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04-05-2016 - January 19, 2016 Regular City Council/Successor Ag - Item No. SA1 (2).pdfITEM NO.: SAI DATE: April 5, 2016 City of West Covina MEMORANDUM AGENDA CITY OF WEST COVINA CITY COUNCIL/SUCCESSOR AGENCY TUESDAY JANUARY 19, 2016, 7:00 PM REGULAR MEETING - CLOSED SESSION CITY MANAGER'S CONFERENCE ROOM 1444 W. GARVEY AVENUE WEST COVINA, CALIFORNIA 91790 MINUTES Mayor Toma called to order the regular closed session meeting of the West Covina City Council at 6:02 p,m, in the City Manager's Conference Room at City Hall, 1444 W. Garvey Avenue, West Covina. ROLL CALL Present: Mayor Toma, Mayor Pro Tern Warshaw Councilmembers Johnson, Spence, Wu Others Present:Freeland, Barlow, Bokosky, Faulkner, Torn Mauk, Serena Bubenheim PUBLIC COMMENTS ON ITEMS ON THE AGENDA Gary Glifford, representing Athens Disposal, addressed the City Council. CLOSED SESSION CONFERENCE WITH LEGAL COUNSEL — EXISTING LITIGATION Pursuant to Government Code 54956.9(d)(1) State of California Department of Transportation v. West Covina Successor Agency, et al. [Plaza West Covina] Tuesday January 19, 2016 CONFERENCE WITH LEGAL COUNSEL — ANTICIPATED LITIGATION Pursuant to Government Code § 54956.9(d)(3) Number of Cases: One (1) CONFERENCE WITH LABOR NEGOTIATORS Pursuant to Government Code § 54957.6 City Negotiators: Freeland, Bokosky, Barlow • Employee Organizations - Confidential Employees - General Employees - Maintenance & Crafts Employees - Mid-Management Employees - W.C. Police Officers' Association - W.C. Police Management Association - W.C. Firefighters' Management Assoc. - W.C. Firefighters' Association, I.A.F.F., Local 3226 - Department Heads ADJOURNMENT Mayor Toma adjourned the meeting at 7:07 p.m. Submitted by: Rosalia A. Conde, CMC Assistant City Clerk James Toma Mayor 2 CITY OF WEST COVINA SUCCESSOR AGENCY TUESDAY, JANUARY 19, 2016, 7:00 PM REGULAR MEETING CITY HALL COUNCIL CHAMBERS 1444 W. GARVEY AVENUE SOUTH WEST COVINA, CALIFORNIA 91790 MINUTES CALL TO ORDER — Chairman James Toma called the meeting to order at 9:52 p.m. ROLL CALL Present: Chairman Toma, Vice Chairman Warshaw Agency Members Johnson, Spence, Wu Absent: None CHANGES TO THE AGENDA None ORAL COMMUNICATIONS None CONSENT CALENDAR SA1) Approval of Meeting Minutes (receive & file) Tuesday January 19, 2016 It is recommended that the City Council, acting as the Successor Agency to the West Covina Redevelopment Agency, approve the following Successor Agency Meeting Minutes: September 1, 2015 Successor Agency Regular Meeting September 15, 2015 Successor Agency Regular Meeting Motion by Johnson and seconded by Spence to receive and file, with the record reflecting Johnson and Wu abstaining due to not being on the Council at the time of the meetings. Motion carried 3- 0-2 by the following vote: AYES: Spence, Warshaw, Toma NOES: None ABSENT: None ABSTAIN: Johnson, Wu SA2) Successor Agency Treasurer's Report for the Month Ended November 30, 2015 It is recommended that the City Council, acting as the Successor Agency to the former West Covina Redevelopment Agency, receive and file the report. Motion by Johnson and seconded by Spence to receive and file. Motion carried 5-0 by the following vote: AYES: Johnson, Spence, Warshaw, Wu, Toma NOES: None ABSENT: None SA3) Approval and Transmittal of an Administrative Budget for the Successor Agency to the Former West Covina Redevelopment Agency and Recognized Obligation Payment Schedule "ROPS" Pursuant to Health and Safety Code Section 34179.7(0)(1), for the period of July 1, 2016 through June 30, 2017 It is recommended that the City Council, acting as the Successor Agency to the former West Covina Redevelopment Agency, adopt the following resolutions: RESOLUTION NO. 2016-4 - A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER WEST COVINA REDEVELOPMENT AGENCY MAKING AN APPLICATION TO THE OVERSIGHT BOARD TO REINSTATE CERTAIN LOAN AGREEMENTS BETWEEN THE CITY OF WEST COVINA AND THE FORMER WEST COVINA REDEVELOPMENT AGENCY AS ENFORCEABLE OBLIGATIONS RESOLUTION NO. 2016-5 - A RESOLUTION OF THE SUCCESSOR AGENCY TO THE FORMER WEST COVINA REDEVELOPMENT AGENCY APPROVING AND AUTHORIZING THE TRANSMITTAL OF AN ADMINISTRATIVE BUDGET FOR THE SUCCESSOR AGENCY TO THE FORMER WEST COVINA REDEVELOPMENT 2 Tuesday January 19, 2016 AGENCY AND AN AMENDED RECOGNIZED OBLIGATION PAYMENT SCHEDULE "ROPS" FOR THE PERIOD JULY 1, 2016 THROUGH JUNE 30, 2017 Motion by Johnson and seconded by Spence to adopt Resolution No. 2016-4 and Resolution No. 2016-5 as presented. Motion carried 5-0 by the following vote: AYES: Johnson, Spence, Warshaw, Wu, Toma NOES: None ABSENT: None ADJOURNMENT Motion by Spence and seconded by Warshaw to adjourn the Successor Agency meeting at 9:55 P.m. Submitted by Rosalia A. Conde, CMC Assistant Agency Secretary James Toma Chairman 3 CITY OF WEST COVINA CITY COUNCIL/SUCCESSOR AGENCY TUESDAY FEBRUARY 2, 2016, 6:00 PM REGULAR MEETING - CLOSED SESSION CITY MANAGER'S CONFERENCE ROOM 1444 W. GARVEY AVENUE WEST COVINA, CALIFORNIA 91790 MINUTES Mayor Toma called to order the regular closed session meeting of the West Covina City Council at 6:07 p.m. in the City Manager's Conference Room at City Hall, 1444W. Garvey Avenue, West Covina, ROLL CALL Present: Mayor Toma, Mayor Pro Tern Warshaw Councilmembers Johnson, Spence, Wu Others Present: Freeland, Barlow, Morales PUBLIC COMMENTS ON ITEMS ON THE AGENDA Larry West of Premier Automotive addressed the City Council. CLOSED SESSION CONFERENCE WITH REAL PROPERTY NEGOTIATORS Pursuant to Government Code § 54956.8 Property: 298 N. Azusa Avenue Agency Negotiator: Freeland, Morales, Barlow Negotiating Parties: Larry West, Premier Automotive Under Negotiation: Terms of Agreement Tuesday February 2, 2016 CONFERENCE WITH LEGAL COUNSEL —EXISTING LITIGATION Pursuant to Government Code § 54956.9(d)(1) State of California Department of Transportation v. West Covina Successor Agency, et al. [Westfield Mall] CONFERENCE WITH LEGAL COUNSEL — ANTICIPATED LITIGATION Pursuant to Government Code § 54956.9(d)(3) Number of Cases: Two (2) CONFERENCE WITH LABOR NEGOTIATORS Pursuant to Government Code § 54957.6 City Negotiators: Freeland, Bokosky, Barlow • Employee Organizations - Confidential Employees - General Employees - Maintenance & Crafts Employees - Mid-Management Employees - W.C. Police Officers' Association - W.C. Police Management Association - WC. Firefighters' Management Assoc. - W.C. Firefighters' Association, I.A.F.F., Local 3226 - Department Heads ADJOURNMENT Mayor Toma adjourned the meeting at 6:53 p.m. Submitted by: Rosalia A. Conde, CMC Assistant City Clerk James Toma Mayor 2 CITY OF WEST COVINA SUCCESSOR AGENCY TUESDAY, FEBRUARY 02, 2016, 7:00 PM REGULAR MEETING CITY HALL COUNCIL CHAMBERS 1444 W. GARVEY AVENUE SOUTH WEST COVINA, CALIFORNIA 91790 MINUTES CALL TO ORDER — Chairman James Toma called the meeting to order at 9:25 p.m. ROLL CALL Present: Chairman Toma, Vice Chairman Warshaw Agency Members Johnson, Spence, Wu Absent: None CHANGES TO THE AGENDA Executive Director Freeland requested the Treasurer's Report be removed from the Consent Calendar to allow the City Treasurer to present the report. ORAL COMMUNICATIONS None CONSENT CALENDAR SA1) Approval of Meeting Minutes (receive & file) Tuesday February 2, 2016 It is recommended that the City Council, acting as the Successor Agency to the West Covina Redevelopment Agency, receive and file the following Successor Agency Meeting Minutes: October 20, 2015 Successor Agency Regular Meeting Minutes Motion by Warshaw and seconded by Johnson to receive and file. Motion carried 5-0 by the following vote: AYES: Johnson, Spence, Warshaw, Wu, Toma NOES: None ABSENT: None SA2) Successor Agency Treasurer's Report for the Month Ended December 31, 2015 It is recommended that the City Council, acting as the Successor Agency to the former West Covina Redevelopment Agency, receive and file the report. This item was removed from the Consent Calendar to allow the City Treasurer to present the report. Following the presentation of the Treasurer's Report by City Treasurer Rozatti, motion by Johnson and seconded by Spence to receive and file. Motion carried 5-0 by the following vote: AYES: Johnson, Spence, Warshaw, Wu, Toma NOES: None ABSENT: None ADJOURNMENT Motion by Warshaw and seconded by Johnson to adjourn the Successor Agency meeting at 9:30 p.m. Submitted by Rosalia A. Conde, CMC Assistant Agency Secretary James Toma Chairman 2 City of West Covina Memorandum AGENDA ITEM NO SA2 DATE April 5, 2016 TO: Chair and Board Members of the Successor Agency FROM: Chris Freeland Executive Director BY: Christa Buhagiar Finance Director SUBJECT: SUCCESSOR AGENCY TREASURER'S REPORT FOR THE MONTH ENDED FEBRUARY 29, 2016 RECOMMENDATION: It is recommended the City Council, acting as the Successor Agency to the former West Covina Redevelopment Agency, receive and file this report. DISCUSSION: The Investment Policy of the City of West Covina also applies to the Successor Agency to the former West Covina Redevelopment Agency. In accordance with Section XVI of the City of West Covina Fiscal Year 2015-16 Statement of Investment Policy, a Treasurer's Report for the month ended February 29, 2016, is hereby submitted to the Successor Agency. It also includes cash held by trustees for all bond issues and cash in the various Successor Agency bank accounts as well as reporting on compliance with the City's Investment Policy and providing a statement of the ability to meet budgeted expenditure needs for the following six months. At February 29, 2016, the Treasurer's Report shows that the Successor Agency's portfolio decreased by $177,054.74 from $9,120,755.44 on January 31, 2016, to $8,943,700.70 on February 29, 2016. The decrease is the result of normal operating costs of the Successor Agency. The Successor Agency's surplus funds are in the Los Angeles County Investment Pool (LACIP) which is completely liquid, as the City can withdraw them at any time. This is approximately 96 percent of the portfolio with the remaining small amount of available cash on deposit in the checking account. The Bond Detail Report includes fiscal agent investments of Successor Agency cash which is being held to service various issues of bonded debt. Prepared by: Reviewed by: ,4 ATTACHMENT NO. I — Treasurer's Report 3.92% 0.00% 96.08% 100.00% Market Value 397,052 653,980 1,323 929,713 996,568 6,248,701 Book Value 397,052 653,980 1,324 908,814 996,568 6,248,701 nting Manager ATTACHMENT NO. 1 West Covina Successor Agency Treasurer's Report February 29, 2016 Investment Portfolio Book Value Market Value % of Portfolio Bank Accounts State Local Agency Investment Fund (LAIF) Los Angeles County Investment Pool (LACIP) Total Cash and Investments 350,964 $ 350,964 8,592,736 8,592,736 $ 8,943,700 $ 8,943,700 Blended Yield * 0.81% Benchmarks: LAIF 0.47% LACIP * 0.81% 6mo U.S. Treasury 0.49% 2yr U.S. Treasury 0.78% 5yr U.S. Treasury 1.22% Restricted Funds with Fiscal Agent 1988 Housing Set-Aside Tax Allocation Bonds Series A & B 1998 Housing Set-Aside Tax Allocation Bonds Series A & B 1999 Taxable Variable Rate Demand Tax Allocation Bonds 2001 Housing Set-Aside Tax Allocation Revenue Bonds 2002 Taxable Variable Rate Lease Revenue Refunding Bonds 1996 Special Tax Refunding Bonds Total Restricted Funds 9,227,337 $ 9,206,439 *To ensure timely submission of the City Treasurer's Report, the prior month's LACIP percentage yield is used. I hereby certify that the investments are in compliance with the investment policy adopted by the City Council in July 2015. The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next six months. This report meets the requirements of Government Code Section 53646. PREPARED BY: Christa Buhagiar, Finance Director APPROVED BY: Colleen B. Rozatti, City TeoXS5)-er Wells Fargo Checking Wells Fargo Checking - C.F.D. Subtotal 253,412.00 278,179.10 531,591.10 853,408.10 809,457.38 $ 1,662,1365.48 $ 1,843,492.38 $ 350,964.20 944,546.64 162,273.46 898,945,74 188,690.74 West Covina Successor Agency Investment Portfolio Activity February 29, 2016 January 31, 2016 Deposits Withdrawals February 29, 2016 Checking Accounts Other Investments Local Agency Investment Fund (LAIF) Los Angeles County investment Pool (LACIP) 7,079,368.59 Los Angeles County Investment Pool (LACIP) C.F.D. 1,509,795.75 Subtotal $ 8,589,164.34 502.443.77 301,128.39 803,572,16 300,000.00 500,000.00 800,000.00 7,281,812.36 1,310,924.14 $ 8,592,736.50 Total Successor Agency $ 9,120,755.44 $ 2,466,437.64 $ 2,643,492.38 $ 8,943,700.70 In January 2016, the Successor Agency received funds from the DOF-approved ROPS for the January to June 2016 period which will provide sufficient cash flow liquidity to meet estimated expenditures from Janaury to June 2016. West Covina Successor Agency Investment Portfolio Detail February 29, 2016 Issuer/Security Local Agency Investment Fund LAIF - Successor Agency Local Agency Investment Fund Subtotal Maturity Book Market Date Yield Value Value N/A 0.47% $ $ Los Angeles County Investment Pool LACIP - Successor Agency LACIP - CFD Los Angeles County Investment Pool Subtotal N/A 0.81% N/A 0.81% 7,281,812 1,310,924 8,592,736 7,281,812 1,310,924 8,592,736 Portfolio Total $ 8,592,736 $ 8,592,736 0.03 68,837.91 24,324.75 344,290,84 101,650.25 114,681.26 194.59 $ 653,979.63 003 68,837.91 24,324.75 344,290.84 101,650.25 114,681.26 194.59 $ 653,979.63 West Covina Successor Agency Bond Detail Report February 29, 2016 Bond / Investment / issuer / Account Maturity Date Rate Market Value* Original Cost 1988 Lease Revenue Refunding Bonds (The Lakes Public Parking Project) Federated Treasury Obligations Federated Investors Co Reserve 81112018 Original LOC #NZS671159 I CUSIP #S86714370 Wells Fargo L/C Fund 8/1/2018 $ 396,659.15 $ 396,659.15 392.90 392.90 $ 397,052.05 $ 397,052.05 1998 Housing Set-Aside Tax Allocation Bonds Series A & Taxable Series B (Executive Lodget Project) First American Treas Oblig Cl d Corp Trust First American Funds, Inc. Bond 9/1/2025 Interest Series A 9/1/2025 Interest Series B 9/1/2025 Reserve Series A 9/1/2025 Reserve Series B 9/1/2025 Project Fund Series B 9/1/2025 Principal Account 9/1/2025 1999 Taxable Variable Rate Demand Tax Allocation Bonds First American Trees Oblig CI d Corp Trust First American Funds, Inc. Revenue Fund 11/1/2029 Cash L/C Fund 4/30/2017 2001 Housing Set-Aside Tax Allocation Revenue Bonds First American Tress OblIg Cl d Corp Trust First American Funds, Inc. Special Fund FHLMC Discount Note U.S. Tress & Agency Reserve Account 3/1/2016 First American Tress Oblig CI d Corp Trust First American Funds, Inc. Reserve Account 9/1/2031 Project Fund 9/1/2031 1,322.54 $ 1,322.54 1.00 $ 1,322.54 $ 1,323.54 $ 129,325.62 $ 129,325.62 5.27% 800,000.00 779,100.62 336.88 336,88 50.43 50.43 929,712.93 $ 908,813.55 2002 Taxable Variable Rate Lease Revenue Refunding Bonds (Public Facilities Project) First American Trees Oblig Cl d Corp Trust First American Funds, Inc. Special Fund 9/112035 35.36 $ 35.36 First American Government Obligation First American Funds, Inc. Reserve Fund 9/112035 001% 996,532.50 996,532.50 $ 996,567.86 $ 996,567.86 Community Facility District No. 1989-1 (Fashion Plaza) 1996 Special Tax Refunding Bonds Guaranteed Investment Contract VVestdeutsche Landesbank Girozentrale Reserve Fund 9/1/2022 First American Treas Oblig CI d Corp Trust First American Funds, Inc. Bond 9/1/2022 Rebate Reserve Fund 9/1/2022 7.01% $ 5,002,670.40 $ 5,002,670.40 1,206,050.00 1,206,050.00 39,980.14 39,980.14 $ 6,248,700.54 $ 6,248,700.54 GRAND TOTAL $ 9,227,335.55 $ 9,206,437.17 *Market valuations have been provided by BNY Western Trust Company and U.S. Bank