| |
|
|
|
|
|
|
CALL TO ORDER / ROLL CALL
Chair Bill Gallardo called the meeting to order at 9:00 a.m.
Chair Gallardo welcomed new Board Member Keri Bullock, Economic Development Management Analyst II. |
| |
|
|
|
|
|
|
|
|
1. |
|
|
|
Public Comment - None. |
| |
|
|
|
|
|
|
DISCUSSION / ACTION ITEMS
Board Member Don Schweitzer reported that he would abstain from discussion and voting on Item 4 (Sale of Successor Agency Owned properties Located at 240 N. Orange Ave. and 112 W. Bracken St.) due to possible conflict of interest. |
| |
|
|
|
|
|
|
|
|
2. |
|
|
August 2, 2016 Regular Meeting Minutes
|
| |
Motion was made by Don Parker, seconded by Don Schweitzer to approve the August 2, 2016 Oversight Board Regular Meeting Minutes, as presented.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
|
|
|
|
|
|
|
|
3. |
|
|
September 20, 2016 Regular Meeting Minutes.
|
| |
Motion was made by Don Schweitzer, seconded by Don Parker to approve the September 20, 2016 Oversight Board Regular Meeting Minutes, as presented.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
|
|
|
|
|
|
|
|
4. |
|
|
Sale of Successor Agency Owned Properties Located at 340 N. Orange Ave. and 112 W. Bracken St.
Economic Development Manager DeRobbio provided an update on the status of the three Successor Agency owned properties.The sale of 323 N. Brea Blvd. is not ready to be approved and is still in negotiations. The Successor Agency approved the sales of the Orange Ave. and the Bracken St. properties pending the approval of the Oversight Board.
Economic Development Manager DeRobbio replied to a question from Board Member Parker regarding whether the Successor Agency and the Oversight Board must hold public hearings on the sale of the properties. Economic Development Manger DeRobbio said that she will confer with the City Attorney.
In response to a question about who will benefit from the sales of the properties from Board Member Mason, Economic Development Manager DeRobbio clarified that the proceeds will go to the County and are then distributed based on the recipients' percentages of property tax revenue.
|
| |
Motion was made by Don Parker, seconded by Kent Forde to adopt Resolutions OB 2017-01 and OB 2017-02 Authorizing the Sale of Real Property located at 340 N. Orange and 112 W. Bracken St. to the Recommended Buyers.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Keri Bullock
|
|
Other:
|
Don Schweitzer (ABSTAIN)
|
|
Passed
|
|
| |
|
|
|
|
|
|
|
|
5. |
|
|
Application of Bond Interest Earnings Towards the Recognized Obligation Payment Schedule (ROPS) 17-18A and 17-18B Bond Payments
Finance Manager Squire explained that this is a recurring item for the annual ROPS. Brea is required by the trust indenture to apply any interest earned on the reserve funds in excess of the amount required to be applied to the bond payments.
|
| |
Motion was made by Don Parker, seconded by Keri Bullock to adopt Resolution OB 2017-03 Approving the Application of Alternate Funds (Bond Interest Earnings) Towards ROPS 17-18A and 17-18B Period Bond Payments.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
|
|
|
|
|
|
|
|
6. |
|
|
Second Amendment to the Brea Mall Owner Participation Agreement (OPA)
Finance Manager Squire explained that one of the requirements for getting a Last and Final ROPS is preparing a defined payment schedule for the remaining enforceable obligations. Brea has negotiated a defined payment schedule for the Brea Mall OPA that is based on a calculation with a cap of 2% per year and a "true up" provision in the final year.
In response to questions from Board Members, Finance Manager Squire stated that he was doubtful that there would be a possibility of overpaying by basing the payment on calculations rather than a fixed amount, was optimistic that the Department of Finance would approve the amendment and that he was hesitant to reopen negotiations with the Brea Mall OPA. Finance Manager Squire agreed to consult with the City Attorney on the language of the "true up" provision.
|
| |
Motion was made by Don Parker, seconded by Vice Chair Brad Mason to adopt Resolution OB 2017-04 Approving the Second Amendment to the Brea Mall Owner Participation Agreement.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
|
|
|
|
|
|
|
|
7. |
|
|
Resolutions Approving the Fiscal Year 2017-2018 Recognized Obligation Payment Schedule (ROPS 17-18) and the Administrative Budget
Concerning the Administrative Budget, Finance Manager Squire stated that by statute, the Oversight Board is required to adopt a semi-annual budget for each ROPS period. Based on the annual administrative costs including attorney services, the semi-annual budget would be $139,695.
In response to Board Member questions, Finance Manager Squire explained that the audit costs were $8,500 and represented all the work involved with the Successor Agency and were separate from the audit costs for the City.
Regarding the ROPS payment schedule, Finance Manager Squire explained that three new items were added to the ROPS this year: the 2nd Amendment to the Brea Mall OPA, the 2016 Refunding Bonds, and the 2017 Tax Allocation Bonds as placeholders to preserve our right to amend ROPS 17-18B.
In response to Board Member questions, Finance Manager Squire and Administrative Services Director Russell explained that the Last and Final ROPS only allows for two amendments. One of those is reserved for the Brea Mall to amend the Last and Final ROPS. The second amendment was claimed by the Bond Insurer. In order to amend the Last and Final ROPS to include the 2016 Refunding Bonds, the line item must be on the annual ROPS.
|
| |
Motion was made by Kent Forde, seconded by Keri Bullock to adopt Resolution OB 2017-05 Approving the Fiscal Year 2017-2018 Recognized Obligation Payment Schedule (ROPS 17-18).
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
Motion was made by Don Schweitzer, seconded by Don Parker to adopt Resolution OB 2017-06 Approving the Administrative Budgets.
|
| |
|
AYES:
|
Chair Bill Gallardo, Vice Chair Brad Mason, Don Parker, Kashu Vyas, Kent Forde, Don Schweitzer, Keri Bullock
|
|
Passed
|
|
| |
|
|
|
|
|
|
MEMBER REPORTS / ANNOUNCEMENTS
None. |
| |
|
|
|
|
|
|
ADJOURNMENT
Chair Bill Gallardo adjourned the meeting at 9:27 a.m. |