RDA MINS 20080916 ADJ MINUTES
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
ADJOURNED REGULAR MEETING
SEPTEMBER 16, 2008
The meeting was called to order at 9:51 P.M. by Chair Stern at Fred Hesse Community
Boulevard.
Park, 29301 Hawthorne
Redevelopment Agency roll call was answered as follows:
PRESENT: Clark, Gardiner, Long, Wolowicz, and Chair Stern
ABSENT: None
Also present were Executive Director Carolyn Lehr; Agency Attorney Carol Lynch;
Assistant Executive Director Carolynn Petru; Director of Finance/IT Dennis McLean;
Director of Planning, Building, and Code Enforcement Joel Rojas; Deputy Planning
Director Greg Pfost; Deputy Director of Finance/IT Kathryn Downs; Principal Planner
Ara Mihranian; Senior Planner Eduardo Schonborn; Associate Planner Kit Fox; Senior
Administrative Analyst Matt Waters; Senior Administrative Analyst Sara Singer; Senior
Information Technician Robert Arthur; Financial Consultant Tim Mulrenan, Tierra West;
Robin Harris of Richards, Watson and Gershon; and, Agency Secretary Carla Morreale.
APPROVAL OF AGENDA:
Member Wolowicz moved, seconded by Chair Stern, to approve the Agenda as
submitted.
Without objection, Chair Stern so ordered.
APPROVAL OF CONSENT CALENDAR:
Member Long moved, seconded by Member Wolowicz, to approve the Consent
Calendar.
The motion carried on the following roll call vote:
AYES: Clark, Gardiner, Long, Wolowicz, and Chair Stern
NOES: None
ABSTAIN: None
ABSENT: None
Approval of the Minutes (1900)
Approved the minutes of the September 2, 2008 Regular Meeting.
FY07-08 Continuing Appropriations (1900)
•
ADOPTED RESOLUTION NO. RDA 2008-10, A RESOLUTION OF THE RANCHO
PALOS VERDES REDEVELOPMENT AGENCY, AMENDING RESOLUTION NO. RDA
2008-05, THE BUDGET APPROPRIATION FOR FY08-09, TO INCREASE THE
BUDGET FOR CERTAIN CONTINUING APPROPRIATIONS FROM FY07-08; and, 2)
ADOPTED RESOLUTION NO. RDA 2008-11, A RESOLUTION OF THE RANCHO
PALOS VERDES REDEVELOPMENT AGENCY, AMENDING RESOLUTION NO.
2007-06, THE BUDGET APPROPRIATION FOR FY07-08, TO REDUCE THE BUDGET
FOR APPROVED CONTINUING APPROPRIATIONS.
# # # # # # # #
REGULAR BUSINESS:
Exclusive Negotiating Agreement between the Agency and AMCAL Multi-
Housing, Inc. pertaining to the Development of the Agency's Crestridge Property
(1900)
Agency Secretary Morreale reported that late correspondence was distributed prior to
the meeting on this item.
Deputy Planning Director Pfost provided a brief staff report on the item.
Agency Members and staff discussed the following topics: requirements for affordable
housing; the down slope parcel, a portion of which is natural habitat in the Natural
Communities Conservation Plan (NCCP) Preserve; the tax credit allocation; and
financing options.
Tim Mulrenan, Financial Consultant, Tierra West Advisors, explained the tax credit
program as the opportunity for investors to offset tax credits that they gain from the
development of the project against their Federal income taxes.
Robin Harris, Richards, Watson and Gershon, explained that one of the financing
options for the project would be the issuance of bonds by the Redevelopment Agency
over a typical term of 20-25 years. She stated that a bond financing team possibly
consisting of bond counsel, underwriter, and a financial advisor is typically required for
the issuance of bonds.
Member Clark moved, seconded by Member Long, to authorize the Chairman to
execute an Exclusive Negotiating Agreement on behalf of the Redevelopment Agency
("Agency") with AMCAL Multi-Housing; Inc. ("AMCAL") pertaining to the development of
the Agency's Crestridge Property; and, 2) Directed Staff to seek consultant assistance
with the preparation of traffic, geologic and view/visual studies.
The motion carried on the following roll call vote:
Redevelopment Agency Minutes
September 16, 2008
Page 2 of 3
AYES: Clark, Gardiner, Long, Wolowicz, and Chair Stern
NOES: r None
ABSTAIN: None
ABSENT: None
PUBLIC COMMENTS:
None.
ADJOURNMENT:
Member Long moved, seconded by Chair Stern, to adjourn. Chair Stern adjourned the
Redevelopment Agency meeting at 10:13 P.M.
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Chair
Attest:
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Agency Secretary
W:\City Council RDA Minutes\2008\20080916 RDA MINS.doc
Redevelopment Agency Minutes
September 16, 2008
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