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HomeMy WebLinkAboutSA Agenda 8-11-15C ry or Ltt3 {E jLS1110RJE W City of Lake Elsinore Regular Agenda Successor Agency STEVE MANOS, CHAIR BRIAN TISDALE, VICE -CHAIR NATASHA JOHNSON, AGENCY MEMBER DARYL HICKMAN, AGENCY MEMBER ROBERT MAGEE, AGENCY MEMBER GRANT YATES, EXECUTIVE DIRECTOR LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 Tuesday, August 11, 2015 7:00 PM Cultural Center CLOSED SESSION - None PUBLIC SESSION at 7:00 PM Cultural Center 183 N. Main St., Lake Elsinore The City of Lake Elsinore appreciates your attendance. Citizens' interest provides the Council and Agency with valuable information regarding issues of the community. 31. Meetings are held on the 2nd and 4th Tuesday of every month. In addition, meetings are televised live on Time Warner Cable Station Channel 29 and Verizon subscribers can view the meetings on Channel 31. Thank you for your cooperation. at www.Lake- Elsinore.org. If you are attending this City Council Meeting, please park in the parking lot across the street from the Cultural Center. This will assist us in limiting the impact of meetings on the Downtown Business District. Thank you for your cooperation. at www.Lake- Elsinore.org. The agenda is posted 72 hours prior to each meeting outside of City Hall and is available at each meeting. The agenda and related reports are also available at City Hall on the Friday prior to the Council meeting and are available on the City's website at www.Lake- Elsinore.org. Any writings distributed within 72 hours of the meeting will be made available to the public at the time it is distributed to the City Council. In compliance with the Americans with Disabilities Act, any person with a disability who requires a modification or accommodation in order to participate in a meeting should contact the City Clerk's Department at (951) 674 -3124 Ext. 269, at least 48 hours before the meeting to make reasonable arrangements to ensure accessibility. City of Lake Elsinore Page 1 Primed on 81611015 Successor Agency Regular Agenda August 11, 2015 CALL TO ORDER - 7:00 P.M. ROLL CALL PRESENTATIONS / CEREMONIALS - None PUBLIC COMMENTS — NON -AGENDIZED ITEMS — 1 MINUTE (Please read & complete a Request to Address the Successor Agency form prior to the start of the meeting and tum it in to the Clerk. The Chair or Clerk will call on you to speak.) CONSENT CALENDAR (All matters on the Consent Calendar are approved in one motion, unless an Agency Member or any member of the public requests separate action on a specific item.) 1) ID# 15-709 Approval of Minutes Recommendation: It is recommended that the Successor Agency approve Minutes as submitted. Attachments: SA Staff Rpt Minutes for Aoroval.pdf SA Minutes 7- 28- 2015.pdf PUBLIC HEARING(S) - None APPEAL(S) - None BUSINESS ITEM(S) - None ADJOURNMENT The Lake Elsinore Successor Agency will adjourn this meeting to the next regularly scheduled meeting of Tuesday, August 25, 2015. The regular Closed Session meeting will be held at 5:00 p.m. at the Cultural Center and the regular Public meeting will be held at 7:00 p.m. at the Cultural Center located at 183 N. Main Street, Lake Elsinore, CA. AFFIDAVIT OF POSTING I, Diana Gir6n, Acting Agency Clerk, of the City of Lake Elsinore, do hereby affirm that a copy of the foregoing agenda was posted at City Hall 72 Hours in advance of this meeting. Diana Gir6n, Acting Agency Clerk City of Lake Elsinore Page 2 Printed on 8/6/2015 i rs��n �, till�G 7igI; Agenda Date: 8/11/2015 In Control: Successor Agency Agenda Number: 1) City of Lake Elsinore Text File File Number: ID# 15 -709 Version: 1 130 South Main Street Lake Elsinore, CA 92530 w lake- elsinore. org Status: Approval Final File Type: Report City of Lake Elsinore Page 1 Printed on 81612015 REPORT TO SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: Honorable Chair and Members of the Successor Agency FROM: Diana Gir6n, Agency Clerk DATE: August 11, 2015 SUBJECT: Approval of Minutes Recommendation It is recommended that the Successor Agency approve Minutes as submitted. Discussion The following minutes are submitted for approval: a. Regular Successor Agency meeting of July 28, 2015 Prepared and Submitted by: Diana Gir6n Acting City Clerk Approved by: Grant Yates Executive Director Attachment: Draft Minutes of July 28, 2015 CITY 21 SII`i032,1r' �DRL',t1 r, 11 LXir Tuesday, July 28, 2015 CALL TO ORDER - 7:00 P.M. City of Lake Elsinore Meeting Minutes Successor Agency STEVE MANOS, CHAIR BRIAN TISDALE, VICE -CHAIR NATASHA JOHNSON, AGENCY MEMBER DARYL HICKMAN, AGENCY MEMBER ROBERT MAGEE, AGENCY MEMBER GRANT YATES, EXECUTIVE DIRECTOR 7:00 PM Chair Manos called the meeting to order at 7:58 p.m. ROLL CALL LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 Cultural Center PRESENT: Agency Member Hickman, Agency Member Johnson, Agency Member Magee, Vice Chair Tisdale, and Chair Manos Also present: Executive Director Yates, Agency Counsel Leibold, Community Development Director Taylor, Interim Public Works Director Smith, Fiscal Officer Buckley, Police Chief Hollingsworth, Fire Chief Newman, and Deputy City Clerk Giron PRESENTATIONS / CEREMONIALS -.None PUBLIC COMMENTS — None CONSENT CALENDAR 1) ID# 15 -684 Approval of Minutes Attachments: SA Staif Rut Minutes for Auproval SA 7 -14 -201.5 Minutes 2) I_D# 15 -685 Warrant List Dated July 16, 2015 Attachments: Warrant List for RDV A4encv 07 28 15 SA RDA Warrant Summary 07_1 6 15.od1 SA RDA Warrant List Q!161 5 z1f It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated July 16, 2015, 3) ID# 15 -686 Resolution Confirming Fiscal Year 2015 -16 Special Taxes for CFD No 90 -2 (Tuscany Hills Public Improvements) City of Lake Elsinore Page 1 Successor A gency Meeting Minutes July 28,2015 Attachments: Staff Bep __ojj for July 28 2015 CC CFD 90 -2 SA2 SA Reso CFD 90,2 SA2 072815 It is recommended that the City Council as the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore adopt a resolution requesting the Tax Collector of the County of Riverside to place special taxes on properties within CFD No. 90 -2 for Fiscal Year 2015 -16. Motion by Agency Member Hickman, second by Vice Chair Tisdale, to approve the Consent Calendar, passed by unanimous vote as follows: AYES Agency Member Hickman, Vice Chair Tisdale, Agency Member Johnson, Agency Member Magee, and Chair Manos NOES None ABSENT: None ABSTAIN: None PUBLIC HEARING(S) - None BUSINESS ITEM(S) 4) IQ# 15 -687 Resolution of the Board of Direcrtors of the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore Approving the Form of the Preliminary Official Statement for the 2015 Bonds to Deem it Final Under Rule 15c2 -12, Approving a Continuing Disclosure Certificate and Irrevocable Refunding Instructions Relating to the 2015 Bonds and Authorizing Certain Other Actions in Connection Therewith Attachments: Lake Elsinore (Successor Agency) 2015 Ref TABs Staff Report.1 DOCSOC 1704409v6 - SA Resolution Approving POS POS - Lake Elsinore 2015 TAB Refunding It is recommended that the Successor Agency Adopt Resolution No. SA- 2015 -004 approving the form of the Preliminary Official Statement, Continuing Disclosure Certificate, and authorizing certain other actions in connection therewith. Fiscal Officer Buckley introduced John Kim, Bond Underwriter. Mr. Kim provided an overview of the staff report and recommendation. He explained the transaction is to refinance approximately $7.2 million of two (2) outstanding bond issues completed in 2011. Based on the current market conditions, it is anticipated that over the life of the remaining bonds there will be approximately $2.1 million of overall savings generated that can be used to distribute arnong various taxing entities such as the school district, City, and other entities in the area. With this refinancing there will not be any change to the original final maturity of tern of the 2011 bonds. Mr. Kim stated they expect the bonds to go to the market in the middle of August and to close and set interest rates by the end of August. City of Lake Elsinore Pane 2 Successor Agency Meeting Minutes July 28, 2015 Motion by Vice Chair Tisdale, second by Agency Member Johnson, to adopt Resolution No. SA -2015 -004 a Resolution of the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore, California, Approving the Form of the Preliminary Official Statement for the 2015 Bonds to Deem it Final Under Rule 15c2 -12, Approving a continuing Disclosure Certificate and Irrevocable Refunding Instructions Relating to the 2015 Bonds and Authorizing Certain Other Actions in Connection Therewith. Mayor Manes asked Mr. Kim to explain the action taken by the Successor Agency and why the Agency is taking this action. Mr. Kim explained that the prior Redevelopment Agency had issued debt for economic development activities throughout the City and around the lake. A couple of transactions issued in 2011, approximately $10 million in total, that were used for economic development projects. With the dissolution of redevelopment there is no more availability for additional projects, but there is still an opportunity to refinance the existing debt that the prior Redevelopment Agency issued. Mr. Kim stated that by refinancing the existing debt for a lower interest rate it creates more property tax savings that will go back into the community. Agency Counsel Leibold explained the purpose of the redevelopment dissolution is to lower the obligations on the Agency's ROPS (Recognized Obligation Payment Schedule). To the extent that the Agency can reduce the obligations paid with the RPTF (Real Property Trust Fund), that savings is passed on and distributed to all the affected taxing entities, which includes the school district, the City, and water district. The motion passed by unanimous vote as follows: AYES Vice Chair Tisdale, Agency Member Johnson, Agency Member Hickman, Agency Member Magee, and Chair Manes NOES None ABSENT: None ABSTAIN: None ADJOURNMENT Chair Manos adjourned the Successor Agency meeting at 8:04 p.m. to the next regularly scheduled meeting of Tuesday, August 11, 2015. Steve Manes, Chair Diana Gii6n, Deputy Agency Clerk City of Lake Elsinore Page 3