BURBANK REDEVELOPMENT AGENCY

Tuesday, March 20, 2007

AGENDA

CITY COUNCIL CHAMBER - 275 EAST OLIVE AVENUE

This facility is disabled accessible.  Auxiliary aids and services are available for individuals with speech, vision or hearing impairments (48-hour notice is required).  Please contact the ADA Coordinator at (818) 238-5021 voice or (818) 238-5035 TDD with questions or concerns.

6:30 P.M.

INVOCATION:                       Ron White, American Lutheran Church.

                                                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:

1.      AFFORDABLE HOUSING AGREEMENT - 261 WEST VERDUGO AVENUE:

On March 13, 2007, Council Member David Golonski requested to place on the City Council/Redevelopment Agency (Agency) Board agenda, a discussion regarding the sale of 261 West Verdugo Avenue to the Burbank Housing Corporation (BHC). 

On January 23, 2007, the Council and Agency Board approved an affordable housing agreement among the City of Burbank, Agency and BHC.  This agreement included Agency funding for the acquisition of real property at 261 West Verdugo Avenue for the purpose of increasing the City�s inventory of affordable housing.  The purchase price for this property was $1.4 million which was within the range of fair market value as identified in an appraisal report by a certified, independent real estate appraiser.  Due to the concerns raised regarding a recent, below market, private party real estate transaction, staff will implement  measures to ensure that a three-year history of real estate transactions is included in future staff reports and will confer with the appropriate Council sub-committee prior to bringing any future real estate-related matters to the full Council/Agency Board.  

Recommendation:

Staff recommends the Agency Board discuss the matter and give direction as desired.

RECESS to continue the Burbank Public Financing Authority and the City Council meetings.

ADJOURNMENT.