The URL can be used to link to this page

Home My WebLink About01-11-1994 ORA MinutesORANGE REDEVELOPMENT AGENCY MINUTES OF A REGULAR MEETING ORANGE, CALIFORNIA January 11, 1994 The Orange Redevelopment Agency of the City of Orange, California convened on January 11, 1994 at 3:00 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange, California. 1. ROLLCALL PRESENT ABSENT 3:00 P.M. SESSION Spurgeon, Barrera, Coontz, Murphy Beyer 1.1 APPROVALOF MINUTES Regular Meeting December 14, 1993,MOTION SECOND AYES ABSENT Murphy Spurgeon Spurgeon, Barrera, Coontz, Murphy Beyer ACTION: Approved.Regular Meeting December 21, 1993. MOTION SECOND AYES ABSENT Murphy Spurgeon Spurgeon, Barrera, Coontz, Murphy Beyer ACTION: Approved,2. CONSENT CALENDAR 2. 1 Declaration of the Clerk of the Orange Redevelopment Agency, Marilyn]. Jensen, declaring posting of Orange Redevelopment Agency Agendaof regular meeting ofJanuary 11, 1994, at Orange Civic Center Main Library, the Police Facility at 1107 N, Batavia and the Eisenhower Park Bulletin Board; all of said locations being in the City of Orange and freely accessible to members of the public at least 72 hours before commencement of said regular meeting.ACTION: Accepted Declaration of Agency Posting and authorized its retention as a public record in the Office of the Agency Clerk.2. 2 Authorize Chairman and Director of Finance to draw warrants on Agency's Fiscal Agent in payment of demands,ACTION: Approved.PAGE 1 ORANGE REDEVELOPMENT AGENCY MINUTES January 11, 1994 2. CONSENT CALENDAR (Continued) 2.3 Request authorization to approve payments under Phase I of the Seismic Engineering Report Purchase Program to participants. (RC2500.G.4) FISCAL IMPACT: Funds in the amount of$73,513,OO to cover payments to approved participants are allocated and available in Account #928-9815- 465802-9153 (Rehabilitation Grants - Seismic Loan Program). ACTION: Approved.2.4 Request authorization to approve First-Time Homebuyer Loan and authorize the Agency's Fiscal Agent to prepare a check in the amount of$16,800.00. (RC2500. G.1.l)FISCAL IMPACT: Funds are available in Account #913-9804-465701-9104 (First-Time Homebuyer Funds) for Case #390, Detail number 23098 has been assigned to this loan,ACTION: Approved,2.5 Request authorization to approve First-Time Homebuyer Loan and authorize the Agency's Fiscal Agent to prepare a check in the amount of$l7,500.00. (C2500.G,l.l)FISCAL IMPACT: Funds are available in Account #913-9804-465701-9104 (First-Time Homebuyer Funds) for Case # 392. Detail number 23099 has been assigned to this loan.ACTION: Approved, MOTION SECOND AYES ABSENT Murphy Coontz Spurgeon, Barrera, Coontz, Murphy Beyer All items on the Consent Calendar were approved as recommended.END OF CONSENT CALENDAR 3. REPORTS FROM DIRECTORS - None 4. REPORTS FROM ORANGE REDEVELOPMENT AGENCY MINUTES January 11, 1994 5. ADMINISTRATIVE REPORTS - None 5. 1 Approve the Phase II Financial Incentive Program for participants in the Unreinforced Masonry Program. (RC25oo.G.4)FISCAL IMPACT: This recommendation has no impact on the budget. Funds in the amount of $ 1,775,000.00 have been allocated and are available under Account #928-9818- 465802-9153 Rehabilitation Grants - Seismic Loans).NOTE: The following motion is in companionship for Item 6.1 on the Council Agenda. MOTION SECOND AYES ABSENT Coontz Spurgeon Spurgeon, Barrera, Coontz, Murphy Beyer Moved to instruct the City Manager and the Director of Community Development to work out the following programs: 1) An updated financing package, 2) Approve better communication with the property owners and other interested parties; 3). questions asked today be answered; 4) include a return to Council with a report on these items and success regarding the financing package within 30 days 5) ongoing effort to address a Master Plan for the Old Towne historic area. Additionally, staff to answer questions on long term vs. short term financing, grants ( including retroactively), and a legal opinion of the Assistance League's problem with the grant.6. REPORTS FROM EXECUTIVE DIRECTOR 6.1 Status report on Villa Santiago Apartments. (R3500.0.4)The Executive Director reported the request is for the Agency to provide credit enhancement guarantee in the amount of $1.7 million peryear or debt service shortfall guarantee in the amount of $1. 7 million per year. Also requested is $3.9 million up front cash payment and the City to issue $ 19.2 million in multiple family mortgage revenue bonds. These issues are feasible, however the Agency's ability to afford a debt service guarantee under either of the options, and the existing resources appear to be inadequate to fully fund the shortfall guarantee. To do the project at all, the sources of funding would be different from those previously described to the Council.The Acting Administrator reported two meetings have been held regarding the proposal.Currently being discussed are the revenue sources. All of the Agency's current income and expenditure numbers have been provided to the developer. The proposal would take housing and redevelopment funds which has not been done before.PAGE 3 ORANGE REDEVELOPMENT AGENCY MINUTES January 11, 1994 6. REPORTS FROM EXECUTIVE DIRECTOR (Continued) Frank Elfend, Elfend and Associates, 610 Newport Center Dr., Suite 1290, Newport Beach, commented the priority is there. There are commitments Mr. Elfend's client has with the property owner and the request must go to CDLAC by January 25,1994. It was requested Council have on their January 18, 1994 agenda their intent to move forward on this project. This project will be a money maker and there is an excess in revenue projected for this project. The project will have a positive impact on the City. Based on the revenue stream that we have observed, the credit enhance or the revenue shortfall would not have to be used based upon the flow of revenue derived from the project. Jim Beamis, E. J. De la Rosa and Company, 11444 W. Olympic Blvd. Los Angeles, investment banking firm, commented on the California Debt Limitation Advisory Commission requirements and timelines for applications. MOTION SECOND AYES ABSENT Murphy Coontz Spurgeon, Barrera, Coontz, Murphy Beyer Moved to agendize this item and instruct staff to prepare a draft resolution for the January 18,1994 Agenda in hopes that final details and information can be ascertained between now and then to come to a decision point.NOTE: This item will be discussed in Closed Session.7. LEGAL AFFAIRS - None 8. ORAL PRESENTATIONS - None 9. RECESS The Orange Redevelopment Agency recessed at 5:30 p.m. to Closed Session for the following purposes:a. To give instructions to its negotiator in connection with the purchase, sale, exchange or lease of real property pursuant to Goverrunent Code Section 54956.8.PAGE 4 ORANGE REDEVELOPMENT AGENCY MINUTES January 11, 1994 9. RECESS (Continued) NOTE: The City Attorney added the following: property on the east side of South Orange Street, 119 ft. south of Chapman, negotiating with Robert Breskin; and 11841 E. Prospect, Villa Santiago Apartments, owner is John Micuda or Mr. Ken Black who has indicated he may be acquiring an interest in the property. b. To confer with its attorney regarding potential litigation pursuant to Government Code Section 54956.9(b)(1). c. To consider and take possible action upon such other matters as are orally announced by the General Counsel, Executive Director or Agency Members prior to such recess, unless the motion to recess indicates any other matters will not be considered in Closed Session. 10. ADJOURNMENT MOTION SECOND AYES ABSENT Barrera Murphy Spurgeon, Barrera, Coontz, Murphy Beyer The Redevelopment Agency adjourned at 6:30 p.m.4J?A'~ Q CP. 4U/~MARILYN J. NSEfi CMt:, CLERK OF THE REDEVELOPMENT AGENCY GENE BEYER GENE BEYER, CHAIRMAN OF THE REDEVELOPMENT AGENCY Y~<r'~. D L. BARRERA, VICE- CHAIRMAN OF THE REDEVELOPMENT AGENCY PAGE 5