HomeMy WebLinkAboutMinutes 2012-10-10SPECIAL MEETING
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SUCCESSOR AGENCY
°g�roR OF THE
CITY OF SOUTH SAN FRANCISCO
P.Q. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
None.
None.
Meeting held at:
MUNICIPAL SERVICM BUILDING
COMMUNITY ROOM
33 ARROYO DRIVE
SOUTH SAN FRANCISCO, CA
WEDNESDAY, OCTOBER 10, 2012
Call to Order. 6:33 p.m.
2. Roll Call. PRESENT: Boardmembers Addiego *,
Matsumoto and Mullin, Vice Chairman
Gonzalez and Chairman Garbarino.
ABSENT: None.
*Boardmember Addiego arrived at 6:36 p.m.
3. Agenda Review.
4. Public Comments — comments are limited to items on the Special Meeting
Agenda.
5. Update on 2006 RDA Bonds Escrow/Trust Account.
Director of Finance Steele presented the informational staff report advising that per direction
from the Oversight Board in respect to the Recognized Obligations Payment Schedule ( "ROPS ")
for the period of January 1, 2012 through June 30, 2012, staff deposited $50.2 million into an
escrow account held by a third party to pay off the 2006 RDA Bonds at their first call date in
2016.
6. Results of County Auditor Controller Review of ROPS 111.
Director of Finance Steele presented the informational staff report advising that on August 14,
2012, the Oversight Board approved ROPS III for the period January through June 2013. No
objections were received from the County. Since receipt of the County's review, the California
State Department of Finance rejected three line items on this ROPS. Staff filed an appeal of this
rejection today.
7. Update on Former Low and Moderate Income Housing Fund Due
Diligence Review of Cash and Cash Equivalents Available for
Disbursement to Taxing Entities.
Director of Finance Steele presented the informational staff report advising that Assembly Bill
1484 required an audit to verify the unobligated balance available from the former Low to
Moderating Income Housing Fund ( "LMIHF ") for distribution to taxing agencies. On October 1,
2012, staff transmitted the LMIHF audit to the state Department of Finance, state Controller and
County Auditor Controller as required under AB 1484. The audit confirmed LMIHF total assets
of $30,789,162. Of that amount $27,802,350 is unobligated and will be distributed to taxing
agencies in November 2012.
In response to a question from Boardmember Matsumoto, Director Steel clarified that the funds
the City receives as a taxing entity as result of this disbursement do not have to be utilized for
housing related purposes.
8. CLOSED SESSION:
Real Property Negotiations
(Pursuant to Government Code Section 54956.8)
Related to: 1 Chestnut Avenue
Negotiating Parties: Oversight Board and Successor Agency for the former
South San Francisco Redevelopment Agency and Red Cart Market Inc.,
dba Pet Club Stores.
Agency Negotiator: Marty VanDuyn.
Red Cart Market Inc., dba Pet Club Stores Negotiator: Vic Catanzaro.
Time entered Closed Session: 6:40 pm.
Open Session resumed: 6:55 pm.
Report out of Closed Session by Chairman Garbarino: Direction given.
ADJOURNMENT
Being no further business, Chairman Garbarino adjourned the meeting at 6:55 p.m.
EInta eJartinsi;,
City San Fr
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ari o, Mayor
City of South San Francisco
SPECIAL SUCCESSOR AGENCY MEETING OCTOBER 10, 2012
MINUTES PAGE 2