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HomeMy WebLinkAboutID# 15-769 Oversight Board Meeting 9-22-15 (3)OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE TO: CHAIRMAN OSTER AND MEMBERS OF THE OVERSIGHT BOARD FROM: BARBARA LEIBOLD, SUCCESSOR AGENCY COUNSEL DATE: SEPTEMBER 22, 2015 SUBJECT: Approval of Minutes Recommendation It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Special Meeting May 26, 2015 Discussion The following Oversight Board Meeting Minute(s) are submitted for approval: a. Oversight Board Special Meeting May 26, 2015 Prepared by: Barbara Leibold, Successor Agency Counsel Attachment: May 26 Minutes SPECIAL MEETING OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE 183 NORTH Main Street, Lake Elsinore, CA 92530 MINUTES May 26, 2015 CALL TO ORDER Vice -Chair Kelley called the meeting to order at 3:51 p.m. PLEDGE OF ALLIIGENCE Board Member P.Williams led the pledge. ROLL CALL PRESENT: Genie Kelley, Vice -Chair Phil Williams, Board Member Nancy Lassey, Board Member Brian Tisdale, Board Member George Landon, Board Member Mike Williams, Board Member ABSENT: Dave Oster, Chairman Also present: Successor Agency Counsel Barbara Leibold, Director of Administrative Services Jason Simpson, and Clerk of the Board Virginia Bloom PUBLIC COMMENTS -- NONE CONSENT CALENDAR 1. AAgproval of Minutes Recommendation: It is recommended that the Oversight Board approve the minutes of: a. Oversight Board Regular Meeting of February 24, 2015. 2. Investment Reports — January 2015, February 2015 & March 2015 Recommendation: It is recommended that the Oversight Board receive and file the Investment Report summaries. 3. Warrant Lists Recommendation: That the Oversight Board receive and file the Warrant lists. It was noted on the record that the Agenda Item No. 3 was not included in the Agenda packet and is hereby removed from the Consent Calendar and will be brought back for approval at the next regular meeting. May 26, 2015 Minutes Oversight Board Special Meeting Page 2 of 3 Motion by Board Member P. Williams, seconded by Board Member Landon, to approve the Consent Calendar items number 1 and 2, passed by unanimous vote as follows: AYES Board Member P. Williams, Board Member Landon, Board Member Lassey, Board Member M. Williams, and Board Member Tisdale NOES : None ABSENT: Chairman Oster ABSTAIN: Vice Chair Kelley BUSINESS ITEMS 4. Issuance and Sale of Subordinated Tax Allocation Refunding Bonds By the Successor Agency of the Redevelopment Agency of the City Of Lake Elsinore and Authorizing Certain Other Actions In Connection Therewith Recommendation: It is recommended that the Oversight Board approve and adopt: RESOLUTION NO. OB- 2015 -002 RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE ISSUANCE AND SALE OF SUBORDINATED TAX ALLOCATION REFUNDING BONDS BY THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. Administrative Services Director Simpson presented the report. Board Member Landon questioned the term of the bond. Underwriter John Kim advised that the term of the bond would remain unchanged. Board Member Tisdale asked if the money would be taken up front. Underwriter Kim stated the savings will be taken on a leveled tier to each taxing agency. Director Simpson stated the annual savings would be one - quarter million dollars. Motion by Board Member Tisdale, seconded by Board Member Landon, to approve Resolution No. OB -2015 -002, passed by unanimous vote as follows: AYES Board Member Tisdale, Board Member Landon, Board Member Lassey, Board Member M. Williams, Board Member P. Williams and Vice Chair Kelley NOES None ABSENT: Chairman Oster ABSTAIN: None 5. Exchange Agreement With Civic Partners Recommendation: It is recommended that the Oversight Board approve and adopt: RESOLUTION NO. OB -2015 -003 RESOLUTION OF THE OVERSIGHT BOARD TO THE SUCCESSOR AGENCY TO THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE APPROVING THE EXCHANGE AGREEMENT BETWEEN THE SUCCESSOR AGENCY AND CIVIC PARTNERS- ELSINORE, LLC May 26, 2015 Minutes Oversight Board Special Meeting Page 3 of 3 Successor Agency Counsel Leibold provided the report to the Board and shared a map of the land in question. She explained the property in question is referred to as the channel edge property. The northern portion of the channel edge property includes the "elbow" of the Inlet Channel and is an integral component of the Lake Management project. Only the southern 2.77 acres of the channel edge property is proposed for exchange pursuant to the Civic McMillin Summerly DDA. The Master Developer has offered a swap of a 4.3 acre property in exchange for the Successor Agency's 2.77 acre portion of the channel edge property. No other consideration will be paid. Board Member P. Williams questioned how the Agency would deed for only part of the property? Counsel Leibold explained the Successor Agency would survey the property and convey the northern portion to the City by way of a meet and bounds legal description and the remainder portion would be conveyed to Civic pursuant to the proposed Exchange Agreement. Motion by Board Member P.Williams, seconded by Board Member Tisdale, to approve Resolution No. OB- 2015 -003, passed by unanimous vote as follows: AYES : Board Member P.Williams, Board Member Tisdale, Board Member Lassey, Board Member M.Williams, Board Member Landon and Vice Chair Kelley NOES None ABSENT : Chairman Oster ABSTAIN: None PUBLIC COMMENTS — None STAFF COMMENTS Successor Agency Counsel Leibold thanked all Board Members for coming to a special meeting. She explained that the Department of Finance has denied the Housing Fund Loan and that the Successor Agency needed to determine how to proceed and will report back to the Oversight Board the repayment of the $26 Million Housing Loan as an enforceable obligation. ADJOURNMENT There being no further business to come before the Oversight Board, Vice Chair Kelley adjourned the meeting at 4:20 p.m. to the next regularly scheduled meeting of June 9, 2015 at 3:45 p.m. to be held at the Cultural Center, located at 183 N. Main Street in Lake Elsinore, CA. Genie Kelley, Vice -Chair ATTEST: Virginia J. Bloom, Clerk of the Oversight Board