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HomeMy WebLinkAbout2014-06-17Special Meeting Minutes City of Huntington Beach Oversight Board of the Successor Agency of the Former City of Huntington Beach Redevelopment Agency Tuesday, June 17, 2014 3:00 PM Room S-8 Relocation to 4th Floor, Conference Room #2 Civic Center, 2000 Main Street Huntington Beach, California 92648 3:00 PM — ROOM B-8 CIVIC CENTER, 2000 MAIN STREET HUNTINGTON BEACH, CA 92648 CALL TO ORDER — The Meeting was called to order by Mayor Harper at 3:09 PM ROLL CALL: Bone, Carchio, Fritzal, Harper, L. Dunn (arrived 3:13), and Delgado, ABSENT: A. Dunn SUPPLEMENTAL COMMUNICATIONS: Announced by Board Secretary - None PUBLIC COMMENTS: This is the portion of the meeting for any member of the public to address the Oversight Board on any matter that is within the subject matter jurisdiction of the board. The Brown Act, with limited exception, does not allow the board or staff to discuss issues brought forth under Public Comments. Comments should be limited to 3 minutes per person. - None BUSINESS: 1. Adopted Oversight Board Resolution No. 2014-03 authorizing the Successor Agency to execute a Second Amendment to Joint Exercise of Powers Agreement relating to the Huntington Beach Public Financing Authority City Manager Fred Wilson introduced Finance Director Lori Ann Farrell. Ms. Farrell began a presentation, and then with the arrival of Board Member Lucy Dunn, she began her introduction of the item again so that all board members were fully informed. Ms. Farrell provided a report on the Huntington Beach Public Financing Authority (PFA) and its 26 year history. She discussed the dissolution of the Redevelopment Agency (RDA) and the affect that had on the PFA. She indicated that the City of Huntington Beach and the RDA partnered together to create the PFA. With the dissolution of the RDA, and the creation of the Successor Agency, the partnership was shifted to the City and the Successor Agency. The longest term bonds are for tax allocation, and will mature in 2025. Since the Successor Agency, per Assembly Bill 1484, will wind down within one year of paying off or retiring the debts of its redevelopment agency it will terminate no later than Fiscal Year 2015. Ms. Farrell indicated that after discussion with the Bond Counsel, it was suggested that another member agency be substituted for the Successor Agency. In order to be proactive, the City Council, Huntington Beach Housing Authority and the Successor Agency took action to adopt resolutions to shift the partnership to the Oversight Board. The recommended action which has been presented to the Oversight Board is to adopt a resolution to authorize the Successor Agency to execute and deliver a second amendment to Joint Exercise of Powers Agreement. Questions were posed by Joe Carchio as to if other agencies have taken this action, or if any have indicated they will be following suit. Ms. Farrell lightly touched on the City of Anaheim's situation, and indicated that the PAF is unique to Huntington Beach. Steve Bones asked about the date of expiration of 2025 and if that will be affected by the removal of the Successor agency. Ms. Farrell indicated the action would not affect the date. Mr. Bone asked if the city remains liable for the debt, and Ms. Farrell indicated it did. Chair Matthew Harper asked about the two bonds and for clarification if they were for one project or two. Ms. Kellee Fritzel indicated it was 2 different projects. Mr. Bone asked about the amount of the bonds and Ms. Farrell stated the original amount at issuance was $40 million and theat $3 million is still outstanding. Ms. Lucy Dunn asked if there had been any discussion with the Department of Finance regarding this move, and Ms. Farrell said that would be the next step. The resolution will be sent to the Department of Finance and they have 60 days to respond with approval or to disagree with the action taken. Ms. Dunn asked what would be the procedure if the Department of Finance sets this action aside, and Ms. Farrell said the City will wait for resolution on the matter and if necessary seek legal advice. There bein no further discussion, a motion was made by Lucy Dunn and seconded by Steve Bone to adopt Resolution 2014-03, "A Resolution of the Oversight Board to the Successor Agency to the Redevelopment Agency of the City of Huntington Beach Authorizing the Successor_ Agency to Execute and Deliver a Second Amendment to Joint Exercise of Powers Agreement Relating to the Huntington Beach Public Financing Authority;" and, authorize the Executive Director for the Successor Agency on behalf of the Oversight Board to execute any agreements and take any actions necessary in furtherance of the amendment. The motion passed by the following vote: AYES: Harper, Bone, Carchio, L. Dunn, Delgado, and Fritzal NOES: None ABSENT: A. Dunn 2. Approved and adopted the minutes of the Oversight Board Special Meeting of February 26, 2014 Chair Harper asked if there were any revisions to be made to the minutes. Since there were none, a motion was made by Steve Bone and seconded by Kellee Fritzal to approve and adopt the minutes of the Oversight Board Special Meeting of February 26, 2014, as written and on file in the office of the Secretary of the Board.. The motion passed by the following vote: AYES: Harper, Bone, Carchio, L. Dunn, Delgado, and Fritzal NOES: None ABSENT: A. Dunn MEMBER REPORTS/ANNOUNCEMENTS: ADJOURNMENT: The meeting was adjourned by Chair Harper at 3:25 p.m. Huntington Beach Oversight Board Special Meeting Minutes February 26, 2014 Page 2 of 3 The next Regular Meeting is scheduled for Monday, October 13, 2014, 4:30 PM at City Hall, 2000 Main Street, Civic Center Lower Level, Room B-8. ft J L. Flynn Secretary of the Huntington Beach Oversight Board of the Successor Agency of the Former City of Huntington Beach, California Redevelopment Agency w KM Rew.Harper Chair of the Huntington Beach Oversight Board of the Successor Agency of the Former City of Huntington Beach, California Redevelopment Agency Huntington Beach Oversight Board Special Meeting Minutes February 26, 2014 Page 3of3