HomeMy WebLinkAboutRDA Min 2009-02-18TIBURON REDEVELOPMENT AGENCY
MINUTES
CALL TO ORDER
Chair Fredericks called the meeting of the Tiburon Redevelopment Agency to order at
9:40 p.m., on Wednesday, February 18, 2009, in Town Council Chambers, 1505 Tiburon
Boulevard, Tiburon, California.
ROLL CALL
PRESENT: BOARDMEMBERS: Berger, Collins, Gram, Fredericks
ABSENT: BOARDMEMBERS: Slavitz
EX OFFICIO: Town Manager Curran, Town Attorney
Danforth, Director of Administrative
Services Bigall, Town Clerk Crane
Iacopi
ORAL COMMUNICATIONS
None.
ACTION ITEMS
1. Adoption of Minutes - November 19, 2008 (Board Clerk Crane Iacopi)
MOTION: To adopt Minutes of November 19, 2008 meeting.
Moved: Berger, seconded by Fredericks
Vote: AYES: Unanimous
ABSENT: Slavitz
2. Loan to Marin Housing Authority - Consider approval of loan to Marin Housing
Authority for purchase of Below Market Rate Unit at Pt. Tiburon Marsh; AP
#058-440-03 (Director of Administrative Services Bigall)
Director Bigall gave the report. She said that the Town had contracted with the Marin
County Housing Authority (Housing Authority) to administer the Below Market Rate
(BMR) program at Pt. Tiburon Marsh for ownership units. She said that the Town had
been advised by the Housing Authority that a unit had come available.
According to Bigall, the majority of BMR unit re-sales occur between a willing seller and
another low or moderate income family that has been qualified by the Housing Authority,
in which case no public agency funds are required to close the transaction. However,
Redevelopment Agency Minutes #01-2009 Februaryl8, 2009 Page 1
occasionally, the Housing Authority must exercise the option because of the owner's
failure to pay the mortgage, property taxes or HOA dues, or because of a breach of the
Resale Restriction. In these cases, Bigall reported, the Housing Authority must exercise
its option to purchase the unit in order to maintain it in the BMR program. She said that
this was the case with the one-bedroom unit at Pt. Tiburon Marsh.
Ms. Bigall said that staff did not recommend exercising the Town's right of first refusal
to purchase the unit because of the difficulty renting one bedroom units in the past.
Instead, she said that staff recommended that the Redevelopment Agency loan the
Housing Authority the funds necessary to exercise the option and ultimately it would be
repaid when the unit was sold to another qualified buyer.
Councilmember Gram asked whether the price could be reset upon sale to recover
attorney's fees plus interest. Ms. Bigall said that it could, and said that the recommended
loan to the Housing Authority in the amount of $150,000 should cover these costs.
Town Attorney Danforth explained that while the Agency had the right to set the sales
price, there was an upper limit (based on the Housing Authority's Below Market Rate
formula).
Councilmember Gram said that he thought the proceedings might take longer than the six
to eight months noted in the report; he expressed concern that the Agency might not
recover all of its costs.
Town Manager Curran acknowledged that possibility but said that it would still be less
expensive than trying to recreate a unit into the Town's affordable housing inventory.
Town Attorney Danforth noted that there were both Redevelopment Agency and Town
restricted funds that could be used to cover any overages.
Councilmember Gram said simply that he was seeking a realistic factual scenario. Ms.
Danforth replied that the recommendation was consistent with the Housing Authority's
past experience in these matters.
MOTION: To approve loan to Marin Housing Authority, as recommended.
Moved: Collins, seconded by Fredericks
Vote: AYES: Berger, Collins, Fredericks
NOES: Gram
ABSENT: Slavitz
Redevelopment Agency Minutes #01-2009 Februaryl8, 2009 Page 2
ADJOURNMENT
There being no further business of the Tiburon Redevelopment Agency, Chair Fredericks
adjourned the Redevelopment Agency meeting at
50 p.m.
ALICE DERICKS, CHAIR
ATTEST:
DIANE CRANE 1ACOPI, BOARD CLERK
Redevelopment Agency Minutes #01-2009 Februaryl8, 2009 Page 3