HomeMy WebLinkAboutRDA MINUTES 09-05-95 RDA NO. 1
9-5-95
MINUTES
REGU~ MEETING OF THE TUST'rN COt.~UN'rTY REDEVELOPI~NT AGENCY
CITY' OF TUSTIN, CALIFORNIA
AUGUST 21v 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
REGUL~I~ BUSINESS (ITEMB 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.
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
REDEVELOPMENT AGENCY ..~NUTES
Page 2, 8-21-95
was a strong debt transaction able to survive review by the State
or th~ 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.
Motion carried 5-0.
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 moved 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
REDEVELOPMENT AGENCY
Page 3, 8-21-95
UTES
regarding resolving date of landscaping Newport right-of-way;
Agency level of review of escrow documents for homesales; and rate
the Agency would forgive the loan created through.this transaction:
RESOLUTION NO. RDA 95-6 - A RESOLUTION OF 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 HOMESLIMITED PARTNERSHIP
Motion carried 5-0.
OTHER BUSINESS - None
CLOSED SESSION - None
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 POTTS, CHAIRPERSON
VALERIE CRABILL, RECORDING SECRETARY