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|Tuesday, May 07, 2002|
-Redevelopment Agency Agenda-
||Tuesday, May 7, 2002
||City Manager's Conference Room
SPECIAL MEETING OF THE WEST COVINA REDEVELOPMENT AGENCY
Agenda material is available for review before the meeting at the City Clerk's Office, Room 317 at City Hall, 1444 W. Garvey Avenue, West Covina. The City complies with the Americans with Disabilities Act (ADA). If you will need special assistance at this meeting, the City will try to accommodate you in every reasonable manner. Please call (626) 939-8433 (voice) or (626) 960-4222 (TTY) from 8:00 a.m. to 5:00 p.m. Monday through Friday for assistance. Please call at least 1 day prior to the meeting date to inform us of your particular needs and to determine if accommodation is possible. For sign language interpreter services or use of hearing-impaired aids at Council meetings, four working days may be required.
I. CALL TO ORDER OF THE REDEVELOPMENT AGENCY
Roll Call: Touhey, Herfert, Miller, Sanderson, Wong
II. PUBLIC COMMENTS ON ITEMS ON THE AGENDA
III. RECESS TO CLOSED SESSION
A. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION
Existing litigation pursuant to subdivision (a) of Section 54956.9
One Case (Case No.BC244791)
B. CONFERENCE WITH LEGAL COUNSEL - ANTICIPATED LITIGATION
Anticipated initiation of litigation pursuant to subdivision (c) of Section 54956.9
C. CONFERENCE WITH REAL PROPERTY NEGOTIATORS
Pursuant to Government Code Section 54956.8
Property: Northwest corner of Barranca Street and Eastland Center Drive
APN's 8451-012-020, 8451-012-024, 8451-012-902, 8451-012-903, 8451-012-904
Agency Negotiators: Pasmant, Alvarez-Glasman, Chung, Lee
Negotiating Parties: Westfield Corporation, Inc. or Kendrew Development
Under Negotiation: Terms of sale
IV. RECONVENE FROM CLOSED SESSION
ACTION: Motion by __________ 2nd by __________
To ADJOURN the meeting at ____ P.M.
REGULAR MEETING OF THE REDEVELOPMENT AGENCY
WEST COVINA, CALIFORNIA
Tuesday, May 7, 2002
A G E N D A
ROLL CALL: Touhey, Herfert, Miller, Sanderson, Wong
APPROVAL OF MINUTES:
Regular Meeting of April 16, 2002
Special Meeting of April 24, 2002
I. CONSENT CALENDAR
All items listed under the consent calendar may be enacted by a single motion without separate discussion. If, however, discussion or a separate vote on any item is desired by an Agency Board member, that item may be removed from the Consent Calendar and considered separately.
A. SMALL BUSINESS ASSISTANCE PROGRAM
The Agency Board shall consider including 444 S. Vincent Avenue in the LEASE-1 Program "target" areas and approve the Big O Tires request for LEASE-1 assistance. It is recommended that the Agency Board approve inclusion of 444 South Vincent Avenue in the LEASE-1 targeted locations and approve funding of $12,000 to Big O Tires under the LEASE-1 Program.
B. ECLIPSE GROUP EXCLUSIVE NEGOTIATING AGREEMENT
The Redevelopment Agency Board shall consider an Exclusive Negotiating Agreement with Eclipse Development Group for the potential development of a 375,000 square foot commercial retail project on a 31-acre site. The Redevelopment Agency Board shall consider an Exclusive Negotiating Agreement with Eclipse Development Group for the potential development of a 375,000 square foot commercial retail project on a 31-acre site.
C. TREASURER'S REPORT (RECEIVE AND FILE)
Treasurer's report of cash balances and investments.
REPORT FOR THE MONTH OF MARCH 2002
ACTION ON THE FOREGOING CONSENT CALENDAR ITEMS:
Motion by ________ 2nd by ________
to approve the item listed.
ROLL CALL: Herfert, Miller, Sanderson, Wong, Touhey
END OF CONSENT CALENDAR
II. REGULAR ITEMS
A. DEVELOPMENT OPPORTUNITY PARCEL PROPOSALS
The Agency Board shall consider proposals submitted by Westfield Corporation and Kendrew Development for development of a 2.75-acre site, known as the "Development Opportunity Parcel." It is recommended that the Agency Board:
1. Select either the proposal submitted by Westfield Corporation or the proposal submitted by Kendrew Development; and,
2. Authorize the Executive Director to prepare and execute a 120-day ENA with the selected developer.
ACTION: Motion by _________ 2nd by ________
To Approve ______ Disapprove ______ Hold Over ______
B. TAX ALLOCATION REVENUE REFUNDING BONDS, SERIES 2002 (REFER TO CITY COUNCIL AGENDA ITEM NO. C-6f FOR COMPLETE STAFF REPORT)
The Agency Board shall consider approval of a resolution authorizing the Redevelopment Agency to issue Tax Allocation bonds in an amount not to exceed $12.5 million in order to refinance existing debt. It is recommended that the Agency Board adopt the following resolution:
RESOLUTION NO. ____ - A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF WEST COVINA AUTHORIZING AND DIRECTING THE ISSUANCE, SALE AND DELIVERY OF THE AGENCY'S TAX ALLOCATION REVENUE REFUNDING BONDS, SERIES 2002, APPROVING THE EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST, A CONTINUING DISCLOSURE AGREEMENT, A BOND PURCHASE AGREEMENT, AND A FIRST SUPPLEMENTAL LOAN AGREEMENT, APPROVING THE FORM OF A PRELIMINARY OFFICIAL STATEMENT, AUTHORIZING THE RETENTION OF CERTAIN PROFESSIONAL FIRMS, AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH
ACTION: Motion by ________ 2nd by ________
To waive further reading of the resolution(s) and
To Approve ______ Disapprove ______ Hold Over ______
ACTION: Motion by _________ 2nd by _________
To ADJOURN the meeting at _______ P.M.
NEXT REGULAR MEETING IS JUNE 4, 2002
NOTICE TO PUBLIC
THOSE WISHING TO ADDRESS THE AGENCY BOARD ON NON-HEARING ITEMS WILL BE HEARD AT THE SAME TIME AS THOSE ADDRESSING THE CITY COUNCIL UNDER AGENDA COMMUNICATIONS