08-1216_CRA_Minutes_Regular MeetingMINUTES
DECEMBER 16, 2008
SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
REGULAR MEETING
CLOSED SESSION: None
Chairman Hribar called the Regular Meeting of the Community Redevelopment Agency
Board of Directors to order at 8:50 p.m.
BOARD MEMBERS PRESENT: Sam Allevato, Mark Nielsen, Dr. Londres Uso, Laura
Freese, and Chairman Tom Hribar
BOARD MEMBERS ABSENT: None
CONSENT CALENDAR
Board Action: Moved by Director Uso, seconded by Director Nielsen, and carried
unanimously, to approve items 1 through 4 and 6 as recommended by staff.
1. COMMUNITY REDEVELOPMENT AGENCY MINUTES APPROVED: --
REGULAR MEETING OF DECEMBER 2, 2008
2. ACCOUNTS PAYABLE WARRANTS DATED DECEMBER 4, 2008 IN THE
TOTAL AMOUNT OF $35,710.20 RECEIVED AND FILED (330.30)
3. REPORT OF INVESTMENTS — MONTH ENDING OCTOBER 31, 2008,
RECEIVED AND FILED (350.30)
4. CASH BALANCES BY FUND — OCTOBER 31, 2008 RECEIVED AND FILED
(330.50)
5. RESOLUTION NO. CRA 08-12-16-01: APPROVING THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY ANNUAL REPORT
FOR FISCAL YEAR 2007-2008 (330.50)
Cynthia L. Russell, Assistant City Manager and Community Redevelopment
Agency Treasurer, responded to questions.
12-16-2008
Board Action: Moved by Chairman Hribar, seconded by Director Uso, and
carried unanimously to adopt Resolution No. CRA 09-12-16-01 entitled, "A
RESOLUTION OF THE CITY COUNCIL OF THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ANNUAL
REPORT FOR FISCAL YEAR 2007-200$."
6. SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
ANNUAL FINANCIAL AND COMPLIANCE REPORT, STATE CONTROLLER'S
REPORT OF FINANCIAL TRANSACTIONS AND HOUSING ACTIVITIES
REPORT FOR FISCAL YEAR 2007-2008 — RECEIVED AND FILED (330.80)
PUBLIC HEARINGS: None
BOARD ACTIONS:
D1. OWNER PARTICIPATION AGREEMENT APPROVED AS AMENDED:
REDEVELOPMENT ASSISTANCE TO PASEO DE VERDUGO PROJECT
(26755 VERDUGO, LLC) — CITY COUNCIL PRIORITY NO 19A (600.40)
Douglas Dumhart, Economic Development Manager, summarized the agenda
report and responded to questions. He made several revisions and clarifications
to the proposed agreement — Attachment No. 7, Section 2. Definitions.
Public Comments:
■ Eric Altman, Applicant, expressed concern that proposed changes in the
agreement due to bank loans, partnerships, and anticipated costs. Timing
of construction is at least 6 months in the future.
Board Comments:
■ In case of sale, Agency should paid back with a sharing of profit based on
25%175% partnership
■ Need for downtown revitalizing
• Need to protect the citizen's investment
• Changes requested are minor
Board Action: Moved by Director Nielsen, seconded by Director Uso, and carried
unanimously to approve the Owner Participation Agreement providing
Community Redevelopment Agency assistance to the Paseo de Verdugo project
in the form of a loan, including amendments to Exhibit A to Attachment No. 7 —
Distribution of Agency Participation Payment, Refinance Proceeds and Sale
Proceeds to read, ".....Third, the greater ....... at the time of closing. Any
r maiRder is-, nlio+ribute l F.hO% +n_AgeRey anrl_5004 to PaFtiGipant Fourth to the
rcn�an-rcrca--ra--ar�n�srcrcca�r�rv�--ccJ�.��- and .�. .... �..,.p.......
Agency up to the Principal Amount plus accrued simple interest at the rate of
2.0% until the time of sale closing Any remainder is distributed 25% to Agency
and 75% to Participant" subject to Special Counsel approval.
12-16-2008
ADJOURNMENT
There being no further business, Chairman Hribar adjourned the meeting at 9:42 p.m. to
Tuesday, January 6, 2009 at 5:30 p.m. for Closed Session, and 6:30 p.m. for the public
Business Session in the City Council Chamber.
Respectfully submitt,
R. MONAHAN, AGENCY SECRETARY
: January 20, 2009
ATTEST:
THOMAS W. HRIBAR, CHAIRMAN
3 12-16-2008