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RDA 12-06-06 CUPEI\IINO APPROVED MINUTES CUPERTINO REDEVELOPMENT AGENCY Regular Adjourned Meeting Wednesday, December 6, 2006 ROLL CALL At 9:28 p.m. Chairwoman Kris Wang called the meeting to order in the City Council Chamber, 10350 Torre Avenue, Cupertino, California. Present: Chairwoman Kris Wang, Vice Chair Patrick Kwok, and Redevelopment Agency members Richard Lowenthal, Orrin Mahoney, and Dolly Sandoval. Absent: None. NEW BUSINESS A. Approve the minutes from the June 20,2006 meeting. (Continued from December 5). Kwok/Lowenthal moved and seconded to approve the minutes of June 20, 2006. The motion carried unanimously. B. Conduct a public hearing and consider adopting a resolution adopting the Valleo Redevelopment Proiect Area 2006-2010 Implementation Plan, APN Nos. 316-20-037, 043, 052, 055, 062, 063, 064, 066, 067, 080, 081, and 082, Resolution No. 06-02. (Continued from December 5). Community Development Director Steve Piasecki reviewed the staff report VIa a PowerPoint presentation. Consultant Kirk Heinrichs answered a question from one of the agency members and said that Redevelopment Agencies don't have a lot of revenue coming in and the City can assist the agency in issuing bonds. Chairwoman Kris Wang opened the public hearing at 9:50 p.m. Darrel Lum said that this hearing should have received citywide notice and been held at a more convenient time for the public to attend. He noted that the first implementation plan wasn't included in the documentation and he wondered whether the RDA met its goals and objectives. He asked if there was still a need for the RDA since Valleo was privately financed and the redevelopment is nearing completion. He also asked what the 25% dollar amount was that the RDA was required to give to the schools, and what the amount would be if the RDA didn't exist. He noted some questionable dollar amounts from table December 6, 2006 Cupertino Redevelopment Agency Page 2 3 in the packet. He asked about a resolution that was passed in 2005 regarding the RDA's intent to allocate 25% of it its discretionary funds to finance one of two parking structures. He also asked if the RDA has plans for housing funds in addition to non- housing funds, how would those bonds be raised, would it require a public vote or can the RDA do it themselves. He wanted to know why the City was waiting to repay on a loan that is due to be paid off in 2010, and what that loan was for. Ruby Elbogen asked that if 25% of the RDA goes to low and very low housing, then where in Valleo does the rest of the 75% go? She commented that the Council and staff become so invested in potential income that they lose sight of the people, and that creates confrontation with the constituents. Tom Huginin said that he was concerned about floating a $10 million bond to support Valleo because the City must use its own funds to back it up. He commented that Valleo doesn't fit the definition of blight for a redevelopment agency and wondered if the RDA was of any use in this situation. He suggested that improved mall management might work better. Jennifer Griffin wondered why the City established an RDA in 2000 with Valleo and why there is housing in a shopping district. She said that an RDA doesn't help the City or the residents. Keith Murphy wondered if having the Council also be the RDA was good for the community. He asked to whom the RDA was responsible and suggested getting more community input. Chairwoman Wang closed the public hearing. Piasecki explained that the agency was established via a public process in 2000 to help Valleo Fashion Park in the retail market place. The Council at that time felt a successful Valleo was vital to the community. He noted that the hearing tonight was a 5-year implementation plan only and that there would be a public process if the RDA decided to issue bonds or follow through on any of the plan. Nothing in the document commits the RDA or the Council to do anything in the future and the plan can be changed. He suggested adding a Q&A page to the City's website to clarify what an RDA is. Valleo representative Mike Rohde said that the RDA Implementation Plan is a good document that would help in future times. He gave an update on the redevelopment project at Valleo: the Macy's parking structure is open and the green screen installed; the first level is open on the Penny's parking structure and the third level will open in a few days; interior improvements are continuing inside the mall; the AMC theaters are scheduled to open in March; Valleo is working with a leasing team in New York, Chicago and Los Angeles to bring stores to the mall; Strike bowling and the food court vendors are applying for permits; California Pizza Kitchen and Islands Restaurants are submitting drawings to the City; external work on Sears is complete; and interior improvements in Macy's will begin in February or March. December 6, 2006 Cupertino Redevelopment Agency Page 3 Kwok/Mahoney moved and seconded to adopt Resolution No. 06-02. The motion carried unanimously. ADJOURNMENT At 10:41 p.m. the meeting was adjourned in memory of Lee Gottwald who passed away recently. Please note that the regular Redevelopment Agency meetings of December 19 and January 2 have been canceled. The next regular meeting will be Tuesday, January 16, 2007. ~U1AJJ- Grace Schmidt, Recording Secretary