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HomeMy WebLinkAbout121916 OB SARDA Special Meeting Agenda ACTION MINUTES OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY SPECIAL MEETING COUNCIL CHAMBERS 41000 MAIN STREET TEMECULA, CALIFORNIA NOVEMBER 16, 2015 6:30 PM Next in Order: Resolution: 15-03 CALL TO ORDER: JohnMeyer, Vice-Chairperson Roll Call: Meyer, Kelliher, Elam, Turner ABSENT: Gonzalez, Ordway-Peck, Thornhill PUBLIC COMMENTS NO SPEAKERS. NOTICE TO THE PUBLIC All matters listed under Consent Calendar are considered to be routine and all will be enacted by one roll call vote. There will be no discussion of these items unless Members of the Oversight Board request specific items be removed from the Consent Calendar for separate action. CONSENT CALENDAR 1 Minutes RECOMMENDATION: Approve the Action Minutes of September 23, 2015. ITEM WAS CONTINUED 1.1 TO THE NEXT MEETING DUE TO INSUFFICIENT QUORUM OF BOARD MEMBERS FROM THE MEETING OF SEPTEMBER 23, 2015 1 BOARD BUSINESS 2 Approve the First Amendment to Temecula Public Financing Authority Joint Exercise of Powers Agreement, to Provide for Withdrawal of Successor Agency to the Temecula APPROVED BY A 4-0-3 VOTE. Redevelopment Agency as a Member RECOMMENDATION: 2.1 Adopt a resolution entitled: RESOLUTION NO. OB SARDA 15-03 A RESOLUTION OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING TEMECULA PUBLIC FINANCING AUTHORITY JOINT EXERCISE OF POWERS AGREEMENT ADJOURNMENT Next regular meeting: Wednesday, November 25, 2015, 6:30 PM, Council Chambers, 41000 Main Street, Temecula, California. ___________________________________ Gary Thornhill Chairperson ___________________________________ Aaron Adams Executive Director ATTEST: ________________________________ Randi Johl, City Clerk/Secretary ACTION MINUTES OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY REGULAR MEETING COUNCIL CHAMBERS 41000 MAIN STREET TEMECULA, CALIFORNIA JUNE 22, 2016 6:30 PM Next in Order: Resolution: 16-03 CALL TO ORDER: Chairperson Thornhill called the meeting to order at 6:31 PM Roll Call: Gonzalez, Meyer, Thornhill, Turner ABSENT: ELAM, KELLIHER, ORDWAY-PECK PUBLIC COMMENTS No speakers. NOTICE TO THE PUBLIC All matters listed under Consent Calendar are considered to be routine and all will be enacted by one roll call vote. There will be no discussion of these items unless Members of the Oversight Board request specific items be removed from the Consent Calendar for separate action. CONSENT CALENDAR 1 Minutes RECOMMENDATION: Approve the Special Meeting Action Minutes of November 16, 2015 ITEM WAS 1.1 CONTINUED TO THE NEXT MEETING DUE TO INSUFFICIENT QUORUM OF BOARD MEMBERS FROM THE MEETING OF NOVEMBER 16, 2015 Approve the Special Meeting Action Minutes of February 1, 2016 APPROVED 1.2 BY A 4-0-3 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL 1 BOARD BUSINESS 2 Adopt Proposed Administrative Budget for Fiscal Year 2016-2017 for Successor Agency to the Temecula Redevelopment Agency Pursuant to Health and Safety Code Section APPROVED BY A 4-0-3 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL 34177 RECOMMENDATION: 2.1 Adopt a resolution entitled: RESOLUTION NO. OB SARDA 16-03 A RESOLUTION OF THE BOARD OF DIRECTORS OF THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING PROPOSED ADMINISTRATIVE BUDGETS FOR FISCAL YEAR 2016-2017 PURSUANT TO HEALTH AND SAFETY CODE SECTION 34177 AND TAKING CERTAIN ACTIONS IN CONNECTION THEREWITH 3 Election of Chairperson and Vice Chairperson 3.1 Entertain motions from the Board of Directors to appoint the Chairperson, effective BOARD MEMBER THORNHILL WAS July 1, 2016, to preside until July 1, 2017 NOMINATED TO SERVE AS CHAIR PERSON. APPROVED BY A 4-0-3 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. 3.2 Entertain motions from the Board of Directors to appoint the Vice Chairperson, effective July 1, 2016, who will assume the duties of the Chairperson in the Chair BOARD MEMBER MEYER WAS NOMINATED TO SERVE AS VICE CHAIR PERSON. APPROVED BY A 4-0-3 VOTE. VOTE REFLECTED UNANIMOUS APPROVAL. ADJOURNMENT Chairperson Thornhill adjourned the meeting at 6:35 PM to the next regular meeting: Wednesday, July 13, 2016, 6:30 PM, Council Chambers, 41000 Main Street, Temecula, California. ___________________________________ Gary Thornhill Chairperson ___________________________________ Aaron Adams Executive Director ATTEST: ________________________________ Randi Johl, City Clerk/Secretary 2 ELECT CHAIRPERSON AND VICE CHAIRPERSON OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY AGENDA REPORT TO: Executive Director/Oversight Board of Directors FROM: Luke Watson, Director of Community Development for the Successor Agency to the Temecula Redevelopment Agency DATE: December 19, 2016 SUBJECT: ADOPT A RESOLUTION APPROVING THE DISPOSITION AND DEVELOPMENT AGREEMENT BETWEEN THE CITY OF TEMECULA, THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND, TOWN SQUARE MARKETPLACE OLD TOWN, LLC RECOMMENDATION: Adopt a resolution entitled: RESOLUTION NO. OB SARDA 16- A RESOLUTION OF THE OVERSIGHT BOARD TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF TEMECULA, SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND TOWN SQUARE MARKETPLACE OLD TOWN, LLC CONVEYING APPROXIMATELY ONE ACRE OF PROPERTY LOCATED ON MAIN STREET WEST OF MERCEDES STREET PURSUANT TO LONG RANGE PROPERTY MANAGEMENT PLAN BACKGROUND: The Subject Property, also known as the Town Square Marketplace (TSMP), is considered the third and final phase of the overall Civic Center development. The Subject Property consists of the vacant pads flanking the Town Square Park to the north and south. The TSMP is generally envisioned as a commercial mixed-use development that will complement the Civic Center and Town Square Park. In March 2014, staff met the Civic Center Subcommittee (Subcommittee), then consisting of Council Members Comerchero and Roberts (retired), to discuss and receive direction on the future development of the TSMP. On March 11, 2014, the City issued a Request for Interest (RFI) to solicit interest from qualified firms for the development of the TSMP, at the direction of the Subcommittee. Four (4) firms responded to the RFI and, after an initial review, the Subcommittee recommended that three of the applicants should move on to be interviewed. On August 14, 2014, the Subcommittee, along with staff, conducted interviews of the three applicants. After thorough and productive interviews the Subcommittee unanimously chose Truax Development as the preferred candidate to enter into an Exclusive Negotiating Agreement. DISPOSITION AND DEVELOPMENT AGREEMENT (DDA) TERMS : Since being selected as the preferred developer, Staff, the Subcommittee, now consisting of Mayor Naggar and Council member Comerchero, and the Truax team have worked to reach terms for the disposition and development of the TSMP site. These terms provide for sale of the property and the development of a three-story (max) mixed-use commercial development. The concept drawings for the development are attached to this report and included in the draft DDA. The table below represents the major terms that have been agreed to by both parties: Њ Purchase Based on Fair Market Value appraisal to Price be commissioned post DDA approval Ћ Due Diligence 3 months after opening of escrow Period Ќ Schedule of Performance Ώ Due Diligence (3 months from opening of escrow) - Entitlement phase (6 months from opening of escrow) Ѝ Deposit - $50K at opening of Escrow - $50K at end of Due Diligence - Applicable towards purchase price Ў Scope of Development Up to 3-story mixed use commercial building Ε Public Restrooms Developer to build public restrooms City to maintain inside of restrooms, developer to maintain exterior Ζ Electrical Infrastructure Upgrades - Developer to construct - City reimburse for cost up to amount of ite Η City Retains Right To Approve/Deny Sale of City can approve/deny sale of Project Post-Closing development up to issuance of Certificate of Occupancy Θ Close of Escrow The earlier of Developer receiving City entitlement approvals or one year form approval of DDA FISCAL IMPACT: If the DDA is approved, the Subject Property will be sold to Truax Development and the proceeds of the sale would disbursed to all taxing agencies that receive property tax receipts. The TSMP site is a former Redevelopment Agency owned property. Due to the dissolution of the Redevelopment Agency in 2012, the site was subsequently transferred to the Successor Agency to the Temecula Redevelopment Agency. Legislation pertaining to the dissolution of Redevelopment required the Successor Agency to produce a Long Range Property Management Plan (LRPMP), in which the Successor Agency was required to identify any former non-housing properties that were still owned by the Successor Agency and how the Successor Agency intended on develop and or dispose of the properties. The LRPMP identified Agency to retain the property until such time as the site could be sold for future development deemed appropriate for the Successor Agency and City. While the site was purchased with funds sourced solely from the former Temecula Redevelopment Agency, the Redevelopment dissolution law requires that when former Redevelopment Agency properties are sold, the proceeds of the sale must be divided up amongst the taxing entities that received property tax based on their proportionate share of each property tax dollar collected. Based on the proportionate share (approximately 5%) of each property tax dollar collected by the County of Riverside, the proceeds of the sale of the TSMP site that would be disbursed back to the City is estimated at $150,000. Further, the Redevelopment dissolution law requires that the site be sold at fair market value (FMV). If the site is not sold at FMV, then the Successor Agency must negotiate Compensation Agreements with each individual taxing entity receiving property tax. The Successor Agency is proposing to sell the property at FMV and thus is not required to enter into Compensation Agreements with the taxing entities. ATTACHMENTS : 1. Final Disposition and Development Agreement 2. Final Long-Range Property Management Plan 3. Resolution RESOLUTION NO. OB SARDA 16-___ A RESOLUTION OF THE OVERSIGHT BOARD TO THE TEMECULA REDEVELOPMENT AGENCY APPROVING A DISPOSITION AND DEVELOPMENT AGREEMENT BY AND AMONG THE CITY OF TEMECULA, SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY, AND TOWN SQUARE MARKETPLACE OLD TOWN, LLC CONVEYING APPROXIMATELY ONE ACRE OF PROPERTY LOCATED ON MAIN STREET WEST OF MERCEDES STREET PURSUANT TO LONG RANGE PROPERTY MANAGEMENT PLAN THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE TEMECULA REDEVELOPMENT AGENCY DOES HEREBY RESOLVE AS FOLLOWS: Section 1. Recitals (a) This Resolution provides for the approval of the conveyance by the Successor Agency to the Temecula Redevelopment Agency four parcels of real property composed of approximately one acre and located at the ment Plan (b) The conveyance of the Property will be implemented pursuant to the City of Temecula, Successor Agency to the Temecula Redevelopment Agency, and Town A form of the Agreement is on file at the Office of the City Clerk/Board Secretary. (c) The LRPMP was approved by Resolution No. SARDA 14-02, adopted by the Board of Directors of the Successor Agency on February 25, 2014, and Resolution No. OB SARDA 14-02 adopted by the Oversight Board of the Successor Agency on February 26, 2014. The LRPMP was further approved by by the California e development pursuant to Health and Safety Code Section 34180. (d) The Agreement will provide for the formal conveyance of the Property from the Successor Agency to the City as provided in the LRPMP and then by the City to the developer and purchaser of the Property, Town Square Marketplace Old by the LRPMP. -1- 11086-0187\\2019895v1.doc (e) The Agreement has been reviewed with respect to applicability of (California Code of Regulations, Title 14, Sections 15000 et seq., hereafter the Oversight Board has defined by Guidelines Section 15378, because this Agreement will not result in a direct or indirect physical change in the environment. The Agreement provides that Development of the Property will be subject to City approval of land use entitlements wherein the specific impacts of any development will be evaluated in light of the Old Town Specific Plan, applicable zoning ordinances and CEQA. (f) While it was contemplated that, in conjunction with the Successor transfer of the Property to the City, the City would make payments to affected taxing entities pursuant to compensation agreements, the DOF has pronounced that no such compensation agreement would be necessary if the Compensation is equal to the fair market value for the Property and City remits the Compensation (or causes the Compensation to be remitted) to the Riverside County Auditor-Auditor- entities. (g) The purchase price for the conveyance of the land to the Developer will be an amount that is not less than fair market value based upon an appraisal by a qualified appraiser. (h) The City shall remit (or cause to be remitted) to the County Auditor- Controller, either concurrently with or promptly after the closing of Property transfer pursuant to the Agreement, an amount equal to the Purchase Price, for the County Auditor-Controller to distribute to the affected taxing entities. (i) Pursuant to Health and Safety Code Sections 34179(h)(1)(E) and 34191.5(f), this Resolution will become effective upon adoption without any requirement for submission to the DOF for additional review. Section 2. Approval of Conveyance of Property and Execution of Agreement. The Oversight Board hereby approves and directs the Successor . The is hereby approved. Section 3. Other Acts. The members of the Oversight Board and officers and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things which they may deem necessary or advisable to effectuate this Resolution. Section 4. Certification. The Board Secretary shall certify the adoption of this Resolution. -2- 11086-0187\\2019895v1.doc PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Oversight th Board of the Successor Agency to the Temecula Redevelopment Agency this 19 day of December, 2016. John Meyer, Vice Chairperson ATTEST: __________________________________ Randi Johl, City Clerk/Board Secretary STATE OF CALIFORNIA ) COUNTY OF RIVERSIDE ) ss CITY OF TEMECULA ) I, Randi Johl, City Clerk/ Board Secretary of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency, do hereby certify that the foregoing Resolution No. OB SARDA 16- was duly and regularly adopted by the Board of Directors of the Oversight Board of the Successor Agency to the Temecula Redevelopment Agency th at a meeting thereof held on the 19 day of December, 2016 by the following vote: AYES: BOARD MEMBERS: NOES: BOARD MEMBERS: ABSENT: BOARD MEMBERS: ABSTAIN: BOARD MEMBERS: Randi Johl City Clerk/Board Secretary -3- 11086-0187\\2019895v1.doc