OB - Agenda 05-13-13Public Comment from the Audience
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This agenda was posted 72 hours in
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8838 E. Valley Boulevard, Rosemead; the
L.A. County Library, Rosemead Branch,
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other locations pursuant to RMC Sec.
1.08.020. Any writings or documents
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Oversight Board regarding any item on this
agenda will be made available for public
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Rosemead
Oversight
Board
for the
Successor Agency to the
Rosemead Community
Development Commission
MEETING AGENDA
May 13, 2013
5:00 PM
City Hall Council Chamber
8838 E. Valley Boulevard
Rosemead, CA 91770
www.cityofrosemead.org
Jeff Allred, Board Member
Marty Jones, Board Member
Nicole Lash, Board Member
Robert Miller, Board Member
Irene Redondo - Churchward, Board Member
Dalila Sotelo, Board Member
Pat Wallach, Chair
ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
May 11, 2013
Oversight Board
Meeting Agenda
CALL TO ORDER — 5:00 PM
• PLEDGE OF ALLEGIANCE — Board Member Jones
• ROLL CALL:
• Board Members — Allred, Jones, Lash, Miller, Redondo - Churchward, Sotelo, Wallach
1. PUBLIC COMMENTS FROM THE AUDIENCE
The Oversight Board will receive public comments on matters not listed on the agenda.
2. CONSENT CALENDAR
A. Minutes
February 11, 2013 — Regular Meeting
3. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
A. Capital Improvement Projects Funded by Existing Bond Proceeds
The Successor Agency received its Finding of Completion (FOC) on April 18, 2013. The
FOC permits the Success Agency to utilize proceeds derived from bonds issued prior to
January 1, 2011 in a manner consistent with the original bond covenants per Health and
Safety Code section 34191.4(c). The former Rosemead Community Development
Commission issued tax increment bonds in July 2010 in order to the fund several critical
capital improvement projects in the City. Some projects were completed prior to the
dissolution of redevelopment; however, approximately $7.0 million of bond proceeds are still
being held by the Successor Agency for the remaining projects. These projects include:
1. Rosemead Community Center and Public Plaza Expansion and Construction
2. Zapopan Park Improvements
3. Rosemead Park Improvements (Fitness and playground equipment)
4. Sewer System Expansion
5. Valley Blvd. Street Improvements
6. Rosemead Park Turf Improvements
7. Park Development at Rush & Walnut Grove
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
Mav 11, 2013
Over the past two years while the Successor Agency worked through all the objectives to
obtain the FOC, costs have increased and the economy has changed and the completion of
all the projects may no longer be obtainable, but the City is prepared to move forward with
the most critical projects as soon as possible. In order to move forward, the Successor
Agency must comply with Health and Safety Code section 34191.4(c), which is included as
Attachment B. Per this section of the code, the projects must be listed on the Recognized
Obligation Payment Schedule (ROPS), which the Successor Agency has done since the first
ROPS was submitted to the Department of Finance. These projects have remained on the
ROPS and have been included and approved on every subsequent ROPS. Staff is seeking
direction from the Oversight Board to confirm the inclusion of the capital improvement
projects on the ROPS and authorize the staff to move forward with the projects in a manner
consistent with the City's municipal code.
Recommendation: That the Oversight Board approve Resolution 2013 -0003, entitled:
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION RE- AFFIRMING THE
APPROVAL OF THE BOND PROCEEDS FUNDED CAPITAL
IMPROVEMENT PROJECTS AS PREVIOUSLY INCLUDED IN
THE RECOGNIZED OBLIGATION PAYMENT SCHEDULES
4. ADJOURNMENT
The next regular Rosemead Oversight Board meeting is scheduled to take place on Monday,
June 10, 2013 at 5:00 p.m.
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