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Oversight Board of the Successor Agency to the Redevelopment Agency of the City of Long Beach

Monday, March 30, 2015 · 9:00 AM AM · 333 W. Ocean Boulevard Council Chamber

TL;DR

The Oversight Board of the Long Beach Successor Agency held a special meeting to approve administrative procedures and authorize the sale of city-owned properties. The board voted to refinance tax allocation bonds to potentially save on debt service and approved listing agreements with multiple real estate firms to sell agency-owned properties.

Key Decisions

  • Refinance Tax Allocation Bonds Passed
  • Authorize Property Sale Listing Agreements Passed
  • Approve Minutes from Previous Meeting Passed
Agenda PDF Minutes PDF

Agenda

  1. AGENDA NO. 18
  2. SPECIAL MEETING - 9:00 A.M.
  3. CALL TO ORDER
  4. ROLL CALL
  5. FLAG SALUTE
  6. SUCCESSOR AGENCY STAFF COMMENTS
  7. PUBLIC COMMENT
  8. REGULAR AGENDA
  9. 1. Recommendation to receive and file the Notice of Adjournment for the March 2, 2015 Regular Meeting of the Oversight Board of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach.
    OB-Agenda Item
    Action: approve recommendation Passed

    A motion was made by Boardmember Powers, seconded by Boardmember Strickland, to approve recommendation. The motion carried by the following vote:

  10. 2. Recommendation to approve the minutes for the Oversight Board of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach Special Meeting held Monday, February 23, 2015.
    OB-Agenda Item
    Action: approve recommendation Passed

    A motion was made by Boardmember Powers, seconded by Boardmember Strickland, to approve recommendation. The motion carried by the following vote:

  11. 3. Recommendation to adopt resolution approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to execute various documents required to commence the refunding of various tax allocation bonds for debt service savings; and authorizing appropriate staff to take actions necessary to complete the refunding.
    OB-Resolution
    Action: approve recommendation and adopt Passed

    A motion was made by Boardmember Meyer, seconded by Boardmember Powers, to approve recommendation and adopt Resolution No. O.B. 06-2015. The motion carried by the following vote:

  12. 4. Recommendation to adopt resolution approving the decision of the City of Long Beach, as the Successor Agency to the Redevelopment Agency of the City of Long Beach, to authorize City Manager, or designee, to execute listing agreements, and any other necessary documents with Blair Commercial Real Estate, Inc. (dba Coldwell Banker Commercial Blair Westmac), Cresa Partners of Los Angeles, Inc. (dba Cresa Los Angeles), Cushman & Wakefield of California, Inc., and Lee & Associates Commercial Real Estate Services, Inc. - South Bay (dba Lee & Associates-Los Angeles South Bay, Inc.), for the listing for sale of Successor Agency-owned property as needed, for a term not to exceed 12 months and for a commission amount not to exceed 6 percent of the gross sales price.
    OB-Resolution
    Action: approve recommendation and adopt Passed

    A motion was made by Vice Chair Oakley, seconded by Boardmember Tolentino, to approve recommendation and adopt Resolution No. O.B. 07-2015. The motion carried by the following vote:

  13. COMMENTS FROM OVERSIGHT BOARDMEMBERS
  14. ADJOURNMENT
  15. I, Megan Wiegelman, City Clerk Specialist, certify that the agenda was posted not less than 72 hours prior to the meeting. _____________________________ Date: _____________
  16. NOTE: The agenda and supporting documents are available on the Internet at www.longbeach.gov. Agenda items may be reviewed in the City Clerk Department or online at the Main Library and at the Branch Libraries. Persons interested in obtaining an agenda via e-mail should subscribe to the City of Long Beach E-Notify System at www.longbeach.gov/enotify. E-Mail correspondence can be directed to cityclerk@longbeach.gov. Communicate through the Telephone Device for the Deaf (TDD) at (562) 570-6626. If a special accommodation is desired pursuant to the Americans with Disabilities Act, or if you need the agenda provided in an alternate format, please phone the City Clerk Department at (562) 570-6101 by 12 noon Friday, the day prior to the meeting. Inquire at the City Council Chamber Audio-Visual Room for an assistive listening device.
  17. Also present: Amy Bodek, Director of Development Services; Michael Mais, Assistant City Attorney; Megan Wiegelman, City Clerk Specialist.
  18. ROLL CALL (9:02 PM)
  19. SPECIAL MEETING
  20. COMMENTS FROM OVERSIGHT BOARDMEMBERS (9:13 PM)
  21. CALL TO ORDER (9:02 PM)
  22. ADJOURNMENT (9:13 PM)
  23. REGULAR AGENDA (9:04 PM)
  24. FINISHED AGENDA & MINUTES
  25. SUCCESSOR AGENCY STAFF COMMENTS (9:03 PM)
  26. SECOND ROLL CALL (9:08 PM)
  27. FLAG SALUTE (9:03 PM)