Seven Hundredth Twenty-Sixth Meeting
HOUSING AUTHORITY
CITY OF
5:30 p.m. – February 20, 2008
5:37 P.M. Chair Silverstein presiding
Board Members present: Barbara Allen, Stanley Eisele, David Hughes,
Staff Members present: R. Pearson,
R. Maccianti, T. Carter, V.
Loza, A. Hughes
1. Consideration of the Minutes of the Regular Meeting of
February 6, 2008
MOTION
M/S Allen/Rogers
moved to approve the Minutes of the Regular Meeting of February 6, 2008 as presented.
VOTE
Ayes: Barbara
Allen Robert
Niehaus
Mary
Johnston-de
Nays: None
Abstain: David
Hughes
Absent: None
1. Recommendation that the Commission view the real property
located at
DOCUMENTS
·
February 14, 2008
Executive Director’s Report together with copy of listing information
SPEAKERS
Staff: R. Pearson
Mr. Pearson answered questions
from members of the Board regarding the potential purchase of the property
located at
2. Recommendation that the Commission receive an oral
report on Housing Authority real estate development activities
Mr. Pearson gave a brief
overview on the status of Los Portales and Haagen developments as well as on
the option to buy the Cottage Gardens LIHTC funded complex come December 2008
when the lease expires.
With respect to the Los
Portales project, the Commission asked Mr. Pearson whether or not a for sale,
price restricted project of this nature still made good economic sense for the
parties given the slump we are witnessing in home sales in other parts of Santa
Barbara county and the nation. Mr.
Pearson responded that as of last October Bermant made the commitment and did fund
additional processing fees for the project—specifically some $70,000 in City
fees for the project’s needed EIR and that the EIR is nearing completion. He stated that completing the project’s development
review process and securing development approvals will take until mid
summer. Mr. Pearson went on to say that
he continues to be concerned about the project’s viability given the shifting
market and the long delays that the project has faced. He also reminded the Commission of the
Housing Authority’s commitment last August (8-1-07 Commission meeting) to allow
Bermant to use the project’s real estate (owned by the Housing Authority and
optioned to Bermant) to further secure a potential predevelopment loan from the
Santa Barbara Foundation (SBF) to Bermant for the project. The loan was to be for up to $250,000 at a
maximum interest rate of 5%. Further,
the loan was to be a recourse loan to Bermant for the benefit of the Housing
Authority and SBF, but because it was secured by the Authority’s real estate
did have the effect of potentially reducing the Authority’s equity in the
property if ever called upon. He reported that as of today, Bermant has not
made a call on SBF for the agreed upon predevelopment loan of $250,000 for the
project and thus we have not further encumbered the property as authorized by
the Commission on August 1, 2007.
VII. TREASURER’S
REPORT
1.
Recommendation
that the Commission review and order filed the quarterly Financial Statements for
period ending December 31, 2007 for programs with a March 31st
Fiscal Year End
DOCUMENTS
·
February 12, 2008
Executive Director’s Report prepared by Director of Finance together with
quarterly Financial Statements for period ending 12-31-07 for programs with
3-31-07 FYE
SPEAKERS
Staff: R. Pearson, R. Lawrence
After
review of the quarterly Financial Statements, Chair Silverstein suggested having
the financial summaries brought up to the front of the report; drop the
percentages column as it is confusing and add a line item for Total Operating
Expense, before the Net Operating Income line.
Staff will make the changes for the next quarterly Financials that will
be brought to the Board for review. The same changes will apply to Financial
Statements with FYE 3-31-07.
MOTION
M/S
Niehaus/Johnston-de Leon moved to accept and order filed the quarterly
Financial Statements for period ending December 31, 2007 for programs with a
March 31st Fiscal Year End.
VOTE
Ayes: Barbara Allen Robert
Niehaus
David Hughes Christine
Silverstein
Mary Johnston-de
Nays: None
Abstain: None
Absent: None
2.
Recommendation
that the Commission review and order filed the quarterly Financial Statements
for period ending December 31, 2007 for programs with a December 31st
Fiscal Year End
DOCUMENTS
·
February 12, 2008
Executive Director’s Report prepared by Director of Finance together with
quarterly Financial Statements for period ending 12-31-07 for programs with 12-31-07
FYE
SPEAKERS
Staff: R. Pearson, R. Lawrence
MOTION
M/S
Allen/Rogers moved to accept and order filed the quarterly Financial Statements
for period ending December 31, 2007 for programs with a December 31st
Fiscal Year End.
VOTE
Ayes: Barbara Allen Robert
Niehaus
David Hughes Christine
Silverstein
Nays: None
Abstain: None
Absent: None
3.
Recommendation
that the Commission review and order filed the quarterly Investment Report for
period ending 12-31-07
DOCUMENTS
·
January 31, 2008
Executive Director’s Report prepared by Department of Finance together with
Trust Investment Report and detailed Interest Income on General Fund
Investments
SPEAKERS
Staff: R. Pearson, R. Lawrence
MOTION
M/S
Johnston-de Leon/Niehaus moved to accept and order filed the quarterly
Investment Report for period ending 12-31-07.
VOTE
Ayes: Barbara Allen Robert
Niehaus
David Hughes Christine
Silverstein
Nays: None
Abstain: None
Absent: None
4.
Recommendation
that the Commission adopt the Resolution setting forth costs incurred and
payments made for the period ending January 2008
DOCUMENTS
·
February 12, 2008
Executive Director’s Report prepared by Department of Finance
·
Resolution
referenced above together with January 2008 list of expenditures
SPEAKERS
Staff: R. Pearson, R. Lawrence
MOTION
M/S
Rogers/Allen moved to adopt Resolution No. 2307 of the Housing Authority of the
City of
VOTE
Ayes: Barbara Allen Robert
Niehaus
David Hughes Christine
Silverstein
Nays: None
Abstain: None
Absent: None
VIII. COMMITTEE
REPORT - None
IX. UNFINISHED BUSINESS - None
1.
Recommendation
that the Commission adopt the Resolution approving fully restated plan
documents for the Housing Authority’s Money Purchase Pension and Deferred
Compensation Plans and granting the Executive Director the authority to execute
contracts and agreements necessary to transfer said Plans to Principal
DOCUMENTS
·
February 11, 2008
Executive Director’s Report prepared by Human Resources Analyst
·
Resolution
referenced above together with Housing Authority’s fully restated Money
Purchase Pension and Deferred Compensation Plans
SPEAKERS
Staff: R. Pearson, T. Carter
MOTION
M/S Hughes/Niehaus
moved to adopt Resolution No. 2308 of the Housing Authority of the City of
Santa Barbara, as presented, approving fully restated plan documents for the
Housing Authority’s Money Purchase Pension and Deferred Compensation Plans and
granting the Executive Director the authority to execute contracts and
agreements necessary to transfer said Plans to Principal.
VOTE
Ayes: Barbara Allen Robert
Niehaus
David Hughes Christine
Silverstein
Nays: None
Abstain: None
Absent: None
2.
CLOSED
SESSION-CONFERENCE WITH REAL PROPERTY NEGOTIATOR – Recommendation that the
Commission hold a closed session per Government Code Section 54956.8 to
consider instructions to Authority’s Real Property Negotiator Robert G. Pearson
regarding property located at
The
Commission went into Closed Session with
Meeting adjourned at 6:45 p.m. on order of Chair Silverstein.
_________________________________
ROBERT
G. PEARSON, SECRETARY
APPROVED:
________________________________
CHRISTINE SILVERSTEIN, CHAIR