NOTICE of SPECIAL JOINT MEETING OF THE REDEVELOPMENT AGENCY/CITY COUNCIL
And
SPECIAL JOINT MEETING OF THE REDEVELOPMENT AGENCY/ HOUSING AUTHORITY
MONDAY, MARCH 7, 2011, IMMEDIATELY FOLLOWING 12:00 p.m. CITY COUNCIL
SPECIAL MEETING
COUNCIL CHAMBER, CITY HALL
100 SANTA ROSA AVENUE, SANTA ROSA
NOTICE IS HEREBY GIVEN that the Redevelopment Agency of the City of Santa Rosa will hold a Special Joint Meeting with the City Council on Monday, February 7, 2011, in the Council Chamber, City Hall, 100 Santa Rosa Avenue, Santa Rosa, California, immediately following the Special City Council Meeting at 12:00 p.m. The Redevelopment Agency will also hold a Special Joint Meeting with the Housing Authority, immediately following the Housing Authority’s Special Meeting. The purpose of this meeting is to hold a Special Joint Meeting with the City Council, and a Special Joint Meeting with the Housing Authority. The Agenda for the meeting is:
Immediately following City Council Special Meeting, 12:00 p.m.
AGENDA
1. CALL TO ORDER AND ROLL CALL OF CITY COUNCIL MEMBERS/REDEVELOPMENT AGENCY MEMBERS
2. PUBLIC COMMENTS (PUBLIC COMMENTS WILL BE LIMITED TO TOPIC OF THE SPECIAL JOINT MEETING)
The DOF Bill includes language that could lead to a potential claim by an entity created by the bill, called an oversight committee, that the loans from the City to the Agency, with a balance of approximately $5.5 million, are not enforceable obligations, rendering them extinguished.
To protect against such a potential claim and to secure the City's right to repayment under the loans made to the Agency, Staff recommends that the Agency make three promissory notes in favor of the City to be secured by a deed of trust recorded against real property currently owned by the Agency, which real property is commonly known as the Former AT&T Building and the Hyatt Vineyard Creek Hotel and Conference Center (the Agency’s Properties).
Staff also recommends that the Redevelopment Agency assign its current rights to and interest in rent revenue from the Vineyard Creek Lease to the City in order to fund the Agency’s additional obligations under a second amendment to the Hearn Avenue Overcrossing Project Funding Agreement. Additionally, should the Agency’s Properties be sold then any proceeds from the sale, after repayment of Agency debt to the City, would be contributed to the Hearn Avenue Overcrossing Project through said second amendment to the Funding Agreement for the Project, and this obligation, a total of $9 million, would be secured by a promissory note and deed of trust recorded against the Agency’s Properties.
RECOMMENDATION: It is recommend by the Department of Economic Development and Housing that the Redevelopment Agency (1) authorize the Executive Director to execute three promissory notes and a deed of trust to secure the Agency's obligations under the three City-Agency cooperation agreements, and (2) approve a second amendment to the funding agreement for the Hearn Avenue Overcrossing Project, make benefit findings, and authorize the Executive Director to execute a promissory note and deed of trust securing the obligation set forth in the Second Amendment.
It is further recommended by the Department of Economic Development and Housing that the City Council (1) accept the promissory notes and deeds of trust and addendum made by the Redevelopment Agency in order to secure the Agency's obligations under the three City-Agency cooperation agreements, and (2) approve a second amendment to the funding agreement for the Hearn Avenue Overcrossing Project, make benefit findings, and accept the promissory note and deed of trust securing the obligation set forth in the Second Amendment.
5. ADJOURNMENT OF SPECIAL JOINT MEETING
No other business will be considered by the Council or Redevelopment Agency at this Special Joint Meeting.
Immediately following adjournment of Special Housing Authority Meeting
SPECIAL JOINT MEETING OF THE REDEVELOPMENT AGENCY/ HOUSING AUTHORITY
1. CALL TO ORDER AND ROLL CALL OF REDEVELOPMENT AGENCY MEMBERS AND HOUSING AUTHORITY COMISSIONERS
2. PUBLIC COMMENTS (PUBLIC COMMENTS WILL BE LIMITED TO TOPIC OF THE SPECIAL JOINT MEETING)
4.1 CONVEYANCE OF REDEVELOPMENT AGENCY OWNED PARCELS LOCATED AT 6TH AND A STREETS TO THE HOUSING AUTHORITY OF THE CITY OF SANTA ROSA
BACKGROUND: The Redevelopment Agency (Agency) currently owns four (4) parcels that are located at 6th and A Streets, further identified as Assessor’s Parcels 010-041-019, 010-041-008, 010-041-009, and 010-041-010 (Parcels). The Parcels were acquired in the late 1970s and early 1980s for the development of the Santa Rosa Plaza and the realignment of 6th Street. In light of the uncertainty surrounding redevelopment agencies, the conveyance of the Parcels to the Housing Authority of the City of Santa Rosa will allow for the preservation of affordable housing opportunities that the Parcels provide.
RECOMMENDATION: The Department of Economic Development and Housing recommends that the Redevelopment Agency, by resolution, approve the execution of a Conveyance Agreement with the Housing Authority and authorize the conveyance of Assessor’s Parcels 010-041-019, 010-041-008, 010-041-009, and 010-041-010 from the Agency to the Housing Authority.
5. ADJOURNMENT OF SPECIAL JOINT MEETING
No other business will be considered by the Redevelopment Agency or the Housing Authority at this Special Joint Meeting.
Dated: March 5, 2011 Susan Canales, Administrative Secretary
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The City of Santa Rosa does not discriminate on the basis of disability in the admissions or access to, or treatment of or employment in, its programs or activities. Disability-related aids or services, including printed information in alternate formats, to enable persons with disabilities to participate in public meetings and programs are available by contacting the Economic Development and Housing Secretary at (707) 543-3300 one week prior to the meeting/program. |
This information can also be accessed via the internet at: http://www.srcity.org