2015 03-19OVERSIGHT BOARD MINUTES
(TO THE SUCCESSOR AGENCY OF THE POWAY REDEVELOPMENT AGENCY)
March 19, 2015
City of Poway, City Hall
Main Conference Room #2060, 2nd Floor
13325 Civic Center Drive, Poway, CA 92064
CALL TO ORDER
The Special Meeting was called to order at 8:00 a.m.
ROLL CALL
Present were:
CHAIR:
VICE CHAIR:
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
Absent:
BOARD MEMBER: David Tam, MD, Palomar Health
BOARD MEMBER: Malliga Tholandi, San Diego County Board of Education
Other Attendees:
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.
PUBLIC COMMENT
None.
BOARD BUSINESS
Adoption of a Resolution Approving the Issuance of Tax Allocation Refunding Bonds
and Authorizing the Execution of Related Documents.
Director of Administrative Services Scott Edwards reviewed the agenda report and
explained that if the Oversight Board approves the Resolution as presented, staff is
anticipating substantial savings in debt service that will result in increased allocations
of property tax revenue to the taxing entities.
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Oversight Board Minutes — March 19, 2015
In response to an inquiry from Chair Tarzy, Director Edwards explained that market
volatility has resulted in a slight decrease in projected savings from when staff
originally presented the item to the Oversight Board on February 25, 2015.
Mark Young, Managing Director of KNN Public Finance, further explained that based
on City Council feedback, staff is also recommending a level savings approach to the
debt service rather than a proportional approach as was originally presented at the
February 25, 2015 Board Meeting.
Motion by Board Member Scott, second by Board Member Laderman to adopt
Resolution No. OSB -15 -002 entitled, "A Resolution of the Oversight Board to the
Successor Agency of the Poway Redevelopment Agency Approving the Issuance of
Tax Allocation Refunding Bonds by the Successor Agency to the Poway
Redevelopment Agency and Authorizing Certain Related Actions." Motion carried
unanimously.
2. Approval of the Fourth Amendment to the Lease Agreement for 13033 Poway Road
(Poway Stoway).
Senior Management Analyst Ashley Jones provided a brief overview of the Report.
Motion by Board Member Lyon, second by Vice Chair Fong -Sakai to adopt
Resolution No. OSB -15 -003 entitled, "A Resolution of the Oversight Board to the
Successor Agency of the Poway Redevelopment Agency Authorizing the Fourth
Amendment to the Lease Agreement with Desert Oasis Industrial Lofts, LLC." Motion
carried unanimously.
CHAIR AND BOARDMEMBERS' COMMENTS
None.
ADJOURNMENT
The meeting was adjourned at 8:20 a.m.
heila Cobian, Secretary
Oversight Board to the Successor
Agency of the Poway Redevelopment
Agency
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