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MINUTES OF THE
CITY OF SAN RAMON – REDEVELOPMENT AGENCY
October 23, 2012

 

A regular meeting of the Successor Agency of the City of San Ramon was held on October 23, 2012 at 6:45 p.m. in the City Council Chamber at City Hall, 2222 Camino Ramon, Chair Clarkson presiding. 
PRESENT:  Agency Members Hudson, Perkins, Vice Chair Livingstone (late), and Chair Clarkson.
ABSENT:  Agency Member O’Loane.
STAFF PRESENT:  City Manager Greg Rogers, Interim City Attorney Bob Saxe, Administrative Services Director Eva Phelps, and Agency Secretary Patricia Edwards.

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PLEDGE OF ALLEGIANCE

Administrative Services Director Eva Phelps led those present in the pledge of allegiance.

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ANNOUNCEMENTS

The Agency Secretary noted that there were no changes to the agenda. 

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PUBLIC COMMENT

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APPROVAL OF MINUTES

(#5.1) Minutes of the September 25, 2012 regular meeting.

Mbr. Hudson’s motion to adopt the September 25, 2012 regular Successor Agency minutes was seconded by Mbr. Perkins and passed 3-0-2-0.  Vice Chair Livingstone and Member O’Loane were absent.

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CONSENT CALENDAR

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UNFINISHED BUSINESS

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NEW BUSINESS

(#8.1) Resolution No. SA 2012-010 – Approving the Due Diligence Review of the Low and Moderate Income Housing Fund of the Former San Ramon Redevelopment Agency.

The staff report was presented by Eva Phelps, Administrative Services Director.  Ms. Phelps provided the Agency members with a revised Due Diligence Review required by AB 1484.  She noted that the revised Review included language changes but no financial data changes.  She summarized each of the Procedures and the auditor’s findings. 

Procedure #1 required a listing of all assets transferred from the former Redevelopment Agency (RDA) to the Successor Agency (SA) as of February 1, 2012 and verify that the amounts on this listing to the account balances established in the SA’s accounting records.  On February 1, 2012, the assets of $14,954,404 in the Low and Moderate Income Housing Fund remained in the same fund.  The fund was initially named to the San Ramon Housing Authority but renamed to the San Ramon Successor Agency because the City did not take formal action to transfer these assets and the Housing Authority took no formal action to receive the assets.  Procedure #2 identified that there were no transfers of assets from the RDA or SA to the City.  Procedure #3 reported no transfers of assets to public agencies or private parties.  Procedure #4 is not applicable because an audit will be done to address the non-housing Due Diligence Review.  Procedure #5 provided a “Reconciliation Worksheet” for the low and moderate assets as of June 30, 2012.  Procedure #6 stated that the unspent 2006 tax allocation bond proceeds totaled $2,054,828 as of June 30, 2012.   There were no grant proceeds or other assets.  Procedure #7 included a list of non liquid cash assets totaling $12,393,875.  The $5,000 Notes Receivable for Greystone Homes was not included on the August 12, 2012 asset list sent to the Department of Finance but will be listed on a Supplemental Housing Asset list.  Procedure #8 noted that all funds are restricted and so no assets are retained for the Enforceable Obligations.  Procedure #9 reported no cash balance as of June 30, 2012 that need to be retained to satisfy the Recognized Obligation Payment Schedule for July 1, 2012 through June 30, 2012.  The housing funds will be used only for housing.  Procedure #10 states that there are no assets transferred to the SA which are available to distribute to affected taxing entities.

Mbr. Hudson’s motion to adopt Resolution No. SA 2012-010 was seconded by Mbr. Perkins and passed 4-0-1-0.  Member O’Loane was absent.

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PUBLIC COMMENT

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ADJOURNMENT

At 7:00 p.m., there being no further business, Chair Clarkson adjourned the meeting.

Bill Clarkson, Chair
Patricia Edwards, Agency Secretary

Approved at the December 11, 2012 Successor Agency meeting 3-0-1-1; Livingstone absent; O'Loane abstain.

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