HomeMy WebLinkAboutRDA Minutes 2010-06-23NTH SANS,
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MINUTES
SPECIAL MEETING
REDEVELOPMENT AGENCY
CITY OF SOUTH SAN FRANCISCO
MUNICIPAL SERVICES BUILDING
COMMUNITY ROOM
WEDNESDAY, JUNE 23, 2010
CALLED TO ORDER:
ROLL CALL:
Agenda Review.
6:30 p.m.
Present: Boardmembers Garbarino, Gonzalez and
Matsumoto, Vice Chairman Mullin and
Chairman Addiego.
Absent: None.
Executive Director Nagel recommended that the meeting be recessed prior to consideration
of items 6 and 7 and be reopened simultaneous to consideration of the budget on the City
Council Agenda.
Boardmembers agreed.
2. Public Comments -comments were limited to items on the Special Meeting
Agenda.
None.
ADMINISTRATIVE BUSINESS
3. Resolution 9-2010 authorizing 1) execution of an Option and Purchase Agreement
with MP South City LP; 2) approving a total of $9,509,000 in loans consistent with
the terms of the Loan Term Sheets to affiliates of Mid-Peninsula Housing Coalition
for the development of an affordable housing project at 636 El Camino Real; and 3)
approving a budget amendment to the Redevelopment Agency Low/Mod Housing
Operating Budget.
Community Development Consultant Sanchez presented the staff report and described the
109 affordable unit development. He explained affordability would be at 30-50% of
median income. Due to the state and local financial crisis the budget deficit for the project
was at $18,000. To make up this deficit, Mid Pen was pursuing a tax credit that would
require all of the housing to be affordable. Consultant Sanchez then explained the
financing vehicles and the organizational structure of the Mid Pen subsidiary entities.
Vice Chairman Mullin questioned timing on decisions related to state tax credits.
Consultant Sanchez responded mid-September.
Boardmember Matsumoto noted she could not support the project due to its inability to
integrate market rate housing.
Consultant Sanchez then noted the City Council was scheduled to hear more about the
design for the project during its meeting that same evening.
Motion-Boardmember Garbarino/Second-Boardmember Gonzalez: to approve
Resolution 9-2010. AYES: Boardmembers Gonzalez and Garbarino, Vice Chairman
Mullin and Chairman Addiego. NOES: Boardmember Matsumoto. ABSTAIN: None..
ABSENT: None.
Recess: 6:47 p.m.
Meeting resumed: 10:10 p.m.
4. Resolution No. 10-2010 for the Certification of the City's Investment Policy
for FY 2010/2011.
Director of Finance Steele presented the staff report recommending slight modifications to
the investment policy, including a bench mark measure of performance of the outside
portfolio manager against a 1-5 year government index.
Motion-Boardmember Matsumoto/Second-Boardmember Garbarino: to approve
Resolution 10-2010. Unanimously approved by voice vote.
5. Fiscal Year 2010/2011 Budget: a) Resolution 11-2010 approving the Budget for the
South San Francisco Redevelopment Agency for Fiscal Year 2010/2011 and
appropriating the corresponding funds; b) Resolution providing the Interim
Spending Authority for the first 60 days of the 2010-2011 fiscal year.
Budget Director Tribby presented the staff report summarizing the proposed budget. She
provided a power point presentation that included information regarding the operating
budget and housing fund.
Motion-Boardmember Gonzalez/Second-Boardmember Garbarino: to approve
Resolution 11-2010. Unanimously approved by voice vote.
ADJOURNMENT
Being no further business, Chairman Addiego adjourned the meeting at 10:21 p.m.
Submitlt1d by: Approved•
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-I£-tista a~tt3't~e~l~l`~on~~e~rk' ark Addieg ,Chairman
City of South San Frar~~seo~ City of South San Francisco
REGULAR REDEVELOPMENT AGENCY MEETING JUNE 23, 2010
MINUTES PAGE 2