AGENDA
REGULAR MEETING
REDONDO BEACH COMMUNITY FINANCING AUTHORITY
TUESDAY, NOVEMBER 1, 2022 - 6:00 P.M.
REDONDO BEACH CITY COUNCIL CHAMBERS
415 DIAMOND STREET
The Community Financing Authority, a joint powers authority was formed on January 31, 2012, for the purpose of assisting in providing financing, for purposes which are authorized by law and which could finance, lease, own, operate and maintain public capital improvements for any of its members, or to be owned by any of its members.
CALL MEETING TO ORDER
ROLL CALL
A. APPROVAL OF ORDER OF AGENDA
B. ADDITIONAL ITEMS FOR IMMEDIATE CONSIDERATION
B1. BLUE FOLDER ITEMS
Blue folder items are additional back up material to administrative reports and/or public comments received after the printing and distribution of the agenda packet for receive and file.
C. CONSENT CALENDAR
Business items, except those formally noticed for public hearing, or those pulled for discussion are assigned to the Consent Calendar.
The Authority Members may request that any Consent Calendar item(s) be removed, discussed, and acted upon separately. Items removed from the Consent Calendar will be taken up under the “Excluded Consent Calendar” section below. Those items remaining on the Consent Calendar will be approved in one motion following Oral Communications.
C1. APPROVAL OF AFFIDAVIT OF POSTING for the Regular Community Financing Authority meeting of November 1, 2022.
C2. APPROVAL OF MOTION TO READ BY TITLE ONLY and waive further reading of all Ordinances and Resolutions listed on the agenda.
C3. APPROVAL OF MINUTES:
a. Regular Meeting of October 4, 2022.
C4. APPROVAL OF CHECK NUMBERS 000502 THROUGH 000504 IN THE AMOUNT OF $248,593.39.
D. EXCLUDED CONSENT CALENDAR ITEMS
E. PUBLIC PARTICIPATION ON NON-AGENDA ITEMS
This section is intended to provide members of the public with the opportunity to comment on any subject that does not appear on this agenda for action. This section is limited to 30 minutes. Each speaker will be afforded three minutes to address the Community Financing Authority. Each speaker will be permitted to speak only once. Written requests, if any, will be considered first under this section.
F. EX PARTE COMMUNICATIONS
G. PUBLIC HEARINGS
H. OLD BUSINESS
I. NEW BUSINESS
J. MEMBERS ITEMS AND REFERRALS TO STAFF
K. ADJOURNMENT
The next meeting of the Redondo Beach Community Financing Authority will be a regular meeting to be held at 6:00 p.m. on Tuesday, December 6, 2022, in the Redondo Beach City Hall Council Chambers, 415 Diamond Street, Redondo Beach, California.
It is the intention of the City of Redondo Beach to comply with the Americans with Disabilities Act (ADA) in all respects. If, as an attendee or a participant of this meeting you will need special assistance beyond what is normally provided, the City will attempt to accommodate you in every reasonable manner. Please contact the City Clerk’s Office at (310) 318-0656 at least forty-eight (48) hours prior to the meeting to inform us of your particular needs and to determine if accommodation is feasible. Please advise us at that time if you will need accommodations to attend or participate in meetings on a regular basis. An Agenda Packet is available 24 hours a day at www.redondo.org under the City Clerk and during City Hall hours. Agenda Packets are also available for review in the Office of the City Clerk.
Any writings or documents provided to a majority of the members of the Authority regarding any item on this agenda will be made available for public inspection at the City Clerk’s Counter at City Hall located at 415 Diamond Street during normal business hours
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) SS
CITY OF REDONDO BEACH )
AFFIDAVIT OF POSTING
In compliance with the Brown Act, the following materials have been posted at the locations indicated below.
Legislative Body Community Financing Authority
Posting Type Regular Meeting Agenda
Posting Locations 415 Diamond Street, Redondo Beach, CA 90277 ✓ Adjacent to Council Chambers
Meeting Date & Time November 1, 2022 6:00 p.m. Open Session As City Clerk of the City of Redondo Beach, I declare, under penalty of perjury, the document noted above was posted at the date displayed below.
Eleanor Manzano, City Clerk
Redondo Beach Community Financing Authority
Date: October 28, 2022
MOTION TO READ BY TITLE ONLY
and waive further reading of all
Ordinances and Resolutions on the Agenda.
Recommendation - Approve
MINUTES
REGULAR MEETING COMMUNITY FINANCING AUTHORITY
October 4, 2022
Minutes
Regular Meeting
Redondo Beach Community
Financing Authority
Tuesday, October 4, 2022
REGULAR MEETING OF THE REDONDO BEACH COMMUNITY FINANCING AUTHORITY
CALL MEETING
Vice Chair Nehrenheim called a Regular Meeting of the Redondo Beach Community Financing Authority (RBCFA) to order at 6:27 p.m.
ROLL CALL
RBCFA Members Present: Emdee, Horvath, Loewenstein, Obagi, Vice Chair Nehrenheim RBCFA Members Absent: Chair Brand
A. APPROVAL OF ORDER OF AGENDA
Motion by Member Horvath, seconded by Member Obagi, to approve the Order of Agenda as presented.
There being no objections, Vice Chair Nehrenheim so ordered.
B. ADDITIONAL ITEMS FOR IMMEDIATE CONSIDERATION - None
B.1. BLUE FOLDER ITEMS - None
C. CONSENT CALENDAR
C1. APPROVAL OF AFFIDAVIT OF POSTING for the Regular Community Financing Authority meeting of October 4, 2022.
C2. APPROVAL OF MOTION TO READ BY TITLE ONLY and waive further reading of all Ordinances and Resolutions listed on the agenda.
C3. APPROVAL OF MINUTES:
a. Regular Meeting of September 6, 2022.
C4. APPROVAL OF CHECK NUMBERS 000500 THROUGH 000501 IN THE AMOUNT OF $2,844.85.
There were no public comments on this item.
Motion by Member Horvath, seconded by Member Loewenstein, to approve the Consent Calendar, as presented. There being no objections, Vice Chair Nehrenheim so ordered.
D. EXCLUDED CONSENT CALENDAR ITEMS - None
E. PUBLIC PARTICIPATION ON NON-AGENDA ITEMS - None
F. EX PARTE COMMUNICATIONS - None
MINUTES
REGULAR MEETING COMMUNITY FINANCING AUTHORITY
October 4, 2022
G. PUBLIC HEARINGS - None
H. OLD BUSINESS - None
I. NEW BUSINESS - None
J. MEMBERS ITEMS AND REFERRALS TO STAFF - None
K. ADJOURNMENT
There being no further business to come before the Redondo Beach Community Financing Authority, motion by Member Obagi, seconded by Member Loewenstein, to adjourn the meeting at 6:30 p.m. to a Regular meeting to be held at 6:00 p.m. on Tuesday, November 1, 2022, in the Redondo Beach City Hall Council Chamber, 415 Diamond Street, Redondo Beach, California. There being no objections, Vice Chair Nehrenheim so ordered.
All written comments submitted via eComment are included in the record and available for public review on the City website.
Respectfully submitted,
Eleanor Manzano, City Clerk
Authority Action Date: November 1, 2022
To: CHAIRMAN & MEMBERS OF THE COMMUNITY FINANCING
AUTHORITY
From: LORI YAMASAKA, ACTING FINANCE DIRECTOR
Subject: CHECK APPROVAL
RECOMMENDATION
Approve check numbers 000502 through 000504 in the total amount of $248,593.39.
EXECUTIVE SUMMARY
The attached Summary Check Register lists check numbers 000502 through 000504 in the amount of $248,593.39. Check number 000502 is a reimbursement to the City for expenses paid by the City on behalf of the Community Financing Authority. Check numbers 000503 and 000504 are payments associated with the Kincaid’s Restaurant building. Check 000503 is a payment to the City for a pass-through payment and check 00504 is a payment to the Los Angeles County Tax Collector for possessory interest property taxes.
BACKGROUND
The Redondo Beach Public Financing Authority (“PFA”), a joint powers authority, was formed on June 25, 1996, to provide financing for capital improvement projects. The former Redevelopment Agency of the City Redondo Beach, now known as the Successor Agency (“Agency”), joined with the City to form the PFA. The PFA operated rental property and issued bonds to provide funds for public capital improvements. The PFA has the same governing board as the City, which also performs all accounting and administrative functions for the PFA. With the elimination of the City’s Redevelopment Agency, the Public Financing Authority has been renamed the Community Financing Authority (“CFA”).
In 1997, the City leased the Pier pad known as 500 Fisherman’s Wharf to the PFA. The PFA leased the site and acts as building owner and landlord to its tenant, RUI One Corp. (“RUI” dba Kincaid’s). In negotiating the lease, the City was to own the building, but did not have the funding available to build the building. RUI had the ability to build the restaurant building at a lower cost than the City, and the PFA was able to obtain a loan to purchase the building. Thus, RUI built the restaurant building and the PFA utilized loan funds to purchase the building from RUI at completion.
Administrative Report
Administrative Report November 1, 2022
Check Approval
Per the lease agreement, the City is responsible for the cost of monthly service costs for water, sewer, and trash; possessory interest taxes; common area expenses as defined; and the repairs to the structural portions of the Building. On a monthly basis, the City is reimbursed for such expenses by the CFA.
The payment to the City of Redondo Beach on check number 000502 in the amount of $1,112.94 is for the reimbursement of October 2022 expenditures made by the City on the Community Financing Authority’s behalf.
The payment to the City of Redondo Beach on check number 000503 in the amount of $234,296.72 is for the Fiscal Year 2021-2022 pass-through payment in connection with the ownership of the Kincaid’s Restaurant building. Pursuant to the 1997 leasehold agreement between the then Public Financing Authority and RUI One Corp. (Kincaid’s Restaurant), any rental income received from Kincaid’s that is not needed for the Public Financing Authority’s financial obligations is to be “passed through” to the City’s Harbor Tideland’s Fund. In 2012, after the State’s elimination of the Redevelopment Agency of which the Public Financing Authority was a member of, the Community Financing Authority was created and accepted an assumption and assignment agreement for the transfer of the Kincaid’s Restaurant lease from the Public Financing Authority.
The payment to the Los Angeles County Tax Collector on check number 000504 in the amount of $13,183.73 is for the first installment of the Fiscal Year 2022-2023 possessory interest property taxes in connection with the ownership of the Kincaid’s Restaurant building.
COORDINATION
Disbursement of the checks will be coordinated with Financial Services.
FISCAL IMPACT
Check numbers 000502 through 000504 in the total amount of $248,593.39.
Submitted by: Approved for forwarding by:
Lori Yamasaka, Acting Finance Director Mike Witzansky, City Manager dkaku
Attachment:
• Summary Check Register
DATE CHECK NO AMOUNT PAYEE DESCRIPTION
11/01/22 000502 $ 1,112.94 City of Redondo Beach Reimbursement - October 2022 11/01/22 000503 $ 234,296.72 City of Redondo Beach Kincaid's Pass-Through - FY 21-22 11/01/22 000504 $ 13,183.73 Los Angeles County Tax Collector Possessory Interest - FY 22-23 1st Installment $ 248,593.39
Summary Check Register
COMMUNITY FINANCING AUTHORITY