RDA 06-02-08C U P S RT I N O APPROVED MINUTES
CUPERTINO REDEVELOPMENT AGENCY
Regular Meeting
Monday, June 2, 2008
CALL TO ORDER
At 11:42 p.m. Chairwoman Dolly Sandoval called the regular meeting to order in the Council
Chamber, 10350 Torre Avenue, Cupertino, California.
ROLL CALL
Present: Chair Dolly Sandoval, Vice-Chair Orrin Mahoney, and Agency Members Mark Santoro,
Kris Wang and Gilbert Wong. Absent: none.
A. Approve the minutes from the June 5 and 19, 2007 meetings.
City Attorney Charles Kilian explained that, even though two of the current
Redevelopment Agency members were not present at the June meetings, it was still
permissible for them to vote on the minutes, although they could abstain from voting if
they preferred.
Wang/Sandoval moved and seconded to approve the minutes. The motion carried with
Santoro and Wong abstaining.
B. Review the Cupertino Redevelopment Agency Operating Budget for 2008-09. (No
documentation in packet).
Administrative Services Director Carol Atwood explained that the Redevelopment
Agency's budget was included in the City of Cupertino budget as a special revenue fund,
and she showed afive-year overview. She said that this fund was currently "underwater"
because the owners had the property reassessed after the base amount was set when the
Redevelopment Area was created. Also, some staff time has been charged to this fund,
including half of the time of the Economic Development Manager, and there have also
been a number of delays on the part of the developer, so the project has not kept to the
original projected tax-increment timeline.
June 2, 2008 Cupertino Redevelopment Agency Page 2
City Manager David Knapp said that there have already been huge investments in the
property, so the taxable value has increased. Although it may take as long as two years
for tax increment monies to reach the city, eventually there will be a positive cash flow
which can be put back into the Redevelopment Area.
ADJOURNMENT
At 11:48 p.m. the meeting was adjourned
~~ ~
Kimberly Smith, ity Clerk
Staff reports, backup materials, and items distributed at the meeting are available for review at
the City Clerk's Office, 777-3223, and also on the Internet at www.cupertino.org. Click on
Agendas & Minutes/City Council/ Packets.
Most Redevelopment meetings are shown (as a part of the City Council meetings) live on Cable
Channe126), and are available at your convenience on the web site: Visit www.cupertino.org and
click on View Meetings Online. Videotapes are available at the Cupertino Library, or may be
purchased from the Cupertino City Channel, 777-2364.