OB - Item 2A - Minutes 10-17-12Minutes of the
Oversight Board for the Successor Agency to the
Rosemead Community Development Commission Meeting
October 17, 2012
The regular meeting of the Oversight Board for the Successor Agency to the Rosemead Community
Development Commission was called to order by Board Member Allred at 5:05 p.m. in the Rosemead City
Council Chamber located at 8838 East Valley Boulevard, Rosemead, California.
PLEDGE OF ALLEGIANCE: Chair Wallach
PRESENT: Board Members Allred, Jones, Miller, Lash, Redondo - Churchward, Wallach
ABSENT: Board Members Redondo - Churchward
STAFF PRESENT: Assistant City Manager Hawkesworth and City Clerk Molleda
1. PUBLIC COMMENTS FROM THE AUDIENCE — None
2. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
A. 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 then: 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 approve Resolution No. 2012 -0011, entitled:
Rosemead Oversight Board Meeting
Minutes of October 17, 2012
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ITEM NO.
A RESOLUTION OF THE OVERSIGHT BOARD FOR THE
SUCCESSOR AGENCY TO THE ROSEMEAD COMMUNITY
DEVELOPMENT COMMISSION APPROVING THE LOW AND
MODERATE INCOME FUND DUE DILIGENCE REVIEW
Assistant City Manager Matt Hawkesworth reviewed the staff report.
Board Member Robert Miller made a motion, seconded by Board Member Robert Miller, to approve
Resolution No. 2012 -0011. Vote resulted in:
Yes: Allred, Jones, Lash, Miller, Wallach
No: None
Abstain: None
Absent: Alvarez, Redondo - Churchward
Board Member Raul Alvarez arrived at 5:08 p.m.
B. Selection of an Alternative Date for the November 12, 2012 Meeting
The regularly scheduled meeting of the Board would be held on November 12, 2012;
however, the City of Rosemead will be closed due to the Veteran's Day holiday. The Board
will be asked to select an alternative date for the meeting to be held in November.
Recommendation: That the Oversight Board provide guidance to staff regarding a meeting
date for November.
Board Member Jeff Allred made a motion, seconded by Board Member Nicole Lash, to hold its next
meeting on November 26, 2012, at 5 p.m. Vote resulted in:
Yes: Allred, Alvarez, Jones, Lash, Miller, Wallach
No: None
Abstain: None
Absent: Redondo - Churchward
4. ADJOURNMENT
The meeting adjourned at 5:14 p.m. The next special Oversight Board meeting is scheduled to take place on
November 26, 2012 at 5:00 p.m.
Pat Wallach
Chair
Rosemead Oversight Board Regular Meeting
Minutes of October 17, 2012
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ATTEST:
Matt Hawkesworth
Successor Agency Staff
Assistant City Manager
Rosemead Oversight Board Regular Meeting
Minutes of October 17, 2012
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