Loading...
The URL can be used to link to this page
Your browser does not support the video tag.
11-01-2011 - Zone Change No. 11-02Location: 301 S. Glendo - Item 3 Attach 2 (2).pdf
ATTACHMENT NO. 2 City of West Covina Memorandum AGENDA TO: City Manager and City Council ITEM NO. 8 FROM: - Jeff Anderson DATE: October 18, 2011 SUBJECT: Planning Director GENERAL PLAN AMENDMENT NO. 11-02 ZONE CHANGE NO. 11-02 MITIGATED NEGATIVE DECLARATION OF ENVIRONMENTAL IMPACT APPLICANT: Tom Lau, Charles Company LOCATION: 301 S. Glendora Avenue RECOMMENDATION: The Planning Commission and staff recommends that the City Council adopt the following resolutions: 1) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, CERTIFYING THE MITIGATED NEGATIVE DECLARATION OF ENVIRONMENTAL IMPACT FOR GENERAL PLAN AMENDMENT NO. 11-02, ZONE CHANGE NO. 11-02, PRECISE PLAN NO. 11-05, AND TENTATIVE TRACT MAP NO. 71644 PURSUANT TO THE CALIFORNIA ENVIRONMENTAL QUALITY ACT OF 1970, AS AMENDED. 2) A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, APPROVING GENERAL PLAN AMENDMENT NO. 11-02 The Planning Commission and staff further recommends that the City Council introduce the f011owing ordinance: 3) AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA APPROVING ZONE CHANGE NO. 11-02 DISCUSSION: On September 27, 2011, the Planning Commission approved a precise plan and tentative tract Map for the development of a mixed-use project consisting of 412 residential condominium units an.d 20,000 square feet of commercial floor area. The Planning Commission also recommended approval of a General Plan amendment, zone change and a Mitigated Negative Declaration. of Environmental Impact Report. For more detailed information, please refer to the Planning Opmmission staff report (Attachment #6). The project requires a Mitigated Negative Declaration (MND) per the California Environmental Quality Act (CEQA). To assist in the preparation of the MND, three technical studies were prepared including an Air Quality Study, a Noise Impact Report, and a Traffic Report. The project related impacts would be less than significant with mitigations incorporated. A list of mitigation measures is included in Attachment #1. deneral Plan Text Changes and Land Use Designation Amendment Ii General Plan amendment is proposed for a text change to revise the General Plan document. The General Plan includes nine elements (or chapters), one of which is the Land Use Element. The Land Use Element deals with the establishment of a pattern of land use and standards for the density and intensity of development. Land use designations are established in the General Plan Z:\Case Files\PP\2011\11-05 301 S. Glendora_Wickes Site\CC\Council Staff Report.doc GPA ZC 11-02 Wickes Site Octoberl 18, 2011 - Page 2 and iniplemented by the Zoning Code and the Zoning Map. Proposed revisions to the Land Use Element include the establishment of a "Mixed Use" category, the addition of an exception to the density cap of 20 units to the acre, and the addition of goals and policies regarding mixed-use development. The proposed "Mixed -Use" category allows for a mix of residential and compatible office and retail service uses integrated as a cohesive development. Mixed-use development may be vertically or horizontally mixed with emphasis on retail and office uses on ground floors visible from the street and residential on the second and higher floors. The Land Use Element allows higher densities for senior citizen housing and low and moderate income housing that utilize a density bonus. This section of the General Plan is being amended to include mixed-use projects located in the Central Business District area. A,Residential Land Use Category for Mixed-Use residential, allowing up to 75 units per acre, is proposed. The Land Use Element currently contains broad goals that the City would like to accomplish. The cnrrent goals do not include any reference to creative or progressive types of land use planning in the Central Business District or Eastland commercial areas. In addition, the Land Use Element includes policies that seek to implement the goals. The proposed goals and policies that encourage mixed-use developments are provided in Attachment #3. The proposed General Plan amendment also includes a land use designation change from "Regional Commercial" to the newly created "Mixed Use" designation. With approval of the proposed text changes to the Land Use Element of the General Plan the proposed development will be consistent with the City's General Plan. Zone change The Proposal also includes a zone change to change the designation from "Regional Comniercial" (R-C) to "Specific Plan No. 24" (Lakes District Specific Plan). A specific plan allows', communities to focus on the unique characteristics of an area by customizing the planning process and land use regulations. The range of issues/regulations that is contained in a specific plan is left to the discretion of the decision-making body. A Specific Plan must be consistent with the adopted General Plan of the jurisdiction within which it is located. For more detailed information on the required assessment of consistency with the City's goals and objective of the current General Plan, please refer to Attachment #5. Proposed Development The project is located between Lakes Drive and Walnut Creek Parkway in the western portion of the City of West Covina. The 6.59-acre project is currently occupied by a commercial building, formeily occupied by Wickes Furniture. The project site is surrounded by commercial uses, including the theater to the north, the Glendora shops to the east and Toys R Us to the west. The proposed project consists of a five-story mixed-use development comprised of 412 residential units and 20,000 square feet of retail along Glendora Avenue. A total density of 62.7 units per acre is proposed while the specific plan would allow up to 75 units per acre. The project proposes a total of 207 one-bedroom units and 205 two-bedroom units. The unit sizes range from 712 square feet to 1,638 square feet. The project, as designed, proposes two parking garage's. Each parking garage will provide 422 parking spaces. A total of 844 parking spaces will serve the entire project. Parking spaces to serve the retail component of the project will be provided on the first floor of the parking garages, which is semi-subterranean. A total of 124 parking spaces will be located on the first floor to be shared between the retail and residential guest parking. A total of 720 parking spaces are provided for the residential units. The pl;oposed project also includes the redesign of Glendora Avenue and Lakes Drive. A 17-foot dedication will be granted to the City on Glendora Avenue. This dedication area will be improved with angle parking spaces. On Lakes Drive to the north, angle parking is proposed and the street will be reconfigured to reduce the number of eastbound lanes to one. The proposal 2:\Case hles\PP\2011\11-05 301 S. Glendora_Wickes Site\CC\Council Staff Report.doc GSA. 11-02. ZC 11-02 c Wickes Site 00ober 18, 2011 - Page 3 ddes not affect the westbound lanes. As such, a total of 53 off-street public parking spaces will be provided. The Specific Plan proposes a lower parking rate than the West Covina Municipal Code. The project proposes a total of 844 parking spaces, while Specific Plan development standards re,quire a minimum of 784 parking spaces. If the Municipal Code development standards were followed, a minimum of 1,007 parking spaces would be required. Tie Specific Plan requires that common open space as well as private open space be provided. A minimum of 140 square feet per unit of common open space is required with minimum dimensions of 10 feet by 10 feet. The project exceeds the common open space requirement by providing four open space areas varying in size between 9,020 to 11,500 square feet. An enclosed patio on all ground units provides private open space and a balcony is provided for all the units located on the second through fifth story. The proposed project will have a height of 64 feet. The building would feature a stucco exterior with a variation of brown/beige earth-tone colors. Portions of the roof will provide a metal oVerhang to break up the continuous roofline on the buildings. The buildings provide aliticulation and variation by providing recessed areas, balconies and windows. The residential ground units along the north and south elevations provide a "stoop" frontage. The design breaks up the mass and allows for the project to have a better relationship with the street. The steps to the stoop will lead to a private patio area and a resident could access the unit from the street. However, the primary entrance to these units will be located from inside the complex. These units will be elevated four to five feet above the sidewalk grade to provide privacy. The proposed tentative tract map would create 412 "air space" lots for residential condominium purposes and one "air space" for the commercial spaces. The subdivision design requires the approval of a "Condominium" map due to the shared ownership of the lots. A Homeowner's Association (HOA) will be formed and CC&R's (Covenants, Codes, and Restrictions) created to regulated the HOA. The HOA would be responsible for maintaining all common areas, including driveways, guest and retail/commercial parking spaces, open space, trash enclosures and like items. The approved precise plan resolution contains a condition of approval that etimates the park fees at about $2.5 million. However, it is the City's practice to give a project credit for on-site park space that would relieve public parks. In this case Public Works has estimated about 59,000 square feet of on-site park space that would result in a reduced Park Fee of about $1.3 million. The proposed project is the first mixed-use project to be processed in the City and represents a new development concept. The construction of the project can be catalyst for improvements Within the area that could attract a wider range of activities and create a dynamic atmosphere between existing and future uses. The addition of new residents to the area will energize the area and the building orientation in relationship to the street will encourage a more active street. Lastly, it is estimated that the project would generate 45 new jobs (Based on the formula used by • the City of Los Angeles). PLANNING COMMISSION REVIEW AND ACTION: The Planning Commission held a public hearing regarding this matter on September 27,201 The Planning Commission was supportive of the project. They discussed that the proposed project was a good way to redevelop the site, provide additional housing opportunities and bring more residents to the City that will support the existing and future commercial/retail uses within the City. Commissioner Carrico expressed concern regarding the reduced amount of parking but thought the benefits of the project would outweigh that potential issue. Commissioner Stewart indicated that Well-designed mixed-use projects have proven to be successful in other cities. At the conclusion of the hearing, the Commission voted 4-0 (Commissioner Holtz absent) to approve the precise plan, and tentative tract map as well as to recommend approval of the General ZACase Files\PP\2011\11-05 301 S. Glendora_Wickes Site\CC\Council Staff Report.doc ATTACHMENT 4 ORDINANCE NO. A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, APPROVING ZONE"CHAN' GE NO. 11-02 ZONE CHANGE NO. 11-02 MITIGATED NEGATIVE DECLARATION OF ENVIRONMENTAL IMPACT APPLICANT: Tom Lao, Charles Company LOCATION: 301 S. Glendora Avenue , WHEREAS, there was filed with this Cciimcil a; verified -application on the forms prescribed in Section 26-153 and 26-199 of the West Covina Municipal Code, for the reclassification from: "Regional Commercial" (R-C) to "Specific Plan No. 14 (Lakes-District Specific Plan)" on that certain property generally described as follows: Assessor Parcel No. 8474-010-010, in the records of the Los Angeles County Assessor; and WHEREAS, consistent with the request, the applicant has also requested a General Plan amendment to add a "Mixed Use" designation to the Land Use Element and change the land use designation on the subject property from `Regional Commercial" to "Mixed Use"; and WHEREAS, the proposed zone change ds requested to provide consistency between the General Plan and Zoning Map, and to establish zoning standards for the subject project; and , WHEREAS, said zone change application is requested to allow for the development of 412 residential pnits and 20,000 square feet of commercial space; and ' WHEREAS, a precise plan for the site plan and architecture has been submitted for the deVelopraent of the project; and 5 'WHEREAS, a tentative tract -map has been submitted, for the subdivision of the lot to allow 413 residential and commercial condominiums; and WHEREAS, the Planning Corainission, uPon giving': the required notice, did on the 27 th day of September, 2011, Condua a duly noticed public hearing to consider said application; and WHEREAS, it is a stated policy Of the Land Use Element of the General Plan to provide for a range of non-residential uses that will ensure a strong economic base for the City; and WHEREAS, the Planning Commission, upon .giving the required notice, did on the 27 th day of September, 2011, conduct a dilly noticed public hearing to consider the subject application for a Zone Change, at which time the Planning 'Commission adopted Resolution No 11-5442 recommending approval to the City Council; and ' WHEREAS, the City Council did, on the 18 th day of October, 2011, conduct a duly advertised public hearing as prescribed by law, and considered evidence presented by the Planning Commission, Planning DepartMent, and other interested parties; and WHEREAS, studies and investigations made by the City Council and in its behalf reveal th'e following facts: ZACase Files\PP\2011\11-05 301 S. Glendora Wickes Site\CC\CC ORD ZC Re-po.doc Ordinance No. Zone Change No. 11-02 • October 18, 2011 - Page 2 1. The project consists of •a development plan for the construction of five-story mixed-use project that includes 412 residential units, 20,000 square feet of commercial space, and two five-level parking structures on a 6.57-acre property. 2. The project includes a General Plan amendment to change the text in the Land Use Element to add a "Mixed Use" designation, allow higher densities in mixed- use residential projects and to change the land use designation from' "Regional Commercial" to "Mixed Use". The project includes a:Zone change requesting to change the zone from "Regional Commercial" (R-C) to "Specific Plan No 14 (Lakes District Specific Plan)" that allows for 412 residential units and 20,000 square feet of commercial space. The project includes a precise plan for the architecture and site plan layout for the proposed project. The applicant is requesting approval of a tentative tract map to subdivide residential and commercial units into condominiums. Findings necessary for approval of a zone change are as follows: a. There are changed conditions since:the existing zoning became effective to warrant other or additional zoning. b. The proposed Change of zone will not adversely affect adjoining property as to value or precedent and will not be detrimental to the area. c. A change of ione -will be in the interest or furtherance of the public health, safety, and general welfare. d. The approval of such a change of zone will not adversely affect the comprehensive General Plan so adopted by the:City. e. The approval of such a zone change is consistent with the General Plan or applicable specific plans. Pursuant to the requirements of the California Environmental Quality Act (CEQA) of 1970, a MITIGATED NEGATIVE DECLARATION OF ENVIRONMENTAL IMPACT has been prepared indicating that although the project could have a significant effect on the environment, there will not be a significant effect due to mitigating measures. WHEREAS, based on the evidence, both oral and documentaiy, the City Council finds as follows: a. The proposed zone change will facilitate the developMent of a mixed-use project that allows for higher density (up to 75 units per acre) within the Central Business District Since the last General Plan update in 1985, the housing market has changed to provide different types of housing to accommodate the population growth as well as to provide diverse housing that meets the population needs. The success of mixed uses relies on the location, design, amenities and other retail and services that can support the residents, of these projects. As such, the last comprehensive General Plan update did not envision mixed-use as a type of development that could be suitable and adequate for the City. Therefore, the City did not designate zoning where mixed-use would be permitted. As such, there are changed conditions since the existing zoning became effective to warrant other or additional zoning that allows for mixed-use development. b. An environmental study, in compliance with CEQA, has been prepared determining that mitigation measures are required. The mitigation. measures serve to prevent adverse impact on the future project to be constructed on the site, 'ZACase Files\PP\2011\11-05 301 S. Glendora Wickes Site\CC\CC ORD ZC R'.eso.doe Ordinance No. Zone Change No. 11-02 0Otober 18, 2011 7 Page 3 surrounding land uses, and service systems: In addition, proposed zone change will not adversely affect adjoining property value and will not be detrimental since the area is improving by redeveloping the site Occupied by a vacant furniture store building. The City of West Covina's Regional Housing Needs allocation (RHNA) for the 2008-2014 planning period had been determined by SCAG to be 2,462 units including 631 units for very-low income households, 388 units for low income households, 417 units for moderate-low income households and 1,026 units for above moderate households. In recent years, the City has built higher density units primarily for senior citizens only Although the units are not considered affordable units as units being subsidized by any public funding mechanism, the proposed 412 residential units would be potentially more affordable than single- family residential dwelling units. In addition, the project provides an additional housing type that can accommodate a segment of the population that does not desire to live in a single-family dwelling unit but in a more active urban environment that is located adjacent to commercial/retail and entertainment opportunities. The Land Use Element of the General Plan calls for "promoting an economic development strategy that includes approaches for broadening the City's economic base, creating residential employment opportunities and enhancing the City's tax base." The Specific Plan would take advantage of redeveloping a site that is currently occupied by a vacant building and take advantage of the property's proximity to mass transit and adjacent commercial/retail uses within walking distance. As such, the change of zone will be in the interest of the public health, safety, and general welfare. The proposed zone change requires a General Plan amendment. The General Plan includes nine elements (or chapters). California State law requires seven elements (Land Use, Housing, Open Space, Conservation, Safety, Circulation and Noise). Two elements of the General Plan have been modified since 1985, a Design Element was adopted in 1991, and the Housing Element was revised in 1995. The Land Use Element deals with the establishment of a pattern of land use and standards for the density and intensity of development. Land use designations are established in the General Plan and impleinented by the Zoning Code and the Zoning Map. The Land Use Element allows higher densities for senior citizen housing and low and moderate income housing that utilize a density bonus. This section of the General Plan is being amended to include mixed-use projects located in the Central Business District area as defined in the Land Use Element. The Mixed- Use land use designation, that is concurrently being added to the Land Use Element, allows up to 75 units per acre is being added. The Mixed-Use category allows for a mix of residential and compatible office and retail service uses integrated as a cohesive development or such uses developed side by side in a manner that encourages interaction between uses. Mixed-use development may be vertically or horizontally mixed with emphasis on retail and office uses on ground floors visible from the street and residential on the second and higher floors. Pedestrian connections to different Uses are important to the function of a mixed-use development. The following goal has been included in the.Land User Element: • Preserve and enhance the Central Business District and Eastland commercial areas through creative land use planning to avoid vacant and underutilized commercial properties. The following policies are included as part of this land use category: • Utilize mixed-use development to create unique and varied housing types where appropriate in the Central Business District. ZACase Files\PP \2011\11-05 301 S. Glendora Wickes Site\CC\CC ORD ZC Reso.doc Ordinance No. Zone Chanae No. 11-02 dctober 18:2011 - Page 4 Mixed use development should only be considered on properties that are located within or directly adjacent to commercial or high density residential areas, have access to public transit, utility infrastructure is in existence, and is within walking distance to shopping opPortunities. • Increased residential density and intensity should be compatible with integrated com_thercial mixed uses and surrounding commercial uses. Consideration should be given to the relationship of public transit and pedestrian access to available goods andservices. The proposed General Plan amendment also includes a land use designation change from "Regional Cotnmerciar to the newly created "Mixed T Tcp" designation. The proposed text changes 1 Plan and the proposed land use desigr consistent with the General Plan. As su adversely affect the General Plan and the the specific plan. In addition, all appli have reviewed the proposal and issued cot e. The approval of such zone change is consistent with the proposed General Plan amendment land use designation of "Mixed Use". The proposed land use designation allows for mixed-use develOpments. The proposed project is consistent with the development standards -set forth in the Specific Plan No 24 (Lakes District Specific Plan). NOW, THEREFORE, the City Council of the City of West Covina, California, does resolve as follows: SECTION NO 1: Based on the evidence presented, and the findings set forth, the above Zone Change No 11-02 is hereby found to be consistent with the City's General Plan and the land uses permitted within said zone classification. SECTION NO 2: The Planning Connnission does hereby recommend to the City ' Council that it approve Zone Change No 11-02, adopting the specific plan text as set forth in Exhibit A and changing the zoning designation for subject property as set forth on Exhibit B and amending the Zoning Map of the City of West Covina. SECTION NO 3: The Secretary is instructed to forward a copy of this Resolution to the City Council for its attention in the manner prescribed by law. SECTION NO. 4: The City Clerk shall certify to the passage of this Resolution. le Land Use Element of the General change allow the project to be the proposed zone change will not posed project will be consistent with le City's divisions and departments ions of approval. ZACase Files\PP\2011\1 1-05 301 S. Glendora Wickes Site\CC\CC ORD ZC Reso.doc Ordinance No. Zone Change No. 11-02 October 18, 2011 - Page 5 PASSED AND APPROVED on this 18 th day October, 201 t. ATTEST: 'Mayor City Clerk STATE OF CALIFORNIA COUNTY OF LOS ANGELES ) CITY OF WEST COVINA I, Laurie Carrico, City Clerk of -the City of West CoVina, do hereby certify that the foregoing Resolution was duly adopted by the City Council of the City of West Covina, California, at a regular meeting thereof held on the 18 th day of October, 2011. AYES: NOES:• ABSENT: ABSTAIN: APPROVED AS TO FORM: City Clerk City Attorney ZACase Files\PP\2011\11-05 301 S. Glendora Wickes Site\CC\CC ORD ZC Reso.doc City of West Covina Metnorandum AGENDA TO: Andrew G. Pasmant, City Manager and City Council ITEM NO. 4 DATE November 1,2011 FROM: Shannon A. Yauchzee, Director/City Engineer Public Works Department SUBJECT: TRAFFIC COMMITTEE MINUTES RECOMMENDATION: It is recommended that the City Council accept and file the attached minutes of the Traffic Committee meeting held on October 18, 2011. Prepared/by: Miguel Hernaridez Reviewed/Approved by: Shation A. Yauchzee Civil Engineering Associate Director/City Engineer Attachment No. 1 1 Z:\TRAFFIC COMMITTEE - 2011 \OctoberTC 2011 Minutes.doc ATTACHMENT NO. REGULAR MEETING OF THE TRAFFIC COMMITTEE CITY OF WEST COVINA Tuesday 3:00 p.m. October 18, 2011 City Hall, Room 314 Management Resource Center STAFF PRESENT: Shannon Yauchzee, Miguel Hernandez, and Sgt. Dennis Patton OTHERS PRESENT: Cyril Hinds, West Covina Resident Maureen Hinds, West Covina Resident REQUEST: ity Initiated INSTALL EXCLUSIVE RIGHT-TURN LANES ON NORTHBOUND AZUSA AVENUE AT WORKMAN AVENUE AND ROWLAND AVENUE. FINDINGS: Azusa Avenue is an 80-foot wide major arterial street with two through lanes in each direction. On-street parking is allowed and there are several driveways along Azusa Avenue. The field review has found that some vehicles that travel northbound along Azusa Avenue utilize the parking lane as a through lane to avoid vehicles which may be queued up at the traffic signal. This increases the conflicts between vehicles that travel in the legal lane and those that use the parking lane. Vehicles making a right- turn are forced to change into the through lane when a vehicle is legally parked. In order to improve the orderly movement of vehicles through the intersection with Workman Avenue and Rowland Avenue, it is recommended to install exclusive right-turn lanes on northbound Azusa Avenue at those intersections. TRAFFIC COMMITTEE RECOMMENDATION: THAT EXCLUSIVE RIGHT-TURN ONLY LANES BE INSTALLED ON NORTHBOUND AZUSA AVENUE AT WORKMAN AVENUE AND ROWLAND AVENUE AND INSTALL THE NECESSARY RED CURBS ADJACENT TO THE PROPOSED RIGHT-TURN ONLY LANES. \TRAFFIC COMMITTEE - 2011/OctoberTC 2011 Minutes.doc Ai I I 11+ c 1 0, \\ _L I ce.— — - ROPOSED RIGHT TURN ONLY LANE ORTHBOUND AZUSA AVE. AT WORKMAN AVE. INSTALL WHITE SYMBOL iBCR i CALTRANS DETAIL 38 INSTALL WHITE SYMBOL INSTALL R18 SIGN A. 1 u / / . el PAINT 65' RED CURB TO MATCH EXISTING INSTALL R18 SIGN • :11 _ - - AZUSA AVE. 2 0 30 ' 60' tnIn SCALE: 1" = 30` 0 R OWLA ND AVE Ii 11 II I I 1 II 1 11 1 II 1 II 1 II 1 Ii SCALE: 1" = 30' 30' 60' PROPOSED RIGHT TURN ONLY LANE NORTHBOUND AZUSA AVE. AT ROWLAND AVE. INSTALL WHITE SYMBOL BCR ,-INSTALL R18 SIGN CALTRANS DETAIL 38 - EXISTING RED CURB /7INSTALL R18 SIGN - INSTALL WHITE SYMBOL AZUSA AVE. II. REQUEST: Arthur Renya, West Covina Resident THAT NO PARKING ON STREET SWEEPING DAYS BE IMPLEMENTED ON MICHELLE STREET FROM CALIFORNIA AVENUE TO SANDY HOOK STREET EVERY MONDAY OF EACH MONTH FROM 7:00 A.M. TO 3:30 P.M. FINDINGS: In response to a request to prohibit parking to facilitate street sweeping on Michelle Street from California Avenue to Sandy Hook Street, a survey of the eleven affected properties was conducted. Six (55%) of the properties responded in favor of prohibiting parking every Monday of each month from 7:00 a.m. to 3:30 p.m., and five of the properties did not reply to the survey. Michelle Street is a residential street, 40-feet in width. The prohibition of parking for street sweeping is used throughout the City where more than 50% of the affected properties express a desire for the prohibition and where traffic and/or safety would not be adversely affected. There would be no adverse effects at this location. TRAFFIC COMMITTEE RECOMMENDATION: THAT NO PARKING ON STREET SWEEPING DAYS BE IMPLEMENTED ON MICHELLE STREET FROM CALIFORNIA AVENUE TO SANDY HOOK STREET EVERY MONDAY OF EACH MONTH FROM 7:00 A.M. TO 3:30 P.M. \TRAFFIC COMMITTEE - 2011 \OctoberTC 2011 Minutes.doc v e.ocry2sr• PAILK11114 tg5T7.3CTIoi.) i—__ .103 4, b. 0- 4 '/'„-•' C1F/44 sI T x-, 9: , 11-1s .f10 6S ; „0 ,N \2 \/ r\ - -,. , 1- 41,u/,, 34 , 1 /x•, , \s, —\-1-. \X,/ ‘ /. ._ 11 22 •. _ / .1 ,\ \/N ' \ 8,....7.'. ' )• „/.. ls41 / . 8/2 1 8/2F 4. 1430 / ::3:i\. ,/ 41 N/7 A+ 8 18 /1 2 /81 5 48t,2/ s.t0. .e/ • > „N 4 814 7DSEDK // / // ZETatTLOL , 811 ' 910 - -- . / ... ..-1.- "---_. •---_. / ,-..s3 ///:/ 829 / .1 '-- --- '' \ h.- * / 834 ' ..( / , ,../ \ .- , •.,. / 8 I I / --,.. z/ .'</ „ / _., / 9C14 / '.., / ,:"'" _ ., . _ „ .. ..... _ .1 • ._ .?----, -----._ ' -,_ .,.. -,./ -.. .-,,/ / , 14 — / / st P- 40 9<.. --...../ .,...4 N., , /I' 821 \\"„,/, 81t1 /.1 \ •,(' -I, 1328 C.7 k'n 17' 9' b0 4. ea kr . nJ'.. C , e * 1: • 1 (;n ei r-'\ 14 \/ / 1.-_. ri Copyright ©2011 , Digrtal Map Products, County Appraiser, Customer Data, TeleAtlas 1" = 150' . 1 1—.--1—J 1 \ 1 . CitvGIS Copyright (C) 2007, Digital Map Products. All rights reserved. III. REQUEST: City Initiated THAT SPEED LIMIT FOR CHERRYWOOD STREET FROM GARVEY AVENUE SOUTH TO NORMA AVENUE BE REDUCED FROM 35 MILES- PER-HOUR TO 30 MILES-PER-HOUR AND SPEED LIMIT FOR CALVADOS AVENUE FROM GARVEY AVENUE SOUTH TO NORMA AVENUE BE REDUCED FROM 35 MILES-PER-HOUR TO 25 MILES- PER-HOUR. FINDINGS: The speed limits on Cherrywood Street and Calvados Avenue are specified in Section 22-131 of the West Covina Municipal Code as 35 miles-per-hour from Garvey Avenue South to Norma Avenue. Staff conducted an Engineering and Traffic Survey for Garvey Avenue South (See Exhibit A) and found that the critical approach speed was measured at 28 miles-per-hour on Cherrywood Street and 25 miles-per-hour on Calvados Avenue. In accordance with California Manual of Uniform Traffic Control Devices (MUTCD), speed limits should be established at the nearest 5 miles-per-hour increment to the 85 th percentile speed, which is defined as that speed which 85 percent of the traffic is moving. Therefore, the reduction in the posted speed limit from 35 miles-per-hour to 30 miles-per-hour for Cherrywood Street from Garvey Avenue South to Norma Avenue and 35 miles-per-hour to 25 miles-per-hour for Calvados Avenue from Garvey Avenue South to Norma Avenue will comply with provision of the California MUTCD. TRAFFIC COMMITTEE RECOMMENDATION: THAT AN ORDINANCE BE INTRODUCED AMENDING SECTION 22- 131 OF THE WEST COVINA MUNICIPAL CODE RELATING TO THE REDUCTION OF THE POSTED SPEED LIMITS ON THE FOLLOWING STREET SEGMENTS: CHERRY WOOD STREET FROM GARVEY AVENUE SOUTH TO NORMA AVENUE FROM 35 MILES-PER-HOUR TO 30 MILES- PER-HOUR. CALVADOS AVENUE FROM GARVEY AVENUE SOUTH TO NORMA AVENUE FROM 35 MILES-PER-HOUR TO 25 MILES- PER-HOUR. 4 \TRAFFIC COMMITTEE - 2011 \OctoberTC 2011 Minutes.doc EXHIBIT "A" Public Works Department Engineering Division September 28, 2011 ENGINEERING AND TRAFFIC SURVEY OF GARVEY AVENUE SOUTH Introduction: The effective enforcement of posted speed limits with radar on certain streets requires that an Engineering and Traffic Survey must be completed within the previous five years. The majority of drivers complies with the law but disregard regulations that they consider unreasonable. A small segment of the population is repeatedly inclined to be reckless, unreliable, or have faulty judgment and must be controlled by enforcement. According to the Manual of Uniform Traffic Control Devices (MUTCD), speed limits should be established at the nearest 5 mph increment to the 85" percentile speed, which is defined as that speed at or below which 85 percent of the traffic is moving. The 85' percentile is often referred to as critical speed. Pace speed is defined as the 10-mile increment of speed containing the largest number of vehicles. Speed limits higher than the 85th percentile are not considered reasonable and prudent. Speed limits below the 85th percentile do not ordinarily facilitate the orderly movement of traffic and require constant enforcement to maintain compliance. The establishment of a speed limit of more than 5 miles per hour below the 85 percentile (critical) speed must be justified in the engineering and traffic survey and approved by a registered Civil or Traffic Engineer. It should also be done with great care as studies have shown that establishing a speed limit at less than this the 85 percentile generally results in an increase in collision rates and may make violators of a disproportionate number of the reasonable majority of drivers. Section 22358 of the Vehicle Code states that it is the intent of the Legislature that physical conditions such as width, curvature, grade and surface conditions, or any condition readily apparent to the driver, in the absence of other factors, would not require special downward speed zoning. When roadside developments results in traffic conflicts and unusual conditions which are not readily apparent to the driver, as indicated in collision records, speed limits some what below the 85 1" percentile may be justified. 1444 W. Garvey Avenue South • PO Box 1440 • West Covina, CA 91793 • Telephone (626) 939-8425 • Fax (626) 939-8660 Garvey Avenue South September 28, 2011 FINDINGS: The following is a summary of the pertinent items required in the Engineering and Traffic Survey. A. Prevailing Speeds (MPH) Street Segment Limits Critical Approach 2006 85% (mph) Speeds 2011 85% (mph) 2011 10-mph Pace Existing Speed Limits Recommended Speed Limits West City Limit to Orange Avenue 42 39 32 to 41 40 40 mph West Covina Parkway to Sunset Avenue 42 37 36 to 45 40 40 mph Glendora Avenue to Lark Ellen Avenue 38 38 30 to 39 35 35 mph Lark Ellen Avenue to Cherrywood Avenue 38 37 29 to 38 35 35 mph Azusa Avenue to Hollenbeck Avenue 39 40 29 to 38 40 40 mph Hollenbeck Avenue to Citrus Street 39 38 30 to 39 35 35 mph Citrus Street to Barranca Avenue 38 37 - 30 to 39 35 35 mph Barranca Avenue to Holt Avenue 39 36 31 to 40 35 35 mph t Cherrywood Garvey So. to Norma Avenue. 33 28 25 to 34 35 30 mph t Calvados Garvey So. to Norma Avenue 21 25 15 to 24 35 25 mph t Norma Avenue Calvados to Citrus 35 38 27 to 36 35 35 mph t Denotes a continuation street from Garvey Avenue South Garvey Avenue South September 28, 2011 B. Accident Records The following analysis of the accident history for Garvey Avenue South is in accordance with the procedures outlined in "Guidelines for Unifbnn Traffic Controls" distributed by the Los Angeles County Department of Public Works. County guidelines classify as excessive any accident rate that exceeds1.6 times the County expected rate determined from the countywide experience charts. If the City mid-block accident rates are in excess of the 1.6 times the County expected rate, a 5 mph reduction of the speed limit may be justified. This is to say that if the Priority Rating meets or exceeds 1.6, a 5-mph reduction of the speed limit from the critical approach speed (85%) may be justified. 1. MID-BLOCK ACCIDENTS - JANUARY 2010 TO DECEMBER 2010 Limits No. of Accidents City Accident Rate A/MVM County Expected Accident Rate A/MVM Priority Rating West City Limit to Orange Avenue 0 0 1.55 0 West Covina Parkway to Sunset Avenue 0 0 1.55 0 Glendora Avenue to Lark Ellen Avenue 0 0 1.55 0 Lark Ellen Avenue to Cherrywood Avenue 0 0 1.55 0 Azusa Avenue to Hollenbeck Avenue 0 0 1.55 0 Hollenbeck Avenue to Citrus Street 1 1.82 1.55 1.17 Citrus Street to Barranca Avenue 4 1.76 1.55 1.13 ._ Barranca Avenue to Holt Avenue 0 0 1.55 0 NOTE:A/MVM denotes accidents per million vehicle miles Garvey Avenue South September 28, 2011 2. INTERSECTION ACCIDENTS - JANUARY 2010 TO DECEMBER 2010 Cross Street No. of Accidents City Accident Rate A/MV County Expected Accident Rate A/MV Priority Rating West Covina Pkwy. 6 0.49 0.81 0.60 _ Glendora Avenue 0 0 0.69 0 Lark Ellen Avenue 1 0.16 0.64 0.25 Azusa Avenue 3 0.19 0.79 0.24 Citrus Street 0 0 0.80 0 Barranca Street 7 0.65 0.80 0.81 NOTE: A/MV denotes accidents per million vehicles entering the intersection. C. Physical Conditions Horizontal Alignment - Mostly tangent, all curves are posted with advisory signs where warranted. Vertical alignment - Maximum grades occur at freeway underpasses with grades that range from -4.1% to +6.1%. The remaining segments have relatively gentle slopes that range between -0.8% to +1.1%. Roadside Friction - Garvey Avenue South is broken into several independent segments. Minor intersections provide no significant conflict. The intersection of Garvey Avenue South and Orange Avenue has a "T" type configuration and is controlled by a stop sign on Garvey Avenue South. All other major intersections are controlled by traffic signals. There are commercial, multi-family and single family residences abutting Garvey Avenue South. Along the segment between Citrus Avenue and Barranca Street, there is a "T" type intersection with on-ramp and off-ramp to the 1-10 freeway and is controlled by a stop sign at the off-ramp. Between Barranca Street and Holt Avenue, there is a "T" type of intersection with on-ramp and off-ramp to the I-10 freeway and is control by a stop sign on the westbound approach of Garvey avenue South and at the off-ramp. D. Conditions Not Readily Apparent To The Driver. E. Analysis The first table entitled " Prevailing Speeds" list the critical approach speeds (85%) which is the primary component of Engineering and Traffic Survey. The 85% speed is listed for each of the eleven segments of Garvey Avenue South. The critical approach speeds (85%) are generally within 5 mph of the posted speed limit. The critical approach speeds (85%) for the nine of the eleven segments of Garvey Avenue South are within 5 mph of the posted speed limit. Garvey Avenue South September 25, 2011 F. Conclusion Retention of the existing speed limits for the nine of the eleven segments of Garvey Avenue South will comply with the provision of the California MUTCD. Presently the posted speed limit for the segment of Cherrywood Street from Garvey Avenue South to Norma Avenue is 35 mph and the critical approach speed was measured at 28 mph and the posted speed limit for the segment of Calvados Avenue from Garvey Avenue South to Norma Avenue is 35 mph and the critical approach speed was measured at 25 mph. In accordance with the provision of the California MUTCD, speed limits should be established at the nearest 5 mph increment to the 85 th percentile speed, which is defined as that speed which 85 percent of the traffic is moving. Therefore, the reduction in the posted speed limit from 35 mph to 30 mph for Cherrywood Street from Garvey Avenue South to Norma Avenue and the reduction in the posted speed limit from 35 mph to 25 mph for Calvados Avenue from Garvey Avenue South to Norma Avenue. Cherrywood Street and Calvados Avenue will comply with provision of the California MUTCD; the following speeds shall be reduced along Garvey Avenue South: LIMITS SPEED LIMIT West City Limit to Orange Avenue 40 mph West Covina Parkway to Sunset Avenue 40 mph Glendora Avenue to Lark Ellen Avenue 35 mph Lark Ellen Avenue to Azusa Avenue 35 mph Azusa Avenue to Hollenbeck Avenue 40 mph Hollenbeck Avenue to Citrus Street 35 mph Citrus Street to Barranca Avenue 35 mph Barranca Avenue to Holt Avenue 35 mph Cherrywood between Garvey So. & Norma Avenue. *30 mph Calvados between Garvey So. & Norma Avenue *25 mph Norma Avenue Between Calvados Avenue & Citrus Street 35 mph Denotes new speed limit Shannon A. Yauchzee ity Engineer/Public Works Director EXHIBIT "B" ORDINANCE NO. AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF WEST COVINA, CALIFORNIA, AMENDING SECTION 22-131 OF THE WEST COVINA MUNICIPAL CODE RELATING TO INCREASES OF STATE LAW MAXIMUM SPEEDS The City Council of the City of West Covina does ordain as follows: SECTION 1. Section 22-131 of the West Covina Municipal Code is amended such that the sub-paragraphs labeled Calvados Avenue from Garvey Avenue South to Norma Avenue and Cherrywood Street from Garvey Avenue South to Norma Avenue be deleted; and that the following sub-paragraph is inserted: Cherrywood Street from Garvey Avenue South to Norma Avenue = 30 mph SECTION 2. That the City Clerk shall certify to the passage of this ordinance and shall cause the same to be published as required by law. PASSED AND APPROVED this day of , 2011. Mayor ATTEST: City Clerk I, Laurie Carrico, City Clerk of the City of West Covina, California, do hereby certify that the foregoing Ordinance No. was regularly introduced and placed upon its first reading at a regular meeting of the City Council on the day of November 2011. That thereafter said Ordinance was duly adopted and passed at a regular meeting of the City Council on the day of 2011, by the following vote: AYES: NOES: ABSENT: City Clerk APPROVED AS TO FORM: City Attorney ZATRAFFIC COMMITTEE - 2011 \Oct TC 2011 Reportdoc Cherrywood St. Proposed 30 MPH San Bernardino Frwy - 1-10 Garvey Avenue South James Ave CD > < LI- M CU J .. Norma Avenue Norma Avenue -, r -, r -, i , , , , 'art Ave. Stuart Ave. 4 6 2 61 2 _, Calvados Avenue San Bernardino Frwy - I-1 Proposes 25 MPH -------- Garvey Avenue South -------_,_ / Walnut Creek Pkwy. IV. REQUEST: Cyril Hinds, West Covina Resident THAT PARKING ADJACENT TO 1709 VARILLA DRIVE BE RESTRICTED TO PERMIT ONLY PARKING. FINDINGS: The owner has requested that parking adjacent to his residence be designated as permit only parking for loading and unloading of his disabled parent. This would allow access from a walkway in front of his property. At times, there are parked vehicles denying access to their home by blocking this area. At present Section 22-174 of the West Covina Municipal Code does allow for the installation of signs prohibiting or restricting parking of vehicles on certain streets or portions thereof. The requirements of this section include the issuance of four free permits per dwelling unit. The permits must be displayed in plain view on the dash or hanging from the rear view mirror. Since the permits are registered to a particular address and not a particular vehicle, it may be used for visitor vehicles. TRAFFIC COMMITTEE RECOMMENDATION: HAT PARKING ADJACENT TO 1709 VARILLA DRIVE BE RESTRICTED TO PERMIT ONLY PARKING. \TRAFFIC COMMITTEE - 2011/OctoberTC 20IA Minutes.doc 1707 1720 - -EJ0n 5 ct - - - 1724 , Copyright ®2011 , DigRal Map Products, County Appraiser, Cuctorner Data, TeleAtlas : ---", N , v .• ,. , • tel ., gt Copyright {C) 2007, Digital Map Products. All rights reserved. 1 " = 40' 1_1_1 CitvGIS City of West Covina Memorandum Item No. 5 Date November 1, 2011 TO: Andrew G. Pasmant, City Manager and City Council FROM: Thomas Bachman, Assistant City Manager SUBJECT: CITY TREASURER'S REPORT FOR SEPTEMBER 2011 RECOMMENDATION: It is recommended the City Council receive and file this report. DISCUSSION: Effective January 1, 2006, Section 53646 of the Government Code states that a city's chief fiscal officer may submit quarterly reports to their legislative body. This report is to include the type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments, and money held by the local agency. It must also include a statement that the portfolio is in compliance with the City's investment policy, or manner in which it is not in compliance, and note the ability of the local agency to meet its expenditure requirements for the next six months, or provide an explanation as to why sufficient money may not be available. Although it is no longer a requirement to submit quarterly reports to the local legislative body, the Finance Department will continue to submit treasurer's reports to the West Covina City Council each month. The September Report shows the City's portfolio decreased by $4,037,722 from $49,725,497 on August 31, 2011, to $45,687,775 on September 30, 2011. Beginning with the May 2001 report, average maturity information has been provided for investments in the City's portfolio. The overall average maturity of the portfolio is 833 days or approximately two years. Approximately 8 percent of the portfolio is on deposit in various bank accounts. These funds are available to satisfy obligations as needed. The majority of the portfolio is on deposit in two investment pools. Approximately 29 percent is held in the State of California Local Agency Investment Fund (LAIF) and 33 percent is in the Los Angeles County Investment Pool (LACIP). These funds are completely liquid since the City could withdraw them at any time. The portfolio also includes two long-term, high interest investments made in the early 1980s which constitute approximately 30 percent of the portfolio. Bond Detail Report: The September report also includes a Bond Detail Report. This report shows how Fiscal Agents are investing City, Community Development Commission and Public Financing Authority cash, which they hold to service various debts. This information is reported to the City Council quarterly. _aL2j Prepared by: Dennis Swink Reviewe / pprove I BY: Thomas Bachman Controller Finance Director CITY OF WEST COVINA STATEMENT OF TREASURER'S ACCOUNTABILITY SEPTEMBER 30, 2011 DEPOSITS WITHDRAWALS SEPTEMBER 30 342,408.00 1,005.00 50,000.00 97,154.05 490,567.05 $ 10,228,376.61 1,008,073.17 61,337.17 2,742,960.96 $ 14,040,747.91 $ 10,318,002.61 1,008,078.17 61,337.17 2,761,111.87 $ 14,148,529.82 $ 252,782.00 1,000.00 50,000.00 79,003.14 $ 382,785.14 0.838% 1,404,297.05 $ 3,300,959.13 $ 1,644,175.61 $ 3,061,080.57 6.700% 3,688,593.75 - - 3,688,593.75 *" 8.073% 10,199,962.50 - - 10,199,962.50 *" 22.325% 14,552,808.69 - 1,300,000.00 13,252,808.69 29.007% 19,389,268.67 13,276.14 4,300,000.00 15,102,544.81 33.056% 49,234,930.66 $ 3,314,235.27 $ 7,244,175.61 $ 45,304,990.32 99.162% 49,725,497.71 $ 17,354,983.18 $ 21,392,705.43 $ 45,687,775.46 100% TYPES OF DEPOSITS: CHECKING ACCOUNTS WELLS FARGO GENERAL CHECKING WELLS FARGO BANK GEN AUTO & LIABILITY WELLS FARGO BANK WORKERS COMPENSATION WELLS FARGO PAYROLL SUB-TOTAL OTHER INVESTMENTS: WELLS FARGO SWEEP FEDERAL NATIONAL MORTGAGE ASSOCIATION (FNMA) FEDERAL HOME LOAN MORTGAGE CORPORATION (FHLMC) LOCAL AGENCY INVESTMENT FUND - CITY (LAIF) LOS ANGELES COUNTY POOL (LACIP) It has been verified that this investment portfolio is in conformity with the City of West Covina's investment policy which was approved by the City Council on January 18, 2005. The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next six months. This report is accurate with respect to all information received as of October 19, 2011. EARNED INTEREST YIELD THIS PERIOD: 2.933% SIX-MONTH TREASURY BILL YIELD: 0.040% REVI D BY: PREPARED Dennis Swink, City Controller Angel F. Patena, Revenue Services Supervisor SUBMITTED BY: APPROVED/BY: - Marian •. Smithson,,,itiTreasurer City of West Covina Portfolio Details September 30, 2011 I AVERAGE I 09/30/2011 08/31/201' INVESTMENT INVESTMENT ISSUER I MATURITY PURCHASE I DAYS TO I CUSIP RATE YIELD COST PAR MARKET MARKET VALUE* I VALUE* 1986-06-01 ** FHLMC U.S. GOVERNMENT AGENCY 1985-12-10 ** FNMA U.S. GOVERNMENT AGENCY 1992-04-20 LACIP LOS ANGELES COUNTY TREASURER*** 1989-10-19 LAIF STATE OF CALIFORNIA 06/01/16 06/01/86 12/10/15 12/10/85 04/20/92 10/19/89 313400MC4 8.250 1681 313586UB3 10.350 1510 503 N/A 1.190 236 N/A 0.378 7.728 10,199,962.50 9,555,000.00 11,910,785.25 11,975,759.25 10,199,962.50 9,555,000.00 11,910,785.25 11,975,759.25 8.418 3,688,593.75 3,000,000.00 4,116,690.00 4,163,250.00 3,688,593.75 3,000,000.00 4,116,690.00 4,163,250.00 1.190 15,102,544.81 15,102,544.81 15,102,544.81 15,102,544.81 0.378 13,252,808.69 13,252,808.69 13,252,808.69 13,252,808.69 TOTALS: 42,243,909.75 40,910,353.50 44,382,828.75 44,494,362.75 * MARKET VALUES HAVE BEEN PROVIDED BY UNION BANK. ** These two high interest long term investments were made before State Law limited investments to a maximum five-year term. *** For this month's report, August 2011 LACIP Earnings Rate and August 2011 LACIP Weighted Average Days to Maturity were used due to the unavailability of September 2011 figures as of the writing of this report. Note: The Wells Fargo Sweep account was not included in the calculation of average maturity. City of West Covina Memorandum AGENDA Item No. 6 Date November 1, 2011 TO: Andrew G. Pasmant, Executive Director and the Community Development Commission FROM: Thomas Bachman, Assistant City Manager SUBJECT: CDC TREASURER'S REPORT FOR SEPTEMBER 2011 RECOMMENDATION: It is recommended the Community Development Commission Board receive and file this report DISCUSSION: Effective January 1, 2006, Section 53646 of the Government Code states that a city's chief fiscal officer may submit quarterly reports to their legislative body. This report is to include the type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments, and money held by the local agency. It must also include a statement that the portfolio is in compliance with the City's investment policy, or manner in which it is not in compliance, and note the ability of the local agency to meet its expenditure requirements for the next six months, or provide an explanation as to why sufficient money may not be available. Although it is no longer a requirement to submit quarterly reports to the local legislative body, the Finance Department will continue to submit treasurer's reports to the West Covina Community Development Commission Board each month. The September Report shows the CDC's portfolio decreased by $1,302,250 from $10,837,326 on August 31, 2011, to $9,535,076 on September 30, 2011. To ensure funds are available on short notice to take advantage of development opportunities, the CDC's surplus funds are in investment pools with the State of California Local Agency Investment Pool (LAIF) and the Los Angeles County Investment Pool (LACIP). These funds are completely liquid since the City could withdraw them at any time. Approximately 43 percent of the portfolio is on deposit in LAIF and 56 percent is in LACIP. The remaining 1 percent of available cash is on deposit in various checking accounts. This report also shows cash holdings for the Community Facilities District. These funds are used for district operating expenses and debt service and are invested in a separate LACIP account. Bond Detail Report: The September report also includes a Bond Detail Report. This report shows how Fiscal Agents are investing City, Community Development Commission and Public Financing Authority cash, which they hold to service various debts. This information is reported to the City Council quarterly. Prepared by: Dennis Swink Review d/Approved by: Thomas Bachman Controller COMMUNITY DEVELOPMENT COMMISSION STATEMENT OF TREASURER'S ACCOUNTABILITY SEPTEMBER 30, 2011 TYPES OF DEPOSITS: CHECKING ACCOUNTS WELLS FARGO GENERAL CHECKING PACIFIC WESTERN NAT BANK RDA PROGRAMS (SBA/FTHB/HP SUB-TOTAL OTHER INVESTMENTS: LOCAL AGENCY INVESTMENT FUND (LAIF) LOS ANGELES COUNTY POOL (LACIP) SUB-TOTAL TOTAL COMMUNITY FACILITIES DISTRICT REVENUE FUND WELLS FARGO BANK C.F.D. CHECKING LOS ANGELES COUNTY POOL (LACIP) TOTAL FOR C.F.D. REVENUE FUND AUGUST 31 DEPOSITS WITHDRAWALS SEPTEMBER 30 856,653.04 $ 76,242.95 $ 928,134.17 $ 4,761.82 3,000.00 - 3,000.00 859,653.04 $ 76,242.95 $ 928,134.17 $ 7,761.82 4,310,477.09 $ - $ 212,000.00 $ 4,098,477.09 5,667,196.14 3,641.08 242,000.00 5,428,837.22 9,977,673.23 $ 3,641.08 $ 454,000.00 $ 9,527,314.31 10,837,326.27 $ 79,884.03 $ 1,382,134.17 $ 9,535,076.13 1,076.75 $ 222,202.15 $ 22,818.88 $ 200,460.02 318,641.31 1,535.51 112,000.00 208,176.82 319,718.06 $ 223,737.66 $ 134,818.88 $ 408,636.84 It has been verified that this investment portfolio is in conformity with the City of West Covina's investment policy which was approved by the City Council on January 18, 2005. The investment portfolio provides sufficient cash flow liquidity to meet estimated expenditures for the next six months. This report is accurate with respect to all information received as of October 18, 2011. EARNED INTEREST YIELD THIS PERIOD: 0.841% REVIEWED BY Dennis Swink, City Controller SUBMITTED BY: Thomas Bachman, Assia-an -City Manager/Finance Director SIX-MONTH TREASURY BILL YIELD: 0.040% /PREPARED ; Angel F. P-tefia, Revenue Services Supervisor tAPPRO ,gD BY:7 Martian V. Smith,ofi, City Treasurer