2175 Cherry Avenue • Signal Hill, California 90755-3799
CITY OF SIGNAL HILL
THE CITY OF SIGNAL HILL
WELCOMES YOU TO A SPECIAL
CITY COUNCIL AS SUCCESSOR AGENCY MEETING
June 11, 2024
The City of Signal Hill appreciates your attendance. Citizen interest provides the Agency with valuable information regarding issues of the community. Meetings are held annually on the 2nd Tuesday of January.
Meetings begin at 6:00 pm with the conduct of any business permitted to be conducted in closed session by the Brown Act (Government Code Section 54950, et seq.), if any, and with the public portion of the meeting beginning at 7:00 pm. There is a period for public comment on closed session matters at 6:00 pm prior to the closed session. In the event there is no business to be conducted in closed session, the regular meeting shall begin at 7:00 pm.
There is a public comment period at the beginning of the regular meeting. Any person wishing to comment shall be allotted three minutes per distinct item. Any meeting may be adjourned to a time and place stated in the order of adjournment.
The agenda is posted 72 hours prior to each meeting on the City’s website and outside of City Hall. The agenda and related reports are also available for review online at www.cityofsignalhill.org.
To participate during the special meeting at 7:00 p.m.:
• In-person Participation: Council Chamber of City Hall, 2175 Cherry Avenue, Signal Hill, California.
• To make a general public comment or comment on a specific agenda item, you may also submit your comment, limited to 250 words or less, to the City Clerk at [email protected] not later than 5:00 p.m. on Tuesday, June 11, 2024.
Written comments will be provided electronically to the Successor Agency and attached to the meeting minutes. Written comments will not be read into the record.
Successor Agency Members receive no compensation.
(1) CALL TO ORDER – 7:00 P.M.
City Council as Successor Agency Special June 11, 2024
(2) ROLL CALL
CHAIR WOODS
VICE CHAIR WILSON
MEMBER COPELAND
MEMBER HANSEN
MEMBER JONES
(3) PUBLIC BUSINESS FROM THE FLOOR ON ITEMS LISTED ON THE AGENDA (SPEAKERS WILL BE GIVEN THREE MINUTES)
(4) ADMINISTRATIVE OFFICER REPORTS
a. RESOLUTIONS ADOPTING INVESTMENT POLICIES AND INTRODUCING A
NEW INVESTMENT OPTION UNDER THE JOINT POWERS AUTHORITY
LOCAL GOVERNMENT INVESTMENT POOLS
Summary:
The City’s Investment Policy provides guidelines for the prudent investment of the City’s available resources and outlines policies for maximizing the efficiency of the City’s cash management process. The Investment Policy serves to enhance the City’s economic status while protecting its pooled cash. In accordance with California Government Code Section 53646(a), an annual rendering of the City’s Investment Policy shall be presented to the City Council for consideration. Staff does not propose changes to the Investment Policy at this time. In addition, the City Council, as Successor Agency, will consider the adoption of a companion policy addressing the Successor Agency funds.
As permissible under Government Code 53601(p) which includes the ability to invest in joint powers authority local government investment pools, and as allowed by the City’s current Investment Policy, the City is introducing a new investment option and participation in California Cooperative Liquid Assets Securities System, also known as the California CLASS Prime Fund portfolio.
Strategic Plan Goal(s):
Goal No. 1 Financial Stability: Ensure the City’s long-term financial stability and resilience.
Recommendations:
City Council:
Adopt the resolution, entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SIGNAL HILL,
CALIFORNIA, ADOPTING ITS INVESTMENT POLICY FOR PUBLIC FUNDS
City Council as Successor Agency Special June 11, 2024
Successor Agency:
Adopt the resolution, entitled:
A RESOLUTION OF THE CITY COUNCIL AS SUCCESSOR AGENCY OF THE
CITY OF SIGNAL HILL, CALIFORNIA, ADOPTING ITS INVESTMENT POLICY
FOR PUBLIC FUNDS
(5) CONSENT CALENDAR
The following Consent Calendar items are expected to be routine and non-controversial. Items will be acted upon by the Successor Agency at one time without discussion. Any item may be removed by an Agency Member for discussion. a. APPROVAL OF TRANSFER OF LEASE AND SUBLEASE, AND
AUTHORIZATION TO EXECUTE TRANSFER OF OWNERSHIP DOCUMENTS
RELATED TO THE MERCEDES BENZ OF LONG BEACH MASTER LEASE
AGREEMENT
Summary:
The Mercedes Benz of Long Beach Dealership in the Signal Hill Auto Center is being acquired by new ownership. Aman Abraham, and affiliated business entities are interested in acquiring the dealership. Under an existing Lease Agreement, the Signal Hill City Council as Successor Agency must approve a transfer of ownership of the dealership. The Successor Agency will consider authorizing the City Manager to sign a Notice to Lessor and related documents as it relates to the City’s sublease with Mercedes Benz (Lessee) for the property located at 2300 East Spring Street.
Strategic Plan Goal(s):
Goal No. 1 Financial Stability: Ensure the City’s long-term financial stability and resilience.
Goal No. 3 Economic & Downtown Development: Improve the local economy, support local businesses, and create a vibrant downtown core.
Recommendations:
1. Staff recommends the City Council approve the transfer of lease and sublease interests from Signal Hill Properties, LLC., to Addis Properties Long Beach LLC., facilitating the continuation of operations at the Mercedes-Benz of Long Beach dealership under new ownership.
2. Authorize the City Manager to sign the Notice to Lessor in regard to the sublease with Long Beach Euro Cars, LLC (a.k.a. Mercedes Benz).
City Council as Successor Agency Special June 11, 2024
(6) SUCCESSOR AGENCY AGENDA--NEW BUSINESS
MEMBER JONES
MEMBER HANSEN
MEMBER COPELAND
VICE CHAIR WILSON
CHAIR WOODS
(7) ADJOURNMENT
Tonight’s meeting will be adjourned to the next regular meeting of the City Council as Successor Agency to be held on Tuesday, January 14, 2025, at 7:00 p.m., in the Council Chamber of City Hall, 2175 Cherry Avenue, Signal Hill, CA 90755.
CITIZEN PARTICIPATION
Routine matters are handled most quickly and efficiently if contact is made with the City department directly concerned. However, if you would like to request that a matter be presented for City Council consideration, you may do so by writing to the City Council, City Clerk, or City Manager. The deadline for agenda items is 12 noon on the Tuesday preceding the Council and Agency meetings. The complete agenda, including back up materials is available on the City website on the Friday preceding the meeting.
If you need special assistance beyond what is normally provided to participate in City meetings, the City will attempt to accommodate you in every reasonable manner.
Please call the City Clerk's office at (562) 989-7305 at least 48 hours prior to the meeting to inform us of your particular needs and to determine if accommodation is feasible.