HomeMy Public PortalAboutA 1985-03-05 LRA �
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= �� °�'= : ° LYNWOOD AEDEtIELOPMENT AG ENCY
' 113308U�LISROAD LYNWOOD,CALIFORNIA90262�- � � � (213)603-0220 �
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LYNVoUOD REQE�IETAPMENT AGII4CY
btARCH 5, 1985
REGUL,AR :�'IEE.TING
7:30 P.M.
LYN4�OOD CITY H11LL, 11330 BULLIS RnAD
J. D. BYORK
CHAIR^1AN
ROBEFrP' HE�iV:7�IG E. L. N�RRIS
VIGE C�'.AIRT4AN I�.'�9BL;R
JAMES E. RO[VE LOliIS A. TFIQ�PSO.v
P9ENNl3ER i��
AC�TCY STAF'F'
EXECUTIVE DIRECiOR " ACudCY COL�VSEL
C'rIARLES G. GO"�Z KUfYP YE�IGER
I4�.�IC J. HiJEESCH
pP , L�]G CER�NIES :
A. Call "�eeting to Order.
I B. Roll Call. (F.�81L`?CrNfJRRIS-RCS�IE
ITEMS FOR COi�SIDERATIOiI
1. [1TD1L'I'ES OF °P:,tiIOUS �'�LiCS
Regular ��eting o= _°ebr�:azy 9, 1:85
�. A TLT:SOLUTICN CF ?"r?E REDrU�IA;�p.r..�r7?' AC-'�.'CY OF '?'Iy CI'i'Y OF LY:
CALIF�RNL� �LLC[VI2�G �'�P� a.°Pt�.O�i�;G '�f-.': Du1�1V�JS �`ID G�i;RRP�7'SS T�r�S^Rd
?'f�°FOR. Gi�RRAr�S :10. 1244-1:5�,
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3. REQ[JFST FOR THE AGENC7C TO ENPER IIdTO A PROE'ESSIONAL SERVICES AGREEMENP
WTTH KATZ, HOLLIS, COREN & ASSaCIATES, INC.
4. REVIEW AND APPI3�VAL AMENDING TI-IE FISCAL YFAR 1984-85 11NN[JAL BUDGET.
AA70URI�II"�Pr :
Nbtion to adjourn to a Regular M�eting of the L�mwood Redevelo�anent Agency,
to be held March 19, 1985, in the Council Chambers of City Hall, 11330 Bullis
Road, Lymaood, California.
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ADJOURNED REGULAR M�ETING FEBRIJAkY 8, 1985
The Lynwood Redevelopment Agency met in an adjourned
regular meeting in the City Ha11, 11330 Bullis Road, on
the above �ate at 5:15 p.m.
Chairman Byork in the chair.
--- Members Morris, Rowe, Thompson and Byork answered the roll
call. Member Henning was absent.
Also oresent were Executive Director Gomez, General
Counsel Huebsch and City Clerk Hooper.
Chairman Byork stated the purpose of the meeting was to
discuss the Towne Center Project.
Community Development Director Importuna stated staff is
suggesting that the Aqency give consideration to the
following items:
1. Project status update
2. Revised scope of development
3: .Use of Agency funds vs. UDAG funds
4. Creation of Agency Ad Hoc Committee
5. Agency direction to staff
Director Importuna also stated that K-Mart did not make a
commitment so were unable to submit the UDAG application.
Ltilr. John Quinton updated the Agency regarding K-Mart's
. withdrawal from their commitment, and stated they will
continue sending out letters to retailers who would fit
this market area. The UDAG application was not submitted,
therefore from UDAG's point of vieca, the City has grown
from a small city to a large city. The next go-around
for UDAG funds will have to be the "big city round"
whicn is the first part o£ July.
Executive Director Gomez stated that Mr. Quinton had
suggested an Ad Hoc Committee to communicate with auickly.
He stated there was no problem in calling a meetiag
as members are alcaays available, but such meetina does
reauire a 24-hour notice. .�Ir. Thompson suggested contact-
ing tne Chairman of �he Agency, and he in turn would r.oti�v
tne other �em:,ers. -
There �aas nc �urt_".er c_scussior., and '_� ;oas -�ovec bv
i'TY _�?Or�iS� SECOIIQ2C IJV �'IY. '?'?lOii1DSOP.� dT?C C3YT12�� �.O
acjou= �o _e�ruar_. 19, 15E5.
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�, RESOLUTION NO. LRA
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF TFIE CITY OT LYNWOOD,
LYNWOOD, CALIFORNIA ALLOWING AND APPROVING THE DEMANDS AND ORDF,RING
WARRANTS T[I�REFOR
' The Redevelopment Agency of the City of Lynwood does hereby resolve as follows:
Secti.on 1. That the demands presented, having been regularly audited, are fiereby allowed and apprnved,
and t}�at warrants ordered drawn therefor by the Agency Treasurer to the payees and in the amounts indicated.
! CIIECY N O. PAYEE DESCRIpTION AMOUNT _ AR611 A ALnMGDA
BANh OF AMERZCA
� • 1244 Ci.Yy of Lynwood City Prosecutc�r cost�l0/84-12/84 $ 600.00 $ G00.00 $-
].248 Anacomp Micro Graphic Micro Fiche Viewer 244.59 122.70 ]22.2.9
1299 Mark Brigqs & Associates UDAG feasibility study & devJ.op. 10,000.00 10,000.00 -
1250 John Byork Agency mtgs-2/5,2/8, & 2/19/85 90.00 45.00 45.00
� 1251 . Robert Henning Agency mtgs-2/5 & 2/19/85 60.00 30.00 30.00
: ].252 Monroe Calculator maintenance.agreement 60.00 30.00 30.00
� 1253 E. I.. Morris Agency mtgs-2/5,2/8, & 2/19/85 90.00 45.00 45.00
, � 1254 James Rowe Agency mtgs-2/5,2/8, & 2/19/85 90.00 �5.00 45.00
1255 Louis Thompson Agency mtgs-2/5,2/8, & 2/19/85 90.00 45.00 45.00
; riasT sTA�ri, anNx
172 - E3ank of America Secured tax payment 7,].69.95 7, 169.95 -
, TOTAL $17�894.59 $17�''i32.25 $362.2
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� Section 2 . That the Agency Secretary shall certify to the adoption of this resolution and shall deliver
a certified copy to the Agency Treasurer and'shall retain a copy thereof for his record.
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P�SSED, APPROVED AND ADOPT�D this day of , 1985
CHAIRMAN, Lynwood Redevel.opment Agency
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ATTES`t' :
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SL:Cl2ETARY
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DA'�E: :9arch 5, 1985
T0: . HONORABLE CEi1LIRMADI AND A�CY :�ERS
.
FRCk�l: Patrick P. Importiuia, Director, Carnrn�nity Development
SUBJEC_": AGREII�'1�PP FOR FIDFjNCIAL CONSUI�T�JG SERVI(�S-
T.�ATZ � HOLLIS r COREiv AND AS��CIAT�^S � INC.:
PURPOSE
To request Agency aopraval of an agreement for financial consulting
services with an experienced and qualified consultar:t, Katz, Hollis
Coren and Associates, Inc.
FP.CPS :
1. The proposed request is for a Professional Service Agreement
with a fixed expenditure limitation.
2. Agency staff is currently working on °our (4) active redevelop-
ment projects (Lync.00cl Towne Center, Hundley, Gallv,aay and �
' Brighton International/BOlker) that require the assistance of
' outside advice in pmject feasibility analysis.
3. Agency staff requires tize'assistance.of outside advice (1) for
overall financial and fiscal planning includinq property tax
analysis in order to effectively monitor the tax increirent
flaa in both redeveloFxnent Project Areas and (2) for financial
projections and Inc�btedness Statrr�esits preparation.
4. The consulting fiizn of Katz, Hollis, Coren and Associates has
been providing financial advice and services to the Agency under
the tex?ns of an agreement for sezvices executed on February 5,
1982,.and amended on August 19, 1982. FIowever, at this ture the
balance left fxnm the amount of the Agreement is negligible,
thus precluding staff from requesting continued assistance fron;
the Consultant.
5. The proposed agre�nt for professional services with Y.atz,
' Hollis, Coren and Associates will not be the first agreanent
' with their c�any as the Agency has previously em�ployed their
� � sexvices with satisfactory results.
6_ Attached is a copy of the icatz, Hollis, Coren and Associates
ccxr�any history, qualifications and list of past and present
- � clients:
7.. Attacned is a copy of tY�e procosed agreement for financial
: ser�ices by and between Ratz, Hollis, Coren and Associates,
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Inc. , and the Lynwved Redevelozxnent Agency and ti�e appropriate
. Resolution for your review and consideracion
8. Agency legal counsel has reviewed tiZe propose3 aqree*nent ar!d has
� aenraved its form and content. �
t;DL�LYSIS .�ID CONCLUSION
` F�zancial consulting services on an ongoing basis are needed 'to (1)
..-� assist ,in `the .cerforn�nce of °ir.ancial ieasibility analysis Lor current '
:and �uture projects and (2)-�nsure overall sbund fina and fiscal
nlzrinir.g `or the �gency.
. �' RECCNITM]F� " VL'PTICN : ` � � . � � � � ,
Staf` res�ect�ully recuests, after xeview and consider3tion, t7at t:e
Agenc�� adcpt `�'�e attacned Resolution' and autnorize t�.e execution of
„' an �cre._ment with :�Catz, Hollis, Coren and Ir.c., zor financial
. censultir.g �e*_vices ir. az amount not to esceed $1�,000:
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Katz Hol l is 012985
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Katz, Hollis, Coren 6 1�eaociates, Inc.
ST11T8NENT OF QIIALIFICATIONS AND B%PHRIENCE
Ratz 6ollie ia pleased to sub�it ite Statement of Qualificatione and
' Ezperience. �
QUALIFICATIONS AND EXPERZENCE .
Ratz 0ollis, founded in 1979, pcovidea a broad range of strategic and
technical support servicea across the full scope of the redevelopment and
community development proceas. These services center around:
-- Financial Servicea. Project feasibility analysis, and
financial and fiacal planning.
-- Bond Servicea. Aaeist, as part of the issuance team, in
projecting revenue estimates, verification of fiscal
elements and structuring an issue to the greatest advantage
of the agency.
-- Property Tax Analysis Secvices. Monito[ and verify taxable
values and revenues and analyze assessment pcactices.
-- Plan Adoption Services. Assist in all phases of redevelop-
ment plan adoption from preliminacy feasibility analysis
and project boundary determination to plan pcepacation,
blight analysis and citizen participation.
-- Legislative Services. Analysis of existing, proposed and
newly enacted legislation on the redevelopment process;
technical drafting of legislation and expert testimony on
proposed legislation.
-- Implementation Services. Assistance in pcoject planning
and management ranging from analysis and design of develop-
ment strategies to developer selection and negotiation.
-- IDB Setvices Assistance in the preparation and presenta- _
tion of applications for industrial development bond
financing to local industrial development authorities and
the California lndustrial Development Financing Advisory
�� Commission.
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STATEHENT OP QOALIFIC7ITIONS �
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CURRENT REDEVELOPKENT CONTRACTS
Katz Hollia has ongoing, general services contzacta With twenty-eight
' agenciea throughout the State, including the following. Theee contracts
authorize us to provi8e services as requeated. The following are'
supplied as references.
Bakerafield Hurbank
Mc. J. David Rennon Mc. Andrev La2aretto
Development Coocdinator C1ty Manager
(805) 326-3764 (213) 953-9701
� San Jose � Costa Mesa
Mr. Frank M. Taylor Ms. Marilyn Whisenand
Executive Dlrector Executive Mrector
(408) 202-4766 (714) 754-5140
Culver City . Glendale
Ms. Jody Hall-ESSer Ms. Susan ShiCk
Community Development Director -Deputy Executive Director
' (213) 202-5773 (213) 956-2005
Monrovia Fairfield
,� � M[. James Starbizd Mc. Chazles Long .
. � City Manager � Finance Director � .
(818) 359-3231 (707) 462-550
� Los Angeles Alhambca
Mr. Peirre Lorenger Mr. Mike Napolitano
� Deputy Administrator Assistant Director
(213) 977-1600 (213) 570-5030
In addition, we have provided aervices to over 100 public agency clients '
listed in the attached Exhibit A. -
. ��� DEVELOPMENT ANALYSIS SERVICES . � . .
Ratz Hollis has played an active role in assisting clients in negotiation
, of agreements with pcivate developers. Among recently completed assign-
ments are the following:
•1. Arcadia. Analyzed developer pcofocmas and the proposed structure of
an agreement for development of a Taiget store and adjacent uses.
This includes substantial examination of alternatives. and
explanation fo[ the city council.
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KatzH�ilis
STATE!lENT OF QOALIFICATIONS
Page 3
2. Glendale. Assiated in atructuring the public financing to accommo-
, date a 500,000 square foot addition to tLe eaiating 1,000,000 aquare
� foot Glendale Galleria.
3. Bakerafield. Aasisted in the analysis of negotiations' and the
structuring of public financing for several developments.
' 4. Hurbank. Ptepared an RFQ, analyzed the responses, asaisted in
intetviewing [esponding developers and assisted in negotiations and
the preparation of an agreement for the development of a 40-unit
apartment complex.
SPECIFIC PINANCIAL SERVICES � .
Ratz Aollis has specialized in the analysis of project feasibility and
development of the implementing financial plans and programs for redevel-
opment and community development authocities. The concentration of such
services has been on the tax increment financing mechanism which was
first utilized in the State of California. Among Katz Holis' recently
completed assignments of analy2ing the potential financial feasibility of
' proposed redevelopment projects are the following:
1. San Francisco. Study to determine feasibility of multimillion ,
dollar capital improvement pcogram in conjunction with proposed plan
adoption.
2. San Jose. Study of inerging five project areas and the feasibility
' of a$250 million capital improvement pro,gram.
3. Fontana. Financial feasibility study and financial planning for
, Jurupa Hills Redevelopment Project involving construciton of 8,D00
new homes. �
4. Fairfield. Preoaration of a Finance Plan for major expansion of ,
� Regional Shopping Center (258,000 square feet to 1,025,000 square
feet).
Katz Hollis has been involved in a variety of projects, including the
following iegional shopping centers.
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STATglIENT OF 40ALIFICATIONS
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, Location Name Size Developer
Pasadeaa Plaza Pasadena 600,000 af Ernest W. 8ahn, Inc.
Glendale Glendale Galleria l 1,000,000 ef John S. Griffith Co.
Glendale Glendale Galleria lI 500,000 sf John S. Griffith Co.
San Diego 9octon Plaza 800,000 sf Brneat W. Hahn, Inc.
Haxthorne Havthorne Plasa 840,000 ef Ernest W. Hahn, Inc.
Los angelea Watts Shopping Center 110,000 af Alexander Haagen
E1 Monte Proposed S�U,�00 sf Alexandez Haagen
Loa Angeles Crenehaw Shopping Center 400,000 sf Alexander Aaagen
Bakersfield Propoaed 800,000 sf The McDonald Group
� Pairfield Solano Mall 610,,000 af Ernest W. Hahn, Inc.
'.n addition, the fitm has been involved with numerous office, hotel,
industrial and residential projecta.
� BOND SERVICES � �
Katz Hollis has assisted 26 client agencies and their bond consultants in
the marketing of 52 issues of tax increment and lease revenue bonds with
a total principal, amount of $723,425,000. A detailed listing of client
agencies and bond issues is enclosed, as Exhibit B. The firm's pacticipa-
tion in these bond issues has placed it on Consultant teams with almost
all of the major undetwriting and bond counsel firms in the California
and westecn regional states' bond markets. These bond issuance services
have also exposed the firm to the major rating agencies (MOOdy's and
Standacd and Poor's) and the insurecs (AMBAC and MBIA). The firm's
ceputation as an independent fiscal consultant whose services are pco-
vided on a non-contingent basis has, in part, contributed to its position
of strong cceditability in the market place.
REY PERSONNEL
, Katz Hollis has a professional staff of 13 with extensive experience in
the community development process of local government. A copy of the
firm's brochure which includes brief resumes of key personnel is en-
closed. Supported by state-of-the-art computer and word processing
� systems, and extensive files on projects and developments statewide, the
firm is capable of undertaking a broad variety of assignments and
producina completed cepocts acco�ding to schedule.
We appceciate the opportunity to submit this Statement of Qualifications.
Sincerely,
�� ' , " RATZ,�HOLLIS,�COREN & ASSOCIATES, INC�. . � � .
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KatzHollis �'
Sxhibit A
IUTZ HOLLIS CLIENT LISTZNG
(All clients are in Califocnia, unleas otherwiae noted)
'A• alhambra Redevelopment Agency
Anaheim Redevelopment Agency
Arcadia Redevelopment Agency
Azusa Redevelopment Agency
Avalon Community Improvement Agency
'B' Bakersfield Redevelopment Agency
Baldwin Park Redevelopment Agency
Bell Community Redevelopment Agency
Bountiful Redevelopment Agency, UTAH
Burbank Redevelopment Agency
City of Billings, MONTANA
'N California lndustrial Development Advisory
� Commission '
Califocnia Passenger Rail Financing Commission
� California State Treasurer
Capistrano Unified School District
� � .. Centre City Development Corporation (San Diego)
� � Charleston Redevelopment Agency, WEST�VIRGINIP.
Chu1a Vista Redevelopment Agency
Choachella Valley Water District
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Commerce:Redevelopment Agency
" ' Comptort Redevelopment Agency
` Co[ona Redevelopment Agency �
� Costa Mesa Redevelopment Agency.
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Katz 9ollis Client Listinq
, Page 2
Covina Redevelopment Agency
Culver City Redevelopment Agency
'D' Duarte Redevelopment Agency
City of Downey
'E' E1 Cerrito Redevelopment Agency
E1 Monte Redevelopment A9ency
Eureka Redevelopment Agency
•F' Faicfield Redevelopment Agency
Fullecton Redevelopment A9ency
Fontana Redevelopment Agency
'G' Glendale Redevelopment A9ency
Glendora Redevelopment Agency
'H' Hawthorne Redevelopment Agency
Hayward Redevelopment Agency
' Healdsburg Redevelopment Agency
Huntin9ton Beach Redevelopment Agency
"I' Indio Redevelopment Agency ,
?nglewood Redevelopment Agency
City of Inglewood
� 'L' � Lakewood Redevelopment Agency � � �
� � ' � �City of La Mesa � � .� �
' La Mesa Redevelopment Agency
, La Hirada Redevelooment Agency
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KatzHollis
Ratz Hollis Client Listing
Page 3
� La Quinta Redevelopment Agency
City of La Quinta
Logan Redevelopment Agency, OTAH
Long Beach Redevelopment Agency
Community Development Commission
of the County of Los Angeles
Community Redevelopment Agency of the
• City of Los Angeles
Los Angeles County Transportation Commission
Lynwood Redevelopment Agency
' •M• Marysville Redevelopment Agency
Maywood Redevelopment Agency
- . M1SSOUla RedevelOpment AgertCy, MONTANA
, Monrovia Redevelopment Agency
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Montebello Redevelopment Agency
Monterey Redevelopment Agency
city of Monterey
Murray Redevelopment Agency, UTAH
� , � 'N�" � National City Community Development Commission � �
� . - - . City of North Las Vegas, NEVADA . . �
- Nocwalk Redevelapment Agency
'0' Oakland Redevelopment Agency
� .� . ' - � � Oceansi�de Community Development Gommission . � . . � .�
Ogden Neighborhood Development Agency, UTAB
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. 1. SCOPE OF SERVICES
� The Consultant shall perform all of the necessary
, services provided under this Agreement upon specific request
therefor by the Agency or its Director or Deputy Director in
connection with and respecting the undertakings of the Agency.
The individual who shall have principal supervisorial
' responsibility for the performance by Consultant hereunder
shall be Gary Jones and/or such other individual(s) as may
hereafter be approved by the Agency or its Director or Deputy
Director.
The Consultant, when requested by the Agency, shall
confer with and advise the Agency regarding the vari.ous aspects
of its plan and programs.
Services to be performe�3 hereun3er :?o not include
services'directly related to the sale o_` a bond issue by the •
Aaencv.
iI. ASSISTANCE, DAT.A AND INFORMATION TO BE FURNISHF.D BY THE
° AGENCY
' The Agency acknowledges that the �ertormance of the
_ • Consultant nereunder wi11 be enhanced if the Agency provides
the Consultant with any plans, publications, reports,
statistics, records or other data or in£qrmatibn pertinent to
ser,vices to be performed hereunder, wnich are reasonably
. 3522Fi2�,9/OG. - � _�_
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available to the Agency. The Agency agrees to cooperate to
make such materials available in connection with the
undertakinga of the Consultant pursuant to this Agreement.
The Agency acknowledgea that the cooperation of staff
with the Coneultant will promote performance hereunder and
agrees that ataff ia to take prompt and appropriate action in
conjunction with such activities as may be jointly undertaken
by the Consultant and the Agency staff pursuant to this
Agreement.
III. COMPENSATION AND METHOD OF PAYMEIJT
A. Compensation
The Agency will compensate the Consultant for s�ervices
performed in accordance with the following schedule:
Principals $95 per hour
Senior Associates $80 per hour
Associates $65 oer hour
Senior Analyst $55 per hour
Analyst $40 per hour
Secretarial/Ad*ninistrative $28 per hour
The Agency will compensate the Consultant for
out-o_°-pocket expenses incurred by the Consultant in connection
with services performe�i hereunder in accor�ance with the
following schedule:
3522p -?-
I .
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.. . �. .
_ _ , .
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Incurred Expenses - by an amount equal to actual incurred
expenses.
Automobile Mileage - at the rate of $0.20 per mile.
Photocopies - at the rate of $0.10 per page for each
document copy in ezcess of five (5) document copies.
"Incurred expensea" include, but are not limited to,
authorized travel by common carrier; long distance telephone
calls;, commercial reproduction; shipping and messenger
services; and other similar expenses. Incurred expenses do not
include normal overhead expenses.
Compensation for all services performed (exclusive of
expenses incurred) by the Consultant pursuant to this Agreement
sha11 not exceeci the sum of Fifteen Thousan�i Dollars
(515,000.00); the Agency acknowledges that the services to be
performe� hereunder •�o not incluc�e services directly relate�' to
the sale of a bond issue by the Agency.
B. Method of Payment
Within thirty (30) days a£ter tne tast day of any month
in which services have been perfor*ne3 hereunder, the Consultant
sha11 submit an invoice to the Agency stating the amount 3ue
Consultant for such services, and containing a detailed
breaicdoon. of the charges by Project, compensation, '�ourly rate
- an3 number of hours worked. The invoice shall also contain an
itemization of out-of-ooc!cet espenses incurred by the
Consultant and for which co�ensation is due.
3�22n/201a/pp _,_
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Payment of the invoice will be made after acceptance and
approval by the Agency within forty-five (45) days of receipt
of such invoice. Agency's approval of the invoice shall not be
unreasonably withheld.
IV. RIGHT OF TERMINATION
This Agreement may be terminated by either party on
thirty (30) days written notice to the other, the effective
date of cancellation being the 30th day of said written notice
without further action by either party.
V. CONFLICTS OF INTEREST
The Contractor represents that it does not presently hol•9
and will not so long ris this Agreement is in effect acquire any
financial' interest in contracts or property within the City of
Lynwood that would constitute a conflict of interest pursuant
to the Political Reform Act (Government Ca9e Section 81000 e±
seq.). The Contractor shall cooper.ate `ully to assure th3� no
officer, agent or employee of the �ity sha11 have any oersonal
or financial interest in this Agreement or the compensat�on
oai-i oursuant to this Agreement to the �ontrar_tor.
VZ. NOTICES
Notices to the parties, unless otherwise requested in
writinc, shall be.sent to the Agency at 11330 Bullis Road,
- Lynwoo3, Cali£ornia 90262, and the Consultant at 550 South Hill
Stree*_, Suite 980, Los Angeles, Califoraia 90013-24iG.
3S22o!2019/00 -5-
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_______�___.._-- - �_ _ _. � --- - - _ _�_._ _..�. �_ _.___�__�_�_: �. . ___ �4 ... �.�_ _ _--- �. -:--=
IN WITNESS WHEREOF, the Agency and the Consultant have
executed this Agreement as of the date first hereinabove set
forth.
LYNWOOD REDEVELOPMENT AGENCY
By:
By:
KATZ, HOLLIS, COREN &
ASSOCSATES, INC.
IIy:
3522a/201°'00 -6-
+ �
RESOLUTI�I LRA N0.
A RESOLUTION OF THE LYNWOqD REDEVEI,OP.ME61T
A(iIIVCY 'IO EN'PER I'�'In AN AGREQ��"fENNP WITH KATZ ,
HOIS,IS, CORETI AND ASSOCIATES, INC.
PIHEREF�S, the Lync,00d RedeveloTxrent Agency needs to insure
sound financial planning to i�lement the Redevelopment Plans for
Project Area "A" and the Alar,ieda Project; and
WI-IEREAS, the Agency requires the assistance of a qualified
financial consultant to develop sound financial plans; and
Wi�RE7�S, the Agency has deternuned that the Consultant is,
qualified by training and experience to perform the needed services;
N(N7, Tf�REFORE, BE IT RESOLUID, that the Agency enter into an
Agree,ment with Katz, Hollis, Coren and Associates, Inc., a California
Coiporation, for financial consulting sesvices for an acrount not to
exceed $15,000.00.
BE TT FUFrt'HER RESOLUID that the Chaixman 2acecute the above
mentioned Agreenent on behalf of the Agency.
PASSID, APPE20VED and ADOPTID this day of
, 1985.
JOHN D. BYORK, Chairm�n
. Lynwood Redevelo�anent Agency
ATPEST: APPROVED AS 'I1� CONI'IIV'I':
Andrea L. Hooper, Secretary Patrick P. In�ortuna, Director,
Lynwz�ocl Redevelopment Agency Cac¢nunity Development
�DPROVID �5 TO FORM:
General Counsel Barbara Fil:e1, Accountinq :�Ianager
� �
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGII,ES )
I, the undersigned, Secretary of the Lynwvod Redevelo�cent
Agency, do hereby certify that the above and foregoing resolution was
duly adopted by the said Agency at a regular
meeting thereof held in the City Hall of the City of Lyrnaoocl on the
day of , 1985, and passed by the follaaing
vote:
AYES: Agency m�nbers'
NOFS: Agency members
ABSENT: Agency me�nbers
Secretaxy
LYNWOOD RL•'DEVEIAPMENT AC�[QCY
STATE OF CALIFORNIA )
) ss.
COUNPY OF I� AN�FS )
I, the undersigned, Secretary of the Lynwvod Redeveloperent
Agency, do hereby certify that the above and foregoing is a full, true
and correct copy of Resolution LRA No. on file in my office
and that said Resolution was adopted on the date any by the vote therein
stated. Dated this day of , 1985.
" � � Secrecary
, LYV�ri00D REDEVII,OPMENT AGE"�ICY
i
1
i
� �
� DATE: MARCH 5, 1985
T0: HONORABLE CHAIRMAN AND AGENCY MEMBERS
FROM: DONALD J. FRASER, ASSISTANT TO CITY MANAGER��
SUBJECT: MTD-YEAR REVZEW OF LYNWOOD REDEVELOPMENT AGENCY BUDGET
OB3ECTIVE:
To update the Agency members on the status of.the Budget at mid-
year, and to have them adopt the attached Resolution amending
the Budget.
FACT'S:
Some of the Budget changes being requested are due to changing
circumstances (i.e.: the Galloway Project has been implemented
since this Budget was adopted). A formal mid-year review of the
Agency Budget is being done this year for the first time. It
may be helpful for the Agency members to review the purpose of
the various funds which comprise the Agency.
* Area "A" Redevelopment Fund: This is where Operating and
Capital Expenditures are made for Project Area "A." All
expenditures for staff time, consultants and supplies are
made here. Also, the costs of implementing projects (for
example: the Hopkins Towne Center projects) are paid here.
* Area "A" T'ax Increment Fund: This is a debt service fund.
The Agency is currently purchasing two properties with the
money from this fund (the Sanders and Ball properties).
* Alameda Redevelopment Fund: Pays for Operat and Capital
Expenditures for the Alameda Project.
* Alameda Tax Increment Fund: Pays for debt service in the
Alameda Project.
ANALYSIS:
Outlined below are the expenditure accounts which need to be amend-
ed, with justifications for the changes:
* Area "A" Redevelopment Fund:
- Compensation of Board: Budget -- $2,70-0
Amended -- 2,200
This account pays the Agency members.for meetings
attended. Original Budget is estimated for maximum
number of ineetings, then amended to reflect actual
expenditure.
- 9dministrative Charge: Budget -- 8.6,4h0.
Amended - 59,750
' Reflects lower staff charges to the Agency.
(Pa�e 1 of 3)
_ _ .. _. . , ..
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� �
ANALYSIS (Continued)
* Area "A" Redevelopment Fund (Continued)
- Printing: Budget - $ 250
Amended - - - 450
Reflects higher printing costs.
- Miscellaneous Expense: Budget - - 1,500
Amended - - 5,000
Costs for temporary agency services while Community
Development Department was recruiting clerical help.
- Legal Services: Budget - - 9,200
Amended -- 18,000
Attorney costs greater than expected, due to work
on Hopkins, Hundley Projects.
- Planning, Survey & Design: Budget -- 23,000
Amended -- 68,000
Additional funding requested for consultant services
for annexation process, and a contract with Katz,
Hollis and Koren.
- Real Estate Purchases: Budget -- 426,774
Amended - 618,974
Funds added for Galloway Project.
- Appraisal Costs: Budget - - 15,000
Amended -- 16,350
- Funds for Galloway Project.
- Acquisition Expense: � Budget - - 10,500
Amended -- 16,600
Funds for Galloway Project.
- Relocation Costs: Budget - - 5,000
Amended -- 25,000
Funds for Galloway Project.
- Relocation Payments: Budget -- 200,000
Amended - 238,500
Funds for Galloway Project.
- Site Clearance: Budget - - 40,000
, Amended -- 50,000
- Disposal Costs: Budget - - 12,000
Amended - - 6,000
Updated estimate.
� Area "A'� Tax Increment Fund:
- Interest Expense: Budget -- 241,653
9mended - - 65,250
The original Budget combined debt payments for this
Fund and the Special Fund together. The "Special"
is generally not budgeted for (per our Auditors)
since it is administered by the City's Fiscal Agent.
Also, the original Budget estimate w,as incorrect.
- Principal Payment: Budget - - 50,000
�mended -- 92,350
The esplanation above is also valid sor this account.
(Paoe 2 of 3)
� �
ANALYSIS (Continued)
� * Alameda Redevelopment Fund:
- Compensation of Board: Budget - - $2,700
Amended - - 2,200
- Administrative Charge: Budget - - 57,650
Amended -- 55,550
Represents lower staff time charges.
- Printing: Budget - - - 250
Amended - - - 450
� For additional forms for the Agency.
- Miscellaneous Expense: Budget - - 1,500
Amended - - 4,000
Represents costs for tempozarq agency services during
recruitment fos clerical positions.
- Planning, Survey & Design: Budget -- 25,000
Amended -- 12,500
Less contract services needed.
- Project Improvement Costs: Budget --- Q1
Amended - - 5,000
Funds paid to Economic Resources Corporation for
work done.
* Alameda Tax Increment Fund:
- Principal Payment: Budget -- 354,000
Amended - 300,000
Represents repayment of loan to the City of Lynwood.
RECOMMENDATION:
It is recommended that the Board adopt the attached Resolution
entitled: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY AMENDI.IG
THE FISCAL YEAR �1984-85 ANNUAL BUDGET."
,. . . . . .' - 1 � ,. ,. e , ., '_ � ' ' �
� �
LRA RESOLUTION NO.
A RESOLUTION OF THE LYNWOOD REDEVELOPMENT
AGENCY AMENDING THE FY 1934/85 ANNUAL BUDGET
WHEREAS, the Lynwood Redevelopment Agency annually adopts
an Operating Budget; and
^� WHEREAS, the Budget is reviewed at mid-year to determine
' i variances; and
;; WHEREAS, the mid-year Budget review has been completed and
` the following variances estimated: ,
R E V E N U E S:
Acc't. Budget FY Mid-Year VaOverce-
Na. A c c o u n t: 1984/85 1984/85
(Under)
Area "A" Redevelopment Fund:
12-4020 Bond Proceeds 2,250,000 � $(2,250,000)
12-4070 Sale of Real Estate p $2,125,625 2,125,625
Area "A" Tax Increment Fund:
14-4011 Tax Increment - Unsecured 103,136 80,000 (23,136)
14-4012 Business Inventory 41,255 � (41,255)
14-4014 State Subvention � 34,200 34,200 .
14-4050 Interest Income 26,623 22,000 (4,623)
Alameda Redevelopment Fund:
22-4020 Loan Proceeds � 450,000 450,000
Alameda Tax Increment Fund:
24-4010 Tax Increment - Secured 84,125 96,000 11,875
24-4011 Tax Increment - Unsecured � 32,000 32,000
24-4012 Business Inventory 230,890 p (230,890)
24-4014 State Subvention p 200,800 200,800
``� 23 555 58,700 35,145
24-4050 Interest Income �
' E X P E N D I T U R E S:
` Area "A" Redevelopment:
12-5011 Compensation of Board 2,700 2,200 (500)
12-5012 Administrative Charge 86,460 60,750 (25,710)
12-5016 Printing 25G 450 200
12-5018 Miscellaneous Expense 1,500 5,000 3,500
12-5020 Legal Services 9,200 18,000 8,800
12-5030 Contract Services 23,000 68,000 45,000
12-5040 Real Estate Purchases 426,774 618,974 192,200
12-5050 Appraisal Costs 15,000 16,350 1,350
12-5051 Acquisition Expense 10,500 16,600 6,100
12-5070 Relocation Costs 5,000 25,000 20,000
12-5080 Relocation Payments 200,000 238,500 38,500
12-5090 Cite Clearance 40,000 50,000 10,000
12-5110 Disposal Costs 12,000 6,000 (6,000)
Area "A" Tax Increment:
14-5140 Interest Expense 241,653 65,250 (176,403)
14-5150 Principal Payment (Loan) 50,000 92,850 42,850
Alameda Redevelopment Fund:
22-5011 Compensation o Boara 2,700 2,200 (500)
22-5012 Admiaistrative Charge 57,650 56,550 (1,i00)
22-5016 Printing 250. 450 200•
22-5018 �liscellaneous Expenses 1,500 4,000 2,500
22-5030 Contractural Services 25,000 12,500 (12,500)
22-5050 ?cquisition Expenses 5,000 jd (5,000)
__ 22-5100 Project Improvement Costs ,0 5,000 5,000
3�ZIP,2'�d `T_�dX IPCrcmen�:
24-5150 LTD Principal Payment 354,000 300,000 (5^,000)
NOW, THEREFORE, the Lynwood Redevelooment �gency does here-
by find, determine, order anc? RESOLVE as follows:
Section 1. That the Executive Director is authorized to make
the above listed appropriations and chanqes to the Annual Budqet.
Section 2. This Resolution shall become e£fective immeGiatel
upon its adoption.
PASSED, APr�OVED and ADOPTED this � day of ,
• 1985.
ATTEST: JOHN D. BYORK, CHAIRMAAT
LYNWOOD REDEVELOPMENT AGENCY
APPROVED AS TO CONTENT:
ANDREA L. HOOPER, SECRETARY
LYNWOOD REDEVELOPMENT AGENCY _
APPROVED AS TO FORM:
PATRICK P. IMPORTUNA, DIRECTOR
COMMUNITY DEVELOPMENT
GENERAL COUNSEL
BARBARA FIKEL, ACCOUNTING MANAGER
STATE OF CALIFORNIA )
) ss.
COUNTY OF LOS ANGELES )
I, the undersigned, Secretary of the Lynwood Redevelop-
ment Aqency, do hereby certify that the foregoing Resolution was
passed and adopted by the Directors of the Lynwood Redevelopment
Agency at a regular meeting held on the day of , 1985.
AYES:
NOES:
ABSENT:
ANDREA L. HOOPER, SECRETARY �
LYVWOOD REDEVBLOPMENT AGENCY