HomeMy WebLinkAboutRA Minutes 1998-02-02SRRA MINUTES (Regular) 2/2/98 Page 1
IN THE COUNCIL CHAMBER, CITY OF SAN RAFAEL, MONDAY, FEBRUARY 2, 1998 AT 7:35 PM
Regular Meeting:
San Rafael Redevelopment Agency:
Present: Albert J. Boro, Chairman
Paul M. Cohen, Member
Barbara Heller, Member
Cyr N. Miller, Member
Gary O. Phillips, Member
Absent: None
Also Present: Rod Gould, Executive Director
Gary T. Ragghianti, Agency Attorney
Patricia J. Roberts, Deputy Agency Secretary
CLOSED SESSION - 7:00 PM
None.
ORAL COMMUNICATIONS OF AN URGENCY NATURE:
None.
CONSENT CALENDAR
7:45 PM
Member Cohen moved and Member Miller seconded, to approve the following Consent
Calendar items:
ITEM
1. Approval of Minutes of Special Joint Budget
Hearings of June 23 and June 24, 1997, and
Regular Meeting of Tuesday, January 20,
1998 (AS)
2. Quarterly Housing Report (RA)
- File R-173 x (SRCC) 187 x (SRCC) 13-16
3. Extension of Exclusive Right to Negotiate With
Samuelson/Schafer for Development of Agency
Owned Property at Fourth and Court Streets
(Former Macy's Site) (RA) - File R-380
RECOMMENDED ACTION
Approved as
submitted.
Accepted report.
RESOLUTION NO. 98-7 -
RESOLUTION APPROVING
AN
EXTENSION TO THE EXCLUSIVE
RIGHT TO NEGOTIATE
AGREEMENT WITH
SAMUELSON/SCHAFER, LLC,
FOR AGENCY OWNED PROPERTY
LOCATED AT 998 FOURTH
STREET (FORMER MACY'S
SITE) .
AYES: MEMBERS: Cohen, Heller, Miller, Phillips and Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: None
ABSTAINING: MEMBERS: Boro (from the minutes of January 20, 1997 only, due
to
absence from meeting).
AGENCY CONSIDERATION:
4. MID -YEAR BUDGET REVIEW (Admin. Svcs.) - File R-103
Administrative Services Director Kenneth Nordhoff reported he had completed
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a six month study and found the Revenues and Expenditures of the Agency
were tracking as they had been laid out in July. He reported minor
modifications have been included for both Revenues and Appropriations,
noting the figures reflect actions that have been taken by the Agency
through the end of January, 1998, and no additional amendments are being
proposed.
Mr. Nordhoff stated staff had worked extensively with Economic Development
Director Jake Ours and his staff, and with the Public Works Department,
itemizing project costs and revenues at the beginning of the year, and
reported those are tracking on course. He noted some of those projects
have taken slightly longer than had been anticipated, but this has not
caused any changes in the appropriations necessary for the actual items.
Member Phillips referred to Page 3 of the staff report, concerning the
issue of Land Sales, citing Land Sales of $2,969,714, and Cost of Land
Sales of $5,533,183. He asked if we were selling land at less than it
costs? Mr. Nordhoff explained the Agency is only selling a portion of the
Mahon Creek property which we have acquired. He reported we are spending
approximately $1,350,000, noting we are only selling a portion of the land,
and retaining the rest.
Economic Development Director Ours stated there is a "Wye" shaped piece of
land surrounding the Shamrock site, which is being sold back to Shamrock
for approximately $550,000, and the Agency is retaining approximately
$800,000 worth of property which runs from West Francisco Boulevard, across
Lincoln Avenue to Lindaro Street, on the southern side of the creek. Mr.
Phillips noted Exhibit III on Page 3 cites "Cost of Land Sold", and he was
assuming that was not part of the "sold" number. Mr. Nordhoff stated part
of the $3.5 million is Mahon Creek, and it also includes the Macy's site,
which is approximately $2 million, which we treat as "inventory" because we
intend to dispose of it. He noted we acquired the property last year, and
accounting practices require that we inventory that asset, which we did in
our annual audit of June 30th. He stated we are proposing to expense that
asset this year, based on the sale to the Developer.
Mr. Ours stated there was an additional piece of property, which is the
land we acquired for the Andersen Drive right-of-way, which we are selling
back to Sonnen Motors for approximately $190,000.
Member Phillips asked why we do not carry the property as an asset? Mr.
Nordhoff explained accounting practices require that when we acquire it, we
expense the value of that asset. Therefore, we have assumed we are going
to expense that portion of the property we retain this year, and then we
are also going to expense the portion being sold off, so we have actually
capitalized it, and we anticipate writing that off at the end of the year.
He noted we have to show it as a Use of Funds. Mr. Phillips asked if
there was a balance sheet? Mr. Nordhoff noted he had prepared a list of
Beginning Balances of all the funds when their Net Assets are accumulated,
less their Net Liabilities. He pointed out he included the $15,249,000
figure, with a Beginning Balance and an Ending Balance, just running the
Profit and Loss, or Revenues and Expenses against the beginning balance.
Chairman Boro pointed out the reason it might be confusing is because in
the Expenditures it states, "Cost of Land Sold, $3.5 million", noting Mr.
Nordhoff has stated we have not yet sold the one piece, but it is included
in the Cost basis, and it sounds like we have sold it. Mr. Nordhoff stated
that was correct, noting it is actually the cost of land we have acquired,
but have not yet sold.
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Member Heller moved and Member Phillips seconded, to accept the report and
adopt the Resolution as presented.
RESOLUTION NO. 98-8 -RESOLUTION ADOPTING AMENDMENTS TO THE 1997-98 BUDGET.
AYES: MEMBERS: Cohen, Heller, Miller, Phillips and Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: None
5. AGENCY MEMBER REPORTS:
None.
There being no further business to come before the Redevelopment Agency, the
meeting was adjourned at 7:45 PM.
JEANNE M. LEONCINI, Agency Secretary
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