08-0318_CRA_Minutes_Regular MeetingMINLJ IBE -
MARCH 18, 2008
SAN JUAN CAPISTRA N C C OMMLJ NITN1 RBDEVBUC RMEN T AC ENCN1
BOARD OF DIRECTORS
CLJOSBD E ESSION (610.85) - Nc ne
Cf airman Nielsen called the Regular Meeting cf the Boand of Direcllors of Re San Jean
Capielnano Ccrrimunily Rede�eloPMEnl Agericy to cnden a1 '11:54 p.m.
ROLU CALL
®CARD MBMBBRS PRESENT: Sarre Pllevatc, Jce Sclo, ❑r. Lcndnes Uso, dice
Chainrrian Tc rri Hribar and Cl• airman Mark Nielsen
BCARD M8MBERS ABS8NT: Ncne
STAFF PRBSIENII: ❑ave Adams, Exe cutis a Director; Slleve Apple, ❑e rluty Executive
Direalor; Maria Mornis, ❑erluty Agenay Secretary; Cynthia L. Russell, Finarice Cfiliaer;
Omar Slandcval, Agency CICLnsel; ❑er.glas ❑uml•ad, Eccncrriici Developrrierill Manager;
and Bileen Whiffle, Reccnding Slecnellary.
A N NOUNCBMEN II C FI CLJC 5 ED SBS S IC N ACTIONS - N c rie
CONS ENT CALJENDA R
Beard Action: Mcved by Dinecten Sctc, seconded by Dinectcr Hribar, and carried
unanirricLsly, 5-0, to approve items 1 through 3 and 5 as neccrrimended by silaff.
1. MINUTES CF 11HE REGULAR M88-nIN G CF FEBRUARY 19, 2008,
APRRCVE❑ ASI SIUBMI-n8D.
2. ACCICUNTSI RAYABLE WARRANTS, DA -118D FBBRLARY 28, 2008, IN TI -8
nCTAL AMC UN T C F $132,040.03, RBCIEIVED A ND FILOD. (300.30)
3. CIASF BALANCES BY FUND — jANLARY 31, 2008, RECEIVED AND FILB❑.
(1330.50;
4. A M BN❑M ENT AND 8XTONSIION OF AC RBOM ENII FCR PRC RERTY
MANAGEMONT SERVICES FOR LIT-HLB FCLLYWOOD RENTAL UNITS
ARRRC VBD WI -1H REVISIC NS. (L C CATE❑ CN MISISIIC N AND RAMC S
STR88TS) OMDM & ASSCCIA-1118."l; 0600.30)
This illem was remcved from llhe Clcrisenll Calendar by Dinecten Nielsen to
:rugge sit uevisic ns to the Agnee rnenl.
3-1 EI-200EI
Board Action: MOVEc by Ct air Nie Ise n, seconded by Director 1, so and
carnied L nanimously, 5-0, to approve A rrie rldaiory Agreement for support
services for tl- e Little F ollywood rental L nils: a; extending the to rrri of tt e
Agreement to ,urge 30, 21009, Wit correction to ire Agneerrieni on clage 1, ender
Section 1. to neat " At Ire disCHElion of 1I•e Agency, chis Agreement may be
renewed for LID to twlo ac dilliorlal years through urge 30, 21011," based L pon
satisfacllory periormance as dellermined by Agency; b) an increase in Ire not -to -
exceed amount of Ire agreement for $321,140 annually, approved for
rrianagerrienl of ten ac ditional households al tr a same peri hOL se hold rate L pon
conallruction and occupancy of the new Lit11e Hollywooc units; and the Agency
Chair authorised to execute the Agreement: Nielsen)lL so, 5-0.
5. RERCRT CF INVBSTNENlIS — NCNTH BN❑ING JANLARY 31, 2008,
RECEIVED AND FILED. (350.30)
PUBLIC HBARIN G - N orle
BLARE ACTIONS
DRAF-n FISCAL CIC NSL Ll1ANT RBRC RT FOR A 21008 TAX ALLC CATIC N
BCN❑ ISSLANCB AND AGRBEMENl1Sl FCR LEGAL AND FINANCIAL
COUNSEL APRROVBD. (IS-11RADLING YOCCA CARLSON &
RALTH/FIBL❑MAN , RC LARP & ASSC CIATES; (1340.401600.40;
Descripllion: The California Community Redevelopment Law aulroniaes
redevelopment agencies to receive Rat portion of properly lax revenue
gene rated from the increase of the current ye art ta) able values over the base
year taxable values that existec al the lime of adoption of a nedeveloprrienl
project. phis portion of Ire properly tax revenLE is referred to as tax increment
revenge. nhe redevelopment law also provides thall the lax increment revenLe
may be pleidged by th ei agency for the repayment of Agency ins e k lledrless.
Following igen ificallion That Ihei Agency had bonding capacity during thea
preparation of thea 21009-21009 Irripleimentalion Plan, staff neqL eisle d the Ageinay's
financial consultarlll, Keyser Marsion Associiates (KNA; prepares a Fiscal
Consultant Report, wricr indicated thea Acleincy 1 -as appnoxirriately $211 million in
bonding capacity. To accieiss a portion of It is ciapital, which will bei used to keieip
caclital projects moving forward in thei sluggish economy, staff reicomrrien&d It e
Directors approves a professional seirviU s agree meant W& Fie ldman, Rolapp &
Associales as rriunicipal financiial ad%isor for tl-ei proposed ta) allocation bond
issL antes paid hourly fon seirvicies plus costs as quolleid and authorizes 1r e
Exeiautive ❑irelctorl 10 sign thea agmeiMnt; and approves tl- ei Agneeirrient for Bond
CounSEI r-- iEr CEII Wit Stradling, Yocca, Carlson, and Rauth in the amount of
$84,0[10 plL s out-of-pocket expenses amd a0horize the ExeculNe ❑ireclor to
sign Ihei agreieirrieinll.
21 3-1 EI-200EI
Writteri Cc rrimL nicationsl: RE pc O dated Manch 18, 2008, by Douglas Durriharl,
Bconomici DEveloprriErlt Manager.
PnE SE rltations:
Douglas Durrihart, Economic ❑evE IcpmE nt Managen, surrirrianized the stafll
rEpc0.
Daryl Street, KEYSEr Marslilon Associates, Inc., discussed bcnd rating and
insurance iSSUE S.
Cincy Russell, Assistant Ciily Manager, resperidEd tc quEsllicrls concerning fund
rEsleruoins, IhE prcjEcdS the bcnd procEedsl will finance, anc bcnding ciapacities
going fcrwarc .
Bcard Pcilicri: Mcved by ❑inEctor Uso, seccnded by Dinectcn AIIEvatc aric
carriEc unanimcusly, 5-0, to apprcve a; Draft Rinancial Consuliant REperl —
Central RedevElcpment PrcjEcil, as prepared by Keyser Marstcri AsscciatEsl, Incl.,
dailed March 5, 2008; b) appnovE Plnofessicrial SIERliCEs AgneErrienl wilt•
RiEldrrian, Rolapp & AsacciiatEsi as municipal financial acvislon fan IhE prcpoSEc
tax allccation bcnd issuance, ilo be paid hourly fcn servicies plus) ccsts as quoiled,;
arid auRCOZE 1fE ExEcuti%e Dinectcn 10 E)eccle the agneEn'ier0l; apprc%e the
agrEemEnt for Bcnd CourISEI SERIicES with �SIlradlirig, Yccca, Canlscri & Rauth, in
IhE amcurll of $84,000 plLS cit-cf-pockEl expenses; arid EILI&CHizE the ExEcutive
Directcrtc exEcutE tie aclrEemEnt.
BCARD MEMBER CC MMBNTS: NonE
A DJC U RN MEN 1
TherE being o further bL sinE SS, Clhainman N iE ISE n adjc unrlEd 111'E meeting at 12:33 a.m.
c rI We �s Z30
March 19, 2008, to TcEsday, April '1, 2008, at 5:30 p.m., fcr CIIOSEd
SE:IsIic n p.m. for the Flut lic BusinESS Slessicri, in the City Coy ncil CF arribEr.
y s u lam ittE c ,
RRIS-OEFIUTY AGBNCY rIECRETARY
Apprcved: April 15, 200EI
AT11B8I11:
MAPk IN I LSBN, CH IRMAN
3 J-18-200EI