BURBANK REDEVELOPMENT AGENCY
Tuesday, March 6, 2006
AGENDA
CITY COUNCIL CHAMBER - 275 EAST OLIVE AVENUE
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6:30 P.M.
INVOCATION:
The Courts have concluded that sectarian prayer as part of City
Council meetings is not permitted under the Constitution.
FLAG SALUTE:
ROLL CALL:
JOINT MEETING WITH THE CITY COUNCIL, HOUSING AUTHORITY, PARKING AUTHORITY AND YOUTH ENDOWMENT SERVICES FUND BOARD:
1. DECEMBER 2006 QUARTER END INVESTMENT REPORT AND 2007 INVESTMENT POLICY:
The 2007 Investment Policy for the Investment Pool comprised of the City, Redevelopment Agency, Parking Authority, Youth Endowment Services and separately for the Housing Authority is being presented for approval.
The recommended changes are:
1) Page 2 (II) Investment Philosophy to incorporate the new language that the State of California revised in California Government Code Section 53600.3;
2) Page 3 (III Objectives, Sec B, Liquidity) Increasing the liquidity needed monthly from $61 million to $69 million calculated as eight weeks of annual appropriations less purchased power. Also increase the maximum allowed to invest between five years to ten year maturities from $10 million to five percent of the portfolio;
3) Page 6 (VI Authorized Investments, Sec F, Commercial Paper) Decrease from 10 percent to two percent of the pool may be invested in commercial paper issued by any one corporation;
4) Page 6 (VI Authorized Investments, Sec H, Medium-Term Notes) Change from the rating to be by a nationally-recognized rating service to rated by two of the three major nationally-recognized rating services. Decrease from 10 percent to five percent the amount of the pool that may be invested in notes issued by one corporation;
5) Page 8 (IX Qualified Dealers and Institutions) Added �and qualified regional dealers� to the language for clarification;
6) Page 15 (Exhibit A) List of Qualified Brokers�.Change Jason Hamblen to Countrywide Securities, and add Joe Alan Sexton, First Tennessee, and Don Collins, Brookstreet Securities; and,
7) Page 16 (Exhibit B) Commercial Paper changed to 25 percent Legal Limit and the first and last lines under other constraints. These changes are governed by the State of California Statutes applicable to Municipal investments.
Recommendation:
Staff recommends the Council approve the December 2006 Quarter End Investment Report and 2007 Investment Policy.
CONSENT CALENDAR: (Items 2 and 3)
The following items may be enacted by one motion. There will be no separate discussion on these items unless a Member so requests, in which event the item will be removed from the consent calendar and considered in its normal sequence on the agenda. A roll call vote is required for the consent calendar.
Approval of minutes for the regular meetings of November 7, November 14, December 5, December 12 and December 19, 2006.
Recommendation:
Approve as submitted.
3. REPLACEMENT HOUSING PLAN FOR THE PROPOSED 1726-28 ELLIOT DRIVE AND 1730 ELLIOT DRIVE PROJECT:
The purpose of this report is to provide information to the Burbank Redevelopment Agency (Agency) Board to consider a Replacement Housing Plan for 1726-28 Elliot Drive and 1730 Elliot Drive in preparation for a proposed affordable housing development.
In July 2005, staff and the Burbank Housing Corporation (BHC) identified an opportunity in the Peyton-Grismer Focus Neighborhood for the development of an affordable homeownership project. To date, all properties have been acquired and are now owned by the BHC. The Agency Board has supported these efforts by entering into Affordable Housing Loan Agreements and providing financing to assist the BHC to acquire the properties identified for the proposed affordable homeownership development. In addition, the Agency has provided the required relocation assistance and benefits to households pursuant to California Relocation Assistance Law.
Staff and the BHC are in discussions with Habitat for Humanity of Greater Los Angeles (Habitat) to assist the BHC in developing the properties. Staff intends to bring an Owner Participation Agreement (OPA) for the proposed homeownership development with the BHC and Habitat for the Agency�s consideration within the next 60 days. If approved, these actions would lead to the demolition of residential units from the low and moderate-income housing market.
California Redevelopment Law requires a redevelopment agency to adopt a replacement housing plan, prior to the execution of an agreement for the acquisition of real property, or an agreement for the disposition and development of property that would lead to the demolition or removal of residential units from the low and moderate-income housing market. In anticipation of the Agency Board�s future consideration of an OPA that would lead to the demolition of 1726-28 Elliot Drive and 1730 Elliot Drive, a Replacement Housing Plan (Plan) has been prepared for the Agency Board�s consideration and approval. The Plan identifies the number of housing units and bedrooms that require replacement by the Agency as a result of the proposed demolition of 1726-28 Elliot Drive and 1730 Elliot Drive.
The Plan identifies three housing units and corresponding bedrooms that will be removed from the low and moderate-income housing market as a result of the proposed demolition of 1726-28 Elliot Drive and 1730 Elliot Drive. The replacement of units by income category will necessitate four replacement bedrooms affordable to very low-income households, and two replacement bedrooms affordable to moderate-income households. A lesser number of units may serve as replacement units to the extent that the total number of bedrooms by income category is achieved.
The Agency currently has an inventory of 333 replacement units and 372 replacement bedrooms created from other Agency affordable housing projects for very low, low, and moderate-income households. The Agency will draw from this surplus or �banked� replacement units and bedrooms to satisfy the replacement obligations for the two very low-income units (four bedrooms) and the one moderate-income unit (two bedrooms), which will result in a remaining surplus of 330 units and 366 bedrooms available for any future replacement housing needs.
Recommendation:
Adoption of proposed resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF BURBANK APPROVING A REPLACEMENT HOUSING PLAN (1726-28 ELLIOT DRIVE AND 1730 ELLIOT DRIVE).
END OF CONSENT CALENDAR
RECESS to continue the Housing Authority, Youth Endowment Services Fund Board and the City Council meetings.
ADJOURNMENT.