OB - Agenda - 10-08-12Public Comment from the Audience
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Brown Act
Pursuant to provisions of the Brown Act, no
action may be taken on a matter unless it is
listed on the agenda, or unless certain
emergency or special circumstances exist.
The Board may direct staff to investigate
and /or schedule certain matters for
consideration at a future Board meeting.
Rules of Decorum
Persons attending the meeting shall observe
rules of propriety, decorum, good conduct,
and refrain from impertinent or slanderous
remarks. Violation of this rule shall result in
such persons being barred from further
audience before the governing body.
Pursuant to Gov. Code Sect. 54954.3(c),
any person who engages in unlawful
interference shall be removed from
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Americans with Disabilities Act
In compliance with the ADA, if you need
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meeting, please contact the City Clerk's
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This agenda was posted 72 hours in
advance of the meeting at the City Hall,
8838 E. Valley Boulevard, Rosemead; the
L.A. County Library, Rosemead Branch,
8800 E. Valley Boulevard, Rosemead; and
other locations pursuant to RMC Sec.
1.08.020. Any writings or documents
provided to a majority of the Rosemead
Oversight Board regarding any item on this
agenda will be made available for public
inspection in the City Clerk's office during
normal business hours.
Rosemead
Oversight
Board
for the
Successor Agency to the
Rosemead Community
Development Commission
MEETING AGENDA
October 8, 2012
'11'1
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
October 8, 2012
Oversight Board
Meeting Agenda
CALL TO ORDER — 5:00 PM
PLEDGE OF ALLEGIANCE — Board Member Redondo - Churchward
ROLL CALL:
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
September 10, 2012 — Regular Meeting
3. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
A. Chamber Loan Agreement
The Board reviewed the Chamber's request to modify the terms of existing loan agreement
at the September 10, 2012 meeting. At that meeting the Board expressed some concerns
that Section 34162 of the Health and Safety Code may prohibit the Board from taking any
action on this request and asked staff to further research the Code.
After a thorough review and consultation with the City Attorney's office, staff believes that
section 34162 is only applicable to the former Redevelopment Agency and does not apply to
the Oversight Board. Section 34162 of the Health and Safety Code falls under Part 1.8,
titled, "Restrictions on Redevelopment Agency Operations ", which was implemented to
prohibit former redevelopment agencies from taking certain actions prior to dissolution.
Health and Safety Code Section 34181 provides guidance and direction in regards to the
authority to the Oversight Board. Subsection "e" provides the following authorization:
(e) Determine whether any contracts, agreements, or other
arrangements between the dissolved redevelopment agency and any
private parties should be terminated or renegotiated to reduce
liabilities and increase net revenues to the taxing entities, and
present proposed termination or amendment agreements to the
oversight board for its approval. The board may approve any
amendments to or early termination of those agreements if it finds that
amendments or early termination would be in the best interests of the
taxing entities.
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
October 8, 2012
Due to the severe financial hardship of the Rosemead Chamber of Commerce resulting from
the loss of $38,000 per year in annual funding from the former redevelopment agency, staff
believes that the Oversight Board should be permitted to renegotiate the terms of the loan as
long as the principal is not forgiven and the overall term of the loan is not extended.
Additional back -up regarding the loan may be found in the original staff report dated
September 10, 2012.
Recommendation: That the Oversight Board approve Resolution No. 2012 -0010, entitled:
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION APPROVING REVISED TERMS
FOR THE PROMISSORY NOTE WITH THE ROSEMEAD
CHAMBER OF COMMERCE DATED SEPTEMBER 14, 2070
B. Housing Due Diligence Report
Under AB 1484, the Successor Agency was required to complete a due diligence review of
the former Low and Moderate Income Housing Fund. At the last Oversight Board meeting
the Board authorized staff to enter into an agreement with Vavrinek, Trine, Day & Co., LLP to
conduct the review and work to complete the report by the October 1, 2012, deadline. The
review was completed on October 1, 2012 and the report was sent to the various
governmental agencies as required by the legislation. Prior to the Board formally accepting
and approving the review, the Board is required to hold a public comment session at least
five (5) working days prior to the approval. As such, the Board will need to set a date for a
special meeting to consider the approval of the report on or after October 17, 2012. The
Board may recall that the due date for the approval of the report is October 15, 2012;
however, staff has been informed by the Department of Finance (DOF) that there are no
penalties for late submissions and the DOF requests that the report be submitted as soon as
reasonably possible.
The Agreed Upon Procedures review was conducted in accordance with AB 1484 in order to
ensure that all of the winding down procedures had been followed and to make a
determination as to the amount of available fund balance in the Low and Moderate Income
Housing Fund that may be remitted to the State. As noted in the report, there were no
adverse findings made during the review and the Successor Agency has made the
appropriate transfers of assets and duties as applicable.
Recommendation: That the Oversight Board take the following actions:
1. Open a public comment session to allow for the public comment regarding the Agreed
Upon Procedures reviewed as required by AB 1484.
2. Set a date and time for a special meeting to consider the approval of the Agreed Upon
Procedures review not earlier than October 17, 2012.
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
October 8, 2012
4. ADJOURNMENT
The Board will set a date and time for a Special Meeting not earlier than October 17, 2012.
The next regular Rosemead Oversight Board meeting is scheduled to take place on Monday,
November 12, 2012 at 5:00 p.m.
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