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Home My WebLink About110492 RDA AgendaAGENDA CITY OF TEMECULA OLD TOWN REDEVELOPMENT ADVISORY COMMITTEE A REGULAR MEETING TEMECULA CITY HALL - MAIN CONFERENCE ROOM 43174 Business Park Drive NOVEMBER 4, 1992 - 6:00 PM CALL TO ORDER: Flag Salute ROLL CALL: Committee Members: Chairman Dallas Grey Committee Member Pelonero Bridges, Grey, Jenkins, Maurice, Pelonero, Reed, Walton PUBLIC COMMENTS A total of 15 minutes is provided so members of the public can address the Council on items that are not listed on the Agenda or on the Consent Calendar. Speakers are limited to two (2) minutes each. If you desire to speak to the Council about an item not listed on the Agenda or on the consent Calendar, a pink "Request To Speak" form should be filled out and filed with the City Clerk. When you are called to speak, please come forward and state your name and address. For all other agenda items a "Request To Speak" form must be filed with the City Clerk before the Council gets to that item. There is a five (5) minute time limit for individual speakers. NEW BUSINESS 1 Minutes RECOMMENDATION: 1.1 Approve the minutes of the meeting of October 5, 1992. 2 ADDrOVal of Fund Transfers in Accordance with the Capital Improvement Program RECOMMENDATION: 2.1 Recommend that the City Council approve an advance from the Redevelopment Agency (RDA) in the amount of $201,400 to the Capital Projects Fund to be repaid from Community Development Block Grant (CDBG) funds. 2.2 Recommend that the City Council approve an operating transfer from the Redevelopment Agency to the Capital Projects Fund in the amount of $368,800. 2.3 Recommend that the City Council adopt a resolution entitled: RESOLUTION NO. RDA 92- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DECLARING CERTAIN FINDINGS REGARDING CITY EXPENDITURES IN CONNECTION WITH THE CONSTRUCTION OF A SENIOR CENTER AS REQUIRED BY UNITED STATES DEPARTMENT OF THE TREASURY REGULATIONS (SECTION 1.103-18) EXECUTIVE DIRECTOR'S REPORT COMMITTEE MEMBER REPORTS Discussion period and suggested items for the next agenda. ADJOURNMENT Next regular meeting: December 1, 1992, 6:00 PM, Temecula City Hall, Main Conference Room, 43174 Business Park Drive, Temecula, California ITEM 1 MINUTE OF A REGULAR MEETING OF THE OLD TOWN REDEVELOPMENT ADVISORY COMMITTEE MONDAY, OCTOBER 5, 1992 A regular meeting of the Old Town Redevelopment Advisory Committee was called to order Monday, October 5, 1992, 6:00 P.M., Temecula City Hall Main Conference Room, 43174 Business Park Drive, Temecula, California. The meeting was called to order by Chairman Dallas Grey. Committee Member Bridges led the flag salute. PRESENT: ABSENT: 4 COMMITTEE MEMBERS: Bridges, Reed, Walton, Grey 3 COMMITTEE MEMBERS: Jenkins, Maurice, Pelonero Also present were City Manager David Dixon, City Clerk June S. Greek and Minute Clerk Gall Zigler. PUBLIC COMMENTS None NEW BUSINESS 1. Minutes It was moved by Committee Member Reed, seconded by Committee Member Walton to approve the minutes of August 4, 1992 as mailed. AYES: 4 NOES: 0 ABSENT: 3 COMMITTEE MEMBERS: COMMITTEE MEMBERS: COMMITTEE MEMBERS: Bridges, Reed, Walton, Grey None Jenkins, Maurice, Pelonero Temecula Community Plan Task Force Reoort (March 7.1988) Gary Thornhill provided an overview of the Old Town Specific Plan. Committee Member Walton questioned if the Temecula Community Plan Task Force Report was used in developing the Old Town Specific Plan. Gary Thornhill stated that the report was made available to the consultant. RACMIN10/05/92 -1- 10/19192 REDEVELOPMENT ADVISORY COMMITTEE MINUTES OCTOBER 5, 1992 Mr. Thornhill added that he would bring the plan back to the Committee for an up-date, with hopes of presenting the Old Town Specific Plan to the Planning Commission in January. EXECUTIVE DIRECTOR'S REPORT City Manager David Dixon reported that street sweeping in Old Town is scheduled for Sunday nights and will be monitored. COMMITTEE MEMBER REPORTS Committee Member Walton expressed a concern that the Committee is not reviewing items that are important to Old Town. City Manager David Dixon clarified that the items the Committee will be reviewing are redevelopment projects or actions which ere proposed for the area defined as Old Town. Those projects will be presented to the Committee for their review prior to allocation of funds. After a brief discussion on whether to continue to meet monthly or quarterly, it was decided that the Committee will continue to meet on a monthly basis. Committee Member Reed questioned if Redevelopment Bond proceeds could be used to assist in preserving the two historical buildings in Old Town which have been designated as unsafe. City Manager David Dixon advised that the City is working closely with the owners of the buildings to assist in their preservation. Mr. Dixon added that any recommendations made by the City and the owners will be presented to the Committee for recommendations. ADJOURNMENT It was moved by Committee Member Walton, seconded by Committee Member Bridges to adjourn at 7:10 P.M. The next regular meeting of the Old Town Redevelopment Advisory Committee will be held on Tuesday, November 3, 1992, 6:00 P.M., Temecula City Hall Main Conference Room, 43174 Business Park Drive, Temecula, California. ATTEST: Chairman Dallas Grey City Clerk June S. Greek RACMIN 10/05/92 ITEM 2 APPROVAL CITY ATTORNEY FINANCE OFFICER CITY MANAGER TO: FROM: DATE: SUBJECT: TEMECULA REDEVELOPMENT ADVISORY COMMITI'EE AGENDA REPORT Redevelopment Advisory Committee' David F. Dixon, Executive Director November 4, 1992 Approval of Fund Transfers in Accordance with the Capital Improvement Program Prepared by: Mary Jane Henry, Finance Officer RECOMMENDATION: That the Redevelopment Committee recommend the Redevelopment Agency: Approve an advance from the Redevelopment Agency (RDA) in the amount of $201,400 to the Capital Projects Fund to be repaid from Community Deveiopment Block Grant (CDBG} funds. Approve an operating transfer from the RDA to the Capital Projects Fund in the amount of $368,800. 3. Adopt Resolution No. 92-__ entitled: RESOLUTION NO. RDA 92- A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF TEMECULA DECLARING CERTAIN FINDS REGARDING CITY EXPENDITURES IN CONNECTION WITH THE CONSTRUCTION OF A SENIOR CENTER AS REQUIRED BY UNITED STATES DEPARTMENT OF THE TREASURY REGULATIONS (SECTION 1.103-18) DISCUSSION: In order to facilitate the award of the Senior Center construction contract in accordance with the Capital Improvement Program it is necessary for the agency members to take the above listed actions. Attachment: V:\WP~RDABONDI.AGN Resolution No. RDA 92- RF-~OLUTION NO. RDA 92- A RESOLUTION OF THE I~FJ~EVELOPMENT AGENCY OF THE CITY OF TEMECULA DECLARING CERTAIN FINDINGS REGARDING CITY EXPENDITURES IN CONNECTION WITH THE CONSTRUCTION OF A SENIOR CENTER AS REQUIRED BY UNITED STATES DEPARTMENT OF THE TREASURY REGULATIONS (SECTION 1.103-18) WttF. REAS, on January 27, 1992, the United States Department of the Treasury (the "Treasury") issued final regulations (Section 1.103-18) relating to the use of bond proceeds for the reimbursement of expenditures made prior to the date of issuance of bonds (the "Reimbursement Regulations"); and WHEREAS, under the Reimbursement Regulations, in general, if specified requirements are satisfied, the proceeds used for reimbursement are deemed to be spent on the date of reimbursement; and WHEREAS,if such requirements are not satisfied, then proceeds used for reimbursement will remain subject to the rebate, arbitrage and other rules relating to tax-exemption until ultimately spent; and WHEREAS, the Reimbursement Regulations apply to tax-exempt obligations issued after March 2, 1992, except that the Reimbursement Regulations do not apply to expenditures before such date if such expenditures were made after September 8, 1989, and if there was objective evidence at the time of the expenditures that the issuer reasonably expected to reimburse the expenditure with bond proceeds; and WHEREAS, the Temecula Redevelopment Agency ("Agency") desires to construct a Senior Center, located on a 2.75 acre site located northeast of the centerline of Mercedes Street, at a total cost of $1,000,000.00. The Agency further intends to reimburse itself for the purchase price of the project from the proceeds of Redevelopment Bonds the agency intends to issue ("Obligations"). Agency intends to make expenditures relating to the purchase and development of the property in anticipation of issuance of the obligations collectively referred to as the ("Expenditure"); and WHEREAS, in order to comply with the Reimbursement Regulations, the public interest and convenience require that the agency officiaily declare its intent that the agency reasonably expects to reimburse the Expenditure with proceeds of the Obligations; NOW TItFJ1EFORE, IT IS HEREBY RF~OLVED, DETERMINED AND DECLARFJ~ by the Redevelopment Agency of the City of Temecula as follows: Section 1. The foregoing recitals are true and correct. Section 2. The agency reasonably expects to reimburse the Expenditure with proceeds from the Obligations. The reimbursement of the Expenditure is consistent with the agency's established budgetary and financial circumstances. There are no funds or sources of money of the Agency, or any related persen or commonly controlled entity, that have been, or reasonable expected to be, reserved, allocated on a long-term basis or otherwise set aside to pay costs of the property to be paid or reimbursed out of proceeds of the Certificates. Section 3. This Resolution is a declaration of Agency's official intent under the Reimbursement Regulations. Section 4. The maximum principal amount of the Obligations for which the Expenditure is made is reasonably expected to be $1,000,000.00 Section 5. The proceeds from the Obligations are to be used for the Project. Section 6. The City Clerk/Agency Secretary shall certify the adoption of this Resolution and thenceforth and thereafter same shall be in full force and effect. PASSED, APPROVED AND ADOPTED this 10th day of November, 1992. ATrEST: J. Sat Mu~oz, Chairperson June S. Greek, City Clerk/ Redevelopment Agency Secretary [SEAL] STATE OF CALIFORNIA) COUNTY OF RIVERSIDE) SS CITY OF TEMECULA ) I, June S. Greek, City Clerk/Redevelopment Agency Secretary of the City of Temecula, HEREBY DO CERTIFY that the foregoing Resolution No. RDA 92~ was duly adopted at a regular meeting of the Redevelopment Agency of the City of Temecula on the 10th day of November, 1992, by the following roll call vote: AYES: AGENCYMEMBERS: NOES: AGENCY MEMBERS: ABSENT: AGENCY MEMBERS: June S. Greek, City Clerk/ Redevelopment Agency Secretary