HomeMy Public PortalAboutM 1984-10-16 - LRAREGULAR MEETING OCTOBER 16, 1984
The Lynwood Redevelopment Agency met in a regular session
in the City Hall, 11330 Bullis Road on the above date at
7:35 p.m.
Chairman Morris in the chair.
Members Byork, Henning, Rowe, Thompson and Morris answered
the roll call.
Also present were Executive - Director Gomez and General'
Counsel Yeager.
It was moved by Mr. Byork, seconded by Mr. Henning, and
carried, that the minutes of September 4, 1984.be approved
as written.
LRA RES No. 84 = 27 RESOLUTION•NO. LRA 84 -27 entitled: "A RESOLUTION OF THE
Demands REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD, LYNWOOD; CALIF-
10-16-84 ORNIA ALLOWING AND APPROVING THE DEMANDS AND ORDERING WARRANTS
DRAWN THEREFOR." was presented.
It was moved by Mr. Thompson, seconded by Mr. Henning, that
the resolution be adopted.
ROLL CALL
Ayes: Members Byork, Henning, Rowe, Thompson, Morris
Noes: None
Absent: None
Agency
Staff'explained the investment policy has been drafted to
Investment
give the Agency information on the types of investments,
Portfolio
criteria for selecting investments, strategies used in
making investments, types that are not dealt with, and
maturities of investments. The portfolio is not as diverse
as the City's. Most of the funds have been kept in Certi-
ficates of Deposit. Staff is currently working on diversifica-
tion and increasing the yield from our investments. After
discussion, it was moved by Mr. Byork, seconded by Mr. Thompson
that the agency adopt the investment policy.
ROLL CALL
Ayes: Members Byork, Henning, Rowe, Thompson, Morris
Noes: None
Absent: None
Accounting
Staff stated that Mr. Richard Anderson, a Certified Public
Services
Accountant, has been providing monthly accounting to the
Lance, Boll &
Agency for approximately two years. He has informed the
Lunghard
Agency he will no longer operate his independent business,
and in order to continue serving the Agency, he can perform
the accounting on a part time basis, but will need to remove
the records from the City Hall. Staff believes it is•an
inappropriate way to conduct business, and recommends against
such a procedure; therefore, staff requested and received a
proposal from Lance, Soll and Lunghard, the City's CPA firm.
This proposal provides for the same service and accounting
will be done in City Hall.
Approve proposal
Mr. Henning stated he did'nt - think the same firm should do both
for $400 Mo.
accounting and auditing; Mr. Rowe also concurred. Executive
for Acctg Ser
Director Gomez explained that when the auditing services were
needed, another firm could be selected. After discussion,
it was moved by Mr. Thompson, seconded by Mr. Byork, that
the Agency approve the proposal from Lance Soll and Lunghard
to provide monthly accounting services to the Agency for a
fee of $400 per month.
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ROLL CALL
Ayes: Members Byork, Thompson, Morris
Noes: Members Henning, Rowe
Absent: None
Staff presented a report from the California State Depart- Purchase of
ment of Transportation's offer to purchase or exchange property by
Agency owned property and recommended the City hold a Caltrans
public hearing on the purchase of certain property adjacent
to and for use by the proposed Town Center. After discus-
sion, it was moved by Mr. Byork, seconded by Mr. Henning
to authorize the chairman to sign "Right of Entry" form.
It was agreed by the Agency members that staff continue to
negotiate with Caltrans for possible acquisition of excess
property.
ROLL CALL
Ayes: Members Byork, Henning, Rowe, Thompson, Morris
Noes: None
Absent: None
expected to be the prime tenant of the proposed town Center,
and will be meeting with them next month. The Agency
agreed to have a meeting with Mr. Quinton on October 23,
1984 at 5:00 p.m. for an update on the project.
Mr. John Quinton, Hopkins Development, informed the Agency Report from
that the markets are not prepared to make a decision at J. Quinton re
the present time, however, a general merchandiser is Town center
It was moved by Mr. Byork, seconded by Mr. Henning, and
carried, to adjourn to October 23, 1984 at 5:00 p.m.
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Secretary .
APPROVED NOVEMBER 6, 1984
Chairman
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