HomeMy WebLinkAbout05/21/12 OB MINUTESIV
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OVERSIGHT BOARD TO THE SUCCESSOR AGENCY OF THE
DISSOLVED BAKERSFIELD REDEVELOPMENT AGENCY
MINUTES
MEETING OF MAY 21, 2012
Conference Room A, City Hall North, 1600 Truxtun Avenue
Special Meeting 10:00 a,m,
SPECIAL MEETING - 10:00 a.m. ACTION TAKEN
1. ROLL CALL
Present: Board Members J. Philip Bentley,
Bud Burrow, Rob Quiring, Alan Tandy,
Steven Teglia, Linda Vernon
Absent: Board Member Thomas Burke
2. PUBLIC STATEMENTS
None.
3. NEW BUSINESS
a. Election of Chair and Vice Chair for 2012 -2013
Motion by Board Member Tandy, seconded by Board
Member Vernon, to elect Board Member Bentley as
APPROVED
AB BURKE
Chair.
Motion by Board Member Quiring, seconded by Board
Member Vernon, to elect Board Member Teglia as
APPROVED
AB BURKE
Vice Chair.
b. Minutes of the April 9, 2012 special meeting
Motion by Board Member Quiring, seconded by
Board Member Tandy for approval of the minutes.
APPROVED
AB BURKE
W008
Bakersfield, California, May 21, 2012 — Page 2
3. NEW BUSINESS continued ACTION TAKEN
c. Recognized Obligation Payment Schedule
(BOPS) for the period from January 1, 2012
through June 30, 2012.
1. Update of Communications between the
Successor Agency and the State
Department of Finance regarding the BOPS
adopted on April 9, 2012; and
2. Adopt a Resolution of the Oversight Board
to the Successor Agency of the dissolved
Bakersfield Redevelopment Agency
approving the Amended Recognized
Obligation Payment Schedule (BOPS) for
the period January 1, 2012 through
June 30, 2012
Secretary Gafford announced that staff has submitted
a memorandum providing technical corrections for
item 3.c.
Finance Director Smith and Economic Development
Director Kunz spoke regarding communications with
the State Department of Finance.
Economic Development Director Kunz responded to
Board Member questions.
Finance Director Smith made comments regarding the
technical corrections to the Amended Recognized
Obligations Payment Schedule and recommended
the schedule be adopted.
Finance Director Smith and Economic Development
Director Kunz responded to questions of the Board.
Motion by Board Member Burrow, seconded by Board
Member Vernon to adopt a Resolution of the Oversight
Board to the Successor Agency of the dissolved
Bakersfield Redevelopment Agency approving the
amended Recognized Obligation Payment Schedule
(BOPS) for the period of January 1, 2012 through
June 30, 2012.
RES OB004 -12
APPROVED
AB BURKE
Bakersfield, California, May 21, 2012 - Page 3
3. NEW BUSINESS continued
d. Recognized Obligation Payment Schedule
(BOPS) for the period of July 1, 2012 through
December 31, 2012.
Finance Director Smith gave a staff report and
recommended the adoption of a Resolution
approving the new BOPS schedule.
Motion by Board Member Vernon, seconded by
Board Member Teglia, to adopt a Resolution of the
Oversight Board to the Successor Agency of the
dissolved Bakersfield Redevelopment Agency
approving the Recognized Obligation Payment
Schedule (BOPS) for the period July 1, 2012 through
December 31, 2012.
e. Authorization and approval to reenter and
restate two loan agreements between the
Successor Agency and the City as allowed for
under California Health and Safety Code
Sections 34178(a) of AB1 X -26 that were prior
enforceable obligations of the former and
dissolved Bakersfield Redevelopment Agency.
1. Authorize and approve an Agreement to
Reenter and Restate a Reimbursement
agreement previously used by the
Redevelopment Agency with a current
principal balance of $1,342,959 to replace
a September 23, 2009, 7 year $2,000,000
loan at 5% interest from the City Equipment
Fund to provide construction and
development assistance of affordable
housing for the 19th Street Senior Plaza
Apartments in the Mill Creek Project and
With a current principal balance of
$1,122,121 to replace a
September 23, 2009, 7 year $1,500,000 loan
at 5% interest from the City Self
Insurance Fund to provide construction
assistance to the Courtyard Apartments
located on S Street in South Mill Creek.
ACTION TAKEN
RES OBW5 -12
APPROVED
AB BURKE
AGR OB 12 -001
000
%V 010
3.
Bakersfield, California, May 21, 2012 - Page 4
NEW BUSINESS continued
Item 3.e. continued
2. Authorize and approve an Agreement to Reenter
and Restate a Loan Reimbursement Agreement
with a current principal balance of $760,000 to
replace an August 11, 2010, 5 year $950,000 loan
at 3% interest from the City Equipment Fund
previously used by the Bakersfield
Redevelopment Agency to purchase a 1.95
acre strip of land from the City required for the
construction of the Chelsea Family Apartments
located on 14th and S Streets in South Mill Creek.
Economic Development Director Kunz gave a staff
report.
Board Member Tandy asked for clarity on the appeal
to the State Department of Finance.
Economic Development Director Kunz responded and
recommended approval of the loan agreements.
Motion by Board Member Tandy, seconded by
Board Member Vernon, to approve and reenter and
restate the loans.
Establishment of future meeting date
Finance Director Smith stated that the deadline for
submittal of Payment Schedules is November 1, 2012
and recommended the Board meet in the middle of
October 2012.
Board Member Tandy asked Secretary Gafford to poll
Board Members on a suitable date for a future
meeting.
4. BOARD COMMENTS
None.
5. ADJOURNMENT
Chair Person Bentley adjourned the meeting at
10:40 a.m.
C I of e Oversi Board to the
ess r Agency
ATTEST:
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Acting SECRETARY
ACTION TAKEN
AGR OB 12 -002
APPROVED
AB BURKE