Agenda

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OVERSIGHT BOARD SUCCESSOR AGENCY AGENDA April 14, 2017 REGULAR SESSION 9 a.m. - Executive Conference Room Level Three 1 Civic Center Circle, Brea, CA 92821



CALL TO ORDER / ROLL CALL

	1.	Public Comment - This is the portion of the meeting for any member of the public to address the Oversight Board on any matter not on the agenda that is within the subject matter jurisdiction of the board. The Brown Act, with limited exception, does not allow the board or staff to discuss issues brought forth under Public Comment. Comments should be limited to 5 minutes per person.

DISCUSSION / ACTION ITEMS

	2.	March 31, 2017 Special Meeting Minutes - Approve.

	3.	Approval by the Oversight Board Directing the Preparation of Proceedings for the Refunding of the Outstanding 2003 Tax Allocation Bonds and 2011 Tax Allocation Bonds, Series A and Taxable Series B of the Former Brea Redevelopment Agency, Approving Issuance and Sale of the Refunding Bonds, Making Certain Determinations and Providing Other Matters Relating Thereto - Adopt Resolution OB 2017-10 Directing Preparation of Proceedings for the Refunding Of Outstanding 2003 And 2011 Bonds, Approving Issuance and Sale of Refunding Bonds, Making Certain Determinations and Providing Other Matters Relating Thereto. This Will Result in an Average Annual Increase of Approximately $182,570 in Property Tax Revenues to the City's General Fund. These are Estimated Savings Based on Current Market Conditions and Subject to Change.

	4.	Bond Proceeds Funding Agreement Between the City of Brea and the Successor Agency to the Brea Redevelopment Agency for 2011A Non-Housing Bonds - Adopt Resolution OB 2017-11 Approving the 2011A Bond Proceeds Funding Agreement.

	5.	Second Amendment to the Brea Mall Owner Participation Agreement OPA. - Adopt Resolution OB 2017-12 Approving the Second Amendment to the Brea Mall Owner Participation Agreement.

	6.	Consideration of Approval of Execution and Delivery of an Agreement to Terminate Disposition and Development Agreement as to Commercial Center Component (Gateway Center) and Related Payoff Agreement and Taking Certain Related Actions - Adopt Resolution SA 2017-08 to Approve an Agreement to Terminate Disposition and Development Agreement as to Commercial Center Component and Related Payoff Agreement and Taking Certain Related Actions. This Payoff will Result in a One-Time Receipt of Approximately $8,000,000 (Eight Million) to the Successor Agency, Which Will Then Be Transmitted to the County Auditor-Controller for Disbursement to the Taxing Entities. The Transaction Would Also Extinguish the Successor Agency’s Obligation to Make Future CFD-Related Payments (Estimated to be $135,000) under the DDA.

MEMBER REPORTS / ANNOUNCEMENTS

STAFF UPDATES

ADJOURNMENT


This agenda contains a brief general description of each item the Oversight Board will consider. The City Clerk has on file copies of written documentation relating to each item of business on this Agenda available for public inspection. Contact the City Clerk’s Office at (714) 990-7756 or view the Agenda and related materials on the City’s website at www.cityofbrea.net. Materials related to an item on this agenda submitted to the Oversight Board after distribution of the agenda packet are available for public inspection in the City Clerk’s Office at 1 Civic Center Circle, Brea, CA during normal business hours. Such documents may also be available on the City’s website subject to staff’s ability to post documents before the meeting. Special Accommodations In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the City Clerk’s Office at (714) 990-7757. Notification 48 hours prior to the meeting will enable City staff to make reasonable arrangements to ensure accessibility. (28 CFR 35.102.35.104 ADA Title II)