OB - Agenda 7-18-12Public Comment from the Audience
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Rosemead
Oversight
Board
for the
Successor Agency to the
Rosemead Community
Development Commission
MEETING AGENDA
July 18, 2012
5:00 PM
City Hall Council Chamber
8838 E. Valley Boulevard
Rosemead, CA 91770
www.cityofrosemead.org
Raul Alvarez, Vice Chair
Jeff Allred, Board Member
Marty Jones, Board Member
Nicole Lash, Board Member
Robert Miller, Board Member
Irene Redondo - Churchward, Board Member
Pat Wallach, Chair
ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
July 18.2012
Oversight Board
Meeting Agenda
• CALL TO ORDER — 5:00 PM
• PLEDGE OF ALLEGIANCE — Vice -Chair Alvarez
• ROLL CALL:
o Board Members — Allred, Alvarez, Jones, Lash, Miller, Redondo - Churchward, 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
April 25, 2012 — Regular Meeting
May 16, 2012 — Regular Meeting
3. MATTERS FROM STAFF 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.
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
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
July 18, 2012
B. Housing Assets
The City of Rosemead elected to become the Successor Agency for the Housing function
previously performed by the Rosemead Redevelopment Commission. Since the
implementation of ABA 26 on February 1, 2012, there has been little to do in the capacity of
successor housing entity as details were still being worked out between the Legislature and
the Department of Finance (DOF) regarding the dissolution of Low - Moderate Housing Funds
and related assets. As part of the State's 2012 -13 Budget, trailer bill AB 1484 was approved;
which provides procedural details on how to fulfill the dissolution of former Redevelopment
Agencies and the ongoing operations of Successor Agencies. The first step in the dissolution
of the former Low - Moderate Income Funds and related assets is to prepare a statement of
assets as required by Section 34176(e) of the Government Code. The successor housing
entity must submit a list of housing assets to the DOF by August 1, 2012 in a format provided
by the DOF; however, the format has not been provided at the time of this staff report.
As previously presented to the Oversight Board, the former Housing Agency did not own any
assets, but is holding approximately $1.9 million in cash. Per Section 34176(e) of the Code,
cash is not listed 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:
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)
C. ROPS Submittal — January through June 2013
With the passage of Assembly Bill 1484 (AB 1484), new deadlines have been established for
the submittal of the Recognized Obligation Payment Schedule (ROPS) on a semi - annual
basis to the Department of Finance (DOF) and other State and County agencies. Per Health
and Safety Code Section 34177(m) the ROPS for the period covering January through June
2013, must be submitted no later than September 1, 2012. All subsequent ROPS must be
submitted no fewer than 90 days before the date of property tax distribution. Since the
Rosemead Successor Agency's Oversight Board will only have two regularly scheduled
meetings prior to the September 15t deadline, the ROPS is being presented for approval. In
the event there are questions or additional information requested by the Oversight Board,
staff will have the time to provide such information prior to the deadline.
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
July 18, 2012
The proposed ROPS for January through June 2013 is virtually identical to the ROPS that
have been previously approved. The debt service payments for the 2006 and 2010 series
bonds have been modified according to the debt service payment schedule and the
administrative costs have been modified to reflect those costs which are due in this six
month period. The Administrative Cost Allowance for the entire fiscal year still remains
within the $250,000 allowance. The one new item that has been added to the ROPS is the
pre- funding 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:
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION APPROVING THE
RECOGNIZED OBLIGATION PAYMENT SCHEDULES FOR
THE PERIOD OF JANUARY 1, 2013 THROUGH JUNE 30, 2013
D. Assembly Bill 1484 Update
As part of the State's budget process, Assembly Bill 1484 (AB 1484) was adopted to provide
clarifying language to ABx1 26 involving the dissolution of redevelopment agencies and the
ongoing operations by the successor agencies. As a result of AB 1484, there are a number
of new requirements and deadlines for successor agencies to meet in order to avoid
penalties and takings by the Department of Finance (DOF). Aside from the housing assets
report, several additional deadlines have been established between now and the end of the
calendar year.
In addition to the new timeline imposed, several new incentives have been provided in AB
1484 to successor agencies which meet all the requirements and receive a "finding of
completion' by the DOF. For Rosemead, the key incentive is the clarifying language in
regards to the use of existing bond proceeds. Once the "finding of completion" is received
from the DOF, the City of Rosemead in conjunction with the Oversight Board and Successor
Agency will be permitted to complete the previously presented capital improvement projects
from the existing bond proceeds being held by the Successor Agency. This incentive is a
tremendous asset to Rosemead and is one that will provide the resources necessary to
complete many key projects.
Recommendation: That the Oversight Board approve receive and file this report. No formal
action is required.
4. ADJOURNMENT
The next regular Rosemead Oversight Board meeting is scheduled to take place on August
15, 2012 at 5:00 p.m.
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