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HomeMy WebLinkAbout2000 02 09 CC ADJOURNED.M 41) 41,A111 f T I r V ASSOC- 9�1 Ilk "wWwk �od 6a E .�y s e Alit it / —L- ot, � � ro I �f i r VV4 �zv,.1 J.0 (kcct/P+, AA vt 1 v G oav 4/t4-P �e pr� o �,dw *.A A4WLI ' f ad I/ - AA Lk2-,c4 ao - v-% qc4 v�b) (fb an,,�,at� Pyt,�, AGENDA FOR THE ADJOURNED REGULAR MEETING OF THE CITY OF BALDWIN PARK CITY COUNCIL COMMUNITY REDEVELOPMENT AGENCY FEBRUARY 9, 2000 10 P.M. CITY HALL, 3rd FLOOR — ROOM 307 14403 E. PACIFIC AVENUE BALDWIN PARK, CALIFORNIA 91706 PUBLIC COMMUNICATIONS FIVE (5) MINUTE MAXIMUM SPEAKING TIME LIMIT "No Action or Discussion shall be taken on any item not appearing on the posted agenda, except the members of the legislative body of its staff, who may briefly respond to statements made or questions posed by persons... ". (Government Code §54954.2) Si desea habla€ acerca de cualquier tema, per favor, pase adelante durante Communicacion Oral. Un interprete estara presente. 1. CLOSED SESSION A. CONFERENCE WITH REAL PROPERTY NEGOTIATOR (GC §54956.8) Property: 21.5 Acre Site bounded by Big Dalton Ave (west), Merced Avenue on the north, Puente Avenue on the East, Garvey Avenue and the San Bernardino Interstate 10 Freeway south Negotiating Parties: Agency Negotiating with Lewis Investment Company, LLC Agency Negotiators: Dayle Keller and Arnold Alvarez - Glasman Under Negotiation: Terms and Conditions of Disposition and Development Agreement 2. CONSENT CALENDAR A. RESOLUTION AUTHORIZING JUVENILE ACCOUNTABILITY INCENTIVE BLOCK GRANT FUNDS TO BE EXENDED BY COUNTY OF LOS ANGELES Recommendation: 1) Waive further reading, read by title only, and adopt Resolution No. 2000 -16 entitled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK RELEASING ,JUVENILE ACCOUNTABITITY INCENTIVE BLOCK GRANT (JAIBG) FUNDS TO THE COUNTY OF LOS ANGELES ", 2) Approve the release of these funds under the Juvenile Accountability Incentive Block Grant (JAIBG) to county of Los Angeles. Therefore creating a consolidation of allocated funds between neighboring cities, thus providing for contracted services of a prosecutor from Los Angeles County District Attorney's Office. The Deputy District Attorney assigned from these funds will specifically be used for vertical prosecution of serious juvenile offenders, Agenda — February 9, 2000 Page 2 2 3. REPORTS OF OFFICERS A. CONSIDERATION OF REDEVELOPMENT PROJECT AREA MERGER Recommendation; Direct staff to proceed with Redevelopment Project Area Merger as presented, send out public notices for a hearing to be held March 15, 2000, and proceed with establishing a Bond Financing Team, consisting of Underwriting Services, Fiscal Advisor, Bond Counsel, Trustee, and Insurer. B. FINANCIAL UPDATE ON GENERAL PURPOSE FUNDS Recommendation: Receive and file report. C. STATUS OF FISCAL YEAR 1997 -98 AND 1998 -99 AUDIT BY THE CITY'S INDEPENDENT AUDIT FIRM (continued from February 2, 2000) Recommendation: 1) Direct staff to continue to work with Moreland & Associates to complete the annual financial statements for fiscal year 1997 -98; 2) direct staff to develop a schedule to begin the work required for the completion of annual statements for fiscal year 1998 -99; and 3) authorize staff to develop a proposed "Request for Qualifications" for auditing services for fiscal year 1999 - 2000, for City Council's approval. 4. ADJOURN CERTIFICATE OF POSTING I, Rosemary M. Ramirez, Deputy City Clerk of the City of Baldwin Park, certify under penalty of perjury under the laws of the State of California, that the foregoing agenda was posted on the City Hall bulletin board as required by state law. Rosemary M. Rartifir z, Deputy City Cle`l ` COPIES OF STAFF REPORTS AND SUPPORTING DOCUMENTATION PERTAINING TO EACH ITEM ON THIS AGENDA IS AVAILABLE FOR PUBLIC INSPECTION AT CITY HALL AND THE LIBRARY. FOR FURTHER INFORMATION REGARDING AGENDA ITEMS, CONTACT THE CITY CLERK'S OFFICE AT (626) 813 -5213. In compliance with the Americans with Disabilities Act, if you need special assistance to participate in this meeting, please contact the public Works Department or Risk Management, (626) 960 -4011. Notification 48 hours prior to the meeting will enable the City to make reasonable arrangements to ensure accessibility to this meeting. (28 CFR 35.102.104 ADA Title 11), 4 BALDWIN P, A r R� K TO: FROM: DATE: CITY OF BALD WIN PARKMEMORANDUM City Council Richard A. LeGarra, Chief of Police February 9, 2000 CITY COUNCIL AGENDA FEB o 9 2000 7-> —4— SUBJECT: JUVENILE ACCOUNTABILITY INCENTIVE BLOCK GRANT Purpose This report seeks City Council approval for the release of funds available under the Juvenile Accountability Incentive Block Grant (JAIBG) to the County of Los Angeles, to be used for hiring a Deputy District Attorney for vertical prosecution of serious juvenile offenders in the Pomona Juvenile Court. Background The 1998 Federal Juvenile Accountability Incentive Block Grant (JAIBG) Program was created to promote greater accountability of juveniles in the justice system. The goal is to hold juvenile offenders accountable for their criminal activities. The Governor's, Office of Criminal Justice Planning (OCJP) supports this effort by providing available grant funds to California State and local governments. Grants are awarded based upon a jurisdiction's crime index and law enforcement expenditures. The United States Department of Justice has defined one of the program's purpose areas for hiring additional prosecutors, so that more cases involving serious (violent) juvenile offenders can be prosecuted more effectively. Discussion Juvenile crime is an issue of great concern to residents and businesses in the City of Baldwin Park. The City of Baldwin Park is eligible to receive an appropriation from the Juvenile Accountability Incentive Block Grants (JAIBG) Program administered by the Office of Criminal Justice Planning (OCJP) in Sacramento. The 2000 -2001 allocation for Baldwin Park is $13,917. These funds must be spent toward juvenile accountability in the criminal justice system. Page 2 JAIBG Staff Report The City of Baldwin Park's allocation is not independently sufficient to pursue any of the required accountabillty goals. Therefore, in a collaborative effort with the neighboring cities of Azusa, Covina, Glendora, La Verne, and Pomona it is possible to join resources in order to participate in this project. Collectively our cities can pool allocated funds and jointly contract with the Los Angeles County District Attorney's Office, in a combined effort for the services of a veteran prosecutor. The prosecutor assigned to the contracted cities would specifically be used for vertical prosecution of serious juvenile offenders in the Pomona Juvenile Court. Vertical prosecution consists of case management from the initial filing through adjudication, using specially assigned prosecutors with an expertise in juvenile cases. Vertical prosecution ensures effective action of serious offenders by appropriate evaluation, charging, and sentencing of juveniles. The total annual salary plus benefits for a senior deputy district attorney is $122,000. The District Attorney's Office will absorb all clerical and administrative costs for this program. Additionally, the District Attorney's Office will absorb the City's required 10% matching fund. Fiscal Impact If approved the City of Baldwin Park will release its allocated funds of $13,917 available under the Juvenile Accountability Incentive Block Grant (JAIBG) to the County of Los Angeles. The Los Angeles County District Attorney's Office will absorb the required cash match of 10% Staff recommends the following: 1. Waive further reading, read by title only, and adopt Resolution No. 2000 -16 entitled, "A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK RELEASING JUVENILE ACCOUNTABILITY INCENTIVE BLOCK GRANT (JAIBG) FUNDS TO THE COUNTY OF LOS ANGELES" 2. Approve the release of these funds under the Juvenile Accountability Incentive Block Grant (JAIBG) to the County of Los Angeles. Therefore creating a consolidation of allocated funds between neighboring cities, thus providing for contracted services of a prosecutor from the Los Angeles County District Attorney's Office. The Deputy District Attorney assigned from these funds will specifically be used for vertical prosecution of serious juvenile offenders. Report prepared by Captain Mark P. Kling Resolution No2000 -16 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK RELEASING JUVENILE ACCOUNTABILITY INCENTIVE BLOCK GRANT (JAIBG) FUNDS TO THE COUNTY OF LOS ANGELES WHEREAS the City of Baldwin Park declines to directly accept funds madeavailable through the Juvenile Accountability Incentive Block Grant (JAIBG) Program administered by the Office of Criminal Justice Planning (hereafter referred to as OCJP). NOW, THEREFORE BE IT RESOLVED that the City of Baldwin Park waives its rights to its entire direct subgrant award and authorizes the funds to be expended by the County of Los Angeles for the purpose of hiring a Deputy District Attorney for vertical prosecution of juvenile offenders in the Pomona District Juvenile Court, IT IS AGREED that any liability arising out of the performance of this Grant Award Agreement, including civil court actions for damages, shall be the responsibility of the grant recipient and the authorizing agency. The State of California and OCJP disclaim responsibility for any such liability. BE IT FURTHER RESOLVED that grant funds received hereunder shall not be used to supplant expenditures controlled by this body. I hereby certify that the foregoing is a true copy of the resolution adopted by the City Council ofihe City of Baldwin Park in a meeting thereof held on February 9, 2000 by the following vote: Manuel Lozano, Mayor ATTEST: Rosemary Ramirez, Deputy City Clerk STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF BALDWIN PARK 1, Rosemary Ramirez, Deputy City Clerk of the City of Baldwin Park do hereby certify that the foregoing resolution was duly and regularly passed and adopted by the City Council of the City of Baldwin Park at its regular meeting on the 0' day of February, 2000 by the following vote: Rosemary Ramirez, Deputy City Clerk Resolution No. 2000 -16 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK RELEASING JUVENILE ACCOUNTABILITY INCENTIVE BLOCK GRANT (JAIBG) FUNDS TO THE COUNTY OF LOS ANGELES WHEREAS the City of Baldwin Park declines to directly accept funds made available through the Juvenile Accountability Incentive Block Grant (JAIBG) Program administered by the Office of Criminal Justice Planning (hereafter referred to as OCJP). NOW, THEREFORE BE IT RESOLVED that the City of Baldwin Park waives its rights to its entire direct sub -grant award and authorizes the funds to be expended by the County of Los Angeles for the purpose of hiring a Deputy District Attorney for vertical prosecution of juvenile offenders in the Pomona District Juvenile Court. IT IS AGREED that any liability arising out of the performance of this Grant Award Agreement, including civil court actions for damages, shall be the responsibility of the grant recipient and the authorizing agency. The State of California and OCJP disclaim responsibility for any such liability. BE IT FURTHER RESOLVED that grant funds received hereunder shall not be used to supplant expenditures controlled by this body. Manuel Lozano, Mayor Resolution No. 2000 -16 Page 2 ATTEST: STATE OF CALIFORNIA ) COUNTY OF LOS ANGELES ) ss. CITY OF BALDWIN PARK } I, Rosemary Ramirez, Deputy City Clerk of the City of Baldwin Park do hereby certify that the foregoing resolution was duty and regularly passed and adopted by the City Council of the City of Baldwin Park at an adjourned meeting on the 9 h day of February, 2000 by the following vote: AYES: COUNCILMEMBERS NOES: COUNCILMEMBERS ABSTAIN: COUNCILMEMBERS ABSENT: COUNCILMEMBERS Gair, Garcia, Pacheco, Mayor Pro Tem Van Cleave and Mayor Lozano None None None Rosemary Deputy City Clerk �IJJJ P -A' K' K TO: FROM: DATE: CITY OF BALDWIN PARK CITY COUNCIL AGENDA FEB 0 9 200 ITEM N0. 37A STAFF REPORT Honorable Mayor /Chairman and City Councilmembers /Agency Board of Directors �Dayle Keller, Interim Chief Executive Officer /Executive Director February 9, 2000 SUBJECT: Proposed Redevelopment Project Area Merger BACKGROUND Since December, 1998 the Redevelopment Agency has been engaged in acquiring and assembling land consisting of approximately 24 acres adjacent to the 1 -10 Freeway at Puente. On December 15, 1999, the Agency approved an ENA (Exclusive Negotiating Agreement) with Lewis Investment Company, LLC, for the purpose of negotiating an ultimate sale of the assembled land to Lewis Investment Company,_ LLC for the purpose of developing a shopping center to Include a major retailer. On November 17, 1999, the Agency approved a contract with Rod Gunn Associates, Inc. to provide an analysis and evaluation of the Agency's financial status as a whole and of each of the Agency's six project areas. DISCUSSION - Rod Gunn Associates, Inc. has completed its analysis and has prepared the attached Financial Plan for Council consideration. The Plan includes a summary of the financial status of each of the Agency's six project areas. In addition, it lays out the funding requirements for completion of the 24 -acre site, up to and including the sale of the land to Lewis Investment Company, LLC. In addition, the f=inancial Plan proposes specific actions which can betaken by the Agency to satisfy all of the financial requirements related to the project. The Plan recommends the merging of five of the six Redevelopment Project Areas in order to maximize funding capability. -11- Within the Sierra Vista Project Area where the 24 -acre project is located, the pass - through agreement with the County of Los Angeles provides that 35.9% of tax increment generated in the project area pass through to the County. The County currently loans the Agency it's share of the tax increment. The agreement further provides that the Agency must repay prior year loans from its share of tax increment to the extent not necessary to pay debt service on bonds incurred prior to July 1, 2000. Thus, it is important that the Agency maximize its bonding capacity prior to July 1, 2000. The July 1, 2000 deadline mandates a relatively compressed schedule of actions required by the Agency. That schedule includes the need to send out merger notices to all residents and property owners within the five (5) project areas by February 10, 2000. Attached is a draft of that notice, which is being prepared with English on one side and Spanish on the other side. The notice provides for a Public Hearing to be held on March 15, 2000. The Financial Plan, as proposed, is being recommended to accomplish the following: To provide the funding necessary to complete the purchase and assembling of land within the 24 acre project, for subsequent sale to Lewis Investment Company, LLC. 2. To repay the Agency's low -mod housing fund for those monies advanced to date. 3. To utilize a short window of opportunity for additional Redevelopment financing, which will legally expire on June 30, 2000. RECOMMENDATION It is recommended that the City Council direct staff to proceed with the Redevelopment Project Area Merger as presented, send out public notices for a hearing to be held March 15, 2000, and proceed with establishing a Bond Financing Team, consisting of Underwriting Services, Fiscal Advisor, Bond Counsel, Trustee, and Insurer. -2- NOTICE OF JOINT PUBLIC HEARING 1 rr � BALDWIN P,A�k,K NOTICE OF A JOINT PUBLIC HEARING OF THE CITY COUNCIL OF THE CITY OF BALDWIN PARK AND THE BALDWIN PARK REDEVELOPMENT AGENCY ON THE PROPOSED AMENDMENTS TO THE REDEVELOPMENT PLANS FOR THE SAN GABRIEL RIVER REDEVELOPMENT PROJECT, THE PUENTE- MERCED REDEVELOPMENT PROJECT, THE WEST RAMONA BOULEVARD REDEVELOPMENT PROJECT, THE DELTA REDEVELOPMENT PROJECT AND THE SIERRA VISTA REDEVELOPMENT PROJECT, NOTICE IS HEREBY GIVEN that a joint public hearing will be held by the City Council of the City of Baldwin Park (the "City ") and the Baldwin Park Redevelopment Agency (the "Redevelopment Agency ") at the City Council Chambers, City of Baldwin Park, City Hall, 14403 E. Pacific Avenue, Baldwin. Park, California, on March 15, 2000 at 7:00 p.m, or as soon as possible thereafter, to consider approval and adoption of the proposed amendments to the Redevelopment Plans for the San Gabriel .River Redevelopment Project, the Puente - Merced Redevelopment Project, the West Ramona Boulevard Redevelopment Project, the Delta Redevelopment Project and the Sierra Vista Redevelopment Project, (the "Project Areas "). The purpose of the proposed Amendments to the Project Areas Plans is to merge the Project Areas. The Amendments will not enlarge the Project Areas, nor will the Amendments affect any of the properties in the proposed Merged Project Area differently than if the project areas remained separate. The main purpose of the proposed merger of the Project Areas would be for efficiency of administration and financing, The Redevelopment Agency's Report to the City Council on the proposed Amendments will be presented at the hearing. The Report includes all documentation required by the Community Redevelopment Law being Section 33000 et seq. of the California Health and Safety Code. The Report is available for public inspection at the City Clerk's Office, Baldwin Park City Hall, 14403 E. Pacific Avenue, Baldwin Park, California„ 91706. The City Council and the Redevelopment Agency shall consider all evidence and testimony for and against the adoption of the proposed Amendments. The Redevelopment Agency will undertake the proposed Amendments if, after the public hearing, the City Council approves and adopts the proposed Amendments. All persons having any objections to the proposed Amendments or the regularity of the prior proceedings, may appear before the City Council and the Redevelopment Agency and show cause wiry the proposed Amendments should not be adopted. At any time not later than the aforesaid hour set for the hearing, any person or organization may file in writing with the City Clerk of the City of Baldwin Park a statement of his or her objections to the proposed" Amendments. Any person or organization desiring to be heard will be given an opportunity to be heard. At the aforesaid hour, the City Council and the Redevelopment Agency shall hear all written and oral objections to the proposed Amendments. If no objections are received in writing from an affected property owner or taxiing entity prior to or at the hearing, the City Council may consider adoption of the proposed Amendments after the hearing is closed. If any such objections are received prior to or at the hearing, the City Council may adopt the proposed Amendments only after consideration of the objections and the adoption of written findings in response thereto as required by law, at a subsequent date not less than one week after the time this public hearing is commenced in accordance with the law. The legal description of the San Gabriel River Redevelopment Project Area is presented in a document recorded with the Los Angeles County Recorder as Document No. . The legal description of the Puente - Merced Redevelopment Project Area is presented in a document recorded with the Los Angeles County Recorder as Document No. The legal description of the West Ramona Boulevard Redevelopment Project Area is presented in a document recorded with the Los Angeles County Recorder as Document No. . The legal description of the Delta Redevelopment Project Area is presented in a document recorded with the Los Angeles County Recorder as Document No. . The legal description of the Sierra Vista Redevelopment Project Area is presented in a document recorded with the Los Angeles County Recorder as Document No. . A metes and bounds legal description and a map are available for public review at the City Clerks' Office, 14403 1, Pacific Avenue, Baldwin Park, California, 917016. Interested persons may inspect the proposed Amendments, the Report and all other information pertaining thereto at the Baldwin Park. City Hall, 14403 E. Pacific Avenue, Baldwin Park, California, 91706, or contact Melecio Picazo, Redevelopment Project Coordinator at (626) 960 -4011 x 495. CITY COUNCIL AGENDA R ! CITY OF BALDWIN PARK STAFF R�I 160.2000 � ITEM NO. 5-6 BALDWIN P A• R, K TO: MAYOR AND CITY COUNCIL s FROM: JOSE R. SANCHEZ, INTERIM DIRECTOR OF FINANCE DATE: FEBRUARY 9, 2000 SUBJECT: FINANCIAL UPDATE ON GENERAL PURPOSE FUNDS PURPOSE: To begin to provide, as directed by the City Council, a review and report on the overall financial status of the City's general purpose funds and the various other funds which are part of the city's accounting system. BACKGROUND: At the regular City Council meeting on February 3, 2000, the Council adjourned the meeting to February 9, 2000, for the purpose of conducting a study session to review and study various matters. One such matter was the review of the overall financial status of the city's general purpose funds Staff has prepared a report to be presented to the City Council at the study session which is intended to be first of a series of reports that will provide the Council with an overall update of all city funds. The following will be presented at the February 9, 2000, study session: (note: the presentation will in the form of schedules, tables and overheads. Hand outs will be provided.) 1. General Fund cash balance at the June 30,1998 2. General Fund cash balance at the June 30, 1999 3. Discussion of results of analysis and conclusions RECOMMENDATION: That the City Council receive and file the staff report. ee B, LDWIN P A, R • K TO: E FROM: DATE: CITY OF BALDWIN PARK MAYOR AND CITY COUNCIL CITY COUNCIL AGENDA FES .0 2 2000 STAFF~aPRT%� • JOSE R. SANCHEZ, INTERIM DIRECTOR OF FINANCe-7�-- FEBRUARY 2, 2000 SUBJECT: STATUS OF FISCAL YEAR 1997 -98 AND 1998 -99 AUDIT BY THE CITY'S INDEPENDENT AUDIT FIRM PURPOSE: The purpose of this report is to inform the Council on the status of the annual financial statements for City and the Redevelopment Agency for the fiscal years 1997 -98 and 1998 -99. BACKGROUND. The annual financial statements for the City and Redevelopment Agency for the fiscal year 1997 -98 have not been finalized as of this date. It is customary for the financial statements to be completed within 180 days after the end of the fiscal year. The cause for the delay can be attributed to the transition and changes in staff over the last eighteen months. The work to complete the annual financial statements for the City and Redevelopment Agency for the fiscal year 1998 -99 has not yet begun. The delay is caused by the fact that the previous fiscal year has not been completed. At the City Council meeting January 19, 2000, the Council expressed their concern that the annual financial statements for above fiscal years were not yet completed and directed staff to report back at the next meeting as to the status of the statements. In addition, the Council inquired as to the termination of the existing contract for audit services and the solicitation of proposals for new auditors. Staff was also directed to examine the ramifications, if any, should the Council decide on this course of action. Since it is imperative that the annual financial reporting be brought current as soon as possible, staff was directed to review this matter and make a recommendation. DISCUSSION: The City's independent auditor Moreland & Associates prepares the annual financial statements for the city and the redevelopment agency. Moreland & Associates have performed the audit for the past five years, beginning with fiscal year 1993 -94. On May 19, 1999, the City Council approved staff recommendation to extend the contract for audit services to include fiscal year 1998 -99. It is the opinion of staff that changing audit firms at this time would significantly delay the annual financial statements even further. The first year of an audit by new auditors requires a large degree of initial orientation. It also requires an extensive examination of the City's accounting policies, systems, procedures and becoming acquainted with the various financial transactions the city has been involved in over the past several years. To accomplish this requires a great deal of time by the auditors, as well as staff. As a result of the above considerations (ramifications), staff is not recommending that the City change audit firms until the completion of the annual financial statements for the fiscal year ending 1998-99. Staff has been in contact with Mr. Moreland, principle of the firm, and Michelle Boardman, the audit manager, and has scheduled a meeting on January 31, 2000. The purpose of the meeting is to discuss the completion of the 1997 -98 audits and the schedule to begin work on the 1998 -99 audits. The results of that meeting, and any subsequent meetings, will be repotted to the City Council thru the weekly status report. Pursuant City Council direction, staff is in the process of developing a proposed "Request for Qualifications" (RFQ) for auditing services for the City Council's approval. The RFQ is for the purpose of soliciting proposals from qualified auditing firms to conduct the annual audit and preparation of the financial statements beginning with fiscal year 1999 -2000. It is expected that the proposed RFQ will be ready to be submitted for Council's approval the second council meeting in February 2000. Ia Chi]► ►i16Igg1- 07_11iimjg It is recommended to the City Council: 1) Direct staff to continue to work with Moreland & Associates to complete the annual financial statements for the fiscal year ending 1997 -98. 2) Direct staff to develop a schedule to begin the work required for the completion of annual financial statements for the fiscal year ending 1998 -99. 3) Develop a proposed "Request for Qualifications" for auditing services for the fiscal year 1999 -2000, for City Council's approval. " INTER- OFFICE MEMORANDUM rf P � A - R- K TO: Jose Sanchez, Interim Finan i for FROM: Rosemary Ramirez, Deputy City DATE: February 4, 2000 SUBJECT: February 2, 2000 - City Council Meeting Action The following action was taken by the City Council at their meeting Feld February 4, 2000. « The item regarding the status of fiscal year 1997 -98 and 1998 -99 audit by the city's independent audit firm was continued to the adjourned meeting of February 9, 2000. cc: Dayle Keller, Interim Chief Executive Officer Pea T)AITAATTkT TO. FROM: CITY OF BALDWIN PARK vt f 1 vVURUIL HUCIVUH FEB 0 9 2000 oft co STAFAAMI;�� ~--- MAYOR AND CITY COUNCIL JOSE R. SANCHEZ, INTERIM DIRECTOR OF FINANCE FEBRUARY 9, 2000 SUBJECT: REQUEST FOR QUALIFICATIONS FOR INDEPENDENT AUDITING SERVICES, The attached report and agenda item was continued by the Council from the February 3, 2000, City Council meeting to the study session scheduled for February 9, 2000, for further deliberation by the Council. �v odd PAW. 4�li! C 0AW a February 1, 2000 Rod Gunn Associates, Inc. FINANCIAL CONSULTANTS 3010 Old Ranch Pkwy, Suite 330 • Seal Beach, CA 90740 -2750 562 -548 -7677 . FAX 562 - 431 -5446 r �i Rod Gunn .associates, Inc. FINANCIAL CONSULTANTS Baldwin Park Redevelopment Agency 14403 E. Pacific Avenue Baldwin Park, CA 91706 Executive Summary The purpose of this Financial Plan is to demonstrate the method by which the Agency can fund the acquisition costs associated with the development of the 24 acre site adjacent to San Bernardino Freeway. The Financial Plan presented here combines the issuance of long -term debt by the Agency, and the use of two types of interim financing to achieve this objective. The Financial Plan incorporates the issuance of approximately $9,460,000 in tax - exempt tax allocation bonds, obtaining a bridge loan from a local lender and obtaining interim financing by the developer. Proceeds of the bonds will be utilized pursuant to the Financial Plan to repay $6,430,000 of obligations of the various redevelopment projects, raise $3,500,000 for site acquisition costs and pay costs. Phase I of the Financial Plan relates to obtaining a bridge loan to repay certain obligations to the Housing Fund. Phase II relates to a merger of the Agency's redevelopment project areas and the issuance of debt to fund the remainder of the land write -down associated with the site acquisition. A complete discussion of the three phases is presented under the caption "Financial Plan ". Tax Increment Financing The California Redevelopment Law provides a means for financing redevelopment projects based upon an allocation of taxes collected within a redevelopment project. Any redevelopment plan may provide that certain taxes levied upon taxable property each year, after the effective date of the ordinance approving the redevelopment plan (the "Base Year "), be allocated to the redevelopment project. Taxes collected upon any increase in assessed valuation of property within the redevelopment project over the assessed valuation of such property as determined in the Base Year ( "tax allocations" or "tax increment ") are to be paid to the redevelopment agency and may be pledged to the repayment of any indebtedness incurred to finance or refinance the redevelopment project. Pursuant to the California Redevelopment Law, redevelopment agencies are required to incur indebtedness in order to receive their allocation of Tax Increment Revenues. Redevelopment agencies typically leverage current Tax Increment Revenues by issuing long term debt (including loans from the City) in order to raise capital to promote economic development within the project area. The new projects constructed, in turn, generate additional Tax Increment Revenues, which, again, may only be captured to the extent that the Agency incurs indebtedness. Indebtedness includes bonded indebtedness, Motes, loans, advances, payments due under development agreements, City loans and the obligation to set aside funds for low and moderate income housing. 3010 OLD RETCH PKWY, SUITE 330 • SEAL BEACH, CA 90740 -2750 562 -598-7577 • FAX 562 -431 -5445 i N The California Redevelopment Law places limits on the time that an agency can incur indebtedness, so that, eventually, the Redevelopment Project is completed, and the Agency spends the remaining duration of the plan collecting Tax increment Revenues and repaying its obligations. Redevelopment Plan Constraints The Financial Plan was developed in accordance with the limitations contained in the Redevelopment Plans. The Plan adoption dates, amendments and financial limitations are described in the charts below. BALDWIN PARK REDEVELOPMENT PROJECTS San Gabriel River December 2,1976 Puente Merced August 16, 1978 West Ramona Boulevard September 6, 1979 Central Business District February 3, 1982 Delta December 21, 1983 Sierra Vista July 2, 1986 Each plan was amended on January 15, 1995 to add financial limitations required by AB 1290 and again on December 15, 1999 to extend certain financial limitations allowed under AB 1342. The Agency can adopt an amendment to its AB 1342 Ordinance to extend the time to incur debt in the project areas to January 1, 2004. BALDWIN PARK REDEVELOPMENT AGENCY PLAN LIMITATIONS Maximum Maximum Last Date Plan Last Date to Project Tax Increment Bonded to Incur Expiration Collect Tax Area Revenues indebtedness Debt Date Increment San Gabriel River $1,000,000 NIA Expired 12/2/2016 12/2/2026 Page 2 annually Puente- Merced $13,800,000 $6,536,000 Expired 7/16/2018 7/16/2028 West Ramona $5,000,000 $5,000,000 Expired 9/6/2019 9/6/2029 Boulevard Central Business $25,000,000 $15,000,000 Expired 2/3/2022 2/3/2032 District Delta $1,000,000 /A Expired 12/21/2023 12/21/2033 annually Sierra Vista $200,000,000 $45,000,000 7!212006 7/2{2026 7/2/2036 Page 2 �'`�ei rnws�"a Existing Debt Structure Each Project Area has certain liens on its tax increment revenues that must be satisfied before tax increment may be declared surplus and used for discretionary purposes. San Gabriel River Project Area • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. This may be used to pay debt service on a portion of the Agency's debt described below. • Bonded Indebtedness. $11,875,000 Tax Allocation Bonds, Series 1998. Debt service on $9,580,000 of the bonds is payable from 80% of the $1 million annual tax increment allocated to the project and debt service on the remaining $2,295,000 is payable from the 20% housing set - aside. The bonds mature in 2021. The average interest rate of the Bonds is 5 %. • Advance from the General Fund. Outstanding balance as of June 30, 1999 was $175,000. Table No. I shows the existing use of tax increment from the San Gabriel River Project. Puente - Merced Project Area • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. • Pass- through Agreements. The Agency entered into an agreement with the Fire District to "pass - through" a portion (14.5 %) of tax increment generated in the Project Area. • Bonded Indebtedness. $6,475,000 Tax Allocation Bonds, 1990 Series B. Debt service on the bonds is payable from 80% of the annual tax increment allocated to the project plus sales tax received by the Agency from businesses in the Project Area. The bonds mature in 2021. The average interest rate of the Bonds is 7.75 %. The current outstanding balance is $6,225,000. • Advance from the General Fund. Outstanding balance as of June 30, 1999 was $744,000. • lnterfund Advances. Outstanding balance as of June 30, 1999 was $1,362,000. Table No. 2 shows the existing use of tax increment from the Puente- Merced Project. Page 3 01-10 West Ramona Boulevard Project Area • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. • Pass- through Agreements. The Agency entered into an agreement with the Fire District to "pass - through" a portion (14.62 %) of tax increment generated in the Project Area. • Bonded Indebtedness. $1,530,000 1989 Tax Allocation Refunding Bonds. Debt service on the bonds is payable from 80% of the annual tax increment allocated to the project. The bonds mature in 2010. The average interest rate of the Bonds is 7.7 %. The current outstanding balance is $1,130,000. Because the limit on total tax increment is $5 million, the bonds are subject to early special redemption from surplus revenues so as not to reach the tax increment cap before the bonds are paid in full. • Advance from the General Fund. Outstanding balance as of June 30, 1999 was $48,000. Table No. 3 shows the existing use of tax increment from the West Ramona Boulevard Project. Central Business District Project Area • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. This may be used to pay debt service on a portion of the Agency's debt described below. • Pass- through Agreements. The Agency entered into an agreement with the Fire District to "pass - through" a portion (15.7 %) of tax increment generated in the Project Area. In addition, the Agency entered into an agreement with the County to pass - through a portion (49.6%) of tax increment generated in the Project Area. The County currently loans the Agency its share of the tax increment necessary to pay debt service on currently outstanding bonds. • Bonded Indebtedness. $5,855,000 Tax Allocation Bonds, 1990 Series A. Debt service on the bonds is payable from 80% of the annual tax increment allocated to the project. The bonds mature in 2019. The average interest rate of the Bonds is 7.75 %. The current outstanding balance is $5,745,000. The Agency may use the Housing Set -Aside to pay up to 18.3% of debt service on the bonds. • Advance from the General Fund. Outstanding balance as of June 30, 1999 was $3,326,000. Table No. 4 shows the existing use of tax increment from the Central Business District Project. Delta Project Area • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. • Pass - through Agreements. The Agency entered into an agreement with the Fire District to "pass - through" a portion (14.5 %) of tax increment generated in the Project Area. Page 4 1*14 • Bonded Indebtedness. The Delta Project has no direct bonded indebtedness. However, tax increment in the project is pledged to pay assessments securing $1,625,000 Delta Assessment District 86 -2 Improvement Bonds. The assessments are payable from 80% of the annual tax increment allocated to the project. The bonds mature in 2011. The average interest rate of the Bonds is 8.0 %. The current outstanding balance is $1,235,000. • Advance from the General Fund. Outstanding balance as of .Tune 30, 1999 was $174,000. Table No. 5 shows the existing use of tax increment from the Delta Project. Sierra Vista Project Area i • Housing Set Aside Requirement. Each project area has an obligation to deposit 20% of tax increment revenues into the Agency's low and moderate income housing fund. This may be used to pay debt service on a portion of the Agency's debt described below Pass- through Agreements. The Agency entered into an agreement with the Fire District and the Flood Control District to "pass- through" a portion (15.88 %) of tax increment generated in the Project Area. In addition, the Agency entered into an agreement with the County to pass - through a portion (35.9 %) of tax increment generated in the Project Area. The County currently loans the Agency its share of the tax increment. The Agency must repay prior years loans from its share of tax increment to the extent not necessary to pay debt service on bonds incurred prior to July 1, 2000. ® Bonded Indebtedness. $8,120,000 Tax Allocation Bonds, 1.994 Series A. Debt service on $5,625,00 of the bonds is payable from 80% of the annual tax increment allocated to the project and debt service on the retraining $2,495,000 is payable from the 20% housing set - aside. The bonds mature in 2024. The average interest rate of the Bonds is 7.0 % . The current outstanding balance is $6,400,000. • Advance from the General Fund. Outstanding balance as of June 30, 1999 was $4,620,000, Interfund Advances. Outstanding balance as of .Tune 30, 1999 for amounts advanced from the Housing Fund for site acquisition was $6,300,000. Table No. 6 shows the existing use of tax increment from the Sierra Vista Project. Funding Requirements for Site Development The Site consists of 24 acres along the San Bernardino Freeway. For the purpose of this Financial Plan, the total site acquisition costs are estimated to be $18 million and the ultimate sale price to the developer is estimated to be $12.8 million. This requires a land write -down of $5.2 million. The Agency has already spent $1,700,000 toward the total land write -down. The Agency can, if it takes the actions outlined in this Financial Plan, afford to fund an additional $3,500,000, or a total of $5,200,000. The funding of the total $18 million acquisition costs will also require that the Agency obtain some interim or bridge financing from both outside lenders and from the developer. Page 5 L R1 JR, Financial Plan The Financial Plan includes two phases. Phase I requires the Agency obtain interim financing to repay approximately $4.3 million of the Housing Fund loan. Phase 11 requires a redevelopment plan merger of all project areas except for Central Business District and the issuance of debt to fund the remaining portion of the land write -down for the Site. Phase I Currently, the Sierra Vista Project has borrowed $6.3 trillion from the Housing Fund as interim financing for the Site acquisition. The Financial Plan requires that the Agency obtain a bank loan to repay at least $4,239,000 of this loan from the Housing Fund. The bank loan, or "Bridge Loan" can be obtained by using the property that the Agency has already acquired as collateral. The Bridge Loan would ultimately be repaid from the proceeds of the sale of the Site. The Housing Fund would use the repayment to defease two outstanding obligations, the 1994 Housing Loann and the 1998 Housing Loan allocable to the Sierra Vista Project and the San Gabriel River Project respectively. This transaction is necessary to both implement the financing plan after the project area merger in Phase III and to maintain the tax- exempt status of the 1994 Bonds and the 1998 Bonds. The outstanding balance of the loan from Housing Fund would be approximately $2,061,000. This balance would ultimately be repaid from the proceeds of the sale of the Site and could be used to satisfy the Agency's Housing Fund obligations. Phase II The Financial Plan requires that the Agency merge five of its six redevelopment project areas, excluding the Central Business District Project. There are some savings and additional bonding capacity in the San Gabriel River, West Ramona Boulevard and Delta Project Areas that cannot be accessed on a stand -alone project basis due to either project size or outstanding debt. A merger of these projects with the Sierra Vista Project, which is significantly larger, would increase the Agency's overall capacity to raise funds for the Site development. Subsequent to the Project Area Merger, the Agency would issue bonds to (1) raise $3,500,000 for property acquisition, (2) refinance the Sierra Vista 1994 Bonds, (3) refinance the West Ramona Boulevard 1989 Bonds and (4) refinance the Delta Assessment District 86 -2 Bonds. The overall effective interest rate on this financing is anticipated to be 6.3%. The financing by the Merged Project maximizes the amount of proceeds that the Agency can obtain for the land write -down. Without subsequent growth in the project areas, the Agency will not be able to reimburse the City for its annual administration costs. These costs are approximately $150,000. However, by including the Puente- Merced Project Area in the Merged Project, the Puente- Merced Project will be able to begin repayment of its City Advance once the full amount of Home Depot sales tax is realized. The annual amount available to pay the City Advance will be approximately $70,000. The total City Advance to the Puente- Merced Project is $744,000. The net benefit to the City resulting from the development of the site is estimated at $370,000 annually, calculated as follows: Page 6 R1.0% Sales tax generated $450,000 Agency admin costs not reimbursed (150,000) Repayment of Puente- Merced advance 70,000 Net $370,000 Sources and Uses of Funds The Financial Plan requires (1) the Agency to obtain a $4.239 million Bridge Loan, (2) the Agency to raise an additional $3.5 million through the issuance of tax allocation bonds and (3) the developer to provide the remaining interim financing to acquire the Site. The total acquisition costs for the Site acquisition would be funded as follows: Spent to date: Housing Fund Loan $6,300,000 Other Redevelopment Funds 1,700,000 8,000,000 To be spent: Agency Bond Proceeds 3,500,000 Available by June 1 Developer interim financing 6,500,000 Available after execution of DDA $1.8,000,000 The ultimate $12.8 million sales price would be allocated as follows: Sales Price $12,800,000 Credit developer interim financing (6,500,000) Net available $ 6,300,000 Repay Bridge Loan (4,239,000) Repay remaining Housing Loan (2,061,000) Contingency $ 0 Page 7 41' Banded Indebtedness The City and the Agency's bonded indebtedness before and after the implementation of the Financial Plan is summarized in the table below. The Agency will have the capacity to issue debt for housing purposes if necessary to fund future projects. The Agency's cashflow from the Merged Project Area after implementation of the Financial Plan is shown in Table No. 7. Page 8 Interest To be Interest Obli ag tion Outstanding Rate Outstanding Rate Net Proceeds San Gabriel River $9,580,000 5% $9,580,000 5% 1998 Project Loan San Gabriel River $2,295,000 5% $ 0 1998 Housing Loan Puente- Merced $6,225,000 7.75% $6,225,000 7.75% 1990 Bonds West Ramona Boulevard $1,130,000 7.7% $ 0 1989 Bonds Central Business District $5,745,000 7.75% $5,745,000 7.75% 1990 Bonds Delta Assessment District $1,235,000 8 % $ 0 Bonds Sierra Vista $4,065,000 7% $ 0 1994 Project Loan Sierra Vista $2,335,000 7% $ 0 1994 Housing Loan Merged Project Bonds E � 0 $9,460,000 6.3% $3,500,000 $32,610,000 .$31,010,000 $3,500,000 The Agency will have the capacity to issue debt for housing purposes if necessary to fund future projects. The Agency's cashflow from the Merged Project Area after implementation of the Financial Plan is shown in Table No. 7. Page 8 t- N N N N r r r r O 0 V1 V.) 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O D O C7 O d© d Q . C•'7 °e N 0 N 0 C:] O ON Q ra Q N N N N N N N N N N N N N N N N N N N N N r N oO 0 N a O d O N SOURCES AND USES OF FUNDS Tax Allocation Bonds Merged Project Refunding Bonds Dated Date 06]0112000 Delivery Date 06/01/2000 Sources: 221,000.00 Bond Proceeds: 118,250.00 Par Amount 9,460,000.00 Other Sources of Funds: 63,016.75 FY 99 -00 Tax Increment on Hand 550,000.00 Sierra Vista Reserve 469,770.00 WRB Reserve 153,000.00 WRB Redemption 158,000.00 Delta Reserve 162,500.00 f10,953,270.00 1,493,270.00 10,953,270.00 Uses: r Refunding Escrow Deposits: Cash Deposit 0.44 SLG Purchases 6,751,838.00 6,751,838.44 Delivery Date Expenses: Cost of Issuance 221,000.00 Underwriter's Discount 118,250.00 Insurance 240,142.85 Surety 63,016.75 642,409.60 Other Uses of Funds: Site Acquisition 3,500,000.00 Contingency 59,021.96 3,559,021.96 f10,953,270.00 Ian 29, 2000 3:58 pm Prepared by Rod Gunn Associates, Inc., Seal Beach CA BOND DEBT SERVICE Tax Allocation Bonds Merged Project Refunding Bonds Period Ending Principal Coupon Interest Debt Service 08/01/2000 97,275.83 97,275.83 08/01/2001 445,000 5.450% 583,655.00 1,028,655.00 08/01/2002 70,000 5.450% 559,402.50 629,40150 08/01/2003 105,000 5.450% 555,587.50 660,587.50 08/01/2004 110,000 5.450% 549,865.00 659,865.00 08/01/2005 125,000 5.450% 543,870.00 668,870.00 08/01/2006 130,000 5.450% 537,057.50 667,057.50 08101/2007 140,000 5.450% 529,972.50 669,972.50 08/01/2008 155,000 5.450% 522,342.50 677,342.50 08/01/2009 170,000 5.450% 513,895.00 683,895.00 08/01/2010 35,000 6.300% 504,630.00 539,630.00 08/01/2011 35,000 6.300% 502,425.00 537,425.00 08/01/2012 40,000 6.300% 500,220.00 540,220.00 08/01/2013 45,000 6300% 497,700,00 542,700.00 08/01/2014 40,000 6.300% 494,865.00 534,865.00 08/01/7015 50,000 6.300% 492,345.00 542,345.00 08/01/2016 50,000 6.300% 489,195.00 539,195.00 08/01/2017 55,000 6.300% 486,045.00 541,045.00 08/01/2018 55,000 6.300% 482,580.00 537,580.00 08/0112019 60,000 6.300% 479,115.00 539,115.00 08/01/2020 785,000 6.300% 475,335.00 1,260,335.00 08/01/2021 830,000 6.300% 425,880.00 1,255,880.00 08/01/2022 885,000 6.300% 373,590.00 1,258,590.00 08/01/2023 940,000 6.300% 317,835.00 1,257,835.00 08/01/2024 1,000,000 6.300% 258,615.00 1,258,615.00 08/01/2025 1,060,000 6.300% 195,615.00 1,255,615.00 08/01/2026 360,000 6.300% 128,835.00 488,835.00 08/01/2027 385,000 6.300% 106,155.00 491,155.00 08/01/2028 405,000 6.300% 81,900.00 486,900.00 08/01/2029 435,000 6.300% 56,385.00 491,385.00 08101 /2030 460,000 6.300% 28,980.00 488,980.00 9,460,000 12,371,168.33 21,831,168.33 Jan 29, 2" 3:58 pm Prepared by Rod Gunn Associates, Inc., Sea] Beach CA OVERVIEW The following represents a preliminary analysis of the cash position of the City's General Fund beginning with the fiscal year ending 1996 -97 up to the period beginning July 1, 1999. The 1997 -98 data is derived from the preliminary draft of the Annual Financial Statements for the fiscal year. The final statements are due to be released by the end of February 2000. The 1998 -99 data is obtained from computer system generated accounting reports for the end of the fiscal year. As a result, the amounts are unaudited figures. Audited financial statements are scheduled to be completed within the next 90 days. The attached tables and schedules indicate that at the beginning of fiscal year 1997 -98, the General Fund had a cash balance of approximately $990,300. At the end of fiscal year 1997 -98, the General Fund cash balance was in deficit approximately ($1,163,400). During fiscal year 1998 -99, General Fund expenditures exceeded revenues by approximately $1.2 million dollars. As a result, at the end of fiscal year 1998 -99 the General Fund cash balance had a deficit of approximately ($2,374,900). The attached tables also reflect that for the fiscal year 1999 -2000 General Fund revenues were projected to increase by approximately 12.5% and General Fund expenditures were estimated to increase by approximately 3.5 %. In addition, staff has developed a preliminary list of recommended actions, both immediate and long term, to augment the General Fund cash position for the City Council's consideration. This report and analysis is the first to be submitted in a series of anticipated study sessions over the next few months to address the City's overall financial condition and the required actions necessary to correct the General Fund deficit. In addition, the study sessions will address the preparation of fiscal year 2000 -2001 budget. I CITY OF BALDWIN PARK GENERAL FUND BALANCE ANALYSIS FISCAL YEAR 1997 -98 BEGINNING UNDESIGNATED FUND BALANCE AT JULY 1, 1997 ESTIMATED REVENUE FOR 1997 -98 TRANSFERS -IN TOTAL ESTIMATED REVENUES TOTAL FUNDS AVAILABLE ESTIMATED EXPENDITURES FOR 1997 -98 TRANSFERS -OUT TOTAL, ESTIMATED EXPENDITURES ESTIMATED UNDESIGNATED FUND BALANCE AT JUNE 30, 1998 VARIANCE REVENUE EXPENDITURES SHORTFALL $12,264,875 $ (14,482,163) ($2,217,288) $11,287,139 977,736 $ 13,196,206 1,285, 957 $1,204,437 _ $12,264,875 $13,469,312 $ 14,482,163 $1 012, 851 CITY OF BALDWIN PARK GENERAL FUND CASH BALANCE ANALYSIS FISCAL YEAR 1997 -98 BEGINNING CASH BALANCE BALANCE AT JULY 1, 1997 ACTUAL REVENUE FOR 1997 -98 TRANSFERS -IN ACTUALREVENUES TOTAL CASH AVAILABLE ACTUAL EXPENDITURES FOR 1997 -98 TRANSFERS -OUT TOTAL ACTUAL EXPENDITURES ACTUAL CASH BALANCE AT JUNE 30, 1998 VARIANCE REVENUE EXPENDITURES SHORTFALL $12,157,470 $ (14,311,260) _ ($2,1 53,790) 3 $11,595,770 561,700 $ 13,626,130 685,130 $990,320 $12,157.470 $13,147,790 $ 14,311,260 $1,163,470) CITY OF BALDWIN PARK GENERAL FUND BALANCE ANALYSIS FISCAL YEAR 1998 -99 BEGINNING UNDESIGNATED FUND BALANCE AT JULY 1, 1998 ESTIMATED REVENUE FOR 1998 -99 TRANSFERS -IN TOTAL ESTIMATED REVENUES TOTAL. FUNDS AVAILABLE ESTIMATED EXPENDITURES FOR 1998 -99 TRANSFERS -OUT TOTAL ESTIMATED EXPENDITURES ESTIMATED UNDESIGNATED FUND BALANCE AT JUNE 30, 1999 VARIANCE REVENUE EXPENDITURES SHORTFALL $12,925,698 $ (14,454,155) ($1,528,457) $11,974,498 951,200 $ 13, 993, 789 460,366 ($1,012,851) $12,925,698 $11,912,847 $ 14,454,1.55 ($2,51L,3081_ LIST OF PROPOSED ACTIONS TO AUGMENT THE GENERAL FUND RECORD ESTIMATED REVENUE FOR BILLBOARDS COLLECT RENT FROM HOUSING AUTHORITY PAYMENT OF ADMIN COST FROM LOW -MOD FUND OTHER UNANTICIPATED REVENUES TRANSFER INTEREST INCOME FROM INTERNAL SERVICE FUNDS $ 600,000 $ 50,000 $ 35,000 (A) $ 200,000 LOAN TO GENERAL FUND FROM SELF INSURANCE FUND (B) $1,200,000 ADMINISTRATIVE ACTIONS: HIRING CHILL TEMPORARILY DEFER CAPITAL OUTLAY ITEMS TEMPORARILY DEFER NEW CAPITAL PROJECTS (A) ONE -TIME ONLY ADJUSTMENTS FOR F/Y 99 -00 (B) ONE -TIME ONLY LOAN TO BE REPAID IN 5 YEARS 7 11 1 01161 NOTICE IS HEREBY GIVEN that Baldwin Park City Council and Redevelopment Agency, at their meeting of February 2, 2000, adjourned said meeting to February 9, 2000 at 4:00 p.m. in City Hall, 3rd Floor, Room 307, 14403 E. Pacific Avenue, Baldwin Park, California. Said adjournment was unanimously approved by Aie Council/Agency. February 3, 2000 Deputy City 1, Rosemary M. Ramirez, Deputy City Clerk of the City of Baldwin Park, do hereby certify that the City Council/Redevelopment Agency Members have received a copy of this notice of adjournment; and that a copy of this notice was posted at a conspicuous place near the door of the room at which said meeting was held, within 24 hours of said adjournment. February 3, 2000 / I Xv Rosemary A. Aa Deputy City Clerk ,