2015 02-25OVERSIGHT BOARD MINUTES
(TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY)
February 25, 2015
City of Poway, City Hall
Main Conference Room #2060, 2nd Floor
13325 Civic Center Drive, Poway, CA 92064
CALL TO ORDER
The Regular Meeting was called to order at 8:32 a.m.
Present were:
CHAIR:
VICE CHAIR:
BOARD MEMBER:
BOARD MEMBER:
BOARD MEMBER:
BOARD MEMBER:
BOARD MEMBER.
Bruce Tarzy, MD, City of Poway
Lois Fong- Sakai, County Board of Supervisors
Phyllis Laderman, Palomar Community College District
Jim Lyon, City of Poway (former RDA employee)
Tom Scott, County Board of Supervisors
David Tam, MD, Palomar Health
Malliga Tholandi, San Diego County Board of Education
Other Attendees:
Dan Singer, Executive Director, City of Poway; Tina White, Assistant Executive
Director, City of Poway; Sheila Cobian, Secretary, City of Poway; Scott Edwards,
Director of Administrative Services, City of Poway; Jay Virata, Economic
Development Manager, City of Poway; Andrew White, Finance Manager, City of
Poway; Ashley Jones, Senior Management Analyst, City of Poway; Mark Young,
Managing Director, KNN Public Finance.
Chair Tarzy introduced Executive Director Dan Singer to the Board.
PUBLIC COMMENT
None.
BOARD BUSINESS
The Board concurred to consider Item No. 3 prior to the rest of the agenda.
3. Successor Agency Refunding Bonds.
Director of Administrative Services Scott Edwards gave an overview of the Report
and introduced Mark Young, Managing Director of KNN Public Finance, to further
explain the benefits of refinancing the Tax Allocation Bonds issued in 2000, 2001,
2003 and 2007.
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Oversight Board Minutes — February 25, 2015
In response to an inquiry from Chair Tarzy, Mr. Young confirmed that the distribution
of proceeds would take place over an 18 year period.
Board Member Tam confirmed with staff that the original bonds were issued for
improvements in the project area.
In response to Vice Chair Fong- Sakai, Mr. Young explained that the Successor
Agency (City) would be the issuer of the bonds; however, the Oversight Board must
approve the financing documents.
Chair Tarzy commented that over time the taxing entities could have an opportunity
to bond against the guaranteed revenue stream that will result from refunding the
bonds.
Board discussion ensued regarding their support for staff's recommendation and to
schedule a Special meeting on Thursday, March 19, 2015 at 8:00 a.m. to consider
approval of the necessary financing documents to proceed with refunding the bonds.
1. Review and Approve the Recognized Obligation Payment Schedule (ROPS) 15 -16A
and FY 15 -16A Administrative Budget for the period from July 1, 2015 through
December 31, 2015.
Director of Administrative Services Scott Edwards gave an overview of the Report.
In response to an inquiry from Chair Tarzy, Director Edwards explained that the
Department of Finance (DOF) has only approved eight of the eighteen loans that the
City has included on the ROPS report. He further explained that the DOF is justifying
their denial due to the fact the City is unable to produce amortized loan agreements
for the remaining ten loans.
Director Edwards also stated that staff is closely monitoring a budget trailer bill that
has recently been proposed by the Governor. If approved, the bill could result in
even more restrictions on the types of loans that would be considered recognized
obligations due to the dissolution of redevelopment agencies. In addition, the bill
includes language that could impact the City's Long Range Property Management
Plan.
Motion by Vice Chair Fong- Sakai, second by Board Member Lyon to adopt
Resolution No. OSB -15 -001 entitled, "A Resolution of the Oversight Board to the
Successor Agency of the Poway Redevelopment Agency Approving the Recognized
Obligation Payment Schedule (ROPS) and the Administrative Budgets for the Period
from July 1, 2015 through December 31, 2015." Motion carried unanimously.
2. Approval of the 2015 Meeting Schedule.
Motion by Board Member Lyon, second by Board Member Laderman to approve the
2015 Regular Meeting Schedule for the Oversight Board to the Successor Agency of
the Poway Redevelopment Agency.
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Oversight Board Minutes — February 25, 2015
4. Approval of the September 24, 2014, Regular Meeting Minutes of the Oversight
Board .to the Successor Agency of the Poway Redevelopment Agency.
Motion by Board Member Scott, seconded by Vice Chair Fong -Sakai approving the
September 24, 2014, Regular Meeting Minutes of the Oversight Board to the
Successor Agency of the Poway Redevelopment Agency. Motion carried
unanimously.
CHAIR AND BOARDMEMBERS' COMMENTS
Board discussion ensued regarding their appreciation for staff's efforts in preparing
for the Oversight Board meetings.
EXECUTIVE DIRECTOR COMMENTS
5. Status of Redevelopment Dissolution (Verbal Report)
Assistant Executive Director Tina White gave a brief overview of the Governor's
budget trailer bill. She explained that there is a portion of the bill that provides a
definition for the term "loans." Another part of the bill addresses whether or not
parking lots adjacent to City owned facilities will be properties that cities can retain
through their Long Range Property Management Plans (LRPMP). She stated that
the parking lot at Old Poway Park is of concern to staff. If the DOF does not allow the
City to retain the parking lot, staff could amend the LRPMP and indicate that the City
would purchase the parking lot.
Director White explained that the proposed legislation also includes a provision for
approval of the Recognized Obligations Payment Schedule to take place annually.
In response to an inquiry from Chair Tarzy, Director White stated that the trailer bill
would give cities in Los Angeles County the ability to "opt in" to the County Oversight
Board when they are ready. She further explained that several cities in San Diego
are interested in pursuing a similar scenario.
ADJOURNMENT
The meeting was adjourned at 9:53 a.m.
),101 P
Sheila Cobian, Secretary
Oversight Board to the Successor
Agency of the Poway Redevelopment
Agency
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