OB - Agenda - 08/21/13Public Comment from the Audience
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Rosemead
Oversight
Board
for the
Successor Agency to the
Rosemead Community
Development Commission
MEETING AGENDA
August 21, 2013
5:00 PM
City Hall Council Chamber
8838 E. Valley Boulevard
Rosemead, CA 91770
www.cityofrosemead.org
Jeff Allred, Board Member
Marty Jones, Board Member
Robert Miller, Board Member
Irene Redondo - Churchward, Board Member
Dalila Sotelo, Board Member
Pat Wallach, Chair
Nicole Lash, Vice -Chair
ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
A 21, 2 013
Oversight Board
Meeting Agenda
• CALL TO ORDER — 5:00 PM
• PLEDGE OF ALLEGIANCE — Board Member Lash
• ROLL CALL:
• Chair Wallach, Vice -Chair Lash, Board Members Allred, Jones, Miller, Redondo -
Churchward, Sotelo
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
May 13, 2013 — Regular Meeting
June 12, 2013 — Regular Meeting
3. MATTERS FROM STAFF OF THE ROSEMEAD SUCCESSOR AGENCY
A. Chamber Loan Agreement
On October 8, 2012, the Oversight Board approved modifications to the loan agreement
between the former Community Development Commission and the Rosemead Chamber of
Commerce (Chamber). Under the modifications, the first payment, due on July 1, 2012, was
amortized over the subsequent three years of the term without any penalties or interest. Per
the attached letter, the Chamber is requesting that the payments due July 1, 2013 and July
1, 2014 be suspended and one lump sum payment be made on July 1, 2015 for the entire
$25,000 amount. The requested modifications are permitted under the Health and Safety
Code since the debt is not being forgiven and the final payment period is not being extended.
Additionally, the loan will continue to be secured by the real property owned by the Chamber
and used as their offices.
The staff reports from the September 10, 2012 and October 8, 2012 meetings have been
attached for reference.
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ROSEMEAD OVERSIGHT BOARD MEETING AGENDA
Auaust 21. 2013
Recommendation: That the Oversight Board provide direction regarding the requested loan
modification. If the Oversight Board is willing to approve the modifications as requested, the
Oversight Board needs to approve Resolution 2013 -0009, 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, 2010
B. Consideration of a Loan Agreement Between the City and Successor Agency
At the June 12, 2013 Oversight Board meeting, the Board approved the Master Bond
Agreement along with several contracts in order to permit the Successor Agency to move
forward with bond funded projects. On August 9, 2013 the Successor Agency received a
letter, attached, from the Department of Finance (DOF) denying the request to immediately
include the contracts and Master Bond Agreement on the existing ROPS for the July —
December 2013 period. However, the DOF did specifically state that they were not objecting
to the Successor Agency's proposal to use the City as the contractor under the Master Bond
Agreement or the individual contracts with vendors for the various projects. The DOF also
noted in their letter that the City has the ability to utilize the provisions of Health and Safety
Code section 34173 (h) to provide a loan from the City to the Successor Agency for the
capital improvement projects, which would be repaid by the existing bond proceeds.
Due to the necessity to expedite some of the projects, especially those such as the Public
Plaza that have been "shovel ready' for more than two years, the City Council will consider a
loan agreement at their regularly scheduled meeting on September 10, 2013. Staff is
seeking direction from the Oversight Board in anticipation of this loan agreement to ensure
that all questions and concerns may be adequately addressed prior to the drafting of the
agreement. It is the City's intent to award the contract for the construction of the Public
Plaza in September along with expediting the construction documents necessary to complete
the Rosemead Community Center expansion and improvements.
Recommendation: That the Oversight Board provide direction and guidance regarding the
preparation of loan documents between the City of Rosemead and the Successor Agency.
4. ADJOURNMENT
The next regular Rosemead Oversight Board meeting is scheduled to take place on
Wednesday, September 18, 2013 at 5:00 p.m.
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