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CDC - Item 2B - Minutes 11-14-06MINUTES OF THE REGULAR MEETING ROSEMEAD COMMUNITY DEVELOPMENT COMMISSION November 14, 2006 Chairman Taylor called the regular meeting of the Rosemead Community Development Commission to order at 7:00 p.m. in the conference room of City Hall, 8838 E. Valley Boulevard, Rosemead, California. Commissioner Clark led the pledge to the flag and Chairman Taylor led the invocation. ROLL CALL OF OFFICERS: Present: Commissioners Clark, Imperial, Tran, Vice-Chairman Nunez, Chairman Taylor Absent: None 1. PUBLIC COMMENTS FROM THE AUDIENCE None 2. CONSENT CALENDAR A. Resolution No. 2006-24 Claims and Demands Recommendation: Adopt Resolution No. 2006-24, for payment of Commission expenditures in the amount of $85,456.36 demands 8011 through 8020. B. Minutes October 10, 2006 - Regular Meeting Commissioner Tran made a motion with a second by Vice-Chairman Nunez to approve Consent Calendar Items A and B above with a correction to the last page of the Oct 10, 2006 minutes to reflect Chairman Taylor's abstaining vote on the closed session item. Vote resulted: Yes: Clark, Imperial, Nunez, Taylor, Tran No: None Absent: None Abstain: None The Chairman declared said motion duly carried and so ordered. CDC Minutes 11-14-06 Page 1 of 5 3. MATTERS FROM THE CHAIRMAN & COMMISSIONERS None 4. MATTERS FROM THE EXECUTIVE DIRECTOR & STAFF A. City Hall Remodel Update Chairman Taylor asked the record reflect that materials and information were not provided to the Commission other than the heading on the Agenda prior to the meeting. He also pointed out the Commission only approved Phase 1 of the plan and questioned why ideas for other phases were presented first. Redevelopment & Economic Development Manager Saike explained the designs were finalized on Monday the day before the meeting. He presented an updated architectural schematic design on City Hall Remodel Plan B which includes removal of all non-weight bearing walls. The remodeling project is a multiphase project which utilizes space within the existing building. Phase I focuses on the Council Chambers. Phase II, III and IV focus on all other spaces including the lower level. The allocation of square footage is based on industry standards. Executive Director Lazzaretto explained the design will serve the needs of current and future staff as well as those of the Councilmembers. Redevelopment & Economic Development Manager Saike explained designs will be presented for consideration at a future meeting before direction is given to architects. Commissioner Clark suggested keeping the current conference room and expanding the building to the outside landscape area east of the building. Chairman Taylor concurred with Commissioner Clark about the retaining the conference room as it serves as a multipurpose room. Commissioner Nunez pointed out that the new design incorporates a conference room where the Building Department office currently is located. Redevelopment & Economic Development Manager Saike explained the new floor plan will create more space for work stations. Commissioner Tran suggested a longer public counter and keeping the current conference room and council offices as is. He stressed the need for a City Hall elevator to comply with ADA requirements. Commissioner Clark expressed concern about the accessibility of the conference room as presented in the schematic design. CDC Minutes 11-14-2006 Page 2 of 5 0 • Both Commissioner Imperial and Chairman Taylor questioned whether the City Clerk's office will provide sufficient space. The Commission felt vault space should not be counted as part of the total square footage of the City Clerk's Office. Redevelopment & Economic Development Manager Saike explained that the City Clerk will gain a bigger work area because her assistant will be working in the "Clerk Printing Area". Vice-Chairman Nunez inquired about the decorative wall space at the West side of the building and suggested expanding the Council Chamber by incorporating that space. Redevelopment & Economic Development Manager Saike indicated he would check with architects to see if that would be possible and incorporate in the schematic if appropriate. Jim Clouet, Rosemead resident, suggested the City Clerk's office be switched with the vault so the Clerk will have a window and the vault will be more secure. Chairman Taylor indicated his preference for more direct public access to the City Clerk Vice-Chairman Nunez pointed that out that switching the City Clerk office with the vault in the current design will achieve that aim. Commissioner Tran, Commissioner Clark and Chairman Taylor recommended the City Clerk office be left where it currently is. Commissioner Clark suggested the schematic be brought back after input from the City Clerk. Chairman Taylor pointed out that if the City Clerk's office is moved to the back, the public will have to go through staff areas to get to her office. Commissioner Tran recommended the elevator, public counter, waiting area and Council Chamber is included in the Phase I. Commissioner Imperial expressed concern about safety in the reception area. Redevelopment & Economic Development Manager Saike discussed the proposed AV room which will hold equipment which will allow for optional televised/videotaped meetings in addition to an upgraded audio system. Both Commissioner Imperial and Chairman Taylor questioned the benefits of the AV room. A revised schematic design will be submitted for consideration at the next meeting and included in the packet. CDC Minutes 11-14-2006 Page 3 of 5 • 0 B. Resolution No. 2006-25 -Authorizing the issuance of not to exceed $26,000,000 of the Commission's Redevelopment Project No. 1 Tax Allocation Bonds, Series 2006B and the execution and delivery of a second supplement to the indenture, a purchase contract, a continuing disclosure agreement and an official statement, and approving a preliminary official statement in connection therewith and authorizing related actions. At its October 24, 2006 meeting, the Community Development Commission authorized staff to pursue the refunding of all outstanding debt from the 1993 Tax Allocation Bond issue and use Piper Jaffray to serve as the senior managing underwriter. As part of the refunding process, the City Council and Community Development Commission must approve resolutions authorizing the issuance of the bonds and the execution and delivery of a second supplement to the indenture, a purchase contract, a continuing disclosure agreement, official statement and a preliminary official statement. Recommendation: That the Commission take the following action: 1) Approve Resolution No. 2006-25 authorizing the issuance of tax allocation bonds. 2) Approve certain documents related to the bond issue as mentioned above. Redevelopment & Economic Development Manager Saike explained the advantages of refunding outstanding debt from the 1993 bond issue. He introduced Steve Gortler of Piper Jaffray, underwriter of the project and Kevin Hale of Orrick, Herrington & Sutcliffe. Chairman Taylor inquired about costs of the bond issuance and at what percentage savings staff would be authorized to refund bonds. Mr. Gortler clarified the cost of issuance is approximately $760,000; the majority of the cost is allocated for bond insurance. He also indicated that the bond authorization is subject to the condition of net savings of at least 5%; at the current interest rate, the savings is estimated at double that level as interest rates are relatively low. Over the entire life of the bond (16 years), if interest rates stay at the current level, savings are estimated at approximately $2.5 million dollars. Chairman Taylor asked if the bond costs are reflected in projected savings. Mr. Hale clarified that the projected savings are calculated after the expenses associated with the bond refunding are deducted. CDC Minutes 11-14-2006 Page 4 of 5 0 ~J Commissioner Imperial made a motion with a second by Commissioner Tran to approve Resolution No. 2006-25. Vote resulted: Yes: Clark, Imperial, Nunez, Taylor, Tran No: None Absent: None Abstain: None The Chairman declared said motion duly carried and so ordered. C. Closed Session The Commission went into Closed Session at 7:47 p.m. to discuss the following: CONFERENCE WITH REAL PROPERTY NEGOTIATORS (GOVERNMENT CODE SECTION 54956.8) Property 9743 Valley Boulevard 9735 Valley Boulevard 9711 Valley Boulevard 9701 Valley Boulevard 4016 Temple City Boulevard 4022 Temple City Boulevard 4030 Temple City Boulevard 4046 Temple City Boulevard 4050 Temple City Boulevard 9748 Abilene Street Negotiating Parties -Agency Under Negotiation: Property Owner Bottlemate Inc. Meiloon Valley LLC Albert Ching Thrifty Oil No 191 City of Rosemead Bimbo Bakeries USA Inc. Bimbo Bakeries USA Inc. Jenny Chang Inc. Ching & Hai Liu Bottlemate Inc. Executive Director Redevelopment Manager Price and terms of payment No reportable action resulted from the Closed Session discussion. 5. ADJOURNMENT The meeting was adjourned at 8 p.m. The next regular meeting is scheduled for November 28, 2006 at 7:00 p.m. Respectfully submitted: Commission Secretary APPROVED: CHAIRMAN CDC Minutes 11-14-2006 Page 5 of 5