OB - Item 2A - Minutes 7-18-12Minutes of the
Oversight Board for the Successor Agency to the
Rosemead Community Development Commission Meeting
July 18, 2012
The regular meeting of the Oversight Board for the Successor Agency to the Rosemead Community
Development Commission was called to order by City Clerk Molleda at 5:03 p.m. in the Rosemead City
Council Chamber located at 8838 East Valley Boulevard, Rosemead, California.,,,
PLEDGE OF ALLEGIANCE: Board Member Redondo - Churchward
PRESENT: Board Members Allred, Alvarez, Jones, Lash,
STAFF PRESENT: City Attorney Richman, Assistant City
1. PUBLIC COMMENTS FROM THE AUDIENCE
None
2. CONSENT CALENDAR
A. Minutes
April 25, Meeting
May 1@/jr, —Reg eeting
Board Member Irene
to approve then,
Yes: AIIrd
No: None
Miller
Vice -Chair Alvarez , ir.,d at
Clerk Molleda
seconded by Board Member Nicole Lash,
Wallach
3. MATTERS FROM SWF OF THE ROSEMEAD SUCCESSOR AGENCY
A. Confirmation of Board Members
California Health and Safety Code section 34179 requires the Oversight Board to confirm all
Board Members and to transmit a list of the Board Members to the Department of Finance.
Additionally, with the approval of the State's Budget Trailer Bill AB 1484, all Oversight Board
actions are required to confirmed by Resolution.
Rosemead Oversight Board Meeting
Minutes of July 18, 2012
Page 1 of 5
ITEM NO.
Recommendation: That the Oversight Board approve Resolution No. 2012 -0006, entitled:
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION CONFIRMING THE LIST OF
INDIVIDUALS SERVING AS OVERSIGHT BOARD MEMBERS
FOR THE DEPARTMENT OF FINANCE CONTACT PURPOSES
AS REQUIRED BY HEALTH AND SAFETY CODE SECTION
34179 /Al,
Assistant City Manager Matt Hawkesworth reviewed the staff report.
Vice -Chair Raul Alvarez made a motion, seconded by Board
Resolution No. 2012.0006, and moving the regular meetin
Second Monday of the month. Vote resulted in:
Yes: Allred, Alvarez, Jones, Lash,
No: None
Abstain: None
Absent: Miller
Wallach
to approve
5oard to every
B. Housing Assets '
The City of Rosemead elected to b o e gency for the Housing function
previously the Rosem edevelop • t Commission. Since the
impleme ion of ' ° 6 on Februa , 1, 2012, there has been little to do in the capacity of
succe using en as details wer still eing worked out between the Legislature and
the Depart f Fi DOF) regard a dissolution of Low- Moderate Housing Funds
and related a a:,a e' 012 -13 Budget, trailer bill AB 1484 was approved;
'des p ral detai ow to fulfill the dissolution of former Redevelopment
Agenc s , the on operations of Successor Agencies. The first step in the dissolution
of the form -Mode I � Mme Funds and related assets is to prepare a statement of
assets as req by Sec 34176(e) of the Government Code. The successor housing
tity must sub list o housing assets to the DOF by August 1, 2012 in a format provided
e DOF; ho er, the format has not been provided at the time of this staff report.
As 6 , vil�slisteld i&ented to the Oversight Board, the former Housing Agency did not own any
asselding approximately $1.9 million in cash. Per Section 34176(e) of the Code,
casI as an asset type for the successor housing entity. Therefore there will be
no assets to report to the DOF once the reporting format is made available. Staff is
requesting that the Oversight Board approve the filing of the report showing no reportable
assets with a commitment from the staff that a copy of the report will be distributed to all
Board Members once the form is received and completed.
Recommendation: That the Oversight Board approve Resolution No. 2012 -0007, entitled:
Rosemead City Council Regular Meeting
Minutes of July 18, 2012
Page 2 of 5
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION AUTHORIZING THE
SUBMISSION OF THE HOUSING ASSET INFORMATION AS
REQUIRED BY HEALTH AND SAFETY CODE SECTION
34176(a)(2)
Assistant City Manager Matt Hawkesworth reviewed the staff report.
Vice -Chair Raul Alvarez made a motion, seconded by Board Membe le Lash, to approve
Resolution No. 2012 -0007, authorizing the submission of the Ho nformation as required
by Health and Safety Code Section 34176(a)(2). Vote resulted n:
Yes: Allred, Alvarez, Jones, Lash,
No: None
Abstain: None
Absent: Miller
C. ROPS Submittal — Januarylhrough June 2013
With the passage of Assembly 8j1'1 484), new es have been established for
the submittal of the Recognized (7bligatio t Sched (ROPS) on a semi - annual
basis to the Department of Financ Q-) and o t6 and County agencies. Per Health
and Safety Ltt' n 34177(m) P OPS for th eriod covering January through June
2013, m be subs no later than` ptember 1, 2012. All subsequent ROPS must be
subm,t ., . fewer th 0 days before e d to of property tax distribution. Since the
Rosemea esso ncy's Oversig and will only have two regularly scheduled
meetings pno r r ine, the ROPS is being presented for approval. In
ere a stions or i nal information requested by the Oversight Board,
staff wii he ti provide such information prior to the deadline.
The pro pose for Wary through June 2013 is virtually identical to the ROPS that
have been prev . sly ap oved. The debt service payments for the 2006 and 2010 series
iOs have bee : odified according to the debt service payment schedule and the
a rd1;' trative c s have been modified to reflect those costs which are due in this six
mon o e Administrative Cost Allowance for the entire fiscal year still remains
within th 0,000 allowance. The one new item that has been added to the ROPS is the
pre -fundt g of a reserve to make the necessary bond debt service payments in October and
December 2013. This pre- funding of the reserve is necessary as we do not anticipate
receiving sufficient funds through the regular tax increment period covering July through
December 2013 to cover these payments.
Recommendation: That the Oversight Board approve Resolution No. 2012 -0008, entitled:
Rosemead City Council Regular Meeting
Minutes of July 18, 2012
Page 3 of 5
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION APPROVING THE
OBLIGATION PAYMENT SCHEDULES FOR
THE PERIOD OF JANUARY 1, 2013 THROUGH JUNE 30, 2013
Assistant City Manager Matt Hawkesworth reviewed the staff report.
Vice -Chair Raul Alvarez made a motion, seconded by Board Member Nicol ,Lash, to approve
Resolution No. 2012 -0007, authorizing the submission of the Housing t information as required
by Health and Safety Code Section 34176(a)(2). Vote resulted
Yes: Allred, Alvarez, Jones, Lash, Redondo-Chu 'ward, Vap
No: None
Abstain: None
Absent: Miller %h
D. Assembly Bill 1484 Update'>
As part of the State's budgeter ess, Assembly Bil #4 (AB 1484) was adopted to provide
clarifying language to ABA 2 the dissolution f {fe agencies and the
ongoing operations by the suss s. Asa result" f AB 1484, there are a number
of new requirements and deadline for su ncie meet in order to avoid
penalties and takings by the DepartMent,al Finah" Aside from the housing assets
report, several+a i al deadlines h4vtbeen estab(i §hed between now and the end of the r.
calendars
In addition It e "new (i line imposed gal new incentives have been provided in AB
1484 to successdtgenci I the requirements and receive a "finding of
�8rfi by the For d, the key incentive is the clarifying language in
regard a, use o sing bond proceeds. Once the "finding of completion" is received
from the D .e City eroead in conjunction with the Oversight Board and Successor
Agency will be fitted t 'implete the previously presented capital improvement projects
from the existin pr seeds being held by the Successor Agency. This incentive is a
end us ass , o Rosemead and is one that will provide the resources necessary to
c le e many . projects.
That the Oversight Board approve receive and file this report. No formal
action
4. ADJOURNMENT
The meeting adjourned at 5:40 p.m. The next regular Oversight Board meeting is scheduled to take place on
September 15, 2012 at 5:00 p.m.
Rosemead City Council Regular Meeting
Minutes of July 18, 2012
Page 4 of 5
ATTEST:
Matt Hawkesworth
Successor Agency Staff
Assistant City Manager
Rosemead City Council Regular Meeting
Minutes of July 18, 2012
Page 5 of 5
Pat Wallach
Chair