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Home My WebLink About100212 OB SARDA Special Meeting Agenda In compliance with'the Americans with Disabilities Act, if;you need special assi5tance to participate in this meeting, please contact the :office of'the City Clerk (951)'694-6444. Notification 48 hours prior to a meeting will enable the City to make ` reasonable arrangements to ensure accessi6ility fo that meeting [28 CFR 35.102:35.104 ADA Title II]. SPECIAL MEETING NOTICE/AGENDA OVERStGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY GREAT OAK CONFERENCE ROOM 41000 MAIN STREET OCTOBER 2, 2012 — 6:30 PM Next in Order: Resolution: 12-09 CALL TO ORDER: Chairperson John Meyer Roll Call. Meyer, Thornhill, Gonzales, Kelliher, Ordway-Peck, Sparkman, Turner, PUBLIG COMMENTS A total of 15 minutes is provided so members of'the-public may address the Commission on items<that are not listed on the Agenda. Speakers are limited to three minutes each. If you desire to speak to the Cammission about an item not on the Agenda, a salmon colored "Request to Speak" form should be filled ouf and filed with the Commission Secretary. When you ace called to speak, ptease come forward and state your name for the record. For all other agenda items a"Request to Speak" form must be Fled with the Commission Secretary prior to the Commission addressing that item. There is a three-minute time limit`for individual speakers. CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the action minutes of August 29, 2012. 2 Adapt the Suceessor Aqenc� to ttie Temecula R�development Aqency �ue Diligence Review and Convene Public.Comment;Session RECOfVIMENDATION: 4.1 Adopt a resolution entitled: RESOLUTION NO.OB SARDA 12- A. RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY ACKNOWLEDGING THE 1 RECEIPT OF THE REVIEW OF THE LOW AND MODERATE INCOME HOUSING FUND CONDUCTED PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179:5 AOJOU Next regular meeting: Wednesday, October 10, 2012, 6:30 PM, in the Council Chambers, 41000 Main Street, Temecula, California. ,?'"� � J � ^ . � .� , ;r"�i '� . � � . �;� �� . _.. �� . � _ �� 1.� �- _.. f , � � � - e_ ._, ._____� .._w �_a... _ , _.__ ...., . Date �� John�Mc�yrr Chairperson �, NOTI ?O THE PUBUC The Agenda will be available for viewing, pr(or to the meeting, at the Main Recepti.on at City Hall - 41000 Main Street, Temecula, 8:00 - 5:00 PM as well as on ihe City's website -�aww.cityoftemecula.ora. Any staff report/written materiai pertaining to this meating will be available, prior lo the meeting, for public review at the Main Reception and at the respective meeting. Any Supplemental Meterial distributed to a majority ot the Committee Members regarding any item on the Agenda, after the posting of �he Agenda, will be availabie for public review at the Main Reception. In addition, such material will be made available for reviewat the respective meetfng. If.you have any questions regarding any item of business on the Agenda for this maeting, please contact City Hall - 951-694-6400. 2 ACTION MINUTES OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY ' REGULAR MEETING COUNCIL CHAMBERS 41000 MAIN STREET AUGUST 29, 2012 — 6:30 PM CALL TO ORDER: Chairperson John Meyer Roll Call: Meyer, Thornhill, Gonzales, Kelliher, Ordway-Peck, Sparkman,Turner PUBLIC COMMENTS A total of 15 minutes is provided so members of the public may address the Commission on items that are not listed on the Agenda. Speakers are limited to three minutes each. If you desire to speak to the Commission about an item not on the Agenda, a salmon colored "Request to Speak" form should be filled out and filed with the Commission Secretary. When you are called to speak, please come forward and state your name for the record. For all other agenda items a"Request to Speak" form must be filed with the Commission Secretary prior to the Commission addressing that item. There is a three-minute time limit for individual speakers. NO SPEAKERS CONSENT CALENDAR 1 Minutes RECOMMENDATION: 1.1 Approve the action minutes of April 25, 2012. APPROVED 7-0 VOTE REFLECTED UNANIMOUS APPROVAL 2 Minutes RECOMMENDATION: 2.1 Approve the action minutes of May 23, 2012. APPROVED 7-0 VOTE REFLECTED UNANIMOUS APPROVAL 3 Minutes RECOMMENDATION: 2.2 Approve the action minutes of August 22, 2012. APPROVED 7-0 VOTE REFLECTED UNANIMOUS APPROVAL 1 BOARD BUSINESS 4 Adopt Recoanized Obliqation Pavment Schedules for the periods of Januarv 1, 2013, throuah June 31, 2013 APPROVED 7-0 VOTE REFLECTED UNANIMOUS APPROVAL RECOMMENDATION: 4.1 Adopt a resolution entitled: RESOLUTION NO. OB SARDA 12- A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A RECOGNIZED OBLIGATION PAYMENT SCHEDULE FOR THE PERIODS OF JANUARY 1, 2013 THROUGH JUNE 30, 2013 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH , ADJOURNMENT Next regular meeting: Wednesday, September 12, 2012, 6:30 PM, in the Council Chambers, 41000 Main Street, Temecula, California. - John Meyer , Chairperson Robert C. Johnson Executive Director/City Manager ATTEST: Susan W. Jones, MMC Agency Secretary/City Clerk 2 THE OVERSIGHT BOARD OF THE OVERSIGHT BOARD TO THE TEMECULA REDEVELOPMENT AGENCY AGENDA REPORT TO: Board of Directors of the Oversight Board of the Oversight Board to the Temecula Redevelopment Agency Patrick Richardson, Director Development Services for the Oversight Board to FROM: the Temecula Redevelopment Agency DATE: October 2, 2012 SUBJECT: Receive and Review the Due Diligence Review for the Low and Moderate Income Housing Fund in Accordance with Health and Safety Code Section 34179.5 and Convene the Public Comment PREPARED BY: Luke Watson, Senior Planner for the Oversight Board to the Temecula Redevelopment Agency RECOMMENDATION: 1. Adopt a resolution entitled: RESOLUTION NO. OB SARDA 12- A RESOLUTION OF THE OVERSIGHT BOARD OF THE OVERSIGHT BOARD TO THE TEMECULA REDEVELOPMENT AGENCY ACKNOWLEDGING THE RECEIPT OF THE REVIEW OF THE LOW AND MODERATE INCOME HOUSING FUND CONDUCTED PURSUANT TO HEALTH AND SAFETY CODE SECTION 34179.5 2. Convene the Public Comment Session Discussion Pursuant to Health and Safety Code Section 34179.5, each Oversight Board must employ a licensed accountant, approved by the county auditor-controller and with experience and expertise in local government accounting, to conduct a due diligence review to determine the unobligated balances available for transfer to taxing entities. Each review must determine the net balance of the Low and Moderate Income Housing Fund (the "LMIHF") and specifically the amount of cash and cash equivalents determined to be available for allocation to taxing entities as of June 30, 2012 (the "Due Diligence Review"). In summary, such amount is determined by determining the total value of assets and cash and cash equivalents in the LMIHF, and subtracting the following ("Restricted Assets"): (1) restricted funds, (2) assets that are not cash or cash equivalents, (3) amounts that are legally or contractually dedicated or restricted for the funding of an enforceable obligation, and (4) � . amounts that are needed to satisfy obligations that will be put on the Recognized Obligation Payment Schedule ("ROPS") for the current fiscal year. Also, the amount determined to be available for allocation to taxing entities includes the value of assets, cash and cash equivalents transferred after January 1, 2011 through June 30, 2012 by the former Redevelopment Agency or the Oversight Board to the City, another public agency or private person if an enforceable obligation to make that transfer did not exist. The Due Diligence Review documents the Restricted Assets and provides the respective amounts, sources and purposes for which the Restricted Assets should be retained. • Health and Safety Code Section 34179.6 requires each Oversight Board to submit the Due Diligence Review to the Oversight Board for the Oversight Board's review and approval. Upon receipt of the Due Diligence Review, the Oversight Board must convene a public comment session to take place at least five business days before the Oversight Board holds the approval vote. The Oversight Board also must consider any opinions offered by the county auditor-controller on the review results,submitted by the Oversight Board. By October 15, 2012, the Oversight Board must review, approve, and transmit the Due Diligence Review to the state department of finance ("DOF") and the county auditor-controller. The Oversight Board may adjust any amount provided in the review to reflect additional information and analysis. The review and approval must occur in public sessions. The Oversight Board may request from the Oversight Board any materials it deems necessary to assist in its review and approval of the determination. Section 34179.6 empowers the Oversight Board to authorize a Oversight Board to retain the Restricted Assets. The DOF must complete its review of the Due Diligence Review no later than November 9, 2012, and must notify the Oversight Board and the Oversight Board of its decision to overturn any decision of the Oversight Board to authorize a Oversight Board to retain Restricted Assets. The DOF must provide the Oversight Board and the Oversight Board an explanation of its basis for overturning or modifying any findings, determinations, or authorizations of the Oversight Board. The Oversight Board then has the option to meet and confer with DOF to discuss any modifications. By December 1, 2012, the county auditor-controller must provide DOF a report specifying the amount submitted by each Oversight Board from the LMIHF, and specifically noting any Oversight Board that failed to remit the full required amount. Section 34179.5 also requires a similar review of all other funds and accounts held by the Oversight Board to determine unobligated balances available for transfer to taxing entities. The review for all other funds and accounts must be completed by December 15, 2012 and the county auditor-controller has an April 20, 2013 deadline to provide DOF the report specifying the amount submitted by each Oversight Board from all other funds and accounts, and specifically noting any Oversight Board that failed to remit the full required amount. Upon full payment of the amounts determined in the Due Diligence Review and the subsequent review conducted for all other funds and accounts, payment of the "surplus" tax revenues due on July 12, 2012, and any unpaid or underpaid pass through payments owed for fiscal year 2011-12, DOF will issue to the Oversight Board, within five business days, a finding of completion of the requirements of Section 34179.6. Lance Soll & Lunghard, LLP, were retained by the Oversight Board to conduct this Due Diligence Review. 2 ATTACHMENTS: 1. Resolution No. OB SARDA 12- 2. Draft Due Diligence Review 3. Recognized Obligation Payment Schedule for the period of January 1, 2013 through June 30, 2013 3