OB - Item 2A - Minutes 11-26-12Minutes of the
Oversight Board for the Successor Agency to the
Rosemead Community Development Commission Meeting
November 26, 2012
The regular meeting of the Oversight Board for the Successor Agency to the Rosemead Community
Development Commission was called to order by Chair Wallach at 5:05 p.m. in the Rosemead City Council
Chamber located at 8838 East Valley Boulevard, Rosemead, California.
PLEDGE OF ALLEGIANCE: Board Member Allred
PRESENT: Board Members Allred, Redondo - Churchward, Lash, Wallach
ABSENT: Board Members Alvarez, Jones, Miller
STAFF PRESENT: Assistant City Manager Hawkesworth and City Clerk Molleda
1. PUBLIC COMMENTS FROM THE AUDIENCE — None
2. CONSENT CALENDAR
A. Minutes
October 8, 2012 — Regular Meeting
October 17, 2012 — Regular Meeting
Board Member Irene Redondo - Churchward made a motion, seconded by Board Member Nicole Lash,
to approve the Consent Calendar with corrections to the minutes. Vote resulted in:
Yes: Allred, Redondo - Churchward, Lash, Wallach
No: None
Abstain: None
Absent: Alvarez, Jones, Miller
3. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
Assistant City Manager Matt Hawkesworth removed this item from the agenda.
A. Meet and Confer Regarding the LMIHF due Diligence Review
On November 8, 2012 the Successor Agency received the findings from the Department of
Finance (DOF) regarding the Due Diligence Review of the Low and Moderate Income
Housing Fund ( LMIHF). The DOF has made the determination in their initial finding that the
enforceable obligations related to the Senior Housing complexes should be funded by Real
Property Tax Trust Funds (RPTTF) and not the LMIHF. This finding is in direct conflict the
Rosemead Oversight Board Meeting
Minutes of November 26, 2012
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ITEM NO. Z-"
DOF's approval of the ROPS II for July to December 2012 and the ROPS III for January to
June 2013 in which the DOF approved the funding of this obligation from the LMIHF. While
swapping one funding source for another funding source would normally be very simple, this
change creates some unintended consequences which staff must clarify with the DOF in
order to ensure that sufficient funding is available for the enforceable obligations.
Staff immediately contacted the DOF and submitted a request for a Meet and Confer
meeting to have an opportunity to discuss this matter. The DOF has assigned a meeting
date of November 27, 2012 at 10:30 a.m. Staff will be travelling to Sacramento in hopes of
providing clarification and to secure the necessary funding from either RPTTF or LMIHF for
the enforceable obligations.
Recommendation: No action necessary. This is an information item only.
B. Agreed Upon Procedures Report for Non - Housing Funds
Under AB 1484, the Successor Agency is required to complete an agreed upon procedures
review of the former Rosemead Community Development Commission's Funds by
December 15, 2012. At the time the agenda was posted for the meeting, the final report was
not available from the CPA firm. The draft included with this report is believed to contain the
final figures and analysis; however, the CPA firm has not completed their final quality control
review of the report. It's anticipated that the final version will be available at the time of the
meeting and will be provided to the Board. 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 meet again on its regularly
scheduled date of December 10, 2012 to consider the approval of the report.
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 remaining with the Successor
Agency. 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. The report shows on Exhibit B -5 that once all enforceable obligations are
deducted from the total asset balance, a remaining balance of $77,105.04 should be remitted
to the County for distribution to the various taxing entities.
Recommendation: That the Oversight Board open a public comment review period and
allow for public comment until the next regularly scheduled Oversight Board meeting on
December 10, 2012 at 5 p.m.
Assistant City Manager Matt Hawkesworth reviewed the staff report.
Board Member Irene Redondo - Churchward made a motion, seconded by Board Member Jeff Allred, to
open the Public Hearing at 5:15 p.m. Vote resulted in:
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Minutes of November 26, 2012
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Yes: Allred, Redondo - Churchward, Lash, Wallach
No: None
Abstain: None
Absent: Alvarez, Jones, Miller
Board Member Nicole Lash made a motion, seconded by Board Member Irene Redondo - Churchward,
to continue the Public Hearing to December 10, 2012 at 5 p.m. Vote resulted in:
Yes: Allred, Redondo - Churchward, Lash, Wallach
No: None
Abstain: None
Absent: Alvarez, Jones, Miller
4. ADJOURNMENT
The meeting adjourned at 5:16 p.m. The next Oversight Board meeting is scheduled to take place on
December 10, 2012 at 5:00 p.m.
Pat Wallach
Chair
ATTEST:
Matt Hawkesworth
Successor Agency Staff
Assistant City Manager
Rosemead Oversight Board Regular Meeting
Minutes of November 26, 2012
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