HomeMy WebLinkAboutOB Minutes 02.17.15 REGULAR MEETING
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MINUTES
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OVERSIGHT BOARD FOR THE
cAlIFOR
SUCCESSOR AGENCY TO THE CITY OF
SOUTH SAN FRANCISCO
REDEVELOPMENT AGENCY
P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
CITY HALL
LARGE CONFERENCE ROOM, TOP FLOOR
400 GRAND AVENUE
TUESDAY, FEBRUARY 17, 2015
2:00 P.M.
CALL TO ORDER Time: 2:00 p.m.
ROLL CALL Present: Boardmembers Addiego, Christensen,
Gross, Farrales, and Scannell and Chairperson
Cullen.
Absent: Alternate Vice Chair Alejandro Hogan.
PLEDGE OF ALLEGIANCE
Recited.
AGENDA REVIEW
No Changes.
COMMUNICATIONS FROM STAFF
None.
PUBLIC COMMENTS
None.
MATTERS FOR CONSIDERATION
1. Motion to approve the Minutes of the Regular Meeting of January 20, 2015.
Chairman Cullen explained modifications to the minutes made by the Clerk of the Board at his
request.
Motion- Boardmember Addiego/Second - Boardmember Scannell - to approve the Minutes of the
Regular Meeting of January 20, 2015 as modified. Approved by the following vote: AYES:
Boardmembers Addiego, Christensen, Scannell, Farrales, Gross and Chair Cullen; NOES: None;
ABSTAIN: None; ABSENT: Alternate Vice Chair Hogan.
2. Resolution No. 3-2015 approving Recognized Obligation Payment Schedule
(ROPS 15-16A) for the period July through December 2015. (Joe Martin, Sr.
Financial Analyst).
Finance Director Lee presented the staff report recommending approval of the ROPS 15-16A. He
advised the City's Successor Agency had approved the ROPS at a Special Meeting on February 11,
2015. He highlighted certain aspects of the schedule, including parts relevant to the Oyster Point
Ventures Disposition and Development Agreement and certain bond proceeds.
Boardmember Christensen queried the status of the Oyster Point Ventures project against the trigger
date for abandonment of the deal.
Economic and Community Development Director Greenwood advised the walk away date was mid-
2019. He commented on a recent conversation with the Developer indicating plans for the
Development were in process.
Chair Cullen queried why Item 49 was highlighted in red font.
Director Lee advised the state Department of Finance had flagged the item in a prior review, which
set the template irrespective of resolution.
Boardmember Scannell questioned whether another infusion of funds would be required relevant to
Oyster Point Ventures, or whether interest would take care of the rest of the obligation.
Director Lee advised that less any accrued interest another infusion would be required in the July-
September 2015 time frame.
Motion- Boardmember Christensen/Second- Boardmember Farrales - to approve Resolution No. 3-
2015. Approved by the following vote: AYES: Boardmembers Addiego, Christensen, Scannell,
Gross, and Farrales and Chair Cullen; NOES: None; ABSTAIN: None; ABSENT: Alternate Chair
Hogan.
ADJOURNMENT
Being no further business, Chair Cullen adjourned the meeting at 2:11 P.M.
OVERSIGHT BOARD REGULAR MEETING FEBRUARY 17, 2015
MINUTES PAGE 2
Submitted: Approved:
a Martinelli, Clerk Neil Cullen, Chairperson
Oversight Board for the Successor Oversight Board for the Successor
Agency to the South San Francisco Agency to the South San Francisco
Redevelopment Agency Redevelopment Agency
OVERSIGHT BOARD REGULAR MEETING FEBRUARY 17,2015
MINUTES PAGE 3