CDC - Agenda 4-28-09Public Comment from the Audience
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Rosemead
Community
Development
Commission
AGENDA
April 28, 2009
6:05 PM
City Hall Council Chambers
8838 E. Valley Blvd., Rosemead, California 91770
www.cityofrosemead.org
Margaret Clark, Chairman
Gary Taylor, Vice-Chairman
Sandra Armenta, Commissioner
Polly Low, Commissioner
Steven Ly, Commissioner
ROSEMEAD COMMUNITY DEVELOPMENT
2009
• CALL TO ORDER - 6:00 PM
• PLEDGE OF ALLEGIANCE - Commissioner Armenta
• INVOCATION - Commissioner Low
• ROLL CALL - Chairman Clark, Vice-Chairman Taylor, Commissioners Armenta, Low, Ly
1. PUBLIC COMMENTS FROM THE AUDIENCE
(Community Development Commission matters only)
2. CONSENT CALENDAR
A. Minutes
April 14, 2009 - Regular Meeting
B. Resolution No. 2009.11 Claims and Demands
Recommendation: Adopt Resolution No. 2009-11 for payment of Commission
expenditures in the amount of $673,132.03 demands Nos. 10037 through 10038 and
11096 through 11102.
C. Authorized Signers on Bank Accounts
The Rosemead Community Development Commission (RCDC) requires several different
bank accounts to efficiently operate its financial matters. Authorized signers on the
RCDC's bank accounts include all RCDC Commissioners, the Executive Director,
Assistant City Managers and the City Clerk. When new people replace incumbents, bank
signature cards must be completed.
Recommendation: That the Community Development Commission authorize the
Chairwoman, Vice-Chairman, Commission Members, Executive Director, Assistant City
Managers and City Cleric as signers on the various RCDC bank accounts.
3. MATTERS FROM THE EXECUTIVE DIRECTOR & STAFF
A. Rosemead Community Development Commission (RCDC) Note Payable to the Low
& Moderate Income Housing Fund
On October 1, 2008, the Governor signed budget trailer bill AB 1389 that includes a $350
million Education Revenue Augmentation Fund (ERAF) shift from redevelopment agencies
to the State. The payments to the State are due by May 10, 2009 and Rosemead's Share
of the Shift is $297,178. As with past ERAF contributions, an agency can borrow up to
50% of the contribution from tis current year deposit into the Low and Moderate Income
Housing Fund (LMIHF) and repay the fund over 10 years.
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ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION
2009
Staff is requesting Commission approval to borrow $148,000 (50% of the total ERAF
contribution) from the LMIHF.
Recommendation: That the Community Development Commission:
1. Approve Resolution No. CDC 2009-12 authorizing a loan from the LMIHF secured by a
Promissory Note with terms.
2. Direct the Commission Chairwoman to execute the Promissory Note.
B. Approval of a Proposed Operating Budget for the Glendon Hotel
On July 2, 2008, the Rosemead Community Development Commission acquired the
Rosemead Inn located at 8832 Glendon Way. As the Commission may recall, the
purchase of this site is part of an overall larger redevelopment project (the Glendon Way
Project). Immediately following the purchase of the property, staff solicited proposals from
reputable company's specializing in hotel operations and received responses from Grand
Inn, Inc. and Rosemead Inn Hotel Partners, LLC.
On August 28, 2008 the Commission approved a contract with the Rosemead Inn Hotel
Partners, LLC, as the operator for the hotel. Since then, the hotel has been completely
renovated and began operating in late January 2009.
The operating agreement with the Rosemead Inn Hotel Partners requires that a proposed
operating budget be submitted to the Commission for consideration within 60 days from
the execution of the agreement. This document was submitted to the City in late March
2009. Since then, staff has been reviewing the document and is comfortable with the
monthly expenses proposed by the Operator. The operating budget and revenue
estimates are attached for the Commission's review.
In addition to this documentation, the Operator is also required to submit monthly financial
statements recapping all revenue activity for the previous month. Financial statements for
February and March 2009 are also attached to this report for the Commission's use. The
operator has informed the City that they have recently finalized their room reservation
software and will be able to provide the monthly reports in greater detail in the coming
months.
Based upon the information given to the City for February and March 2009, the hotel is
operating at approximately a 20% occupancy rate. However, the Operator is optimistic
that occupancy will improve as they continue to aggressively market the hotel.
Recommendation: That the Community Development Commission approve the proposed
operating budget submitted by the Rosemead Inn Hotel Partners, LLC.
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ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION April 28, 2009
4. MATTERS FROM THE CHAIRMAN & COMMISSIONERS
& ADJOURNMENT
The next Community Development Commission meeting will take place on May 12, 2009
at 6:00 p.m.
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