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HomeMy Public PortalAbout02-03-2004LRA.~e ~ .~ V &_~~4P ~Ot7 C; 6 .. c °~'~ ~ 11330 E3l1LLIS ls~l~~ I.YNtNOOD, GALIFORNIf~r"90262-3845 g~s(3p10/;) 6Qry~p3-022t~ ~.; Ay IFOBCl ~ C l'v U FI 0d7 (;ITYOF LY~IWDOD LOUIS Byrd, CHAIRMAN. C`!`l~t_FPosc!~~c,r_i~~ ~~~ .Leticia Vasquez, VICE CHAIRMAN Fernando Pedroza, MEMBER JR~~ 2 ~ 20Q~ ... _~ ~~ Ramon Rodriguez, MEMBER ~ ~ Maria T. Santillan, MEMBER ~~~I~it~9~t~J~l2~~g4~51~ .This Agenda contains a brief general .description of each item to be considered. Copies o r~s o ''<- otherwritten documentation relating to each. item of business referred to o the Agenda are on file in the Office o the City Clerk and-are available for public inspection. A person who has a question concerning any of the agenda ' items may call the City Manager at (390) 603-0220, ext. 200. LYNWOOD REDEVELOPMENT AGENCY FEBRUARY 3, 2004 ' ~:.:~~ ~ REGULAR MEETING ' 6:00 P.M. LYNWOOD CITY HALL, 11330 BULLIS ROAD LOUIS BYRD `~ CHAIRMAN ' LETICIA VASQUEZ FERNAN®O PEDROZA VICE CHAIRMAN MEMBER RAMON RODRIGUEZ MARIA T. SANTILLAN MEMBER MEMBER . EXECUTIVE DIRECTOR ~ AGENCY COUNSEL w ~~-~ LORRY ME'MPE RONALD N. WILSON OPENING CEREMONIES: A. Call Meeting to Order. B. Roll Call (PEDROZA-RODRIGUEZ-SANTILLAN-VASQUEZ-BYRD) . ' C. Certification of Agenda Posting by Secretary i ~BLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) PUBLIC.ORAL COMMUNICATIONS ITEMS FOR CONSIDERATION 1'. .MINUTES OF PREVIOUS MEETING Regular Meeting of December 16, 2003 2. RESOLUTION OF THE LYNWOOD:REDEVELOPMENT AGENCY OF LYNWOOD, . - CALIFORNIA, ALLOWING AND APPROVING THE DEMANDS AND WARRANTS . THEREFORE. CONSENT CALENDAR All matters listed. under the Consent Calendar. will be acted upon by one motion affirming the. action recommended on the. agenda. There will be no .separate discussion on. these items prior to voting unless members of the Agency or staff request specific items be removed from the Consent Calendar for separate action. 3 ~ TREASURER'S STATEMENT.OF INVESTMENT POLICY. Comment: - . The purpose of this item is to establish guidelines for the prudent investment of the Lynwood Redevelopment Agency's idle cash. Recommendation: It is recommended that the Chairman and Members: of the Lynwood Redevelopment Agencyadopt the attached resolution entitled: "A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD APPROVING THE - TREASURER'S STATEMENT OF INVESTMENT POLICY". DISCUSSION ITEM 4. ~ DESIGN CONCEPT REVIEW: REQUEST FOR RETAIL CARTS/KIOSKS - 3100 IMPERIAL HIGHWAY (PLAZA MEXICO). . ' 2 j 4 • Comment: On January 6, 2004,,the City Council reviewed a proposal from Plaza Meixco requesting approval of thirty-three (33) portable retail tenant structures .utilizing indoor carts, outdoor carts and permanent kiosks located at 3100 imperial Highway in the CB-1 (Controlled Business) zone.. The Council was concerned about the design of the kiosks and carts being. consistent with the theme of Plaza Mexico. In addition, the Council "~ directed staff to contact other cities for information to include permitted use, " development standards, design and fees. " Recommendation: Staff recommends that the Agency select Option #1 and approve the design concept subject to site plan review and the attached resolution, and require a business license fee to be paid for each cart or kiosk in accordance with .the Lynwood Municipal Code Section 4-7. ~ - CLOSED `SESSION 5. WITH RESPECT TO -EVERY ITEM OF BUSINESS TO BE DPSCUSSED IN CLOSED SESSION PURSUANT TO SECTION 54956.8. ~ - CONFERENCE WITH REAL PROPERTY NEGOTIATORS. ' Properties: Beechwood Avenue -near the intersection of Fernwood. Ave. #mperial Highway - 40' East of Little Alameda Street Little Alameda Street -Approx. 538' West.of Westec Way Little Alameda Street -Approx. 30' West of Westec Way ~~ South Side- of 105 Freeway -Approx. 471' East of Westec Way " " ~ Long Beach Boulevard & Lynwood Road Long Beach .Boulevard & Platt Avenue Mona Blvd. -South Line of 105 Freeway North of Imperial Hwy & 150' East of Mona -North Line of X105 Freeway . Imperial Highway & Watts Avenue - ~ Imperial. Highway & Alameda Street West Side of 710 Freeway between 105 Freeway & Imperial Hwy. Imperial Highway.600' East of Little Alameda Approximately.971' East of „West Beechwood; Avenue and Fernwood .(North line of 105 Freeway) Atlantic Avenue and Fernwood. Avenue (North line of 105 Freeway) ~ . Atlantic Avenue and Fernwood Avenue. (South Line of 105 Freeway) State Street and Fernwood Avenue (North line of 105 Freeway) Approximately 500'-700' West of Alameda Street (South line of 105 Freeway) .. 500' of,Mona Blvd. Within (south line of 1.05 Freeway) Agency Negotiator: Agency, Agency. Staff and Agency Counsel Negotiation Parties: Bulletin Displays - OMG -Regency Under negotiation: Price and Terms ... 3 '. 6. WITH RESPECT TO EVERY ITEM OF BUSINESS TO BE DISCUSSED 1N CLOSED - SESSION. PURSUANT TO SECTION 54956.8 . - CONFERENCE WITH REAL PROPERTY NEGOTIATORS. ' Property: Lynwood Towne Center Agency Negotiator:.Agency, Agency Staff and Agency Counsel - . ~ - Negotiating Parties: Agency & LTC Development - ' Under Negotiations: Price and terms ~. 7. WITH.RESPECT TO EVERY ITEM OF BUSINESS TO BE DISCUSSED IN CLOSED SESSION PURSUANT TO.SECTION 54956.9 - CONFERENCE WITH LEGAL COUNSEL -EXISTING LITIGATION (subdivision. (a) of section 54956.9) 1. Name of Case: Thomas v. City of Lynwood Case No. BC288238 2. Name of Case: Laverne Jackson and.Jackson & Associates v: City of Lynwood Case No. BC288237 3. Name of Case. .Continental Lynwood v. Lynwood Redevelopment Agency Case No. BC292260 8. WITH RESPECT TO EVERY ITEM OF BUSINESS TO BE DISCUSSED IN CLOSED SESSION PURSUANT TO SECTION 54956.9: ` CONFERENCE WITH.LEGAL COUNSEL - ANTICIPATED LITIGATION One (1) Case .~ , ; , ADJOURNMENT THE NEXT REGULAR MEETING WILL BE HELD ON FEBRUARY'1.7, 2004 AT 6:OO P.M. IN THE COUNCIL CHAMBERS OF CITY HALL, 11330 BULLIS ROAD, LYNWOOD, CALIFORNIA. . 4 ~ . • • LYNWOOD REDEVELOPMENT AGENCY REGULAR MEETING OCTOBER 7, 2003 The Lynwood Redevelopment Agency of the City of Lynwood met in a Regular Meeting in the Council Chambers, 11330 Bullis Road on the above date at 7:35 p.m. Chairman Byrd presiding. Members Pedroza, Rodriguez, Santillan, Vasquez and Byrd answered roll call. Also present were Executive Director Hempe, Agency Counsel Beltran, Secretary Hooper and Treasurer Pygatt. Secretary Hooper announced that the agenda had been posted in accordance with the Brown Act. PUBLIC ORAL COMMUNICATIONS (Regarding Agenda Items Only) NONE PUBLIC ORAL COMMUNICATIONS NONE ITEMS FOR CONSIDERATION Agency Counsel Beltran -Explained to the Members that there is a .need for a Subsequent Need Item to add to the Agenda being the Item that would be listed as Public Employee Appointment Employment Performance Evaluation Discipline Dismissal Release and the Title of the position is Agency Counsel. It was moved by Member Pedroza, second by Chairman Byrd to add the Subsequent Need Item for Joint Close Session. ROLL CALL: AYES: MEMBER PEDROZA, RODRIGUEZ, SANTILLAN, VASQUEZ AND BYRD NOES: NONE ABSTAIN: NONE ABSENT: NONE Item #2: APPROVAL OF THE WARRANT REGISTER It was moved by Vice Chairman Rodriguez, second Member Reyes to adopt the °Racnlntinn ' AG~~a~~, z~~~h7 • RESOLUTION N0.2003.050 ENTITLED: A~ RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD ALLOWING AND APPROVING THE DEMANDS AND WARRANTS THEREFORE. . ROLL. CALL: AYES: MEMBER, PEDROZA, RODRIGUEZ, SANTILLAN, VASQUEZ AND BYRD NOES: NONE ABSTAIN: NONE ABSENT: NONE CONSENT CALENDAR AlI matters listed under the Consent Calendar will be acted upon one motion affirming the action recommended on the agenda. There will be no separate discussion on these items prior to voting unless members of the Agency or staff request specific items be removed from the Consent Calendar for separate action. Executive Director Hempe pulled Item #3 for further discussion. Vice Chairman Vasquez pulled Item #9 for further discussion. It was moved'by Member Rodriguez, second by Member Santillan to receive and file and adopt the following Resolutions. Item #4: DEVELOPMENT CONCEPT REVIEW - 3401 MARTIN LUTHER KING JR. BOULEVARD ' To have .the Agency review ,and consider the development concept for a proposal to convert four single-family residences into commercial businesses and construct additions ' to provide a commercial project totaling 4,477 square feet in area at 3401 Martin. Luther King Jr. Boulevard in the C-2 (Light Commercial) zone. Staff recommends that after consideration, the Agency approve the development concept ', ~ and directs staff to accept Site Plan Review zoning entitlement application. . , Item #5: DEVELOPMENT CONCEPT REVIEW - 3119 IMPERIAL HIGHWAY To have the .Agency- review and consider the development concept for a proposal to develop a hand carwash facility on a vacant lot in conjunction with an existing used car - sales facility at 3119 Imperial Highway in the C03 (Heavy Commercial) zone. Staff recommends that after consideration, the Agency deny the development concept and direct staff to discourage the .applicant from submitting Conditional Use Permit zoning entitlement application.. - - - ~ e T • • Item #6: DEVELOPMENT CONCEPT REVIEW -10201 STATE STREET To have the Agency review and consider the development concept for a proposal to develop a 3,825 square foot commercial center on a vacant lot at 10201 State Street in the C-2 (Light Commercial) zone. This project previously received zoning entitlements on December 20, 2000, however the approval has lapsed. Staff recommends that after consideration, the Agency approve the development concept and direct staff to accept Site Plan Review zoning entitlement application. Item #7: FILING OF ANNUAL STATE CONTROLLERS REPORT FOR FY 2002-2003 The purpose of this item is to have the Agency Chairman and Board members review and authorize filing of the fiscal year 2002-2003 Annual State Controllers Report as required by Section 33080 et. seq. of the Health and Safety Code. RESOLUTION N0.2003.051 ENTITLED: A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD APPROVING THE ANNUAL REPORT FOR FISCAL YEAR 2002-2003 AND AUTHORIZING STAFF TO SUBMIT REPORT TO THE STATE CONTROLLERS OFFICE. Item #S: REAPPRORIATION OF FUNDS The purpose of this item is to have the Agency Chairman and Board members adopt the attached resolution reappropriating funds to cover outstanding encumbrances or obligations for year ending June 30, 2003. RESOLUTION N0.2003.052 ENTITLED: A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD AUTHORIZING THE REAPPROPRIATION OF FUNDS FOR OUTSTANDING ENCUMBRANCES AT FISCAL YEAR ENDING JUNE 30, 2003. ROLL CAl AYES: NOES: ABSTAIN: ABSENT: ~L: MEMBER PEDROZA, AND BYRD ,NONE NONE NONE RODRIGUEZ, SANTILLAN, VASQUEZ Item #3: DEVELOPMENT CONCEPT - 10820 ATLANTIC AVENUE Executive Director Hempe -Explained to the Members that the Agency review and consider the development concept for a proposed mixed use commercial and residential • ~ project on a parcel. totaling 18,371 square feet at 10820 Atlantic Avenue in the C-3 (Heavy Commercial) zone. The project would be two stories in height and consist of 4,681 square feet of commercial area on the first floor and seven (7) apartments on the . second floor. Staff requests that after consideration,. the Agency determine if the project is consistent with the Lynwood Redevelopment Plan, and direct staff accordingly.. It was moved by Member Rodriguez, second by Member Pedroza to approve the development concept for 10820 Atlantic Avenue. ROLL CAl AYES: NOES: ABSTAIN: ABSENT: ~L: MEMBER PEDROZA, RODRIGUEZ, SANTILLAN, VASQUEZ AND BYRD NONE NONE NONE r Item #9: APPROVE THE ACQUISITION OF TWO CALTRANS PROPERTIES AND AUTHORIZE THE EXECUTIVE DIRECTOR TO EXECUTE TWO PURCHASE AGREEMENTS FOR THESE PROPERTIES Executive Director Hempe -Explained to the Members that the Agency Board during closed session at the November 18, 2003 and December 3, 2003 meeting directed Agency staff to purchase two parcels offered for sale by the Excess Land Sales Division of Caltrans. Vice Chairman Vasquez -Commented that she thinks that by building the 105 there was a lot of lost for the housing stocks, and we need to recover the housing stocks we have lost, this project is going to help us recover the housing stocks we lost. It was moved by Vice Chairman Vasquez, second by Member Rodriguez to adopt the following Resolution. RESOLUTION N0.2003.053 ENTITLED: A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF LYNWOOD APPROVING THE ACQUISITION OF CALTRANS PROPERTIES 980489-01-01 AND 062075-01-01. ROLL CAl AYES: NOES: ABSTAIN: ABSENT: JL: MEMBER PEDROZA, AND BYRD NONE NONE NONE RODRIGUEZ, SANTILLAN, VASQUEZ • • CLOSED SESSION Agency Counsel Beltran stated that with respect to every item of business to be discussed in Joint Close Session pursuant to Section 54956.8: Item #10: Conference with Real Property Negotiators: 11201-11301 Long Beach Boulevard b171-003-036 (Towne Center) Item #11: Title: Executive Director It was moved by Member Pedroza, second by Member Rodriguez and carried to recess to Joint Close Session at 10:00 p:m. Members reconvened at 11:35 p.m. Agency Counsel Beltran stated that Members met on the aforementioned matters and stated on: Item #10: Towne Center: Staffs report was presented and Council concurred with staff recommendation. Item #11: Executive Director: Members took action to resend and to ratify the previous action regarding the decision of administrative leave for the placement of the Executive Director. Item #11-B: Subsequent Need Item: Agency Counsel -Council retained the services of Ronald Wilson and Associates. ADJOURNMENT Having no further discussion, it was moved by Member Rodriguez, seconded by Member Pedroza and carried to adjourn the Regular Council Meeting at 11:45 p.m. Louis Byrd, Chairman Andrea. L. Hooper, Secretary r~- ' ( N ~ ,m ~ ~ n ~ ~ n -1 ~ Y ~ ~_~ ,m . ° I m ~t , N ~ ,I I , ~. ~ ~ ,~~ ~ I II . 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O I~ n- m IID ~nln jm ~~ II D ~j ~ a a D L ~ ~''; 1~ d; I h I~ ~ mi Ii n I, li I 1~ D j 1; r , I' D 113 I~ O i D .- I ~ i i I + i { S I ~ i i ~ ~ m { n i ~< { ,~ I io t 'O 1 1 3 0 ~~ sa m ,~ f ,~ o I -h i ' cl- j ~ m ;~ 1~ i j ct o I~ it ~ I o ' I O `. +n o ,~ i jN ~ ' i ,~ . c , I~ y i. N I I uz ~-+ ~< , IN I N I m i ~ j ~ i p I ~E N 1 •~ I I I I L j I I I y~- ~~~ D O C Z G C nor Ul ' C ~ n . 2 D i mr< .'J H m~-I[ Q O ~~_ D r D rr rc o~ «-, r zr oc D: zr C. ~ 7 ~c ~r H ~ ~ C_ 2 - m, n C m~ 3 D Z C Ul C D, zr C D f ~ C C C m C Z G) w i i i I t I ! i I } O I I , • • DATE: February 3, 2004 TO: CHAIRMAN AND MEMBERS OF THE LYNWOOD REDEVELOPMENT AGENCY :FROM: Iris Pygatt, City Treasurer SUBJECT: TREASURER'S STATEMENT OF INVESTMENT POLICY PURPOSE The purpose of this item is to establish guidelines for the prudent investment of the Lynwood Redevelopment Agency's idle cash.. BACKGROUND The investment policies and .practices of the ..Lynwood Redevelopment Agency (LRA), are based. on state laws and principles of prudent money management. This statement is intended to provide guidelines for the prudent investment of the Lynwood Redevelopment Agency's temporarily idle and surplus cash, while meeting the short and long term cash flow demands, and it is submitted annually for LRA review. The primary goals of these policies are: 1. To assure compliance with all federal., state, and local laws governing the investment of monies under the control of the Treasurer. 2. To protect the principal and asset holdings of the City's portfolio. 3. To generate the maximum. amount of investment income within the parameters of these investment policies and guidelines for suitable investments. 4. To ensure that adequate liquidity is provided for the prompt and efficient handling of LRA disbursements. RECOMMENDATION It is recommended that the Chairman and Members of the Lynwood Redevelopment Agency adopt the attached resolution entitled; " A RESOLUTION OF TH'E LYNWOOD REDEVELOPMENT AGENCY OF -THE CITY OF LYNWOOD APPROVING THE TREASURER'S STATEMENT OF INVESTMENT POLICY" AGENDA I T~;~I • • POLICY: Annually,. in accordance with California Government Code (CGC) Section 53646, the Treasurer will render to the City Council a Statement of Investment Policy for consideration and approval at a public meeting. Any investments currently held at that time that does not meet the guidelines of this policy, as charged from time to time by the City Council, shall be exempt from the requirements of this policy. However, at the investment maturity or liquidation, such funds shall be reinvested only as provided. by this policy, which offer guidance to brokers and any external investment advisors on the investment of City funds. This investment policy applies to all investment activities of the City, except for the Employees Retirement and .Deferred compensation funds are excluded because it is separately managed by a third party administrator. This policy applies to all city funds,. except for bond proceeds that are managed by trustees. Trustees must comply with the provision of bonds indenture agreements. SCOPE: Policy statements outlined in this document apply to the City's pooled funds, as well as other financial assets under the City Treasurer's control unless exempted by resolution or by statue. These funds are accounted for the City of Lynwood Comprehensive Annual Financial Report and include: 3.1 Fund: 3.1,1 General Fund 3.1.2 Special. Revenue Funds 3.1.3 Capital Project funds 3.1.4 .Enterprise Funds 3.1.5 Trust and Agency Funds 3.1.6 Retirement Pension Funds 3.1.7 Internal Service Funds PRUDENCE: The standard of prudence to be used by investment officials shall be the "prudent investor" standard (CGC Section 53600.3) and shall be applied in the context of managing an overall portfolio which states that: "Investments shall be made with judgment and care, under circumstances then prevailing, which persons of prudence, discretion, and intelligent exercise in the management of their own affairs, not for speculation, but for investment, considering the probable income to be derived" At the time of purchase, it is the City's intent to hold all investments until maturity to ensure the return of all invested principal. However, it is recognized that market prices of securities will vary depending on economic and interest rate condition at any point in time. The City treasurer, and other individuals who may be designated to manage the City's investment portfolio, when acting within the intent and scope of this. • • investment policy and other authorized written procedures, and when exercising due diligence, are relieved of personal liability for the individuals security's credit risk or market price change of a security or other investment, provided that deviations from expectations are reported to the City of Lynwood in a timely manner and that appropriate action is taken to mitigate unforeseen adverse conditions. GOALS AND OBJECTIVES: Within the overriding requirement of compliance with all Federal, State and local laws governing the investment of moneys under the control of the Treasurer, and as specified in the (CGC Section 53600.5), when investing, reinvesting, purchasing, acquiring, exchanging, selling and managing public funds. Taking into account the City's daily and periodic cash flow needs, the City desires to invest all temporarily idle funds at a close to 100% as is reasonable possible. The major portion of the City's investment portfolio will consist of investment securities having .maturates of one year or less. Longer term maturates are authorized., but may not general exceed 15% of the investment portfolio. The basic goal of the City's investment policy is to ensure safety and availability of temporarily idle funds when they are needed. The primary objectives, in priority order, of the investment activities shall be: a. Safety: Safety of principal is the foremost objective of the investment program. Each investment transaction must seek to ensure that capital losses are avoided, whether from securities default, broker-dealer default, or erosion of .market value. The city will endeavor to preserve principal by mitigating both credit risk and market risk, as specified below. Credit risk, which is defined as the risk of loss due to insolvency or other failure of the issuer of a security, must be mitigated by purchasing investment grade securities and by diversifying the investment portfolio so that the failure of any one issuer does not unduly harm the City's capital base and cash flow. Market risk, which is defined as market value fluctuations, must be mitigated by limiting the average maturity of the city's investment portfolio. to one year, limiting the maximum maturity of anyone security to one year, structuring the portfolio to take into account historic and current cash flow analysis, eliminating the need to sell securities for the sole purpose of short term speculation. • ~ b. Liquidity: Because the City operated its own water utility and bills monthly for utility services, cash flow is generated on a daily basis. .Historical cash flow trends must be compared to current cash flow requirements on an ongoing basis to ensure that the City's investment portfolio will remain sufficiently liquid. to enable the City to meet all reasonable anticipated operating requirements. c. Return on the Investment: The investment portfolio shall be designed and managed with the objective of attaining an benchmark rate of return throughout budgetary and economic cycles, taking into account the investment objectives, authorized investments and the cash flow needs of the City. DELEGATION OF AUTHORITY: In accordance with Section 53607 of the Government Code, the City of Lynwood management responsibility for the investment program is hereby delegated to the Treasurer, who shall be responsible for all transactions undertaken and shall establish a system of control to regulate the activities of subordinate officials, and their procedures in the, absence of the Treasurer. Under the provision of CGC Section 53600.3, the treasurer is a trustee and a fiduciary subject to the prudent investor standard. The City may delegate to the City treasurer the authority to invest or reinvest City funds for cone-year period. The Treasurer may delegate .all, or a portion of his/her investment authority to a Deputy City Treasurer. Prior to the delegation of the investment authority to a Deputy City Treasurer, the Treasurer shall notify the City council and request confirmation of the delegation. Delegation of investment authority will not remove or abridge the Treasurer's investment responsibility. INVESTMENT PROCEDURES: The Treasurer shall establish written investment policy procedures for the operation of the investment program consistent with this policy. The procedures should include reference to: safekeeping, wire transfer agreements, banking service contracts and collateral/depository agreements. Such procedures shall include- explicit delegation of authority to persons responsible for investment transactions. No person may engage in an investment transaction except as provided under the terms of this policy and the procedures established by the Treasurer. ETHICS: Elected officials, City officers an employees and any other individual involved in the investment operations are prohibited from personal business activity that could conflict with proper execution of the investment program, or which could impair their ability to make impartial investment decisions, or which could give the appearance thereof Furthermore, these same individuals shall disclose any • • material financial interest in financial institutions that conduct business within their jurisdiction, and they shall further disclose any large personal financial/investment positions that could be .related. to the performance of the City. QUALIFIED DEALERS AND INSTITUTIONS: The City may transact business only with banks, savings and loans associations, and registered investment dealers. Any investments other than those purchased directly from a issuer must be purchased from (i) an individual or entity licensed by the State as abroker-dealer, as defined in Section 25004 of the Corporations Code, and which is a member of the National Association of Securities Dealers, or (ii) from a member of afederally-regulated securities exchange, or (iii) a national or state charted bank; or (iv) a federal or state association (as defined by Section 5102 of the Financial Code). Or (v) a brokerage firm designated as a .primary government dealer by the Federal Reserve Bank. The City Treasurer must investigate and evaluate all financial institutions that desire to do business with the City in order to determine whether they are adequately capitalized, whether they make markets in securities that are .appropriate to the City's needs, and whether they will agree to abide by the conditions and limitations set forth in the City's investment policy. This may be accomplished by the following.: a financial institution to complete and return an appropriate . questionnaire, audited financial statements, proof of National Association of Security Dealers certification_ AUTHORIZED AND SUITABLE INVESTMENTS: General, investments must be made in accordance with the "prudent investor rule" that is cited under the heading "Prudence." The City is subject to California Government Code, Sections 53600 et seq. within the context of these limitations, the following investments are authorized, subject to the restrictions noted below: a. United States treasury bills, notes, and bonds or similar instruments for which the full faith and credit of the United States is pledged for payment of principal and interest. There is no limitation on the .percentage of the City's surplus funds that can be invested in these instruments. The maximum maturity period may not exceed 5 years. b. Obligation issued by banks for cooperatives, Federal land banks, federal intermediate credit banks, the Federal Home Loan Board (FHLB), and the Federal National Mortgage Association (FNMA). Although there is no percentage limitation on investments in these obligations, the "prudent investor rule" applies to obligations issued by any of these agencies, because U.S. Government backing is implied rather than guaranteed. • • c. Commercial paper rated "PI°' by Moody's Investor Services and "AL+" by Standard & Poor, and issued by a domestic corporation having assets in excess of $500,000,000 and having an "AA" or better rating on its long- term debt as determined by Moody's or by Standard and Poor. The purchase of eligible commercial paper may not exceed 180 days maturity nor represent more than 1 0% of the outstanding paper of an issuing corporation. The Purchase of commercial .paper not to exceed 15% of the City's surplus funds. d. Negotiable certificates of deposit issued by.a national or state-charted bank or a state or federal saving and loan association. Negotiable certificates of deposit may not exceed 30% of the City's total portfolio. Certificates purchased from a bank may not exceed 30% of the City's total portfolio. Certificates purchased from a bank may not exceed the shareholder's equity in the bank. Certificates over $500,000 purchased from savings and loan association may not exceed the net worth of the association. A maturity limitation of 5 years is applicable. e. State of California Local Agency Investment Fund (LAIF) is permitted, with the knowledge that the fund may invest in come vehicles allowed by statue but not. otherwise authorized by the City Council in this (SiP). The Treasurer shall obtain from the State treasurer, no less than quarterly reports providing sufficient detail to adequately judge the risk inherent in the LAIF portfolio, and shall inform the City Council immediately of any risk noted that may warrant reconsideration of this investment vehicle. {Limits: 'Maximum concentration $30 million combined limit for all accounts.) f. Investment in new government sponsored pools will be subject to due diligence, A thorough investigation of the pool is required prior to investing, and on a continual basis. g. Funds held under the terms of a Trust Indenture or other contract or debt issuance agreement may be invested according to the provisions of those indentures agreements. h. The City may invest in non-negotiable time deposits that are collateralized as required by the California Government Code, and that are maintained in banks and savings and loans associations that meet the requirement for accepting deposits of .public funds. Because time deposits are not liquid, no more than 25% of the city's temporarily idle funds may be invested in this category. i. Medium term corporate notes with a maximum maturity of 5 years may be purchased Securities eligible for investment must be rated AA or better by • • Moody's Standard & Poor's rating services. Medium term notes may not exceed 305 of the market value of the City's portfolio, and not more than 15% of the market value of the portfolio may be invested in notes issued by anyone corporation. Commercial paper holding must be included when calculating this 15% limitation. PROHIBITED INVESTMENTS: The City Treasurer is prohibited from the following: 1. Corporate share of stocks, corporate bonds and reverse purchase agreements. 2. Borrowing. for investment purposes ("Leverage") is prohibited. 3. Buying or selling securities "on Margin" is prohibited. 4. Investing in any instrument, which is commonly known as a "derivative" instrument (options, futures, swap, caps, floors, collars, US Treasury strips, interest only bonds, interest only strips derived from mortgage pools), or any investment that may result in a zero interest accrual, even if held to maturity, is prohibited: 5. Under the provision of CGC Sections 53601.6 and 53631.5, the City shall not invest any funds covered by this SIP in instruments knows as Structured Notes (e.g. Inverse floaters, leverage floaters, structured CD's range notes, equity linked securities). Any such investments are prohibited. 6. Trading securities for the sole purpose of speculating on the future direction of interest rates is prohibited.. COLLATERAL REQUIREMENTS: Collateral is required for investments in certificates of deposit and repurchase agreements. In order to reduce market risk and provide a level of security for all funds, the collateralization level. will be (102%) market value of principal and accrued interest. In conformity with the ..provisions of the Federal Bankruptcy Code that provide for the liquidation of securities held as collateral, the only securities acceptable as collateral are certificates of deposit, commercial paper, eligible bankers acceptances, and medium term notes or securities that are the direct obligation of, or are.fully guaranteed as to principal and interest by the United States or any City of the United States. An independent third party with whom the City has a current custodial agreement will always hold collateral. The right of collateral substitution is granted. DIVERSIFICATION: • • The Treasurer shall maintain a diversified portfolio to minimize the risk of loss resulting from over concentration of assets in a specific maturity, issuer, or security type. With the exception of U.S. Treasury securities and authorized pools, no more than 50% of the City's total investment portfolio will be invested in a single security type or with a single financial institution. MAXIMUM MATURITIES: Every effort will be made to match investment maturities to cash flow needs. .Matching maturities with cash. flow dates will reduce the need to sell securities prior to maturity, thus reducing the .market risk. Unless matched to a specific cash flow, the portfolio will not directly invest in securities maturing more than one year or less from the date of purchase (excluding LAIF). Reserve funds may be invested in securities exceed one year if the maturity of such investments is made to coincide as nearly as practicable with the expected use of the funds. No portion of the portfolio may exceed five years. INTERNAL CONTROL: Internal policies and procedures shall be developed to assure that appropriate controls are in place to document and confirm all transactions. The Treasurer shall recommend establishing an annual process of independent review by an external auditor. This review will provide internal control by assuring compliance with .policies and. procedures. PERFORMANCE STANDARDS: The investment portfolio shall be designed with the objective of obtaining a rate of return throughout budgetary and economic cycles, commensurate with investment risk constraints and cash flow needs: a. Investment Strategy: The portfolio's basis investment strategy is to buy .and hold investments until maturity. However the treasurer may sell a security due to adverse changes in credit risk or due to adverse changes in credit risk or due to unexpected cash flow needs. b, Market Yield (Benchmark): Market average will be determined by year- end average rates of return from a combination of indices: Local Agency Investment Fund (LAIF), 3-month and 6-month treasury bills. REPORTING: In compliance with Government code Section 53607 and 53646, the Treasurer shall .provide the City Council quarterly investment reports, which provide a clear picture of the status of the current investment portfolio. The management report should. provide a condensed summary of the most important information in the report, plus a detailed report covering the following elements: A listing of individual securities held at the end of the reporting period by authorized investment category. • • 2. Average life and final maturity of all investments listed. 3. Coupon, discount or earnings rate. 4. Par value, amortized book value and market value 5. Percentage of the portfolio represented by each investment category. INVESTMENT POLICY ADOPTION: The Treasurer shall annually render to the City Council a Statement of Investment policy as required in Section 53646(a) of the Government Code. The City's investment policy shall be adopted by resolution of the city Council and shall be reviewed annually; any modification made thereto must be approved by the legislative body. :. • • Glossary Active Deposits. Funds which are immediately required for disbursement. Active investment management. An investment strategy that involves the active trading of securities in an attempt to earn above-average returns on a portfolio. Active investment management requires frequent monitoring offinancial markets. Agency. A debt security issued by a federal or federally sponsored agency. Federal agencies are backed by the full faith and credit of the U.S. Government. Federally sponsored agencies (FBAs) are backed by each particular agency with a maiket perception that there is an implicit government, guarantee. An example of federal agency is the Government National Mortgage Association (GNMA). An example of an FSA is the. Federal National Mortgage Association (FNMA). Arbitrage. Generally, transactions by which securities are bought and sold in different markets at the same time for the sake of the profit arising from a difference in prices in the two markets. Bankers' Acceptances (BA's). Time drafts or bills of exchange that are accepted payment by-banks engaged in the financing of international trade. BA's finance the importation, exportation, shipment or storage of foreign and domestic goods. BA's are usually backed by documentation such as invoices, bills of lading, or warehouse receipts. Upon acceptance by a bank-, a BA becomes an irrevocable and unconditional obligation of the accepting bank, while it is also an obligation of the drawer as well as any endorser thereof. Basis point. By common agreement, 0.01 % of yield on a fixed income security (1 / 100 of 1 %). Bond Equivalent Yield (BEY). An annual yield, expressed as a percentage, describing the rectum provided to bond holders. A bond equivalent yield is double simple interest, semiannual yield. Since Treasury and agency notes and bonds pay interest semiannually, the bond equivalent yield is a way to compare yields from discount securities, such as Treasury bills and bankers' acceptances with yields available from coupon securities. From that usage, this yield measure is also known as the coupon yield equivalent. For securities that pay daily, monthly or quarterly interest, the bond equivalent yield understates the benefits obtained from the compounding of those investments. Book-entry clearance. A system for the transfer of ownership of securities through entries on the records of a centralized agency. The centralized agency holds securities on behalf of their owners; A4ien the securities are sold, ownership is transferred by bookkeeping entry from the seller to the purchaser. In the case of U.S government, securities, securities certificates are not issued, and ownership of the securities is evidenced in computer records maintained by the Federal Reserve System. For other types of securities, book entry clearance. is made available through linked or interfaced systems maintained by four securities depositories, which hold securities and act on behalf of their participants. Book-entry security. A security which is not available to purchasers in physical form. Such a security may be held either as a computer entry on the records of a central holder (as is the~case with U.S. certain government securities) or in the form of a single, global certificate. • • Book value. The value at which a security is carried on the inventory lists or other financial records of ari investor. This value may be the original cost of acquisition of the security, or original cost adjusted by the amortization of a premium, or accretion of a discount.. The book value may differ sigriificantly from the security's current value in the market. Broker. A broker brings buyers and sellers together for a commission paid by the initiator of the transaction or by both sides; he does not position or take ownership of the security. Certificate of Deposit (CD). A deposit of funds, in a banl: or savings and loan association, for a specified term that earns interest at a specified rate or rate formula. Collateralization. Process by which a borrower pledges securities, property or other deposits for the purpose. of securing the repayment of a loan and/or security. Commercial Paper. Unsecured short-term promissory notes issued by corporations, with maturities - ranging from 2 to 270 days. May be sold on a discount basis or may bear interest. Firms with lower ratings or without well known names usually back their commercial paper with guarantees or bank letters of credit. Coupon rate. Interest rate, expressed as a percent4ge of par or face value, that issuer promises to pay over lifetime of debt security. Credit Risk. The risk to an investor that an issuer will default in the payment of interest and/or principal on a security.- Current Yield (Current Return). A measure of the simple interest annual yield for interest-bearing investments with maturities of one year or more: To calculate the current yield, the annual coupon interest income is divided by the amount paid to acquire the investment. It is important to note that the current yield is only accurate for investments purchased at par. The current yield calculation includes just -one income cash flow. the annual interest income. It ignores the profit or loss resulting from discounts and premiums. Custody. The service of an organization, usually a financial institution, of holding (and reporting) a customer's securities for safekeeping. The financial institution is known as the custodian. Dealer:.. An individual or firm who, as a matter of regular business, purchases or sells securities for his account and risk. Delivery versus payment (DVP). A settlement procedures where payment for a securities purchase is made simultaneously with the transfer of the purchased securities. The same procedure applies for a securities sale; the securities are transferred as payment is made. Derivative instrument. A security that derives its value from an underlying asset, group of assets, reference rate, or an index value. Some derivative instruments can be highly volatile and result in a loss of principal in changing interest rate environments. • • Discount. The amount by which a bond sells under its par (face) value. Discount securities. Securities that do not pay periodic interest. Investors earn the difference. betv~een the discount issue price and the full face value paid at maturity. Treasury bills, bankers' acceptances and most commercial paper are issued at a discount. Diversification. Dividing investment funds among a variety of securities, offering independent returns. to reduce risk inherent in particular securities. Effective Annual Yield. A seldom used expression to refer to the yield on an im~estment expressed on a compound interest basis. Fed Wire. Computerized network linking the Fed with its district banks, member banks, and primary dealers in government securities. Federal Agency Securities. A variety of securities issued by several Federally sponsored agencies. ,Some are issued on a discount basis and some are issued. with coupons. Several have the full faith and credit guarantee of the U.S. government, although others do not. Federal Deposit Insurance Corporation (FDIC). A federal agency that insures bank deposits, Currently up to $ 100,000 per deposit. Federal funds (Fed Funds). Funds placed in Federal Reserve banks by depository institutions in excess of can ent reserve requirements. These depository institutions may lend fed funds to each other overnight or on a longer basis. They may also transfer funds among each other on a same-day basis through the Federal Reserve banking system. Fed funds are considered to be immediately available funds. Fed Funds Rate -Interest rate charged by one institution lending federal funds to another. Floater. A floating rate security with an interest rate that resets at specified intervals according to an underlying index, such as LIBOR (the London Interbank Offered Rate), and is based on a predetermined formula. The value of a floater will fluctuate as interest rates change and therefore can be very volatile. Inactive deposits. Funds not immediately needed to disbursement. Interest rate risk. The risk associated ), with declines or rises in interest rates which cause an investment in afixed-income security to increase or decrease in value. Inverse floater. A security that reacts inversely to the direction of interest rates. These securities can be very volatile and can lose value in a rising interest-rate environment. Leverage. An attempt to increase the rate of return on an investment by buying securities on margin or using borrowed funds for investment :purposes. This practice can be risky if interest rates rise or if" investment yields are lower than expected. • • Liquidity. The quality of an asset that permits it to be converted quickly into cash without a significant loss of value. Local Agency Investment Fund (LA1F). A special fund in the State Treasury which .local agencies may use to deposit funds for investment and for reinvestment. There is no minimum investment period and the minimum transaction is $5,000, in multiples of $1,000 above that, with a maximum of $20 million for any agency. It offers high. liquidity because deposits can be converted to cash in 24 hours and no interest is lost. All interest is distributed to those agencies participating on a proportionate share determined by the amounts deposited and the length of time they are I deposited. Interest is paid quarterly via a check, warrant, or direct deposit to the agency's State !Pooled Fund account. The State keeps an amount for reasonable costs of making the investments, not to exceed 1 /4 of a percent of the earnings. Marketability. The measure of ease with which a security can be sold in the secondary market. Mark-to-Market. The practice of valuing a security of portfolio according to its market value, rather than its cost or book value. Market Rate of Return. The average yield of the 3-month i1.S. Treasury Bill or other index that closely, matches the average maturity of the portfolio. Market Value. The price at which the security is trading and could presumably be purchased or sold. Maturity Date. The specified day on which the issuer of a debt security is obligated to repay the principal amount, or face value of, a security. Money Market Mutual Fund. Mutual funds that invest solely in money market instruments (short- . term debt instruments, such as Treasury bills, commercial paper, bankers' acceptances, repos and federal funds). Mutual Fund. An investment company that pools money and can invest in a variety of securities, including fixed-income securities and money market instruments. Mutual funds are regulated by the Investment Company Act of 1940 and must abide by the following Securities and Exchange Commission (SEC) disclosure guidelines. Negotiable. Salable. Par. Face value or principal value of a bond, typically $1,000 per bond. Passive investment management. An investment strategy where securities are bought with the intention of holding them to maturity or investments in benchmark products designed to yield a market rate of return. Principal. The face amount or par value of a debt instrument. • ~ Primary Dealer. A small group of large banla and brokers that have pledged to make a market for am Treasury securities at any time. The are required to report their inventory positions and volume of activities to the Federal Reserve. Because of this, they .are given the right to deal directly with the Federal Reserve in their daily operations. Prudent Investor Standard. A standard of conduct where a person acts with care, skill, prudence, and diligence when investing, reinvesting, purchasing, acquiring. exchanging, selling and many=ing funds. The test of whether the standard is being met is if a prudent person acting in a similar situation ~~•ould engage in similar conduct to ensure that investments safeguard principal and maintain liquidity. Rate of return. The amount of income received from an investment, expressed as a percentage. A market rate of return. is the yield that an investor can expect to receive in the current interest-rate environment utilizing abuy-and-hold to maturity investment strategy: Public Securities Association. The bond. market trade association, which publishes a Master Repurchase Agreement that is widely accepted as the industry standard. Rating. Judgment of creditworthiness of an issuer made by an accepted rating service. Repurchase Agreement (Repo). A form of secured, short-term borrowing in which a security is sold with a simultaneous agreement to buy it back from the purchaser at a future date. A master repurchase agreement is a written contract governing all future transactions between the parties and seeks to . establish each party's rights in the transaction. Reverse Repurchase Agreement. A form of secured, short-term investment in which a security is purchased with a simultaneous agreement to sell it back to the seller at a future date. Safekeeping. A procedure where securities are held by a third party acting as custodian for a fee. Secondary Market. Markets for the purchase and sale of any previously issued financial instrument. The first sale of a financial instrument by the original issuer is said to be done a Primary market. All. subsequent trades are said to be secondary market. Securities Investors Protection Corporation (SIPC). A private corporation providing insurance to brokerage firms to cover customer accounts up to ~~00,000 in securities (including (100,000 in cash). Swap. The trading of one asset, or cash flows; for another. Sometimes used in active portfolio management to increase investment returns by "swapping" one type of security for another. Also used to manage risk; for example, swapping. fixed interest rate payments for floating rate payments. Total return. Interest income paid on the invested principal, plus interest income earned from the successive reinvestment of that interest income, plus projected capital gains (or minus losses) on the irivestment, Differs from yield to maturity because (1) it can include gains or losses from sales prior to maturity, and (2) it permits the assumption of a reinvestment rate different from the yield earned on the underlying principal. • • Treasury Bills. Short-term U.S. government non-interest bearing debt securities with maturities of no longer than one year and issued in minimum denominations of S 10,000. Auctions of three- and six month bills are weekly, while auctions of one-year bills are monthly. The yields on these bills are _ monitored closely in the money markets for signs of interest rate trends. Treasury Notes. Intermediate U.S. government debt securities with maturities of one to 10.years and issued in denominations ranging from S 1,000 to S1 million or more. Tre~Sury Bonds. Long-term U.S. government debt securities with maturities often years or longer and issued in minimum denominations of $1,000. Currently, the longest outstanding maturity for such securities is 30 years. - Uniform Net Capital Rule. Securities and Exchange Commission 1 SC3-1 outlining capital requirements for brokers. Weighted Average Maturity (W AM). The average maturity of all the securities that comprise a Portfolio. Yield. Loosely refers to the annual return on an investment expressed as a percentage on an annual basis. For interest-bearing securities, the yield is a function of the rate, the purchase price, the income that can be earned from the reinvestment of income received prior to maturity, call or sale and the time from purchase to maturity, call or sale. Different formulas or methods are used to calculate yield: See Yield to Maturity and Total Return Analysis. Yield-to-maturity. The rate of return yielded by a debt security held to maturity when both the interest payments and the investor's potential capital gain or loss are included in the calculation of the return. • • RESOLUTION NO. A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY OF THE CITY OF LYNWOOD APPROVING THE TREASURER'S STATEMENT OF INVESTMENT POLICY .WHEREAS, the Treasurer is responsible for The Lynwood Redevelopment. Agency's cash flow whereby funds are transferred from various accounts to meet operating obligations; and WHEREAS, the Treasurer is also responsible for the investment of idle cash; and WHEREAS; the Treasurer has prepared guidelines for a prudent investment. policy; .and WHEREAS,.. the policy contains certain investment criteria; and WHEREAS, the basic premise of the policy is to ensure the safety of funds and assure that the Lynwood Information Inc.'s cash needs are met, NOW, THEREFORE, the Lynwood Redevelopment Agency do hereby find., .proclaim, order and resolve as follows: .Section 1. That the Treasurer's Statement of investment Policy is hereby approved. Section 2. This resolution shall go into effect immediately upon its adoption PASSED, APPROVED and ADOPTED this day of Louis Byrd, Chairman ATTEST: APPROVED AS TO FORM: Secretary Counsel • • DATE: February 3, 2004 T0: HONORABLE CHAIRMAN AND MEMBERS OF THE AGENCY FROM.: Lorry Hempe, Executive Director BY: Grant Taylor, Special Assistant/Development Services SUBJECT: DESIGN CONCEPT REVIEW:. Request for Retail Carts/Kiosks 3.100 Imperial Highway (Plaza Mexico) COMMENTS On January 6, 2004, the. City Council reviewed a proposal from Plaza Mexico requesting approval of thirty=three (33) portable retail tenant structures utilizing indoor carts, outdoor carts and permanent kiosks located at 3100 Imperial Highway in the_ CB-1 (Controlled Business) zone. The Council was concerned about the design of the kiosks and carts being consistent with the theme of Plaza Mexico. In addition, the Council directed staff to contact other cities for information to include permitted use, development standards, design and fees. FACTS 1} The Plaza Mexico property is bounded by Imperial Highway to the north; the I-105 Freeway to the south; State Street to the west; and the Lynwood Towne Center to the east (west of Long Beach Boulevard). 2) The Plaza Mexico property totals approximately 29.47 acres or 1,283,665 square feet in area. Plaza Mexico has been subdivided into five. (5) parcels any Parcel #1: Parcel #2: Parcel #3: Parcel #4: Parcel #5: 3) The General Plan Land Use Designation is Commercial which is consistent ,with the CB-1 (Controlled Business) zoning. AGENDA ITEM ~ are. developed as follows: 2-story Multiple Tenant Retail Center (207,191 sq. ft.); Building B-4 (40,976 sq. ft.) Building B-8 (32,250 sq. ft.) Lynwood. Towne Center (Food for Less, Rite Aid, etc.) Hometown Buffet Restaurant (15,000 sq. ft.) Annex Building (EI Gallo Giro, Banco Popular, Check Cashing) Chuck E. Cheese Restaurant & Water Well #6 • • 4) Plaza Mexico proposes to install portable retail tenants utilizing outdoor carts, indoor carts or permanent kiosks. 5) If the .Agency grants approval of Design. Concept, the applicant would then be required to obtain business licenses for each cart or kiosk prior to installation. DISCUSSION The site plan indicates the installation of retail tenant carts inside the multiple tenant retail building, carts outside buildings along the walkway near the main entrance off Imperial Highway and permanent kiosks outside buildings. A total of thirty-three (33) carts and kiosks are ..proposed as follows: Structure Dimensions uanti Outdoor Cart 4' X 8' 14 Indoor Cart 5' X 5' 9 -Kiosk 10' X 10' 10 TOTAL 33 The site, plan indicates locations of the tenant retail structures. Indoor carts are within the Marketplace .building at entrances, outdoor carts are located in rows along the walkway leading front the Marketplace building to the rear of the Towne Center, and Kiosks are. located on the walkway adjacent to the rear of the Towne Center and the rear of the Marketplace building. Elevations of the carts indicate wood frame with shelves and drawers and a roll down security panel. Elevations of the kiosk indicate wood frame, canvas roof and mesh security doors. Attached are color renderings of the indoor carts. Staff and :the City Council has concerns relative to the design of the outdoor carts and kiosks as the Plaza Mexico theme is that of Old Towne or Pueblo type design elements. .The .Development and Disposition Agreement (DDA) identifies portable retail carts as permissible in .Plaza Mexico but does not. set forth design standards or limit number of structures. The. .Lynwood Municipal. Code does not directly address kiosks or carts, however, the retail structures appear to fall under the classification of 'peddlers" pursuant to the definition in Lynwood Municipal Code (LMC) Section 4-2. LMC Section 4-6 requires a separate business license for each place of business or concessionary. LMC Section 4-7(p)(2)(c) sets forth daily, quarterly and annual business License fees for each location. ,~ • SURVEY OF OTHER CITiES • Staff contacted other cities to obtain information pertaining to zoning entitlement, standards and fees. Cities with malls or large commercial centers generally permit kiosks and carts. Following is a brief summary. City Review .Process Irvine Zoning permit over counter with plans & application Huntington Minor Conditional Use Permit Park before Planning Commission Lakewood Zoning approval over counter with floor plan Carson No zoning review Business License over counter Lynwood Zoning -Site Plan Review - {Proposed) Administrative Code Standards Fees See attached $ 80.00 plus Bus. License See attached $800.00 plus $100 per cart None inside and $100 per cart awning/canopy Outside Not in code Bus. License Allowed in mall only See attached $571 plus Resolution $200 per cart The cities of Irvine and Huntington Park have clearly identified standards that are applicable to this proposal. Other cities have little or no standards. OPTIONS The Agency has several options to consider including the following: 1) Approve the proposal subject to conditions set forth in the attached resolution; or 2) Approve the proposal and add or modify conditions and/or fees; or 3) Deny the proposal; or 4) Continue the item and direct~zoning ordinance amendment. RECOMMENDATION Staff recommends that the Agency select Option #1 and approve the design concept subject to site plan review and the attached resolution, and require a business license fee to be paid for each cart or kiosk in accordance with Lynwood Municipal Code Section 4-7. • Ati 1) 2) 3) 4) 5) 6) :achments: Resolution Site Plan Elevations Photos City of Irvine Standards City of Huntington Park Standards :DEC-11-2~~~;; 1840 r D N D m. x 0 0 c - o ii . o o NAQNE ~: ~~ s ~. a ~ o / x T • ~: P.02 TOTAL P.02 ' C 0 ' ~ D _ c ,., 0 m ~ " T N / ~ •/ m C ._D 0 TI '~ r D Z D N D m X o o° n 0 ;~ O o; m~~~ ~ ~XrOo DTI ' to ~ T y X (G N X ti H ~ Z m0 y ~ C ~ Z S 9 m oz ~ 0 ~,, ~ I ~ ' " 7P-0 O ~ ~m~ z ~ z m ozr Axe m y~0 , 9 IT ~ DX53 u l ____________________________ m ~ r O -- ~~ ~ ii ~ ' ~ ii . ~ .. ~~ o D ii ii Z Z ii S ii ii x ii ~~ ~ ~~ ~ I I ii ii ii ~ ~$. i i 4 tt ii ii ii ii J ~ ~, ~~ ~~ ~, ~, ~~ -~,--- ,~ ,~ ,, ~, ~ ~ -----1--------------------- ------------------------ I~ / 1 { -- - - - ~ ioa I, _L rt nN m im n c ZNI D <mm < i; sa ~ ~ S ~~ y Z 1M / • • RESOLUTION NO. A RESOLUTION OF THE LYNWOOD REDEVELOPMENT AGENCY APPROVING THE INSTALLATION OF RETAIL TENANT CARTS AND KIOSKS WITHIN THE PLAZA MEXICO COMMERCIAL CENTER LOCATED AT 3100 IMPERIAL HIGHWAY IN THE CB-1 (CONTROLLED BUSINESS) ZONE, CITY OF LYNWOOD, COUNTY OF LOS ANGELES, STATE OF CALIFORNIA. WHEREAS; the Lynwood Redevelopment Agency (the "Agency") promotes protecting the health, safety and general welfare of citizens working and residing in the City of Lynwood; and WHEREAS, the Development and Disposition (DDA) agreement between the r Developer and Lynwood Redevelopment Agency identifies retail tenant carts and kiosks as permissible; and WHEREAS, the Agency finds and determines the necessity to set forth relevant and applicable standards and requirements; and WHEREAS, the Agency reviewed this application and considered all oral and written testimony offered at a regular meetings of the Lynwood Redevelopment Agency held on January 6, 2004 and February 3, 2004. WHEREAS, the Agency reviewed other cities development standards, process, procedures and fees. Section 1. The Agency hereby approves the request by Plaza Mexico. to install retail vendor carts indoors and outdoors and install permanent kiosks at Plaza Mexico provided the following standards and conditions are complied with and maintained at all times: H:\WORDFILE\PLrWNING\RESOS\reso.plazamexico.carts&kiosks.doc 1 • • 1} Retail vendor carts and. kiosks shall only be permitted at large commercial retail shopping centers or redevelopment projects. Retail .vendor carts and kiosks - shall be subject to Site Plan Review and applicable fee established by City Council resolution. 2) No. more than ten (10) indoor carts, ten (10) outdoor carts and ten (10) kiosks shall be installed and maintained. A maximum of thirty (30) structures may be installed and maintained subject to Site Plan Review. 3) The retail carts and kiosks shall consist of the design, style and color on plans and renderings approved by the Agency and shall be consistent with the theme established for the Plaza Mexico project. 4) The retail carts and kiosks shall be maintained in a neat, clean and orderly manner at all times.. Such carts and kiosks shall be regularly repaired, painted, stained and shall not fall into disrepair. 5) The retail carts and kiosks shall be located in aisles and/or clusters so as not to obstruct pedestrian access and shall comply with provisions set forth in the Los Angeles County Fire Code. The applicant shall submit such site. plan to the Los Angeles County .Fire Department for review and approval 6) The retail carts and kiosks shall sell new retail merchandise only. No used .merchandise, weapons, paraphernalia, adult materials, food or beverages shall be sold at anytime. 7) Each tenant shall obtain a business license for each separate cart or kiosk prior to~installing and operating such retail business structure. 8) Each tenant shall pay a business license fee for each location in compliance with Lynwood Municipal Code Section 4-7(p)(2)(c) or such fee as established by the City Council prior to installing and operating such retail business location. 9) The. property owner or tenant shall obtain necessary permits from the Development Services Department, Building & Safety Division prior to installation. and operation of such structures. 10} The .property owner(s) and tenants shall. sign a Statement of Acceptance acknowledging that they have read, understand and will comply with all conditions of approval set forth in this Resolution at all times. H:\WORDFILE\PLANNING\RESOS\reso.plazamexico.carts&kiosks.doc 2 • • E Section 2. This Resolution shall become effective immediately upon its adoption. Section 3. A copy of this Resolution shall be forwarded to the property owners. Section 4. The property owners shall comply with all conditions of approval of this Resolution at all times. Failure to comply with such conditions may result in approval of the. carts and/or kiosks being revoked or modified at the discretion of the Agency. PASSED, APPROVED, and ADOPTED this.. day of , 2004. ATTEST: ANDREA HOOPER, Secretary APPROVED AS TO CONTENT:. GRANT TAYLOR, Special Assistant Development Services Department H:\ WORDFILE\PLANNING\RESOS\reso.plazamexico.carts&kiosks.doc LOUIS BYRD, Chairman 3 LORRY HEMPE, Executive Director APPROVED AS TO FORM: RONALD N. WILSON, Agency Counsel ~ • STATE OF CALIFORNIA ) )SS COUNTY OF. LOS ANGELES ) I, the undersigned, City Clerk for the City of Lynwood, do hereby certify that the .foregoing Resolution was passed and adopted by the City Council of the City of Lynwood' at a regular meeting held on the day of , 2004. AYES: NOES: ABSENT: ABSTAIN: City Clerk, City of Lynwood STATE OF CALIFORNIA )SS COUNTY OF LOS ANGELES ) I, the undersigned, City Clerk of the City of Lynwood, and Clerk of the City Council of said. City, do hereby certify that the above and foregoing is a full, true and correct copy of Resolution No. on file in my ofFice and that said resolution. was adopted on the date and by the vote therein stated. Dated this day of , 2004. City Clerk, City of Lynwood H:\WORDFILE\PLANNING\RESOS\reso.plazamexico.carts&kiosks.doc 4 • . _." ' ~...._ ~ _„ \\ ...-.. ~~..~____..~_..._._. ~ A,... ~ ~~ ^. ~. but '~= -- J_ ..~~ ~.. '_ _.,. \ ~ ~•.'• - .+ "~ ..t • ._..-- gg ry 1 ~ °~~,. I ./ • ~ ~~r±~ r ~. I. ~ '7 ° ` f v i't ! A~2 ~'~' QT,r ~-, ), \ p, ~~ ' ~ •, '~: ~ t , ~ ,.. r'•. \ \ t + ~..; a ti, z ~~ ~,li~ ,r.C.~~,yl A-1 ~ \ ?a'S'.' f ~' ° _: a RJ _~ vFi-~~ - .~ '.F~"1 \ \ ~+ ;' ~+ ~~ ,./~ ; '/ ( ,W. ,... ~ '~ ,: r, ~?-~ ) ,r : J ~ ~ ~ l\ _ ~~\, PERMANENT KIOSK J ~; *fc ~+ ~t ., ~ v-w B-4a~ .)r-- _ ~r~ t_ \ _' ~ L ;;f'' t \\ ~h4 ;.. tip' ~ /-'B\ ,T~ ~ ~ .~1 y .r' . ~~ f JIB.. .c ~ -~{ ~ `~ ~ r \ ~ 9 ~ ,-.: T M~ - _.: ~ ~.~ ~ m n KIOSKO ' -1 r F ~; ~ 1 ~ I ` , ,(~ c e a' N6 V ~ L.. y .. i y ~ _ y, .~ I p' ~ fem. • ~ a ~ 'S~ t ~~~ ` Cy" `,~ . ~., ~ R~ ; N, i , , _ ~:~. -' << CARTS ~ ~'w.~ ®~ • • ,. .. .~ , t ~ ~~ ~ ~ -~,~ _ ~ ~ y, ~. _~k t ~ r ~. it ~, '~ ~, k~~ •~~ S C ~ _ - c;~~~ ., _~ ~ ~ yt .,. ~. 1 ~ < .~ .r' ,..~9 ..... ..__~ ... ... • ' ~-`yam:, . _, ~ .~. ~1 ~. } ~ : _ •. _~ Z / 1l1 _, ,. ,. ,. ,, ,. ~ .__ ,. __ , - - ; _: , ...., ,- ~,, ;~ .. ~ , . __ , , ~. ,. ,, ~~. J _ c'~ t 7i.. 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I ~ . - p - .- ~.. .« ,' s,.: ` ~ . .. .~ ' ~ ~ .y -~ ~~ ~: ~~ ~PLA~A MEXICO - IN ®®OR GART ' a r G I v' S~ • ~} Y ~$~'~'~ ^ Y ii. h~{~'tf'.~.. 1 ~:i .a R F _ -_-. }i ~ _ ry ~ ,'S'S._ r PLAZA MEXICO - I~ ®OOR DART hL 01/12/04 IZON 16:31 FAX 949 724 6420 CITY OF IRVINE X1001 __-T~ i +~ ,~ ©~ ~qV - ~ '. ~ .'Z v ~ .a~ m ~: >; PUSHCART PERMtT INFORMATIQN SHEET AND PERMIT APPLICATION A Pushcart, as defined in Chapter 2-25 of the Zoning Ordinance, includes "any wagon, cart, or similar wheeled container, not a v®hicle as defined in the Vehicle Code of the State of California, from which retail goods, food or beverages are offered for sale." Pushcarts are only permitted within defined .plazas of office developments, and within retail Centers in multi-use, commercial and industrial districts. In addition 4o a Pushcart P®rmit, you will be required to obtain a City .Business license. Business license applications can be obtained at City Hall. H you require further inforanatlon on business livens®s, you .may call {949) 724360. Please use this as a checklist to assemble the materials required for your Pushcart Permit, and bring it with you when you submlt your application. If you have any questions about the items requested, please caN the Development Assistance Center at (949) 724-631. Permit Review: Once you have completed this application, return it with the building permit application and' required plans to the ~C.,,,~,;*,,; Development De~rtment~ ~ Develonment Assistance Genter_ P b Box,1957~. Irvine GA 9262'3-9~7ti_ Staff will review your submittal and rf all regulations have been met, issue a Pushcart Permit over ihesounter. tf your completed application is submitted by mail and approved, then you will receive your approved permit by mail in approximately five (5) working days. Cost: A fee of $80.00 is required for a Pushcart Permit. Submittal Requirements: In order to receive a pushcart permit, you must complete and submlt th® attached application together with the following: 1. Two (2) copies of a dimensioned detail of the pushcart a»d kiosk, "rf applicable (drawn to scale). 2. Two (2) copies of a 30" x 42" site plan showing the location of the pushcart and kiosk, including: a. Property lines; b. Adjacent streets; c. Location of existing pushcarts, if any, d. Plaza area or buildings within the retail center; e. Indicate the distance from the nearest existing pushcart(s) and kiosks if any, to the proposed pushcart(s) and kiosk. ~ Oate # ° ~ PUSHCART PERMIT Poat-its Fax Note 767f payee CfTY (~ IRVINE INFORMATION 5h To From Ca.Ipept. ' ' Co. U1/lz/u4 mUN lt3:a2 FAX 949 7Z4 6420 CITY OF IRVINE .: 3. If selling food, provide a copy of a valid Orange County Health Permit. For information on health permits contact Tom Ahrens of the Orange County Health Care Agency - Environmental Health Division at (714) 667-3790. Development Standards: Pushcarts must comply with the development standards established by Section 2-25-4 of the Zoning prdinance as listed below 1. Each pushcart shall have affixed to it in plain view, the owner's business permit. , Z. The .maximum dimensions of any pushcart shall be 96 inches in length, 48 inches in width and 101 inches in height. 3. A single kiosk'" may be provided to provide weather protection for pushcarts. All sales from a kiosk shall be made from a pushcart(s) located within the kiosk. 4. A single vendor may have no more than three (3) pushcarts grouped together. A group of pushcarts may be located within a single kiosk. However, kiosks may not be grouped together. 5. Two (2) signs area allowed for a single pushcart. If a single operator groups two or three pushcarts togeth®r, then a maximum of four (4) signs are allowed. If a pushcart or group of pushcarts is located within a kiosk, a maximum of four signs may be located on the kiosk in lieu of being located on the pushcart(s). Signs affixed to or painted upon kiosks may not exceed the eave line of the kiosk. Each sign may be a maximum of two (2) square feet. 6. No noise-making devices shall be used in conjunction with pushcart vending. 7. No pushcarts/kiosks shall be located within any parking area or on public property. 8. Pushcarts/kiosks shall not be positioned in such a way that they pose a hazard to pedestrian circulation and safety- With the exception of pushcart groups, under no circumstances shall any pushcarts and/or kiosks be located closer together than ten (1t)) feet. '' The maximum dimensions of any kiosk shall be 15 feet in length, 15 feet in width and 12 feet in height. X002 PUSHCART PERMIT CITY OFIRVINE INfORMATIONSHEET- Form 4&57, rev p7~01/02 -Page 2 _ uli lciu4 muru 1tf : J~ FAg 848 724 6420 CITY OF IRVINE ~ ppg 7 •< ,: '2 U ~r' ~_ PUSHCART PERMIT ;. APPLICANT INFORMATION: Narne Date Business Name (if different from above) Address Telephone PR®JECT INFORMATION: Items to be sold from pushcart Submitted Hours of Operation Days of Operation Property owner signature authorizing placement of pushcart(s): Date County Health Permit No. (~Lp ~i~blel City Business License No Please attach Site P{an. STAFF REVIEW: (CD staff use only) Case Number Expiration Date Staff Approval Date PUSHICART PERMIT . CffY OF IRVINE INFORMATION SHEET • Form 451, rev 01!12199 --Page 3 Yahoo! Mail -artbarfield@yaom Yahoo! My Yahoo! 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Save paying. off debts or 1st time omebuyers construction oa adjustable rates,... cash today!.., anything else you want.,, with limited cash,.. permanent fina~ ~10R~G~CE ~A~ @ ~t~~~G~~E WAS @ !4~O~T~~%~ V~~~ ~~OR~G~C~ i~K~ @ ~0~~'~,"!~E r- ~~ ®Mail ~~- G] Addresses ~ _@ Calendar ~ ~ Notepad - artbarfield@yahoo.com [Sign Out] Check Mail Compose Mail Upgrades -Search Mail -Mail Options Folders {Add] Previous ~ Next ~ Back to Messages Printable View - Full Headers fnbox 15] Delete Reply ~ ~ Forward I ~- Spam Move to folder... ~ OK ~ Draft Sent This message is not flagged. [Flag .Message -Mark as Unread ] ~ylk~5~~[Empty] ~ Subject: Kiosk Standards ~-` ~`-- ~`-~''y' ~ Trash~[Empty] Date: Mon, 12 Jan 2004 15:50:54 -0800 _ From: "Aguirre, Mariano" <maguirre@huntingtonpark.org> ;]Add t0 Address Book My Folders [Hide] To: artbarfield@yahoo.com d Palacios " 9-3.904 General standards for outdoor uses. 1=~~~s~ ~ Credit Report All outdoor uses allowed by this article shall be subject to the following Access Your Office standards: PC from Home 1. Outdoor use on private property shall not exceed five (5) feet in depth, Make Your Y! Mail perpendicular to the storefront. Fax a FREE Fax 2. Outdoor uses shall maintain a minimum clearance of five (5) feet from Machine any other tenant storefront space, or as determined by the Director or the Best card for Commission. Outdoor uses.may be expanded onto adjacent storefront areas bad credit/ 24 up to a maximum of twenty-five (25) percent of the subject tenant space width with the written approval of the adjacent tenant occupant and property owner. 3. Outdoor uses shall be clear of any obstructions for access to any required f re exits or primary entrances. 4. Outdoor uses shall maintain a minimum clearance of five (5) feet from any stationary object or kiosk/vendor cart other than the storefront: 5. All pathways shall have a clearance of not less than eight (8) feet above the surface of the path. " 6. Outdoor uses shall require submittal of a site plan review to the Department. Plans shall include measurements, as required, including, but not limited to, arcade widths, access clearance widths and dimensions: http://us.f603.mail.yahoo.com/ym/ShowLetter?MsgId=6347 2180318_64311 1120_4473_0_... 1/12/04 Yahoo! Mail' - artbarfield@yah~om Page 2 of 4 7. No cardboard or other types of similar storage boxes shall be visible to the pubic. 8. No outdoor storage shall be permitted in conjunction with any outdoor use. 9. Outdoor uses shall be limited to the regular hours of operation of the respective business, and all items placed outside shall be removed each evening, unless otherwise approved. 10. No use or item shall be in excess of six (6) feet in height, unless approved by the Department and a building permit is obtained, if necessary. 11. All areas, uses, or items shall be maintained in a clean, neat, quiet and orderly manner at all times and shall comply with the property maintenance standards as set forth in the Huntington Park Municipal Code Section 8-9.02.1. 12. No use or item shall be located so as to be hazardous to pedestrian or vehicular traffic, or extend into the safe line-of--sight distances at intersections,. as determined by the City Engineer. 13. Any signs used in conjunction with an outdoor use shall require review and approval in compliance with this Article and other applicable codes, or as required by the Director. 14. Any. outdoor use located on private property shall obtain prior authorization from the property owner. 15. No services shall be provided outdoors in conjunction with any outdoor use, except for table service of food in conjunction with approved outdoor seating, or as approved by the Director. 16. All outdoor use areas shall be continuously supervised by management or employees of the respective business to which they are connected, to ensure required pathways are kept clear and that all City requirements are complied with. 17. Incidental outdoor uses shall not require additional parking beyond that which is otherwise required for the primary permanent use, except as otherwise required by this Chapter. (§ 1 (part) Ord. 666-NS, eff. September 15, 2001) 9-3.906 Additional standards for kiosks/vendor carts. All kiosks/vendor carts shall require a valid Minor Conditional Use Permit in compliance with .Chapter 2, Article 11, and in compliance with the above general standards and the following additional standards: http://us.f603.mail.yahoo.com/ym/ShowLetter?MsgId=6347_2180318_64311_1120_4473_0 ,:, 1/12/04 Yahoo! 1V1ai1- artbarfield@yahom ~ Page 3 of 4 1. The kiosk/vendor cart use shall maintain a minimum of five (5) feet unobstructed clearance from any object, fixture, or storefront window to allow pedestrian access and passage. 2. A valid business license shall be obtained, with location approval per site plan review by the Department. 3. Kiosks/vendor carts shall be allowed based upon the standard of one kiosk/vendor cart for each seventy (70) feet of lot depth. 4. No cardboard or other types of similar storage boxes shall be visible to the public. 5. Outdoor seating/eating maybe allowed subject to the approval of a seating area plan. 6. All displays, materials, and merchandise shall be maintained in a clean, neat,. quiet. and orderly manner at all times and comply with the property maintenance standards as set forth in the Huntington Park Municipal Code Section 8-9.02.1. 7. Kiosk/vendor cart design shall be of a quality and appearance that is compatible with the surrounding area and streetscape. Kiosk/vendor-cart design approval shall be subject to submittal and review of a detailed cart design and/or photos. 8. Customer trash receptacles shall be provided as required by the Director. The receptacles shall be a decorative design to complement or enhance the intended use. (§ 1 (part) Ord. 666-NS, eff. September 15, 2001) Call me if you have any questions. Mariano Aguirre, Senior Planner City of Huntington Park Community Development Department Email: ma ug irre~a huntingtonpark.org Tel. (323) 584-6260 Fax (323) 584-6244 Delete Reply P Forward ~ # Spam Move to folder... ~ oic Previous ~ Next ~ Back to Messages Save Message Text Check Mail Compose ~ Mail Upgrades -Search Mail - fVl_a._il Qgp~i9ns Mail- Address Book -Calendar -Notepad Address Book • Auctions • Autos • Briefcase • Calendar • Chat • Classifieds • Finance • Games • Geocities • Greetings • Groups • Health • Horoscdpes • HotJobs • Kids • Mail • MaQs • Member Directory • Messenger • Mobile • Movies • Music • My Yahoo! • News • PavDirect • Personals • Pets • Photos http://us.f603.mail.yahoo.com/ym/ShowLetter?MsgId=6347 2180318_64311_1120_4473_0_... 1/12/04