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AGENDA
REGULAR MEETING OF THE
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE REDEVELOPMENT AGENCY OF THE CITY OF VERNON
THURSDAY, MARCH 6, 2014, 4:00 P.M.
COUNCIL CHAMBER, CITY HALL
4305 SANTA FE AVENUE
VERNON, CALIFORNIA
W. Michael McCormick, Chairperson
Jonathan S. Fuhrman, Vice Chairperson
William J. Davis, Board Member
Mary Gallagher, Board Member
Alex Cherniss, Board Member
Steven Reyes, Board Member
David Vela, Board Member
CALL TO ORDER & FLAG SALUTE
CHANGES TO THE AGENDA
PUBLIC COMMENT - At this time the public is encouraged to address the
Oversight Board on any matter that is within the subject matter
jurisdiction of the Board. The public will also be given a chance to
comment on matters which are on the posted agenda during the Board’s
deliberation on those specific matters.
MINUTES – TO BE RECEIVED AND FILED
1. Minutes of the Regular Meeting of the Oversight Board of the
Successor Agency to the Redevelopment Agency of the City of Vernon
held February 6, 2014.
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Oversight Board of the Successor Agency to the Redevelopment Agency
Regular Meeting Agenda
March 6, 2014
Page 2 of 6
ACTION ITEMS
1. Ratification of Resolutions approved by the Former Vernon
Redevelopment Agency concerning Resolution Nos. RA-396 through RA-
406 as part of the winding down of the Former Vernon Redevelopment
Agency as follows:
a. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-396 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on February 1, 2011, RA-396 Appointed Financial
and Legal Consultants in Connection with the Proposed
Issuance of its Tax Allocation Bonds; Making Certain
Determinations Relating Thereto; and Authorized Certain
Other Action in Connection Therewith.
b. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-397 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on February 15, 2011, RA-397 Authorized the
Issuance of its Industrial Redevelopment Project Tax
Allocation Bonds; Approved a Form of First Supplemental
Indenture, a Form of Purchase Contract, a Form of
Continuing Disclosure Agreement and a Form of Official
Statement; Making Certain Determinations Relating Thereto;
and Authorized Certain Other Actions in Connection
Therewith.
c. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-398 as authorized actions under California Health &
Oversight Board of the Successor Agency to the Redevelopment Agency
Regular Meeting Agenda
March 6, 2014
Page 3 of 6
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on March 1, 2011, RA-398 Approved the Assignment
of and Assigning an Existing Obligation to Purchase and
Develop a Certain Project to the Redevelopment Agency of
the City of Vernon located at 4850 - 5050 Pacific
Boulevard.
d. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-399 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on March 1, 2011, RA-399 Approved the Assignment
By the City of Vernon of Development Costs in Return for
Trading Credits for Property Located at 3200 Fruitland in
the City of Vernon and Superseding Resolution No. RA-346.
e. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-400 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on March 7, 2011, RA-400 Approved the Execution of
an Assignment and Assumption Agreement by and Between the
City of Vernon and the Redevelopment Agency of the City of
Vernon to Convey Rights Under an Option Agreement for the
Purchase of Property Located at 4850 – 5050 Pacific
Boulevard, and Authorized the Chairman of the Board of
Directors to Close Escrow on Property Located at 4850 –
5050 Pacific Boulevard.
Oversight Board of the Successor Agency to the Redevelopment Agency
Regular Meeting Agenda
March 6, 2014
Page 4 of 6
f. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-401 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on March 7, 2011, RA-401 Approved and Authorized
the Expenditure of Development Costs Regarding Property
Located at 4850 – 5050 Pacific Boulevard in the City of
Vernon.
g. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-402 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on June 7, 2011, RA-402 Amended Section 18 of the
Joint Exercise of Powers Agreement Relating to the Vernon
Natural Gas Financing Authority.
h. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-403 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on June 7, 2011, RA-403 Approved and Authorized a
Reimbursement Transfer in the amount of $13,865,160.10 to
the City of Vernon for Funding of Capital Projects for
benefit of the redevelopment project areas for the period
1996 to 2011.
Oversight Board of the Successor Agency to the Redevelopment Agency
Regular Meeting Agenda
March 6, 2014
Page 5 of 6
i. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-404 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on June 7, 2011, RA-404 Approved and Ratified the
Execution of an Engagement Letter Agreement Between the
City of Vernon and DLA Piper LLP Relating to the Property
Located at 3200 Fruitland Avenue in the City of Vernon.
j. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-405 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on August 2, 2011, RA-405 found no present need
for future Low- and Moderate-Income Housing in the City of
Vernon.
k. A Resolution of the Oversight Board of the Successor Agency to
the Redevelopment Agency of the City of Vernon approving and
ratifying the disposition of assets and properties in Resolution
No. RA-406 as authorized actions under California Health &
Safety Code Sections 34177 and 34181, and ratifying certain
related actions pursuant to AB X1 26, as amended by AB 1484, AB
1585, and SB 341 with instructions to the Successor Agency to
the Redevelopment Agency of the City of Vernon in conformance
with this resolution.
i. Approved on August 16, 2011, RA-406 Adopted a Budget for the
Fiscal Year 2011-2012.
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Oversight Board of the Successor Agency to the Redevelopment Agency
Regular Meeting Agenda
March 6, 2014
Page 6 of 6
2. A Resolution of the Oversight Board of the Successor Agency to the
Redevelopment Agency of the City of Vernon allowing the Successor
Agency of the Vernon Redevelopment Agency to create an enforceable
obligation to conduct the work of winding down the former Vernon
Redevelopment Agency, including the approval of contracting of the
professional services of a qualified appraisal firm to complete the
appraisal of 4528 Bandini Boulevard pursuant to California Health &
Safety Code Section 34177.3(b).
3. A Resolution of the Oversight Board of the Successor Agency to the
Redevelopment Agency of the City of Vernon adopting, approving, and
ratifying the Recognized Obligation Payment Schedule for the period
July 1, 2014 through December 31, 2014, and approving certain
related actions pursuant to California Health & Safety Code Sections
34177(l), 34177(m) And 34180(g).
ORAL REPORTS
1. Brief reports on activities, other brief announcements, and
directives to staff.
ADJOURNMENT
I hereby certify under penalty of perjury under the laws of the State of
California, that the foregoing agenda was posted on the bulletin board at
the main entrance of the City of Vernon City Hall, located at 4305 Santa
Fe Avenue, Vernon, California, and on the City’s website, not less than 72
hours prior to the meeting set forth on this agenda. Dated this 24th day
of February 2014.
By: ________________________________
Ana Barcia
Secretary