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HomeMy Public PortalAboutA1999-12-07 LRA . ; � 4n,..�,�._�..._,.��,J ._"'..,....:.__...�._.: ....� ..,.w.., ..a... :,>. � i - � ��`44 LYNWOOD REDEVELOPMENT AGEN T 113308ULLISROAD LYNWOOD.CALIFORNIA90262-3845 13101603-0220 � �� ( t.i C� ' %�_�-1 Ricardo Sanchez, c�nian,nr, C � V E, � I Louis Brrd, vic=_cNAiRMnN � CIIY Of LYNWOOU Armando Rea, MeMeea Armro Reyes, MEMeea CITY CLERKS OF�ICE PaulRichards,MeMeEa GCC 2 199� 7 , � . . % `u{' /�n��.�.<<�C-. �'�. { � J AGENDA �` LYNWOOD REDEVELOPMENT AGENCY DECEMBER 7, 1999 REGULAR MEETING 6:00 P.M. LYNWOOD CITY HALL, 11330 BULLIS ROAD RICARDO SANCHEZ CHAIRMAN LOUIS BYRD ARMANDO REA VICE CHAIRMAN MEMBER ARTURO REYES PAUL RICHARDS MEMBER MEMBER EXECUTIVE DIRECTOR AGENCY COUNSEL RALPH W. DAVIS, III SHAN K. THEVER OPENING CEREMONIES A. Call Meeting to Order. B. Roll Call (BYRD-REA-REYES-RICHARDS-SANCHEZ) C. Certification of Agenda Posting by Secretary. PUBLIC ORAL COMMUNICATION (Agenda Items Only) ITEMS FOR CONSIDERATION 1. MINUTES OF PREVIOUS MEETING Regular Meeting of November 2, 1999 Regular Meeting of November 16, 1999 2. RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF LYNWOOD, CALIFORNIA, ALLOWING AND APPROVING THE DEMANDS AND WARRANTS THEREFORE. , � , REGULARITEMS 3. TREASURER'S QUARTERLYINVESTMENT REPORT. Comments The purpose of this item is to have the Lynwood Redevelopment Agency members review the Treasurer's Quarterly Investment Report as required by recently State Status. , Recommendation The City Treasurer respectfully recommends that the Lynwood Redevelopment Agency members receive and file the attached Quarterly Investment Report for the quarter ending September 30, 1999. PUBLIC HEARING ITEM NONE INFORMATION ITEM NONE PUBLIC ORAL COMMUNICATION � ADJOURNMENT Motion to adjourn to a Regular Meeting of the Lynwood Redevelopment Agency to be held December 21, 1999 at 6:00 p.m. in the Council Chambers of City Hall, 11330 Bullis Road, Lynwood California ' �. � LYNWOOD REDEVELOPMENT AGENCY NOVEMBER 2 1999 The Redevelopment Agency of the City of Lynwood met in a Regular Session at City Hall, 11330 Bullis Road on the above date at 6:33 p.m. Chairman Ricardo Sanchez presiding. Members Byrd, Rea, Reyes, Richards, Sanchez answered roll call. Also present were Executive Director Davis, Interim Agency Counsel Boyd Hill, Secretary Hooper and Treasurer Pygatt. Secretary Hooper announced the Agenda had been posted in accordance with The Brown Act. PUBLIC ORAL COMMUNICATION None ITEMS FOR CONSIDERATION Item #1: Minutes of Previous Meeting. It was moved by Member Richards, seconded by Member Byrd and carried to approve the following minutes: Regular Meeting of October 19, 1999 Special Meeting of October 21, 1999 Special Meeting of October 22, 1999 Item #2: Warrants. It was moved by Member Richards, seconded by Member Reyes to adopt: RESOLUTION NO. 99.55 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF LYNWOOD, CALIFORNIA, ALLOWING AND APPROVING THE DEMANDS AND WARRANTS THEREFORE". ROLL CALL: AYES: MEMBERS BYRD, REA, REYES, RICHARDS, SANCHEZ NOES: NONE ABSENT: NONE PUBLIC HEARING ITEMS Item #3: Joint Public Hearing For Consideration Of A Proposed Disposition And Development Agreement ("DDA') Between The Agency And 3100 E. Imperial Highway, LLC (`Developer")". It was moved by Member Richards, seconded by Member Reyes and carried to incorporate by reference the letter regarding the proposed Disposition and Development Agreement from Attorney Jack Rubens. It was moved by Member Richards, seconded by Member Reyes and carried to open the public hearing. Jon Curtis, Law Firm of Sheepard, Mullin, Richter & Hampton stated he had just received the notice of the public hearing today regarding the DDA and asked for a continuation. Agency Council Royce Jones stated he has provided all information regarding the site to the Sheepard Law Firm. It was moved by Member Reyes, and seconded by Member Byrd and carried to close the public hearing. _.___ liGBi3DA IT�i; �I ' ' � � Member Rea discussed his concerns regarding the sites and the fact that the ERA dates back to 1980. After discussion, it was moved by Member Rea to continue the public hearing until work is received from the City Attorney and Agency Council regarding site. Motion died for lack of a second. It was moved by Member Richards, seconded by Member Reyes to adopt: LRA RESOLUTION NO. 99.56 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY MAKING CERTAIN ENVIRONMENTAL FINDINGS WITH RESPECT TO THE PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND 3100 E. IMPERIAL HIGHWAY, LLC.". LRA RESOLUTION NO. 99.57 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING THE DISPOSITION AND DEVELOPMENT ("DDA") BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND 3100 E. IMPERIAL HIGHWAY, LLC.". ROLL CALL: AYES: MEMBERS BYRD, REYES, RICHARDS NOES: MEMBER REA ABSENT: CHAIRMAN SANCHEZ Item #4: Joint Public Hearing For Consideration Of A Proposed Disposition And Development Agreement (DDA) Between The Lynwood Redevelopment Agency And Southeast Los Ange/es County Community Development Corporation (SELAC), A Non Profit Corporation. It was moved by Member Richards, seconded by Member Reyes and carried to open the public hearing. It was moved by Member Richards, seconded by Member Reyes and carried to incorporate by reference the letter regarding the proposed Disposition and Development Agreement from Attorney Jack Rubens. Hearing no response, it was moved by Member Reyes, seconded by Member Reyes and carried to close the public hearing. It was moved by Member Richards, seconded by Member Reyes to adopt: LRA RESOLUTION NO. 99.58 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY MAKING CERTAIN FINDINGS WITH RESPECT TO THE PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND SOUTHEAST LOS ANGELES COUNTY COMMUNITY DEVELOPMENT CORPORATION, A NON-PROFIT COMMUNITY DEVELOPMENT ORGANIZATION". � ' ' � � LRA RESOLUTION NO. 99.59 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND SOUTHEAST LOS ANGELES COUNTY COMMUNITY DEVELOPMENT, A NON PROFIT COMMUNITY HOUSING DEVELOPMENT ORGANIZATION". ROLL CALL: AYES: MEMBERS BYRD, REA, REYES, RICHARDS NOES: NONE ABSENT: CHAIRMAN SANCHEZ Item #5: Joint Public Hearing For Consideration Of A Proposed Disposition And Development Agreement (DDA) Between The Lynwood Redevelopment Agency And Hub Ciry Construcfion And Development Company. It was moved by Member Richards, seconded by Member Reyes and carried to open the public hearing. It was moved by Member Richards, seconded by Member Reyes and carried to incorporate by, reference the letter regarding the proposed Disposition and Development Agreement from Attorney Jack Rubens. Hearing no response, it was moved by Member Richards, seconded by Member Reyes and carried to close the public hearing. It was moved by Member Richards, seconded by Member Reyes to adopt: LRA RESOLUTION NO. 99.60 ENTITLED: "A RESOLUTION OF THE - LYNWOOD REDEVELOPMENT AGENCY MAKING CERTAIN FINDINGS WITH RESPECT TO THE PROPOSED DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND HUB CITY CONSTRUCTION AND DEVELOPMENT COMPANY". LRA RESOLUTION NO. 99.61 ENTITLED: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND BETWEEN THE LYNWOOD REDEVELOPMENT AGENCY AND HUB CITY CONSTRUCTION AND DEVELOPMENT COMPANY". ROLL CALL: AYES: MEMBERS BYRD, REA, REYES, RICHARDS NOES: NONE ABSENT: CHAIRMAN SANCHEZ It was moved by Member Richards, seconded by Member Byrd and carried to recess for joint public orals with Council at 6:40 p.m. Reconvened at 7:24 p.m. CLOSED SESSION None Having no further discussion, it was moved by Member Richards, seconded by Member Byrd and carried to adjourn at 725 p.m. CHAIRMAN RICARDO SANCHEZ SECRETARY ANDREA L. HOOPER � ' ' � � LYNWOOD REDEVELOPMENT AGENCY NOVEMBER 16, 1999 The Redevelopment Agency of the City of Lynwood met in Regular Session at City Hall, 11330 Bullis Road on the above date at 7:56 p.m. Chairman Sanchez presiding. Members Byrd, Rea, Reyes, Richards, Sanchez answered roll call. Also present were Executive Director Davis, Agency Counsel Thever, Secretary Hooper and Treasurer Pygatt. Secretary Hooper announced the Agenda had been posted in accordance with The Brown Act. ITEMS FOR CONSIDERATION Item #1: Minutes It was moved by Member Byrd, seconded Member Richards and carried to approve the following minutes: Speciai Meeting of October 28, 1999 It was moved by Member Byrd, seconded by Member Richards to bring back minutes with corrections: Regular Meeting of November 2, 1999 Item #2: Warrant LRA RESOLUTION NO. 99.62 ENTITLED: "A RESOLU7TION OF HTE REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD, CALIFORNIA ALOWING AND APPROVING THE DEMANDS AND ORDERING WARRANTS THEREFOR". ROLL CALL: AYES: MEMBERS BYRD, REA, REYES, RICHARDS, SANCHEZ NOES: NONE ABSENT: NONE REGULARITEMS Item #3: Proposed Exclusive Negotrating Agreement ("ENA') Between the Lynwood Redevelopment Agency and Whited & Associates. By general consent the Agency pulled item #3 for more information. CLOSED SESSION Item #4: WITH RESPECT TO EVERY ITEM OF BUSINESS TO BE DISCUSSED IN CLOSED SESSION PURSUANT TO SECTION 54956.8: CONFERENCE WITH REAL PROPERTY NEGOTIATORS Property: 4363, 4329-4345 Imperial Highway 10901 - 10913, 10925 Atlantic Avenue Agency Negotiator: Agency, Agency Staff, & Counsel Negotiating Parties: Agency & Grae Ventures Under Negotiation: Price & Terms Item #5: WITH RESPECT TO EVERY ITEM OF BUSINESS TO BE DISCUSSED IN CLOSED SESSION PURSUANT TO SECTION 54956.8: CONFERENCE WITH REAL PROPERTY NEGOTIATORS Property: 11300 Atlantic Avenue, 11326 Atlantic Avenue Agency Negotiator. Agency, Agency Staff, & Counsel Negotiating Parties: Agency & Rubeshaw, Agency & Green Under Negotiating.� Price & Terms. It was moved by Member Richards, seconded by Member Rea and carried to recess to joint closed session with Council at 8:32 p.m. Reconvened at 9:26 p.m. �, � ` Agency Counsel Thever stated the Agency met in closed session on the � aforementioned matters and stated Item #4: Agency Members directed staff to negotiate to acquire the properties. Item #5: No reportable action. �. Having no further discussion, it was moved by Member Richards, seconded by Member Reyes and carried to adjoum at 9:27 p.m. CHAIRMAN RICARDO SANCHEZ SECRETARY ANDREA L. HOOPER � . � �� � RESOLUT IOt7 .hJO. LRA - � - L7 ' H , H ' A RESOWTION OF THE REDEVELOPI•1GfJT AGENCY OF THE CITY OF LYNWOOD � � � - L'fNW00D, �ALIFORNIH ALLOWING �r:G �FPROVING THE DEMANDS AND ORDERItJG � H WARRANTS THEREFOR W _ , c7 �, l � The Redevelopment Agency of the City uP Lynwood does here6y resolve as follows: �.�`.�����' .._ ..._.... ---- _.,- - -� -- �-- ..._.._._ ._ . 1 Section 1. That the demands presrnted� ha-iing been regularly audited, .are hereby allowed and I _ ._ ._- -- �--- ------- --._ .. . ���.I I - -� - � ---------- ------_ .. -- - approved, and that warrants ordered drawn therefor by the �agency Treasure to the payee and i� the amounts indicateC. 'i �ARRANT#/UA7E PAYEE DESC AMOUNT AREA A ALAMEDA I.I - . ___ _ .. _ --- - - -- ------ - --- ----- ------------------- ------- ------ - ---- ----------- ----------- ------- � I ,.I 553:.f 12-07-99 THE POLARIS GROUP PROF. SVCS. 177.60 1?. o'v , 0.00 1 5534-39 12-07-99 SHERATON bUCKHEAD �ODGItJG u'lCS 3,830.40 3,83G.40 �� �� - � - _. . - � •-- 3.890.00 3.690 00 0.00 �, 5540 12-07-99 LARRY HATHORN �� � CONSULTIP�G SVCS. , f, 5541 12-07-99 RANCHO SOUTHEAST ASSOC. REALTORS MEETING 450.00 225 OU 225.00 5542 12-07-99 GARY CHICOTS REIMD./AIRLINE TICKETS 400.90 203.45 203.45 �� -.- ---- _ — - --- - - - _ __- ---- - -- - ---- _ - - _ 5543 12-07-99 RICHARD, WATSON 8< 6ERSHON LEGAL SVrg .i0 76 15 32 15.38 I 5544 12-07-99 THE WILSON GROUP�LLC LEGAL SVCS. 3�500.00 1.?50.:�0 1,750.00 _.._.�_ .---._, .._ ._. .. - - - -. . . . _ _ . _. . __ . - - ----- ._ - -- -- - ------- -- _ - - #� TOTA� 12, 285. 66 10, 091 ?3 " 193. 83 ' ` ; ____________ _____________ _____________ I i , _ _ - - -_ - _. - - - � - _ _. _ - - ---_ _ - • - _ - -.__ ._ -- _.. . __. _ _.._ . _ _ I -- i Section 2. That the Agency Secretary shall certify to th.e adoption of the resolution dn� shall : �liver a certified copy to the Agency Treasure and sh�ll retain a �opy thereof for th� record_ _ - - _ - - - -- -- --- � - - --- --- - - - � I PASSED, APPROVED AND ADOPTED THE -- _ - _______ -- - . day of , 1999 _ __ � ---- - ---_ _---- -- °— --. _ I' ATTEST: � . . . � � -� ... _. _ . . .. � � �� ��� .. ._--. ___.. _ __. . .. .__.. .--- . . .._ ---- - --- � � ., . ._ __.. _._. ---- - - i. I . � . - li. �, ' _ _._ ..... _ ___ .. ------ .. .--- ------_._ __._. __. ,_ _ . . _...'_.. - ---__... - - - . . . - -- . .,- - - ...... _ . .. _._ -. . -- _ � .-. ANDREA HOOPER , � �RICARDO SANCHEZ � � � � , I�� �a SECRETnRY � ' �' CHAIRMAN,�L.y�nwo�otl� Redavelopa�ent Agency . ���; � -----,._.___ ...:_. ..____ . _.___--• '-.----�- -_..,... ------,----' __...__..._ .. ... . . . . � �- " . .. . . � . �� - . . . _ .. . .. .._. . �F i . V- --. . , .. _ . � --,-- _..-----�-- -- --- -- - ---.- � ---- _, -- - . t . - _ � ,I-- . . � � � � � � " , �, � � � . ... .. . . . , ' - - . �S� .� '. . ' . . . ' .. , . . . . , '� , . , .' �.' - . � . . , . ��, . .._� .,: _ .,,..:- . . . . . , . . . . . . .. � , . � � • DATE: December 7, 1999 T0: Honorable Chairman and Members of the � Lynwood Redevelopment Agency FROM: Ralph W. Davis, III, Interim City Manager BY: Iris Pygatt, City Treasurer SUBJECT: TREASURER'S QUARTERLY INVESTMENT REPORT PUBtPOSE: .� The purpose of this item is to have the lynwood Redevelopment Agency memebers review the Treasurer's Quarterly Investment Report as required by recently State Status. BACKCROUND: In response to the crisis caused by the Orange County investment pool, the State Legislature in 1995 enacted SB-564 and SB-866. These laws were enacted as State Statues to impose certain mandates regarding investment with public funds. The statues have imposed the following mandates: 1. Annual adoption of an Investment Policy that incorporates changes mandated by the State. . 2. Quarterly Investment Reports presented to the Legislative Body or . Board Members. 3. Restrictions on the use of certain investment instruments. The attached Treasurer�s Reports has been prepared to provide the - Lynwood Information Inc. members with the following information: 1. Types of investments (including principal, market value, rates, and maturity date�. 2. List of various bank accounts with banking institutions. 3. Statement informing each Agency (City, LRA, and LID that is expected to have sufficient liquid funds to meet its pooled expenditure requirements for the next six (6) months. 4. Statement informing the Council that the investment portfolio conforms with the adopted investment policy. RECOMMENDATIQN: The City Treasurer respectfully recommends that the Lynwood Redevelopment Agency members receive and file the attached Cluarterly Investment Report for the quarter ending September 30, 'I 999. �� AGENDA ITEtd �,v, %'.:-= CITY OF LYNWOOD RECEIVED INTEREST PAYMENT BY lSSUER RECEIVED SEPTEMBER 30, 1999 YTM � BOOK PERCENT OF AVERAGE DAYS 360 365 INVESTMENT VALUE PORTFOLIO TO MATURITY EQUIVALENT MANAGE POOL INVESTMENT 16,199,118.80 92.76% 1 1 1 • TREASURY SECURITYIES-DISCOUNT 1,264,080.05 �.24% �26 �26 � TOTAL INVESTMENTS AND AVERAGES $17,463,198 85 100.00% CASH Passbook / checking - No Yield totals - (not inciuded in yield calculations) TOTAL INVESTMENTS $17,463,198.85 � � � I certify that Ihis repoA accurately retlects all pooled investmenl end is in conformily wilh the x '% �, %" � investment policy stalement adopted by lhe Cily Council on April 8, 7999 (ris Pyg t�( ity TreaSUrer a copy ot this policy is availabie al the office of ihe City Clerk. The investment Program herein _ �� shown provides sufficient cash (low liquidity to meet 3 months estimated expenditures. The pricing of Ihe securities are done by Union bank o( CaliFornia and Inferaclive Data Services. TREASURER'S • QUARTERLY INVESTMENT - REPORT • SEPTEMBER 30, 1899 CITY OF LYNWOOD RECEIVED INTEREST PAYMENT BY ISSUER SEPTEMBER 30, 1999 INVESTMENT BOOK FACE MARKET STATED YTM MATURITY DAYS ISSUER VALUE VALUE VALUE RATE 350 360 DATE TO MATURITY � MANAGE POOL INVESTMENT 1 LAIF GEN CITY 11,296,683.69 11,296,683.69 11,296,683.69 5.08 1 1 1 LAIF LRA 500,660.23 500,660.23 500,660.23 5.08 1 1 1 IAIF BOND PROCEEDS 4,359,000.00 4,359,000.00 4,359,000.00 5.08 1 1 1 US - HIGHMARK 42 774 88 42 774.88 42 774.88 4.71 1 1 TOTAL $16,199,118.80 $16,199,118.80 $16,199,118.80 TREASURY SECURITY BANK OF CALIFORNIA U.S. TREASURY BILL 767,000.00 749,087.35 760,250.40 12 • U.S. TREASURY BILL 515,000.00 502,372.49 503,829.65 3/912000 39 TOTAL E1,264,080.05 ' Bills are purchased at a discount and mature at full face value. . CITY OF LYNWOOD ' RECEIVED INTEREST PAYMENT BY ISSUER SEPTEMBER 30, 1999 CURRENT STATED DATE AMOUNT • INVESTMENTISSUER BALANCE RATE REC'D RFC'D LAIF-CITY 11,296,683.69 5.08 07115199 123,082.91 LAIF-LRA 500,660.23 5.08 07115/99 14,484.52 LAIF-BOND PROCEEDS 4,359,000.00 5.08 07/15199 66,933.03 4.71 08130199 309.98 U.S. HIGHMARK 42,��4_8g � TOTAL $16,199,118.80 �204,610.44 i CITY OF LYNWOOD RECEIVED INTEREST PAYMENT BY ISSUER RECEIVED SEPTEMBER 30, 1999 SECURITY PAR FACE MARKET SETTLEMENT MATURITY INTEREST i'TM • DESCRIPTION VALUE VALUE VALUE DATE DATE RATE 350 36v U.S. TREASURY BILL 767,000.00 749,087.35 760,250.40 12110/1998 12/911999 4.75 4.75 4.75 U.S. TREASURY BILL 515,000.00 502,372.49 503,829.65 9l9/1999 3i9/2000 5.05 5.05 5.05 TOTAL 51,264,080.05 � ' BILLS ARE PURCHASED AT A DISCOUNT AND MATURE AT FULL FACE VALUE CITY OF LYNWOOD RECEIVED INTEREST PAYMENT BY ISSUER RECEIVED SEPTEMBER 30, 1999 PAR FACE SETTLEMENT STATED INTEREST , INVESTMENT VALUE VALUE DATE RATE RECEIVED U.S. TREASURY BILL $505,000.00 $499,571.00 9/9/99 4.5 5,428.75 =6,428.75 � TOTAL 4 CITY OF LYNWOOD RECEIVED INTEREST PAYMENT BY ISSUER SEPTEMBER 30, 1999 FACE AVERAGE MATURITY STATED YIELD INTEREST INVESTMENT VALUE BOOK VALUE DATE RATE THIS PER. EARNED � PASSBOOKS CITY-CALIF. UNITED BANK 51,626.48 51,626 48 2.25 2.25 270.33 CITY-CALIF. UNITEO BANK 175,390.79 175,390.79 2.25 2.25 9 � HCDA CITY-CALIF. UNITED BANK 45,652.06 45,652 06 2.25 2.25 241.00 LYN. TTEES.HUD. LRA-CALIF. UNITED BANK 55,001.35 55,001.35 2.25 2.25 2 99 ALAMEDA TAX INC LRA-CALIF UNITED BANK 2,277.39 2,277.39 2.25 2.25 11.92 � LYN. TR. CENTER UNF. WORKERS ACC. !RA BANK OF AMERICA 133,515.55 133,515.55 1.00 1.00 340.35 LII-CALIF. UNITED BANK 66,833.81 66,833 81 2.25 2.25 204.43 . E2,273.76 TOTAL 3530,297.43 E530,297.43 .