RDA MINS 19951219 ADJ MINUTES
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
ADJOURNED REGULAR MEETING
DECEMBER 19, 1995
The meeting was called to order at 8:40 P.M. by Chairwoman Marilyn Lyon, City
Council meeting having been recessed for the purpose of conducting the business of
the Redevelopment Agency.
Present: McTaggart, Ferraro, Byrd, Hollingsworth & Chair Lyon
Absent: None
Also present were Executive Director Paul Bussey, Planning Director ret Bernard,
Public Works Director Trent Pulliam, Agency Secretary Jo Purcell, and Agency
Attorney Carol Lynch.
APPROVAL OF AGENDA
Member Byrd moved, seconded by Member McTaggart to approve the agenda as
presented. Motion carried.
APPROVAL OF CONSENT CALENDAR
Member Hollingsworth moved, seconded by Member Ferarro, to approve the Consent
Calendar as follows:
Resol. No. RDA 95-26- Register of Demands (602 x 1900)
ADOPTED RESOL. NO. RDA 95-2 6ALLOWING CERTAIN CLAIMS AND DEMANDS
AND SPECIFYING FUNDS FROM WHICH THE SAME ARE TO BE PAID.
The motion to approve the Consent Calendar carried on the following roll call vote:
AYES: McTaggart, Byrd, Hollingsworth, Ferraro & Chair Lyon
NOES: None
# # # # # #
RESOL. NO. RDA 95-27 -ABALONE COVE PROJECT AREA -AGENCY TAX
INCREMENT STUDY (1900)
Executive Director Bussey presented the December 19 staff report and the
recommendation to (1) authorize the Agency to enter into an agreement with Rosenow,
Spevacek Group, Inc. (RSG) for the preparation of a revised tax increment study to
analyze the potential shortfall of tax increment in meeting the County bond payment
schedule; and (2) Adopt the proposed resolution amending the budget to provide the
funds necessary to conduct the study.
Mr. Bussey's December 19 report contained an overview of the Horan Settlement
Agreement provisions concerning Los Angeles County's issuance of$10 Million in
bonds proceeds and forward the proceeds to the Redevelopment Agency, and how the
debt service is to be paid.
Continuing with his report, he stated that over the past four years the Agency has hired
RSG to conduct a study to determine the percentage increase in assessed value
necessary to pay the full debt service from tax increment. At this time the Agency
staff felt that a new study should be prepared to project the possible tax increment
shortfall and impact on the assessment placed on each parcel by the County.
Additionally, the study would project the amount of available County bond proceeds
that would be required to prevent the collection of assessment from the residents of the
area. He projected the cost of the study to be between $10,000 and $15,000 and thus
the reason for requesting a budget adjustment.
RESOL. NO. RDA 95-27 AMENDING RESOL. NO. RDA 95-12, THE BUDGET
APPROPRIATION FOR FISCAL YEAR 1995-96, FOR A BUDGET ADJUSTMENT TO
THE AGENCY'S ABALONE COVE PROJECT AREA was introduced by title and
adopted on motion of Member McTaggart and seconded by Member Ferraro. The
motion carried on the following roll call vote:
Ayes: Ferraro, McTaggart, Hollingsworth, Byrd & Chair Lyon
Noes: None
Adjournment: At 8:55 P.M. the meeting adjourned on motion of Member Byrd.
,'AIR /
ATTEST:
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GENCY SECRETARY
N: e'OUP\CITYCLRKIMINUTES1121995RM.WPD
RDA MINUTES
DECEMBER 19, 1995
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