CDC - Agenda 06-10-08Public Comment from the Audience
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E
Rosemead
Community
Development
Commission
AGENDA
June 10, 2008
6:00 PM
Rosemead Community Recreation Center
3936 N. Muscatel Avenue, Rosemead, California 91770
John Tran, Chairman
John Nunez, Vice-Chairman
Margaret Clark, Commissioner
Polly Low, Commissioner
Gary Taylor, Commissioner
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION June 10, 2008
• • CALL TO ORDER - 6:00 PM
• PLEDGE OF ALLEGIANCE - Commissioner Clark
• INVOCATION - Commissioner Low
• ROLL CALL- Commissioners Clark, Low, Taylor, Vice-Chairman Nunez, Chairman Tran
1. PUBLIC COMMENTS FROM THE AUDIENCE
(Community Development Commission matters only)
2. CONSENT CALENDAR
A. Minutes
May 27, 2008 - Regular Meeting
B. Resolution No. 2008.17 Claims and Demands
Recommendation: Adopt Resolution No. 2008-17 for payment of Commission
expenditures in the amount of $162,693.97 demands no. 8236 through 8243 and 8940
through 8941 and 9376 through 9380.
is 3. MATTERS FROM THE CHAIRMAN & COMMISSIONERS
4. MATTERS FROM THE EXECUTIVE DIRECTOR & STAFF
A. Adoption of the Rosemead Community Development Commission's ("RCDC") Fiscal
Year 2008.09 Annual Operating and Capital Improvement Budget
The RCDC's fiscal year 2008-09 Annual Operating and Capital Improvement Budget
(Attachment A) is as follows:
Total Appropriations FY 2008-09 $5,964,450
Recommendation: That the RCDC Commissioners adopt Resolution No. 2008-16
approving the fiscal year 2008-09 Annual Operating and Capital Improvement Budget in
the amount of $5,964,450.
B. Rosemead Inn Purchase
On December 11, 2007, the City Council authorized staff to purchase the Rosemead Inn
located at 8832 Glendon Way for $4.4 million. At that time, the Agency did not have the
• available funds to purchase the property. Therefore, the City Council approved a $4.4
million loan from the general fund to the Agency to pay for the property. It should be noted
that the property appraised for $4.5 million (attachment A).
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• •
ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION June 10, 2008
The motel is now in escrow and is scheduled to close on June 27, 2008. Over the last
• several weeks, staff has been preparing for the close of escrow and in doing so, has been
researching other potential funding sources available to purchase the hotel. After much
vetting and research, it has been determine that there are non-restricted tax increment
dollars available in the CDC to fund the transaction. Therefore, a loan from the general
fund to the Agency is no longer required. In fact, the general fund will not need to
contribute a single dollar toward the purchase of the hotel.
Recommendation: That the Community Development Commission approve Resolution
No. 2008-18 (Attachment B) appropriating $ 4.4 million of unrestricted tax increment
dollars to purchase the Rosemead Inn.
5. ADJOURNMENT
The next Community Development Commission meeting will take place on June 24, 2008
at 6:00 pm.
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