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Home My WebLink AboutRDA MINUTES 1995 08 21 MINUTES REGULAR MEETING OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CITY OF TUSTIN, CALIFORNIA AUGUST 21, 1995 CALL TO ORDER The meeting was called to order by Chairperson Potts at 8:13 p.m. at the Council Chambers, 300 Centennial Way, Tustin, California- ROLL CALL Members present: Jim Potts, Chairperson Tracy A. Worley, Chairperson Pro Tem Mike Doyle Thomas R. Saltarelli Jeffery M. Thomas Members Absent: None Recording SecretarY: Vacant Others Present: William A. Huston, Exec. Dir./City Manager John Cavanaugh, Deputy City Attorney Steve Foster, Police Captain Ronald A. Nault, Finance Director Tim Serlet, Director of Public Works Valerie Crabill, Chief Deputy City Clerk Dana Kasdan, Engineering Services Manager Rita Westfield, Asst. Dir./Com. Development Rick Brown, Building Official Dana Ogdon, Senior Planner Dan Fox, Senior planner Approximately 30 in the audience REGULAR BUSINESS ( ITEMS I THROUGH 4 ) 1. APPROVAL OF MINUTES - AUGUST 7, 1995 REGULAR MEETING It was moved by Thomas, seconded by Worley., to approve the Redevelopment Agency Minutes of August 7, 1995. Motion carried 5-0. 2. APPROVAL OF DEMANDS It was moved by Thomas, seconded by Worley., to approve Demands in the amount of $19,870.12. Motion carried 5-0 .380-10 3. WORKING CAPITAL LOAN AGREEMENT WITH FIRST INTERSTATE BANK Ronald Nault, Director of Finance, reported that since the adoption of Assembly Bill 1290, the Agency had repaid outstanding City loans and secured a working capital loan for $3 million from First Interstate Bank for fiscal year 1994-95- He stated it was in the best interest of the Agency to have highly structured debt for any one fiscal year in order to fully comply with legislation requiring authorization of the transfer of tax increment from the Redevelopment project areas to the Agency- He said the Agency would use the short term financing on an interim basis until long term financing alternatives were possible; and a third party loan was a strong debt transaction able to survive review by the State or the County regarding the validity of the debt and substantiate authority for receipt of current tax increment- It was moved by Thomas, seconded by WorleY, to adopt the following Resolution No. RDA 95-5 approving a one year working Capital Loan Agreement with First Interstate Bank for the Town Center project Area in the amount of $750,000 and for the South Central Project Area in the amount of $2,500,000 and authorizing the Executive Director to execute the Agreement on behalf of the Agency: RESOLUTION NO. RDA 95-5 - A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA, APPROVING ACQUISITION OF A $3 , 250,000 WORKING CAPITAL LOAN FROM FIRST INTERSTATE BANK OF CALIFORNIA Council/staff discussion followed regarding the County of Orange and State auditing schedule. REDEVELOPMENT AGENCY MINUTES Page 2, 8-21-95 ~ ~ Motion carried 5-0. 400-10 4. SHEA HOMES DISPOSITION AND DEVELOPMENT AGREEMENT William Huston, City Manager, reported the Agency had approved demolition of the Cosmopolitan Apartment complex and subsequent development of 145 single family detached homes on the South Central Redevelopment Project area site. He said the Agency directed staff to negotiate a financial assistance package consisting of costs for right-of-way dedication for the proposed extension of Newport Avenue and clearing costs of 56 units located within the Newport Avenue demolition area; costs associated with construction of certain cul-de-sac improvements within the public right-of-way; cost and installation and three-year maintenance of landscaping in the Newport Avenue dedication area; and Agency assistance to 21 very low, low and moderate income households to assist them in obtaining affordable housing in the proposed project. He stated that the proposed Disposition and Development Agreement (DDA) contained other provisions typical to such agreements. He said staff recommended approval of the DDA with a caveat of allowing staff to work with the developer to settle three remaining minor issues: date developer is required to complete landscaping the Newport right-of-way; level of Agency review of escrow documents for home sales; and rate the Agency would forgive the loan created through this transaction. He stated these issues should be resolved within a week. It was ~oved by Doyle, seconded by Thomas;, to adopt the following Resolution No. RDA 95-6 recertifying the Final Negative Declaration certified for Zone Change 94-003 and Vesting Tentative Tract Map 14934 to serve as the negative declaration for adoption of the Disposition and Development Agreement; approve the Disposition and Development Agreement by and between the Tustin Community Redevelopment Agency and Shea Homes Limited Partnership; appropriate $1,056,792 from the South Central Redevelopment Project Area Housing Set-Aside Fund to defray costs of provision of required affordable housing units pursuant to California Redevelopment Law; and direct staff to work with developer regarding resolving date of landscaping Ne~wpozt right-of-way; Agency level of review of escrow documents ~r home sales; and rate the Agency would forgive the loan created~-~rough this transaction: RESOLUTION NO. RDA 95-6 - A RESOLUTION 0F THE TUSTIN COMMUNITy REDEVELOPMENT AGENCY RECERTIFYING THE FINAL NEGATIVE DECLARATION CERTIFIED FOR ZONE CHANGE 94-003 AND VESTING TENTATIVE TRACT MAP 14934 TO SERVE AS THE NEGATIVE DECLARATION FOR ADOPTION OF A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE TUSTIN COMMUNITy REDEVELOPMENT AGENCY AND SHEA HOMES LIMITED PARTNERSHIp Motion carried 5-0. 400-10 OTHER BUSINESS - None CLOSED SESSION - None ADJOURNMENT Chairperson Potts adjourned the meeting at 8:22 p.m. The next regular meeting of the Redevelopment Agency was scheduled for Tuesday, September 5, 1995, at 7:00 p.m. in the Council Chambers at 300 Centennial Way. JIM POT~;'CHAfRP~SON VALERIE CRABILL, RECORDING ~SECRETARY