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Home My WebLink About01 MINUTES 1.26.16 MINUTES OF THE REGULAR MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY COUNCIL CHAMBER 300 CENTENNIAL WAY TUSTIN, CALIFORNIA JANUARY 26, 2016 4:00 P.M. CALL TO ORDER at 4:04 p.m. ROLL CALL Present: Chair Doug Davert, Board Members Dr. Allan Bernstein, John Nielsen, Anthony Soria and Matt West Absent: Vice Chair Dr. Debra Fitzsimons, Secretary Chuck Puckett Successor Agency Clerk: Erica N. Rabe, City Clerk Others Present: David E. Kendig, Legal Counsel to the Successor Agency and Jerry Craig, Economic Development and Housing Manager PLEDGE OF ALLEGIANCE – Board Member West PUBLIC INPUT – None REGULAR BUSINESS ITEMS 1-5 1. APPROVAL OF MINUTES – SPECIAL MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY HELD ON SEPTEMBER 22, 2015. It was moved by Board Member Bernstein and seconded by Board Member Nielsen to approve the Minutes of the Special Meeting of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency held on September 22, 2015. Motion carried 5-0 [[510,2631,537,2686][12][,I,][Arial]] ADOPT OVERSIGHT BOARD RESOLUTION NO. 16-04 APPROVING THE 2. OVERSIGHT BOARD MEETING CALENDAR FOR JULY 2016 THROUGH JUNE 2017 [[510,2859,537,2914][12][,I,][Arial]] It was moved by Board Member Nielsen and seconded by Board Member West to adopt Oversight Board Resolution No. 16-04 approving the proposed ADA Assistance If you need special assistance to participate in this Oversight Board meeting, contact the City Clerk’s Office at (714) 573- 3026. Please call at least 72 hours prior to the meeting to allow the City to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.102.104 American Disabilities Act Title II) Meeting Calendar for July 1, 2016 through June 30, 2017, with notice to be provided to the Oversight Board by staff of the Successor Agency to the Tustin Community Redevelopment Agency (“Successor Agency”) when an additional Board meeting is required. Motion carried: 5-0 OVERSIGHT BOARD RESOLUTION NO. 16-04 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE MEETING CALENDAR FOR THE PERIOD OF JULY 2016 THROUGH JUNE 2017 [[510,1013,537,1068][12][,I,][Arial]] 3. ADOPT OVERSIGHT BOARD RESOLUTION NO. 16-05, REAPPOINTING OFFICERS It was moved by Board Member Nielsen and seconded by Board Member Soria to adopt Oversight Board Resolution No. 16-05, reappointing Officers, subject to the following condition: a) Should any subsequent modifications be required, the City Manager and/or Finance Director, or their authorized designee, shall be authorized to make any augmentation, modification, additions or revisions as may be necessary subject to certification by the Oversight Board Chair. Motion carried: 5-0 OVERSIGHT BOARD RESOLUTION NO. 16-05 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY REAPPOINTING OFFICERS ADOPT OVERSIGHT BOARD RESOLUTION NO. 16-01, APPROVING THE 4. RECOGNIZED OBLIGATION PAYMENT SCHEDULE 16-17 FOR THE PERIOD OF JULY 2016 THROUGH JUNE 2017 It was moved by Board Member Bernstein and seconded by Board Member Nielsen to adopt Oversight Board Resolution No. 16-01, approving the Recognized Obligation Payment Schedule 16-17 (“ROPS 16-17”) for the period of July 1, 2016 through June 30, 2017, and authorize submission of ROPS 16-17 to the Department of Finance (“DoF”) by February 1, 2016, subject to the following conditions: a) The Oversight Board and the Successor Agency reserve all rights to seek payment for any obligations removed by the DoF from ROPS 16- 17; and Oversight Board of the Successor Agency to the Page 2 Tustin Community Redevelopment Agency Regular Meeting Minutes – January 26, 2016 b) Should any subsequent modifications be required to ROPS 16-17, the Executive Director and/or Finance Director, or their authorized designee, shall be authorized to make any augmentation, modification, additions or revisions as may be necessary subject to certification by the Oversight Board Chair. Motion carried: 5-0 Note (: Pursuant to AB 1484-amended California Health and Safety Code (HSC) Section 34177(m), the above actions by the Oversight Board shall not become effective for forty-five (45) business days pending a review by the DoF. Within five business days of the DoF’s determination, the Successor Agency can request additional review by the DoF and an opportunity to meet and confer on disputed items.) OVERSIGHT BOARD RESOLUTION NO. 16-01 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE RECOGNIZED OBLIGATION PAYMENT SCHEDULE 16-17 (“ROPS 16-17”) AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH ADOPT OVERSIGHT BOARD RESOLUTION NO. 16-02, APPROVING THE 5. AMENDED ADMINISTRATIVE BUDGET AND TENTH AMENDED AGREEMENT BETWEEN THE CITY AND SUCCESSOR AGENCY FOR ADMINISTRATIVE SUPPORT It was moved by Board Member Bernstein and seconded by Board Member Nielsen to adopt Oversight Board Resolution No. 16-02 approving the Amended Administrative Budget and Tenth Amended Agreement between the City and the Successor Agency for Administrative Support, subject to the following condition: a) Should any subsequent modifications be required, the City Manager and/or Finance Director, or their authorized designee, shall be authorized to make any augmentation, modification, additions or revisions as may be necessary subject to certification by the Oversight Board Chair. Motion carried: 5-0 OVERSIGHT BOARD RESOLUTION NO. 16-02 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE AMENDED ADMINISTRATIVE BUDGET AND TENTH AMENDED AGREEMENT BETWEEN THE CITY AND THE SUCCESSOR AGENCY FOR ADMINISTRATIVE SUPPORT AND MAKING CERTAIN FINDINGS IN CONNECTION THEREWITH Note (: This Resolution shall be effective after transmittal of this Resolution to Oversight Board of the Successor Agency to the Page 3 Tustin Community Redevelopment Agency Regular Meeting Minutes – January 26, 2016 the Department of Finance (“DoF”) and the expiration of five (5) business days pending a request for review by the DoF within the time periods set forth in Assembly Bill No. 1484. In this regard, if the DoF requests review hereof, it will have 40 days from the date of its request to approve this Oversight Board action or return it to the Oversight Board for reconsideration and the action, if subject to review by the DoF, will not be effective until approved by the DoF.) ADJOURNED at 4:10 p.m. The next special meeting of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency is scheduled for February 2, 2016 at 5:00 p.m. in the Council Chamber at 300 Centennial Way, Tustin, California. Oversight Board of the Successor Agency to the Page 4 Tustin Community Redevelopment Agency Regular Meeting Minutes – January 26, 2016 MINUTES OF THE SPECIAL MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY COUNCIL CHAMBER 300 CENTENNIAL WAY TUSTIN, CALIFORNIA FEBRUARY 2, 2016 5:00 P.M. CALL TO ORDER at 5:01 p.m. ROLL CALL Present: Chair Doug Davert, Secretary Chuck Puckett, Board Members Dr. Allan Bernstein, John Nielsen, Anthony Soria and Matt West Absent: Vice Chair Dr. Debra Fitzsimons, Successor Agency Clerk: Erica N. Rabe, City Clerk Others Present: David E. Kendig, Legal Counsel to the Successor Agency and Jerry Craig, Economic Development and Housing Manager PLEDGE OF ALLEGIANCE – Board Member West PUBLIC INPUT – None REGULAR BUSINESS ITEM 1 1. ADOPT OVERSIGHT BOARD RESOLUTION NO. 16-03, APPROVING THE TRANSFER OF TWO SUCCESSOR AGENCY PROPERTIES TO THE CITY It was moved by Secretary Puckett and seconded by Board Member Bernstein to adopt Oversight Board Resolution No. 16-03, approving the transfer of the following two (2) Successor Agency properties to the City of Tustin: 1. 345 E Main Street (310 S Preble Drive): Tustin Library (401-592-19) 2. 200 S “C” Street: Tustin Senior Center (401-574-04) Motion carried: 6-0 Approval is subject to the following conditions: a) Should any subsequent modifications be required, the City Manager and/or Finance Director, or their authorized designee, shall be authorized to make ADA Assistance If you need special assistance to participate in this Oversight Board meeting, contact the City Clerk’s Office at (714) 573- 3026. Please call at least 72 hours prior to the meeting to allow the City to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.102.104 American Disabilities Act Title II) any augmentation, modification, additions or revisions as may be necessary, subject to certification by the Oversight Board Chair. Note: ( This Resolution shall be effective after transmittal of this Resolution to the Department of Finance (“DoF”) and the expiration of five (5) business days pending a request for review by DoF within the time periods set forth in Assembly Bill No. 1484. Pursuant to Health and Safety Code Section 34181(f), if DoF requests review hereof, it will have 60 days from the date of its request to approve this Oversight Board property disposition action or return it to the Oversight Board for reconsideration and the action, if subject to review by DoF, will not be effective until approved by DoF.) [[510,990,537,1045][12][,I,][Arial]] ADJOURNED at 5:02 p.m. The next regular meeting of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency is scheduled for January 24, 2017 at 4:00 p.m. in the Council Chamber at 300 Centennial Way, Tustin, California. Oversight Board of the Successor Agency to the Page 2 Tustin Community Redevelopment Agency Special Meeting Minutes – February 2, 2016 MINUTES OF THE SPECIAL MEETING OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY COUNCIL CHAMBER 300 CENTENNIAL WAY TUSTIN, CALIFORNIA JUNE 14, 2016 3:30 P.M. CALL TO ORDER at 3:32 p.m. ROLL CALL Present: Chair Doug Davert, Secretary Chuck Puckett, Board Members Dr. Allan Bernstein and Matt West Absent: Vice Chair Dr. Debra Fitzsimons, Board Members John Nielsen and Anthony Soria Successor Agency Clerk: Erica N. Rabe, City Clerk Others Present: David E. Kendig, Legal Counsel to the Successor Agency and Jerry Craig, Economic Development and Housing Manager PLEDGE OF ALLEGIANCE – Secretary Puckett PUBLIC INPUT – None REGULAR BUSINESS ITEM 1 1. OVERSIGHT BOARD APPROVAL OF ISSUANCE OF BONDS TO REFUND CERTAIN OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND ESCROW AGREEMENTS AND PROVIDING FOR OTHER MATTERS RELATING THERETO In March, 2010, the Tustin Community Redevelopment Agency issued $26,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds, Series 2010 (the "2010 Housing Bonds") to refinance low and moderate income housing activities within the City, of which $21,225,000 principal amount remains outstanding, and in November, 2010, it issued $44,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds (MCAS -Tustin ADA Assistance If you need special assistance to participate in this Oversight Board meeting, contact the City Clerk’s Office at (714) 573- 3026. Please call at least 72 hours prior to the meeting to allow the City to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.102.104 American Disabilities Act Title II) Redevelopment Project Area), Series 2010 (the "2010 Redevelopment Bonds") to finance redevelopment activities within and for the benefit of the MCAS - Tustin Redevelopment Project, of which $40,160,000 principal amount remains outstanding. The 2010 Housing Bonds are callable on any date on and after September 1, 2020 at par, while the 2010 Redevelopment Bonds are callable on any date on and after September 1, 2018 at 102% of par. Section 34177.5 of the California Health and Safety Code authorizes the Successor Agency to issue refunding bonds for the purpose of achieving debt service savings. Due to favorable market conditions, the Successor Agency is contemplating the issuance of bonds to refund the 2010 Housing Bonds and the 2010 Redevelopment Bonds on an advance basis. Based on current market conditions, it is anticipated that such refunding would generate approximately $507,000 of average annual debt service savings beginning in 2017. Any debt service savings as a result of the refunding will increase the amount of property tax revenues that can be distributed to all the taxing entities, including the City. It was moved by Board Member Bernstein and seconded by Board Member Puckett to adopt Resolution No. 16-06, a Resolution of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency approving the issuance of refunding bonds in order to refund certain outstanding obligations of the former Tustin Community Redevelopment Agency, approving the execution and delivery of an Indenture of Trust and Escrow Agreements relating thereto, requesting Oversight Board approval of the issuance of the refunding bonds, requesting certain determinations by the Oversight Board, and providing for other matters relating thereto. Motion carried: 4-0 OVERSIGHT BOARD RESOLUTION NO. 16-06 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ISSUANCE OF REFUNDING BONDS IN ORDER TO REFUND CERTAIN OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY, APPROVING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND ESCROW AGREEMENTS RELATING THERETO, REQUESTING APPROVAL OF THE ISSUANCE OF THE REFUNDING BONDS, REQUESTING CERTAIN DETERMINATIONS, AND PROVIDING FOR OTHER MATTERS RELATING THERETO (Note: This Resolution shall be effective after transmittal of this Resolution to the Department of Finance (“DoF”) and the expiration of five (5) business days pending a request for review by DoF within the time periods set forth in Assembly Bill No. 1484. Pursuant to Health and Safety Code Section 34181(f), if DoF requests review hereof, it will have 60 days from the date of its request to approve this Oversight Board property disposition action or return it to the Oversight Board of the Successor Agency to the Page 2 Tustin Community Redevelopment Agency Special Meeting Minutes – June 14, 2016 Oversight Board for reconsideration and the action, if subject to review by DoF, will not be effective until approved by DoF.) [[532,415,560,472][12][,I,][Arial]] Board Member Soria arrived at 3:34 p.m. Economic and Development Housing Manager Jerry Craig provided an update regarding the Department of Finance. ADJOURNED at 3:37 p.m. The next regular meeting of the Oversight Board of the Successor Agency to the Tustin Community Redevelopment Agency is scheduled for January 24, 2017 at 4:00 p.m. in the Council Chamber at 300 Centennial Way, Tustin, California. Oversight Board of the Successor Agency to the Page 3 Tustin Community Redevelopment Agency Special Meeting Minutes – June 14, 2016