1 February 11, 2025
(NOT APPROVED)
CITY OF SANTA MONICA
REDEVELOPMENT SUCESSOR AGENCY MEETING MINUTES
FEBRUARY 11, 2025
A regular and special meeting of the Santa Monica City Council was called to order by Mayor Negrete at 6:34 p.m., on Tuesday, February 11, 2025, at City Council Chambers, 1685 Main Street, Santa Monica, CA.
Roll Call: Present: Chair Lana Negrete
Chair Pro Tem Caroline Torosis
Agency Member Jesse Zwick
Agency Member Dan Hall
Agency Member Ellis Raskin
Agency Member Barry Snell
Agency Member Natalya Zernitskaya
Also Present: Executive Director David White
Agency Attorney Douglas Sloan
Agency Secretary Nikima S. Newsome
CONVENE On order of the Chair, the Redevelopment Successor Agency convened to a joint meeting with the City Council at 6:34 p.m., with all members present.
REPORT ON MEETING
COMPENSATION
Pursuant to State law, the Secretary announced that members will receive no compensation for meeting as the Redevelopment Successor Agency.
CONSENT CALENDAR:
JOINT MEETING WITH
THE REDEVELOPMENT
SUCCESSOR AGENCY
There being a Consent Calendar for the City Council and the Redevelopment Successor Agency, on order of the Mayor, with consensus of the Councilmembers, the Council convened to a joint meeting with the Redevelopment Successor Agency at 6:34 p.m., and the two Consent Calendars were heard concurrently, with all members present.
All items were considered and approved in one motion unless removed by a member for discussion.
Item 4.F. was removed at the request of staff.
At the request of Agency Member Hall, Item 4.A. was removed from the Consent Calendar.
Motion by Agency Member Raskin, seconded by Agency Member Zernitskaya, to approve the Consent Calendar except for Items 4.A and 4.F., reading resolutions by title only and waiving further reading thereof. The 2 February 11, 2025
motion was approved by the following vote:
AYES: Agency Members Zernitskaya, Snell, Raskin, Hall, Zwick, Chair Pro Tem Torosis, Chair Negrete
NOES: None
ABSENT: None
MINUTES 4.J. Minutes for Redevelopment Successor Agency Meeting, were approved.
Recommended Action
Staff recommends that the Redevelopment Successor Agency approve the minutes of the December 17, 2024 meeting
MOTION TO
RECONSIDER
Motion by Agency Member Raskin, seconded by Agency Member Hall, to reconsider Item 4.I. and to remove the item from the Consent Calendar and to hear it simultaneously with Item 4.A. The motion was approved by unanimous voice vote with all members present.
CONSENT CALENDAR:
MANAGEMENT
SERVICES
4.A. Award Request for Proposal to Meeder Public Funds, Inc. for Non-Discretionary Investment Advisory and Portfolio Management Services, was approved with item 4.I.
Recommended Action
Staff recommends that the City Council:
1. Adopt a finding of no possibility of significant effect pursuant to Section 15061(b)(3) (Common Sense Exemption) of the California Environmental Quality Act (CEQA) Guidelines;
2. Award RFP# 431 to Meeder Public Funds, Inc. for non-discretionary Investment Advisory and Portfolio Management services for the Finance Department; and
3. Authorize the City Manager to negotiate and execute an agreement with Meeder Public Funds, Inc., in an estimated amount not to exceed $510,000 for three years, with two additional one-year renewal options in the amount of $340,000, on the same terms and conditions for a total amount not to exceed $850,000 over a five-year period, with future year funding contingent on Council budget approval
ANNUAL INVESTMENT
POLICY UPDATE
4.I. Approve City's Updated Investment Policy and Extend the Delegation of Investment Authority, was presented.
Recommended Action
Staff recommends that the City Council:
1. Adopt a finding of no possibility of significant effect pursuant to Section 15061(b)(3) (Common Sense Exemption) of the California Environmental Quality Act (CEQA) Guidelines.
2. Review and approve the City’s revised Investment Policy. 3 February 11, 2025
3. Extend the delegation of investment authority to the Director of Finance, as City Treasurer, from March 1, 2025 through February 28, 2026.
Staff also recommends that the Redevelopment Successor Agency Governing Board:
1. Adopt a finding of no possibility of significant effect pursuant to Section 15061(b)(3) (Common Sense Exception) of the California Environmental Quality Act (CEQA) Guidelines.
2. Review and approve the City Investment Policy for Redevelopment Successor Agency Investments.
3. Extend investment authority to the Treasurer of the Redevelopment Successor Agency, from March 1, 2025 through February 28, 2026.
Questions asked and answered of staff included: what will constitute as a quorum for this body; will the city be investing in crypto currency; how will monthly reports be delivered to Council; and does the Audit Subcommittee have any auditing ability.
Motion by Agency Member Hall, seconded by Chair Pro Tem Torosis, to approve the staff recommendation with direction to include a requirement that a minimum of three members constitute a quorum and for the members of the Investment Committee to be required to file a Form 700 consistent with the requirements of members of boards and commissions. The motion was approved by the following vote:
AYES: Agency Members Zwick, Hall, Raskin, Snell, Zernitskaya, Chair Pro Tem Torosis, Chair Negrete
NOES: None
ABSENT: None
ADJOURNMENT On order of the Chair, the Redevelopment Successor Agency meeting was adjourned at 8:45 p.m.
ATTEST: APPROVED:
Nikima S. Newsome Lana Negrete
Agency Secretary Chair