REDEVELOPMENT AGENCY BUDGET.
(330.70)
Description: The FY 2007/08 Community Redevelopment Agency (Agency)
budget provides revenue and expenditures projections for the coming year. The
coming fiscal year forecasts sufficient tax increment revenues to provide
adequate funding for current debt service costs. Administrative costs and new
capital funding will require cash-flow loans from the City's General Fund. The
Agency will be experiencing some major debt service requirement during the
coming year and near future due to loans related to the Kinoshita Farm
acquisition, loans between the City's sewer enterprise fund and the Agency, and
loans for the Lower Rosan Ranch property. Agency funds are sufficient to cover
the Kinoshita and City debt; however the short term loan on the Lower Rosan
Ranch property will need to be refinanced. Staff has prepared projections for all
Agency funds through the remaining life of the Agency, will be reviewing best
strategies to capitalize on future tax increment revenues with the City's financial
advisor, and will prepare a report for Board review during the first half of the
coming fiscal year. Staff recommended the Board adopt a resolution approving
the Fiscal Year 2007/08 Community Redevelopment Agency Budget.
Written Communications: Report dated June 5, 2007, by Cindy Russell, Finance
Officer.
Presentations: Cindy Russell, Finance Officer, summarized the staff report.
Chair Nielsen opened the public hearing, and there being no public testimony,
closed the public hearing.
Chair Nielsen ascertained that staff would bring back the revamped financing
plan to the Board for their consideration in 4 to 6 months.
Board Members concurred to direct staff to return to the Board with a list of
potential properties that could be purchased for affordable housing.
Board Action: Moved by Director Hribar, seconded by Director Uso and
carried unanimously, 5-0, to adopt Resolution No. CRA 07-06-05-01, entitled "A
RESOLUTION OF THE BOARD OF DIRECTORS OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY ADOPTING THE
FISCAL YEAR 2007/2008 BUDGET AND AUTHORIZING EXPENDITURES AND
APPROPRIATIONS RELATED THERETO."
BOARD ACTIONS - None
2 6-5-2007
ADJOURNMENT
There being no further business, Chairman Nielsen adjourned the meeting at 9:33 p.m.
to Tuesday, June 19, 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 subm
R. MONAHAN, AGENCY SECRETARY
A pro d: July 3, 2007
ATT T:
MAR IELS , CHAPMAN
a 6-5-2007