SUNNYVALE REDEVELOPMENT AGENCY
JUNE 18, 2002 

CONVENE AS REDEVELOPMENT AGENCY -

The Redevelopment Agency of the City of Sunnyvale met upon adjournment of the regularly scheduled City Council meeting at 8:12 p.m., in the City Council Chambers, 456 West Olive Avenue, Sunnyvale, California, with Chair Fowler presiding. 

ROLL CALL

PRESENT:	Chair Frederik M. Fowler Vice Chair Julia Miller Agency Member Manuel Valerio Agency Member Pat Vorreiter Agency Member Jack Walker Agency Member Tim Risch Agency Member John Howe
STAFF PRESENT:	Robert S. LaSala, Executive Director Valerie J. Armento, Agency Counsel Amy Chan, Assistant Agency Director Robert Paternoster, Agency Secretary/Director Mary Bradley, Agency Treasurer Brice McQueen, Agency Project Manager Susan Kitchens, Agency Clerk

CONSENT CALENDAR

RA-1.A.

MOTION

Approval of Draft Minutes (March 19, 2002)

Vice Chair Miller moved, and Agency Member Howe seconded, approval of the consent calendar. The motion carried unanimously.

PUBLIC HEARINGS/GENERAL BUSINESS

RA-2.

RESOLUTION NO. 100-02RA RDA 02-001

Low and Moderate Income Housing Fund Deposit and Deficit Reduction Plan

Brice McQueen, Redevelopment Agency Project Manager presented the staff report.

Mary Bradley, Agency Treasurer, explained that the action will result in an additional Housing Fund deficit of approximately $480,313. This will have no immediate fiscal impact since the repayment of the deficit will occur only after the final maturity of all existing obligations.

Vice Mayor Miller asked Treasurer Bradley to outline the existing debt.

Ms. Bradley stated that the three existing debts are: 1) a tax allocation bond issued for the clearing and site preparation for the construction of the Mall, 2) debt  issued with the City to build the parking structure, and 3) a debt to the City as a result of the City making the Debt Service Payments for the Agency when the Agency could not make the payments as a result of Proposition 13.

Mayor Fowler opened the Public Hearing at 8:22 p.m. and, there being no public comments, closed the Public Hearing.

Motion by Councilmember Walker, and seconded by Councilmember Risch, to adopt by Resolution the annual findings that all tax increment revenues are required to meet current obligations for repayment for the bonded indebtedness of the Agency and pre-existing debt repayment to the City of Sunnyvale and adopt the accompanying Deficit Reduction Plan.

RESOLUTION NO. 100-02RA: A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SUNNYVALE MAKING FINDINGS RELATED TO THE DEPOSIT OF FUNDS IN THE LOW AND MODERATE INCOME HOUSING FUND AND ADOPTING A LOW AND MODERATE INCOME HOUSING FUND DEFICIT REDUCTION PLAN

CITIZENS TO BE HEARD 

NON-AGENDA ITEMS & COMMENTS

AGENCY

STAFF

ADJOURNMENT

Chair Fowler declared the meeting adjourned at 8:24 p.m.

Respectfully submitted:

Susan Kitchens, Agency Clerk