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Home My WebLink About1994-11-07 (15)MINUTES HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Council Chamber, Civic Center Huntington Beach, California Monday, November 7, 1994 t, A Videotape recording of this meeting is on file in the Office of the City Clerk Chairman Moulton -Patterson called the special meeting of the Public Financing Authority of the City of Huntington Beach to order for the purpose of approving legal documents to authorize the purchase and sale of Redevelopment Agency Tax Allocation Bonds and approving other related documents and actions. HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY ROLL CALL: PRESENT: Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan ABSENT: Silva (out of room) The Secretary read the Call for Special Meeting Notice, CALL FOR SPECIAL MEETING OF HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Linda Moulton -Patterson, Director Jim Silva, Director Ralph Bauer, Director Earle Robitaille, Director Grace Winchell, Director Victor Leipzig, Director Dave Sullivan, Director You are hereby notified of a Special Meeting of the Huntington Beach Public Financing Authority Board of Directors of the City of Huntington Beach, California, is called for and will be held in the Council Chamber of the Civic Center, at the hour of 7 p.m. or as soon thereafter as possible on Monday, November 7, 1994, to approve legal documents to authorize the purchase and sale of Redevelopment Agency Tax Allocation Bonds and approving other related documents and actions, as follows: Page 2 - Huntington Beach Pubic Financing Authority - 11/07/94 Huntington Beach Public Finance Authority; Approve Resolution No. 8 authorizing the purchase and sale of Redevelopment Agency Tax Allocation Bonds and other related documents and actions. Dated: November 3, 1994 HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY Isl Linda Moulton -Patterson Chairman ATTEST: Isl Connie Brockway Secretary I hereby certify that I received the above notice, "Call for Special Meeting of the Huntington Beach Public Financing Authority," prior to 7 p.m. Sunday, November 6, 1994. Isl Linda Moulton -Patterson Chairman Citv Council/Redevelopment Aciencv/Public Financina Authority) PUBLIC HEARING - APPROVAL OF $4.665 MILLION IN TAX ALLOCATION BONDS - AFFORDABLE HOUSING AGREEMENT - BERTRAM PARTNERS V - MORA KAI APARTMENTS ACQUISITION AND REHABILITATION - EAST OF BEACH BOULEVARD - NORTH OF GARFIELD AVENUE COUNCIL RESOLUTION NOS. 6649 AND 6650 - AGENCY RESOLUTION NOS. 261 AND 262 - PUBLIC. FINANCING AUTHORITY RESOLUTION NO. 8 - ADOPTED (330.30) and (600.30) The Mayor announced that this was the day and hour set for a public hearing to consider approval of the issuance by the Redevelopment Agency of the City of Huntington Beach of its tax allocation ($4,665,000) for the purpose of assisting in the financing of the acquisition and rehabilitation of a multifamily rental housing development located in the City of Huntington Beach and to consider approval of an affordable housing agreement between the Redevelopment Agency of the City of Huntington Beach and Bertram Partners V, a California limited partnership. The purpose of the affordable housing agreement is to assist in the acquisition and rehabilitation of affordable multifamily rental housing development located in the City of Huntington Beach, California. The project proposed to be acquired and rehabilitated is known as Mora Kai Apartments, and is located at 18881 Mora Kai Lane, (east of Beach Boulevard and north of Garfield Avenue), in the City of Huntington Beach. The developer and owner of the project will be Bertram Partners V, a California limited partnership. The manager of the project will be Barker Management or another entity selected by the owner. Page 3 - Huntington Beach Pubic Financing Authority - 11/07/94 Legal notice as provided to the City Clerk's Office by staff had been published and posted. No communication -or written protests were received on the matter. The Special Projects Director presented a staff report. Grag Brown, Development Specialist, presented a slide report regarding the proposed project. Daniel Ocelli, E. J. De La Rosa Company, City Bond Underwriter, presented a report using slides regarding the acquisition and rehabilitation of the proposed property for affordable housing. Discussion was held by Council and staff regarding the financing of the project and control of improvements made to the property. Kathy Head, Keyser -Marston and Associates, City Financial Advisor, responded to Councilmember Winchell's question regarding a comparison of the project and the Five -Points Senior Project. Discussion was held by Council and staff regarding recycling of the funds for future projects. Mayor Pro Tem Robitaille declared the public hearing open. The City Clerk announced the following communications received and distributed to Council from the City Administrator two charts regarding Low and Moderate Income Housing Fund Cash Flow Projects. There being no one present to speak on the matter and there being no further protests filed, either oral or written, the hearing was closed by the Mayor Pro Tem. Further discussion was held by Council and staff regarding advantages and disadvantages of projects outside the redevelopment project areas. Kathy Head, Keyser -Marston representative, stated that six percent (6%) of all housing developed in a redevelopment project area must be very low and nine percent (9%) of all housing developed in a redevelopment project area must be low or moderate income housing. Wes L&en, Kelling, Northcross and Nobrega, City Bond Advisor, spoke regarding Assembly Bill 1290 and the city's responsibility to spend the low and moderate income housing revenue funds. Page 4 - Huntington Beach Pubic Financing Authority - 11/07/94 Council Resolution No. 6649 Adopted - Issuance of Revenue Bonds - Multifamily Rental`' Housing Development ' .'s A motion was made by Robitaille, seconded by Bauer, to adopt Council Resolution No. 6649 approving the issuance of Revenue Bonds by the Redevelopment Agency for the purpose of providing financing for a multifamily rental housing development to be owned by Bertram Partners V. The motion carried by the following roll call vote: AYES: Bauer, Robitaille, Moulton-Patterson,'Winchell, Leipzig, Sullivan NOES: None ABSENT: Silva (out of room) F Councilmember Winchell asked if Councilmember Silva was in the back as she would like to see his vote on this. The City Clerk was directed to re-record the vote. The motion carried by the following roll call vote: AYES: Silva, Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan NOES: None ABSENT: None Redevelopment Agency Resolution No. 216 Adopted - Multi -family Housing Revenue Bonds - Mora Kai - East of Beach - North of Garfield A motion was made by Leipzig, seconded by Moulton -Patterson, to adopt Redevelopment Agency Resolution No. 261, authorizing the issuance, sale and delivery of Multifamily Housing Revenue Bonds, authorizing the execution and delivery of an Indenture, Loan Agreement, Regulatory Agreement, Official Statement and Purchase Contract, and approving other documents and actions in connection therewith and approve an amendment to the current year budget by appropriating $200,000 from the housing et aside fund for the cost of the'debt service on the bonds during fiscal year 1994-95. The motion carried by the following roll call vote: AYES: Silva, Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan NOES: ' None ABSENT: None Public Financing Authority Resolution No. 8 Adopted - Authorizes the Purchase and Sale of Redevelopment Agency Tax Allocation Bonds A motion was made by Winchell, seconded by Sullivan, to adopt Public Financing Authority Resolution No. 8, authorizing the purchase and sale of Redevelopment Agency Tax Allocation Bonds and approving other related documents and actions. The motion carried by the following roll call vote: AYES: Silva, Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan NOES: None ABSENT: None Page 5 - Huntington Beach Pubic Financing Authority - 11/07/94 Redevelopment Agency Resolution No. 262 Adopted - Affordable Housing Agreement - AgencylBertram Partners - Mora -Kai - East of Beach - North of Garfield A motion was made by Winchell, seconded by Sullivan, to adopt Agency Resolution No. 262 approving an affordable housing agreement between the Redevelopment Agency of the City of Huntington Beach and Bertram Partners, a California general partnership, calling for the annual pledge and expenditure of no more than $4,000,000 in housing set aside funds in exchange for forty-two units of affordable housing for households earning below 60% (21 units) and 50% (21 units) of Orange County median income, for a period of thirty years. The motion carried by the following roll call vote: AYES: Silva, Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan NOES: None ABSENT: None City Council Resolution No. 6650 - Adopted - Affordable Housing Agreement - City/Bertram Partners - Mora -Kai - East of Beach - North of Garfield A motion was made by Winchell, seconded by Moulton -Patterson, to adopt Council Resolution No. 6650 approving an Affordable Housing Agreement between the city and Bertram Partners, a California general partnership, calling for the annual pledge and expenditure of no more than $400,000 in housing set aside funds in exchange for forty-two units of affordable housing for households earning below 60% (21) units of Orange County median income, for a' period of thirty years. The motion carried by the following roll call vote: AYES: Silva, Bauer, Robitaille, Moulton -Patterson, Winchell, Leipzig, Sullivan NOES: None ABSENT: None HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY -ADJOURNMENT The Chairman adjourned the special meeting of the Huntington Beach Public Financing Authority. ATTEST: / 0 40� &401e� Secretary Secretary /s/ Linda Moulton -Patterson Chairman