HomeMy WebLinkAboutRDA Packet 2005/09/13
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CllY OF
CHUlA VISTA
TUESDAY, SEPTEMBER 13, 2005
6:00 P.M.
(immediately following the City Council meeting)
COUNCIL CHAMBERS
PUBLIC SERVICES BUILDING
A JOINT MEETING OF
REDEVELOPMENT AGENCY I CITY COUNCIL
OF THE CITY OF CHULA VISTA
CALL TO ORDER
ROLL CALL
Agency/Council Members Castaneda, Davis, McCann, Rindone; Chair/Mayor Padilla
CONSENT CALENDAR
The staff recommendations regarding the following itemls) listed under the Consent Calendar will be enacted
by the Agency/Council by one motion without discussion unless an Agency/Council member, a member of the
public or City staff requests that the item be pulled for discussion. If you wish to speak on one of these items,
please fill out a "Request to Speak Form" available in the lobby and submit it to the City Clerk prior to the
meeting. Items pulled trom the Consent Calendar will be discussed after Public Hearing items. Items pulled by
the public will be the first items of business.
1. JOINT RESOLUTION OF THE CITY COUNCIL AND REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA AUTHORIZING THE ADDITION OF
ONE ASSOCIATE ACCOUNTANT, ONE ACCOUNTING TECHNICIAN AND
ONE SENIOR MANAGEMENT ANALYST POSITION TO THE FINANCE
DEPARTMENT AND APPROPRIATING FUNDS BASED ON UNANTICIPATED
REVENUES - During fiscal year 2005, the Finance Department completed its
Strategic Business Plan. Through this process the department identified the
need to add three additional positions to ensure the department will be able
to continue to meet various financial reporting requirements and lay the
foundation needed to achieve the long-term financial reporting goals
identified in the Strategic Business Plan. [Director of Finance/Treasurer]
4/5THS VOTE REQUIRED
STAFF RECOMMENDATION:
Council/Agency adopt the resolution.
2. JOINT RESOLUTION OF THE CITY COUNCIL AND REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA AMENDING THE FISCAL YEAR
2004-05 BUDGET IN ACCORDANCE WITH THE BUDGET TRANSFER
POLICY AND APPROVING ADDITIONAL APPROPRIATIONS IN VARIOUS
FUNDS - The Council Policy on Financial Reporting and Transfer Authority
requires that all departments complete the fiscal year with a positive balance
in each budget summary category. [Director of Finance/Treasurer]
4/5THS VOTE REQUIRED
STAFF RECOMMENDATION:
Council/Agency adopt the resolution.
3. RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA APPROVING A SUBORDINATION AGREEMENT WITH THE SAN
DIEGO TRUST BANK AND AUTHORIZING THE TRANSFER OF A PORTION
OF THE PROPERTY AT 760 BROADWAY AVENUE WITHIN THE
SOUTHWEST REDEVELOPMENT PROJECT AREA PRIOR TO THE ISSUANCE
OF THE CERTIFICATE OF COMPLETION - On 6/10/03, the Agency entered
into a Disposition and Development Agreement with Carter Reese and
Associates and the Bitterlin Development Corporation for the development of
a mixed-use project located at 760 Broadway. The mixed-use retail
component of the project is close to completion and most of the 40 lane
homes are in escrow. The developer is requesting the proposed
subordination agreement and the transfer of property in order to satisfy the
requirements of the lender of the buyer of the mixed-use retail component.
[Director of Community Development]
STAFF RECOMMENDATION: Agency adopt the resolution.
ORAL COMMUNICATIONS
This is an opportunity for the general public to address the Redevelopment Agency on any subject matter
within the Agency's jurisdiction that is not an item on this agenda. (State law, however, generally prohibits
the Redevelopment Agency from taking action on any issues not included on the posted agenda.) If you wish
to address the Agency on such a subject, please complete the II Request to Speak Under Oral Communications
Form" available in the lobby and submit it to the Secretary to the Redevelopment Agency or City Clerk prior to
the meeting. Those who wish to speak, please give your name and address for record purposes and follow up
action.
OTHER BUSINESS
4. DIRECTOR'S REPORT
5. CHAIR REPORT
6. AGENCY COMMENTS
ADJOURNMENT
The Redevelopment Agency will adjourn to a meeting on September 20, 2005, at
6:00 p.m., in the Council Chambers.
AMERICANS WITH DISABILITIES ACT
The City of Chula Vista, in complying with the Americans with Disabilities Act (ADA), request individuals who
require special accommodates to access, attend, and/or participate in a City meeting, activity, or service
request such accommodation at least 48 hours in advance for meetings and five days for scheduled services
and activities. Please contact the Secretary to the Redevelopment Agency for specific information at (619)
691-5047 or Telecommunications Devices for the Deaf (TOO) at (619) 585-5647. California Relay Service is
also available for the hearing impaired.
RDA/City Council, September 13, 2005
Page 2
JOINT CITY COUNCIL/REDEVELOPMENT AGENCY
AGENDA STATEMENT
Item
Meeting Date
I
9/13/05
ITEM TITLE:
Resolution of the City Council of the City of
Chula Vista authorizing the addition of one Associate
Accountant, one Accounting Technician and one Senior
Management Analyst position to the Finance Department
and appropriating funds based on unanticipated revenues
REVIEWED BY:
Director of FinancefTreasurer ~
City Manager 1f~ 7K'
(4/5ths Vote: Yes -X-No_)
SUBMITTED BY:
Summary:
Mission Statement
The Chula Vista Finance Department is dedicated to ensuring the long-term
financial stability of the City and enhancing public and organizational trust
through integrity of financial reporting and sound financial management
practices.
Vision Statement
Ensuring maximum financial resources so that City visions can be realized.
During fiscal year 2005, the Finance Department completed its Strategic
Business Plan which was developed over a period of several weeks and allowed
for participation from the entire Finance Department as well as input from other
city staff. Through this process the Finance Department identified issues that will
be affecting the department in the next two to five years, established goals to
address those issues proactively, and developed performance measures to track
the progress in achieving those goals. The Strategic Business Plan was
presented to Council via an information item and is included as an attachment to
this report.
As part of the Strategic Business Plan, the department identified the need to add
one Associate Accountant, one Accounting Technician and one Senior
Management Analyst to the department. These positions are critical in order to
ensure that the department will be able to continue meeting various financial
reporting requirements and lay the foundation needed to achieve the long-term
financial reporting goals identified in the Strategic Business Plan.
As the department transitions from a primary financial reporting focus to a
combined financial reporting and compliance/audit focus, additional staffing
requests will be submitted as part of the bi-annual budget process for
consideration.
The request to add positions in the Finance Department was not addressed in
the 2006 and 2007 budgets because the Department was in the process of
completing its Strategic Business Plan. This involved determining organizational
goals and identifying staffing needs at the same time was assisting in the
completion of the budget document for Council review and approval.
Recommendation:
Council adopt the resolution authorizing:
. the addition of the one Accounting Technician, one Associate Accountant,
one Senior Management Analyst within the Finance Departments and
. appropriate $114,248 to the Finance Department's personnel services
budget from the available balance of the general fund based on
unanticipated revenues of $114,248.
Agency adopt the resolution authorizing:
. appropriations from the Merged Project Area fund for staff time
reimbursements of $38,096 to the Finance Department.
Discussion
The primary functions of the Finance Department are to administer the City's
financial affairs, supervise the disbursements of all monies, manage all fiscal
systems, collect and record all revenues, assist in the preparation of the citywide
budget, manage all investments and borrowing, and provide centralized
procurement services to all City departments. The development of the Strategic
Business Plan put renewed focus on achieving results for our customers both
externally and internally.
The addition of three new positions within the Finance Department is necessary
in order to ensure continued compliance with various financial reporting
requirements and to lay the foundation needed to achieve the long-term financial
reporting goals identified in the Strategic Business Plan which includes improving
services to our clients which include the citizens of Chula Vista, Mayor and
Council Members, City Manager and City Departments.
It is important to note that the Finance Department has not added any new
positions since fiscal year 1999. The continued growth and expansion of the City
has placed increased service demands on the Finance Department. In addition,
there are several major projects that will require extensive involvement by
Finance staff to ensure that current financial data is available for economic
analysis and fiscal impact studies.
Associate Accountant
Over the past several years, the City has issued an unprecedented number of
Community Facility District (CFD) Bonds to fund the acquisition of public
improvements related to new developments in the eastern section of the City.
From 1999 - 2004, the City issued ten CFD bonds for a total of $182 million.
Currently, the City is in the process of establishing an additional four CFDs in
fiscal year 2006. All in all the Finance staff administers a total of 12 assessment
districts and ten CFDs.
As part of the annual assessments related to the CFDs, administrative fees are
allocated to fund the administrative costs of managing the funds. Although the
City has contracted with NBS to assist in the administration of the CFDs, the
Finance Department continues to playa key role managing these funds over the
life of the bonds. This includes processing draw down requests of bond
proceeds, working with the fiscal agent in monitoring uses of all funds, updating
cash flow projections to ensure that funds are available for project draw downs,
assisting in the preparation and review of all annual disclosure documents to
ensure compliance with Securities and Exchange Commission Rule 15c2-12,
monitoring funds for possible bond call and/or refunding opportunities, budgeting
and processing all annual debt service payments and reviewing arbitrage
calculations to ensure compliance with IRS regulations.
It is becoming increasingly difficult to keep up with the administration of the CFDs
with existing staff levels. Therefore, the addition of an Associate Accountant
position dedicated to the managing of the CFD bonds is being requested. This
position will be fully funded through the administrative fees discussed previously.
Accountina Technician
Over the past 5 years, the number of full time equivalent positions citywide has
increased approximately 25%. The Payroll Section currently has one Accounting
Technician position assigned full time to processing payroll. The section is
supervised by an Accountant who is increasingly being pulled from her duties in
order to ensure that the processing of payroll is completed on time. Adding an
additional Accounting Technician to the payroll section would provide appropriate
staffing levels, cross training opportunities and necessary coverage for vacation
and sick leave days. It would also provide the Accountant the opportunity to take
on higher level accounting tasks such as financial statement compilation and
grant accounting including grant compliance reviews for programs such as
CDBG, Housing, transportation and public safety.
Senior Manaqement Analvst
In addition to assisting in the preparation of the City's Operating Budget, the
Finance Department is responsible for the monitoring of all City fund budgets
throughout the fiscal year. This involves reviewing expenditure and revenues on
a periodic basis and working closely with Departments to ensure that any
significant variances are addressed in a timely manner to mitigate significant
impacts to reserves.
Due to the increased activities throughout the City in relation to the operating
budgets and capital projects, an analyst is needed in the Finance Department to
provide assistance in monitoring budgets, reviewing revenue projections,
monitoring departmental performance measures, providing legislative analysis on
fiscal matters, providing timely fiscal status reports to Department Heads, City
Manager and City Council, and assisting in the preparation of the City and RDA's
Long Term Financial Plan.
The analyst will also provide assistance to the Finance Director in compiling
information related to the Redevelopment Agency and the new Chula Vista
Redevelopment Corporation (CVRC). As redevelopment activity increases the
demand for further data analysis will also increase. The ability to be able to turn
around management reports will be critical to the operations of the Agency as
well as the CVRC. Due to Redevelopment Agency related work, we anticipate
that the position will be 50% funded from tax increment revenues.
Fiscal Impact: Due to anticipated savings in the Finance Department's
operating budget and projected revenue offsets from CFD administration fees
and Redevelopment Agency funding, the addition of these positions will result in
no net impact to the General Fund in fiscal year 2006. The ongoing net General
Fund fiscal impact of these positions will be approximately $120,000. Since
ongoing resources have not yet been identified to fund this ongoing expense,
approval of this action may require offsetting budget reductions in future years.
The net impact to the Redevelopment Agency in fiscal year 2006 will be $38,096.
The ongoing impact to the Agency is projected to be approximately $50,000 per
year. If at any time tax increment revenues are insufficient to fund the Senior
Management Analyst position, there would be an additional impact to the
General Fund of approximately $50,000 per year.
CllY OF
CHUIA VISTA
Finance
Department
Department Mission Statement
The Chula Vista Finance Department is
dedicated to ensuring the long-term
financial stability of the City and
enhancing public and organizational trust
through integrity of financial reporting
and sound financial management
practices.
The combination of City growth in population and
corresponding government services, additional reporting
requirements, and greater expectations for faster
turnaround results in an increasing risk of errors and
threatens the of financial controls.
An underutilization of computer technology results in
inefficient financial and
City staff have not been fully trained on financial accounting
software, resulting in less productivity, duplication of effort,
and increased workload.
Retirement of key employees with long experience and
deep knowledge of policies, procedures, and issues will
result in a loss of institutional knowledge that will further
strain the current resources of the department and reduce
efficiency and timeliness.
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. By FY 2007, the Finance Department will complete a long-range
financial plan document which will evaluate the implications of
current and projected service levels needs, programs and
policies; developing strategies to achieve the City's goals and
address potential gaps between expenditure and revenues on a
long term basis.
. By FY 2009, the Finance Department will be recognized by
professional associations as a model financial management
organization,
. The Finance Department will strive to maintain or improve the
City's credit rating with the various rating agencies.
. The Finance Department will continue to maintain an unqualified
audit opinion on annual financial reports.
. By FY 2008, in order to safeguard the City's financial reputation,
the Finance Department will implement an internal audit function.
. By FY 2007, in order to ensure that payroll is being processed in
an accurate and efficient manner the Finance Department, in
conjunction with Human Resources, will conduct a payroll
operational review.
. By FY 2007, 95% of Finance Department customers will report
that they received accurate, consistent, and timely information.
. By FY 2007, the Finance Department (in conjunction with MIS)
will deploy all accounting software upgrades within 6 months of
release.
. By FY 2007, the Finance Department will utilize the Internet and
other technology to improve the convenience of conducting
business with the City.
. By FY 2007, the Finance Department will design and implement
succession plans for key Department positions.
. By FY 2006, all key Finance Department positions will have
appropriate coverage that is not compromised by vacancies.
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. % of funds with appropriate reserve levels
. % of cash on hand to monthly payroll and accounts payable obligations
(liquidity ratio)
. % of reports filed within statutory deadlines
. % of bond issues in compliance with continuing disclosure requirements
. % of IFAS users satisfied with the financial system
. % of payments received in full within gO days of invoice (e.g., sewer bills,
contract billings)
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Purpose Statement
LOB One - Key
Results
The purpose of the Operations Line of Business is to provide
financial accounting, payroll services and reporting services
to the public, other agencies and City staff so they can be
assured of the City's financial integrity.
. % of reports filed within statutory deadlines
. % of bond issues in compliance with continuing
disclosure requirements
. 90% of accounts payable checks issued within 1 week
of receiving properly completed payment request
. % of IFAS users satisfied with the financial system
Purpose Statement
LOB Two - Key
Results
The purpose of the Treasury Line of Business is to provide
billing and collection services to the public and other entities
so they can pay for services rendered in a timely manner.
. % of payments received in full within gO days of invoice
(e.g., sewer and contract billings)
Purpose Statement
LOB Three - Key
Results
The purpose of the Purchasing Line of Business is to
provide acquisitions and contract management services to
City staff so they can obtain products and services at best
value.
. % of customers satisfied with acquisitions services
. % of City purchases (in dollars) made using high volume
City-wide contracts
Purpose Statement
LOB Four - Key
Results
The purpose of the Administration Line of Business is to
provide financial management, banking, and management
support services to City staff so they can make sound
financial decisions and productively perform their duties.
. % of funds with appropriate reserve levels
. % of cash on hand to monthly payroll and accounts
payable obligations (liquidity ratio)
. % of quarterly reports issued within 3 weeks of the end
of the quarter
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
i nteg rity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
The purpose of the Financial Compliance Reporting Program is
to provide financial reports to the public, City Departments, and
other agencies so they can be in compliance with legal
requirements.
. % of reports filed within statutory deadlines
. # of repo rts fi led
. # of reports required to be filed
Family of Measures: . $ cost per report filed
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
. Housing and Community . Annual Street Report
Development Annual Report . Miscellaneous Financial Reports
. Single Audit Report . Comprehensive Annual Financial
. Transportation Development Act Report (CAFR)
Reports . Auditors Consultations
. Transnet Report . Development Impact Fee
. State Controller Reports Reports
. Statement of Indebtedness . GANN Appropriation Limit Report
. Growth Management Oversight . Annual Disclosure Reports
Commission Report
fiscal Operations Manager
To be determined
7
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
i nteg rity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Payroll Services Program is to provide pay
checks and reports to employees and other government
agencies so they can receive compensation and information in
an accurate and timely manner.
. % of pay checks and EFT pay stubs issued accurately and on
time
. % of payroll reports completed on time
. # of pay checks and EFT pay stubs issued
. # of payroll reports completed
. # of pay checks and EFT pay stubs expected to be issued
. # of payroll reports expected to be completed
. $ cost per pay check/EFT pay stub issued
. $ cost per payroll report completed
. Pay History Reports . Employment Development
. Electronic Funds Transfer Department Quarterly Reports
Remittances . Leave Balance Reports
. Pay Checks . CalPERS Reports
. Payroll Tax Forms (W 2 & W 4) . Labor Statistical Reports
. Wage Garnishment Orders . Payroll Tax Deposits
. Employee Verification . Annual Reconciliation Reports
Statements
. 941 Quarterly Reports
Senior Accountant
To be determined
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
i nteg rity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Accounts Payable Services Program is to
provide payments and reports to vendors, employees, and other
entities in a timely manner.
. gQ% of accounts payable checks issued within 1 week of
receiving properly completed payment request
. % of accounts payable reports completed on time
. # of payment requests processed
. # of accounts payable reports completed
. # of payment requests anticipated
. # of accounts payable reports anticipated
. $ cost per payment request processed
. $ cost per accounts payable report completed
. Accounts Payable Checks
. Workers Compensation Fund
Reimbursements
. Petty Cash Reimbursements
. Invoices
. Refunds
. Sales Tax Report
. Sales Tax Remittance
. Utility Usage Reports
. 1099 Forms
. Travel Advances and
Reimbursements
. DE 542 Report
Accounting Technician
To be determined
9
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
integrity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Debt Service Program is to provide debt
management services to creditors and the public so they can
receive timely payments and safeguard the City's credit rating.
. % of debt service payments made on time
. % of bond issues in compliance with continuing disclosure
requirements
. % of City bonds issued at "A" rating or better
. # of debt service payments made
. # of continuing disclosure reports submitted
. # of bonds issued
. # of debt service payments scheduled
. # of continuing disclosure reports required
. $ cost per debt service payment made
. $ cost per disclosure report submitted
. Bond Proceed Draw Downs
. Bond Call
. Annual Bond Disclosures
. Assessment Payoffs
. Loan Remittances
. Loan Payoffs
. Debt Service Payments
. Debt Refundings
Fee-based Services
. Community Facility Districts
(Issuance, Maintenance and
Oversight)
. Assessment Districts
Senior Accountant
To be determined
10
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
integrity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Fixed Asset Management Program is to
provide capital asset inventory and reporting services to City
Departments so they can safeguard City property.
. % of fixed assets accurately inventoried and tagged
. % of property accounted for
. # of fixed asset tags issued
. # of fixed asset items inventoried
. # of fixed asset tags requested
. # of fixed asset items requiring physical inventory
. $ cost per fixed asset tag issued
. $ cost per fixed asset item inventoried
. Fixed Asset Inventories
. Property Tags
. Surplus Property Disposals
. Property Donations
. Property Sales
. Vehicle Certificates of Ownership
Accounting Technician
To be determined
11
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Operations Line of Business is to provide
financial accounting and payroll services to City staff, the public
and other agencies so they can be assured of the City's financial
integrity.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
The purpose of the Financial Accounting Systems Program is to
provide on-line financial information and system training to City
Departments so they can obtain timely and accurate financial
and employee information.
. % of new IFAS users properly trained within 6 months of
hire/transfer date
. % IFAS users satisfied with system
Family of Measures: . # of new IFAS users trained
Output Measure(s)
Family of Measures: . # of new IFAS users
Demand Measure(s)
Family of Measures: . $ cost per new IFAS user trained
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
. IFAS Training Sessions
. IFAS Consultations
. IFAS Access Rights
. Chart of Accounts
. General Ledger Maintenance
Transactions
. Job Ledger Maintenance
Transactions
. Scanned Documents
Fiscal Operations Manager
To be determined
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Treasury Line of Business is to provide
billing, collection and parking meter services to the public and
other entities so they can pay for services rendered in a timely
manner.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Billing and Collections Program is to provide
invoices, reports and collection services to the public and other
agencies so they can pay for services rendered in a timely
manner.
. % of invoices/notices/collection letters generated within
established time lines
. % of payments processed within 3 days of receipt
. % of collection accounts paid prior to second letter
. % of payments received in full within 90 days of invoice (e.g.,
sewer bills, contract billings)
. # of invoices generated
. # of past due accounts referred to collections
. # of collection letters sent
. # of customer inquiries handled
. # of invoices required to be generated
. # of past due accounts
. $ cost per invoice generated
. $ cost per thousand dollars of past due collections
. Accounts Receivable Invoices
. Sewer Bills
. Past Due Account Collections
. Parking Citation Administration
Services
. Payment Receipts
. Cashiering Services
. Staff Time Reimbursements
. Fiscal Consultations
. Grant Draw Downs
. Grant Billings
. Grant Reports
. State Mandate Reports
. Credit Card Merchant Accounts
Collections Supervisor
To be determined
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Treasury Line of Business is to provide
billing, collection and parking meter services to the public and
other entities so they can pay for services rendered in a timely
manner.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Parking Meter Operations Program is to
provide metered parking spaces to downtown visitors and
patrons so they can conveniently conduct their business.
. % change in number of parking complaints
. % of inoperable meters repaired within 2 days of report
. % of meters emptied according to schedule
. # of operational meters
. # of meters repaired
. $ parking meter collections
. # of metered parking spaces
. $ cost per parking meter
. $ cost per dollar parking meter collections
. Parking Meter Maintenance
Services
Fee-based Services
. Parking Meter Collections
Collections Supervisor
To be determined
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PROGRAM
Line of Business
Purpose Statement
The purpose of the Purchasing Line of Business is to provide
acquisitions and contract management services to City staff so
they can obtain products and services at best value.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
The purpose of the Acquisitions Program is to provide
procurement and related services to City Departments so they
can obtain required products and services for the best value in a
timely manner.
. % of purchase orders up to $10,000 issued within 2 weeks of
complete and accurate requisition
. % of purchase orders greater than $10,000 issued within 3
weeks of complete and accurate requisition
. % of stores orders filled complete within 48 hours
. % of customers satisfied with acquisitions services
. # of purchase orders issued
. # of stores orders filled
. # of parcels delivered
. # of purchasing requisitions anticipated
. # of stores requisitions anticipated
. # of parcels anticipated
Family of Measures: . $ cost per million dollars of goods and services purchased
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
. Purchase Orders
. Store Orders
. Purchase Cards
. Insurance and Bonds
. Delivered Goods
. Vendor Relations
. Purchasing Workshops
. Warehousing Services
. Gasoline Cards
Senior Buyer
To be determined
15
@2004 Weidner Consulting, Inc.
PROGRAM
Line of Business
Purpose Statement
The purpose of the Purchasing Line of Business is to provide
acquisitions and contract management services to City staff so
they can obtain products and services at best value.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Contract Management Program is to provide
contract negotiation and administrative services to City
Departments and suppliers so that they can establish and
maintain mutually beneficial buying arrangements that comply
with contract terms.
. % of City purchases (in dollars) made using high volume City-
wide contracts
. # of new contracts issued
. # of contracts renewed
. # of cooperative contracts
. # of new contracts anticipated
. # of contract renewals anticipated
. # of cooperative contracts anticipated
. $ contract management costs per million dollars of high
volume City-wide contracts
. Fuel Contract
. Print Services Contracts
. Mail Services Contract
. Office Supplies Contract
. Furniture Contracts
. Cell Phone Contracts
. Cell Phone Bill Audits
. Uniform Rental Contract
. Public Works Contracts
. Administrative Contracts
. Vending Services Contract
Purchasing Agent
To be determined
16
il'J2004 Weidner Consulting, Inc.
PROGRAM
Line of Business
Purpose Statement
The purpose of the Administration Line of Business is to provide
financial management, banking services, deferred compensation,
and management support services to City staff so they can make
sound financial decisions and productively perform their duties.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Financial Management Information Program
is to provide financial reports to the City Council, the City
Manager, and Department Heads so they can be informed as to
the current and projected financial status of the City.
. % of quarterly reports issued within 3 weeks of the end of the
quarter
. % of funds with appropriate reserve levels
. % of 5 year fiscal forecast reports completed within 3 weeks
of the end of the second and fourth quarters
. % of major discretionary revenue within 10% of year end
actual amounts
. # of reports issued
. # of funds managed
. # of reports anticipated to be issued
. $ cost per report issued
. 5 Year Projection Reports
. Fund Balance Reports
. Fiscal Quarterly Reports
. Investment Quarterly Reports
. Annual Fiscal and Investment
Reports
Director of Finance
To be determined
17
192004 Weidner Consulting, Inc.
PROGRAM
Line of Business
Purpose Statement
The purpose of the Administration Line of Business is to provide
financial management, banking services, deferred compensation,
and management support services to City staff so they can make
sound financial decisions and productively perform their duties.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Banking and Investment Services Program is
to provide cash and portfolio management services to the City so
they can meet daily cash obligations and optimize return on
investments.
. % of investment sales prior to maturity or call date
. % of cash on hand to monthly payroll and accounts payable
obligations (liquidity ratio)
. $ of investment earnings
. # of cash transfers and investment purchases
. $ of annual investments anticipated
. # of cash transfers and investment purchases anticipated
. $ cost per million dollars of investment earnings
. Cash Management Services
. Banking Services
. Reserve Investments
Assistant Director of Finance
To be determined
18
<&J2004 Weidner Consulting, Inc.
PROGRAM
Line of Business
Purpose Statement
The purpose of the Administration Line of Business is to provide
financial management, banking services, deferred compensation,
and management support services to City staff so they can make
sound financial decisions and productively perform their duties.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
The purpose of the Deferred Compensation Program is to
provide administration and information services to City
employees so they can take advantage of tax-deferred savings
programs.
. % of City employees participating in deferred compensation
programs
. % of new City employees participating in deferred
compensation within 6 months of hire date
. # of deferred compensation training attendees
. # of deferred compensation informational contacts
Family of Measures: . # of City employees
Demand Measure(s)
Family of Measures: . $ cost per employee participating in deferred compensation
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
. Deferred Compensation
Informational Workshops
. Record Updates
. Payroll Adjustments
. Deferred Compensation
Administration Services
Treasury Manager
To be determined
19
<D2004 Weidner Consulting, Inc.
PROGRAM
Line of Business
Purpose Statement
The purpose of the Administration Line of Business is to provide
financial management, banking services, deferred compensation,
and management support services to City staff so they can make
sound financial decisions and productively perform their duties.
Program Purpose
Statement
Family of Measures:
Result Measure(s)
Family of Measures:
Output Measure(s)
Family of Measures:
Demand Measure(s)
Family of Measures:
Efficiency Measure(s)
Services
Responsible
Person(s)
Budget
The purpose of the Administrative Services Program is to provide
office support and management services to the Finance
Department and City staff so they can productively perform their
duties.
. % of employee performance evaluations submitted on time
. % of Finance Department staff receiving at least 4 hours of
job-related training per year
. % of appropriate City staff trained on financial policies and
procedures
. % of Finance Department supervisors that receive
management and leadership training within six months of
appointment
. % of Finance Department employees satisfied with
performance recognition
. # of Finance employees managed
. # of employee performance evaluations completed
. # of new Finance Department supervisors appointed
. # of employee performance evaluations required
. # of Finance Department supervisory appointments expected
. $ cost per Finance Department full time equivalent employee
supported
. Records Management Services
. Office Support Services
o Requisitions
o Office Supplies
o Office Machines
o Printing Services
Assistant Director of Finance
. Departmental Policies
. Supervisory Services
. Letters and Packages (Mail)
. Council Agenda Reviews
To be determined
20
11;12004 Weidner Consulting, Inc.
AGENCY RESOLUTION NO.
AND
COUNCIL RESOLUTION NO.
JOINT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA AUTHORIZING THE ADDITION OF ONE ASSOCIATE
ACCOUNTANT, ONE ACCOUNTING TECHNICIAN AND ONE
SENIOR MANAGEMENT ANALYST POSITION TO THE
FINANCE DEPARTMENT AND APPROPRIATING FUNDS
BASED ON UNANTICIPATED REVENUES.
WHEREAS, during fiscal year 2005, the Finance Department completed its Strategic
Business Plan; and
WHEREAS, as part of the Business Strategic Plan, the Finance Department identified the
need to add one Associate Accountant, one Accounting Technician and one Senior Management
Analyst to the department; and
WHEREAS, the request to add positions in the Finance Department was not addressed in
the 2006 and 2007 budgets because the Department was in the process of completing its Business
Strategic Plan; and
WHEREAS, these positions are critical in order to ensure that the department will be able to
continue to meet various financial reporting requirements and lay the foundation needed to achieve
the long-term financial reporting goals identified in the Strategic Business Plan; and
WHEREAS, these positions will result in no net impact to the General Fund in fiscal year
2006; and
WHEREAS, the ongoing General Fund fiscal impact of these positions will be
approximately $120,000; and
WHEREAS, the net impact to the Redevelopment Agency in fiscal year 2006 will be
$38,096 with an ongoing impact to the Agency projected to be approximately $50,000 per year.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency and the City
Council of the City of Chula Vista do hereby authorize the addition of one Associate Accountant,
one Accounting Technician and one Senior Management Analyst position in the Finance
Department; and
BE IT FURTHER RESOLVED the Redevelopment Agency and the City Council of the
City of Chula Vista do hereby authorize the appropriation of $114,248 to the Finance Department's
personnel services budget from the available balance of the General Fund based on unanticipated
revenues of$114,248; and
BE IT FURTHER RESOLVED the Redevelopment Agency and the City Council of the
City of Chula Vista authorize the appropriation from the Merged Project Area Fund for staff time
reimbursements of$38,096 to the Finance Department.
Presented by
Approved as to form by
Maria Kachadoorian
Director of Finance and Agency Treasurer
~
Moore
Attorney and Agency Counsel
J:\attomeylresolfmancelbudget transfer-appropriations FY 05-06
JOINT CITY COUNCIUREDEVELOPMENT AGENCY
AGENDA STATEMENT
Item
Meeting Date
d-.
9/13105
REVIEWED BY:
Resolution Amending the fiscal year 2004-05
budget in accordance with the Budget Transfer Policy and
approving additional appropriations in various funds
Director of Finance/Treasurer ~
City Manager f)~ 17 f\ (4/5ths Vote: Yes .lLNo_l
ITEM TITLE:
SUBMITTED BY:
The Council Policy on Financial Reporting and Transfer Authority requires that all
departments complete the fiscal year with a positive balance in each budget summary
category (Personnel Services, Supplies and Services, Other Expenses and Capital). In
order to comply with the intent of this policy, the transfers and appropriations listed on
Attachment A and discussed below are recommended for approval. All recommended
General Fund transfers can be done using existing appropriations and therefore will result
in no impact to the reserves.
RECOMMENDATION: That Council amend the fiscal year 2004-05 budget by
approving additional appropriations or transferring existing appropriations to ensure that all
departments end the fiscal year without exceeding the budget summary as required by
Council Policy.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
As part of the budget process, all departments projected their total expenditures for the
fiscal year. In the Third Quarter Status report, Council was advised that all General Fund
departments, except Police and Fire, would end the fiscal year within their approved
expenditure budgets. The remaining General Fund departments, with the exception ofthe
City Clerk, did achieve expenditure savings through a combination of both positive and
negative expenditure account variances within the budgetary categories.
The City Clerk's office exceeded its budget in the Personnel Services category ($27,375)
due to the hiring of the Senior Deputy City Clerk, which provided assistance to the Finance
Department in setting up a filing system. It is recommended that a budget transfer from the
Finance Department budget be used to offset the overage in the City Clerk's office.
Page 2, Item
Meeting Date 9/13/05
Community Development exceeded it's Services and Supplies ($42,180) budget primarily
due to the payment of fiscal year 2004 administrative fees to the City of San Diego for the
Enterprise Zone. Salary savings within Community Development will be used to offset the
overage.
Reauested Appropriations:
Additional appropriations are necessary for the following funds due to various reasons:
. CDBG Program Income Fund ($163,260) is utilized to account for CHIP loan
repayments and loan payoffs. Periodically a transfer is made to the CDBG grant
fund in order for these funds to be spent in accordance with HUD guidelines.
. Pumped Sewer DIF ($55,060), Poggi Canyon Sewer Basin DIF ($20,220) due to
greater than anticipated staff time charges
. Salt Creek Sewer DIF ($65,820) to account for interest on advances.
. 2000 Corporation Yard Certificate of Participation ($53,030) is necessary to account
for a transfer of bond proceeds to the reserve fund due to closure of the project
fund. This is in compliance with the bond indenture.
. Southwest Pass Through Funds ($45,259) are necessary to account for
underestimated pass through payments of tax increment revenues. The greater
than anticipated revenue is sufficient to cover the additional appropriation.
. Merged Redevelopment Project area fund experienced an unexpected claim in the
Southwest ($267,260) Project Area late in the fiscal year. Additional appropriations
are necessary to account for this payment.
Attachment A, included herein, details the fund, department, category and brief description
of each transfer or appropriation.
FISCAL IMPACT:
The recommended budget transfers in the General Fund and the RDA Merged Project
Fund will be covered by savings achieved within their approved budgets. Therefore, there
is no fiscal impact to their reserves.
The net fiscal impact resulting from additional appropriations in the remaining funds will be
$669,909 and in all cases will be funded by available reserves.
AGENCY RESOLUTION NO.
AND
COUNCIL RESOLUTION NO.
JOINT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA AMENDING THE FISCAL YEAR 2004-05 BUDGET IN
ACCORDANCE WITH THE BUDGET TRANSFER POLICY
AND APPROVING ADDITIONAL APPROPRIATIONS IN
VARIOUS FUNDS.
WHEREAS, the Council Policy on Financial Reporting and Transfer Authority requires
that all departments complete the fiscal year with a positive balance in each budget summary
category (Personnel Services, Supplies and Services, Other Expenses and Capital); and
WHEREAS, as part of the budget process, all departments projected their total
expenditures for the fiscal year; and
WHEREAS, in the Third Quarter Status report, Council was advised that all General
Fund departments with the exception of Police and Fire, would end the fiscal year within their
approved expenditure budgets; and
WHEREAS, the remaining General Fund departments, with the exception of the City
Clerk, did achieve expenditure savings through a combination of both positive and negative
expenditure account variances within the budgetary categories; and
WHEREAS, the City Clerk's office exceeded its budget in the Personnel Services
category ($27,375) due to the hiring of the Senior Deputy City Clerk, which subsequently
provided assistance to the Finance Department in setting up a filing system; and
WHEREAS, Community Development exceeded its Services and Supplies budget by
$42,180, primarily due to the payment of fiscal year 2004 administrative fees to the City of San
Diego for the Enterprise Zone.
WHEREAS, staff recommends a budget transfer from the Finance Department's budget,
in the amount of $27,375, to offset the overage in the City Clerk's office budget, and a budget
transfer from the Community Development personnel budget to its Supplies and Services budget,
in the amount of $42, 180; and
WHEREAS, additional appropriations are necessary for the following funds:
. $163,260 from the CDBG Program Income Fund to
. $55,060 from Pumped Sewer DIF to Other Expenses;
. $20,220 from Poggi Canyon Sewer Basin DIF to Other Expenses;
. $65,820 from Salt Creek Sewer DIF to Other Expenses;
. $53,030 from 2000 Corporation Yard Certificate of Participation to
. $45,259 from Southwest Pass Through Funds to Other Expenses;
. $267,260 from Merged Redevelopment Project area fund to Other Expenses.
WHEREAS, the recommended budget transfer in the General Fund and the
Redevelopment Agency Merged Project Fund will be covered by savings achieved within their
approved budgets and therefore there is no fiscal impact to their reserves; and
WHEREAS, the net fiscal impact resulting from additional appropriations in the
remaining funds will be $669,909 and in all cases will be funded by available reserves.
NOW, THEREFORE, BE IT RESOLVED that the Redevelopment Agency and the City
Council of the City of Chula Vista do hereby amend the fiscal year 2004-05 budget in
accordance with the Budget Transfer Policy and by approving additional appropriations in
various funds.
Presented by
Approved as to form by
Maria Kachadoorian
Director of Finance and Agency Treasurer
~
Moore
City Attorney and Agency Counsel
J:\attorney\reso\finance\Amend FY 04-05 budget finance
2
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PAGE 1, ITEM NO.: ...3
MEETING DATE: 09/13/05
REDEVELOPMENT AGENCY AGENDA STATEMENT
ITEM TITLE:
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA APPROVING A SUBORDINATION AGREEMENT WITH
THE SAN DIEGO TRUST BANK AND AUTHORIZING THE TRANSFER
OF A PORTION OF THE PROPERTY AT 760 BROADWAY AVENUE
WITHIN THE SOUTHWEST REDEVELOPMENT PROJECT AREA PRIOR
TO THE ISSUANCE OF THE CERTIFICATE OF COMPLETION
SUBMITTED BY:
REVIEWED BY:
COMMUNITY DEVELOPMENT DIRECTOR
EXECUTIVE DIRECTOR '1/
".;/'
~
4/5THS VOTE: YES c=J NO ~
BACKGROUND
The agency entered into a Disposition and Development Agreement with Carter Reese and
Associates and the Bitterlin Development Corporation on June 10, 2003 for the development of
40 lane homes a mixed-use component of 9 residential lofts and 9,000 square feet of
commercial space. The project is the first mixed use residential project to be built along Broadway
Avenue and is experiencing tremendous success. Subsequently, the rights and obligations under
the DDA were assigned to CHBD Chula Vista.
RECOMMENDATION
Staff recommends that the Agency approve the subordination agreement and authorize the
transfer of property prior to receipt of a certificate of completion.
BOARDS/COMMISSIONS RECOMMENDATION
Not applicable.
DISCUSSION
The project is almost complete and all but a few of the 40 lane homes are ready to close escrow.
In addition, the mixed-use retail component is close to completion and a buyer has been
identified. In order for the buyer [The Jeannine Louise Yusunas Living Trust] to purchase the
mixed-use component of the project permanent financing must be obtained. The proposed
permanent lender [San Diego Trust Bank] has requested the proposed subordination agreement
so that they can issue the loan. The subordination agreement proposes the following:
PAGE 2, ITEM NO.:
MEETING DATE: 09/13/05
. Agency subordinate all of its rights and interest under the development agreement, the
grant deed and any amendments or modification to the development agreement.
. The loan shall be and remain at all times liens and charges on the real property prior to
the lien and charge of the Agency and Agency documents.
. That any enforcement action taken by the Agency not takes place until the lender
indebtedness has been paid in full and the lender has released its lien in the real
property.
. That the Agencies give up its option and right of reentry contained in the Development
Agreement and grant deed.
The proposed language in the subordination agreement is standard when components of a
proiect, subject to a Development Agreement, require permanent financing. Since the project is
within weeks of final completion, Agency staff is not concerned with subordinating our position in
the project. The terms of this subordination agreement are substantially similar to the terms of
the original subordination agreement previously entered into by the Agency when the proiect was
approved.
In addition to the subordination agreement the developer has requested permission from the
Agency to transfer the property to the buyer prior to receipt of a certificate of completion. The
proiect is substantially complete and staff supports the request of the developer to transfer
ownership of the site prior to receipt of their certificate of completion.
ENVIRONMENTAL
The Environmental Review Coordinator has reviewed the proposed activity for compliance with the
California Environmental Quality Act (CEQA) and has determined that the activity is not a "Proiect"
as defined under Section 15378 of the State CEQA Guidelines; therefore, pursuant to Section
15060(93) of the State CEQA Guidelines the activity is not subject to CEQA. Thus, no
environmental review is necessary.
FISCAL IMPACT
The Agency received $1, 350,000 as complete payment for the development site in April 2004.
J: \COMMDEV\ST AFF .REP\2005\09 - 13-05\Subordi nation Agmt-Bitterlin.doc
RESOLUTION NO.
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF CHULA VISTA APPROVING A SUBORDINATION AGREEMENT
WITH THE SAN DIEGO TRUST BANK AND AUTHORIZING THE
TRANSFER OF A PORTION OF THE PROPERTY AT 760
BROADWAY AVENUE WITHIN THE SOUTHWEST
REDEVELOPMENT PROJECT AREA PRIOR TO THE ISSUANCE
OF THE CERTIFICATE OF COMPLETION
WHEREAS, the Redevelopment Agency of the City of Chula Vista entered into a Disposition
and Development Agreement ("DDA") with Bitterlin development Corporation and Carter, Reese &
Associates on June 10, 2003 by Agency resolution No. 1826 for the development of 760 Broadway
Avenue ("Real Property"); and
WHEREAS, Developer thereafter conveyed and assigned all of its rights, interests and
obligations in the DDA to its successor, CHBD Chula Vista, LLC, a California Limited Liability
Company (CHBD); and
WHEREAS, Agency granted to CHBD the Real Property subject to the DDA through a Grant
Deed April 20, 2004 and recorded in the Official Records of the County of San Diego on April 23,
2004 (Hereinafter, "Grant Deed") and
WHEREAS, The Yusumas Living Trust ("Buyer") intends to acquire the retail component of
the Real Property, together with all improvements now or hereinafter located or constructed thereon;
and
WHEREAS, the Redevelopment Agency is being asked to subordinate its position in the
retail component of the Real Property by the San Diego Trust Bank in order for Buyer to secure
permanent financing on the retail component of the project; and
WHEREAS, the Redevelopment Agency subordinated its position in the Real Property on
similar terms and conditions at the time the Grant Deed was conveyed to CHBD; and
WHEREAS, Section 3.3(b) of the DDA prohibits the transfer of any portion of the Real
Property prior to the receipt of a certificate of completion without the prior consent of the Agency;
and
WHEREAS, CHBD has requested the Agency consent to the transfer of the retail portion of
the Real Property from CHBD to THE JEANNINE LOUISE YUSUNAS LIVING TRUST DATED
AUGUST 1998 for property located at 760 Broadway prior to receipt of a certificate of completion;
and,
WHEREAS, in accordance with the requirements of California Environmental Quality Act
(CEQA) the Environmental Review Coordinator reviewed the proposed project for compliance with
CEQA and determined that the activity is not subject to CEQA at this time.
NOW, THEREFORE, BE IT RESOLVED the Redevelopment Agency of the City of Chula
Vista does hereby approve the subordination agreement with San Diego Trust Bank, authorizes the
Chair to execute said agreement, and approves the transfer of the property from CHBD to THE
JEANNINE LOUISE YUSUNAS LIVING TRUST DATED AUGUST 1998 for retail portion of the
property located at 760 Broadway prior to receipt of a certificate of completion.
PRESENTED BY
Laurie Madigan
Director of Community Development
J :\COMMDEV\RESOS\2005\09-13-05\Bitterlin.doc
APPROVED AS TO FORM BY
d;~/Id~ !ku
-Z:Moore 0
gency Attorney
WHEREAS, Developer thereafter conveyed and assigned all of its rights, interests
and obligations in the Development Agreement to its successor, CHBD Chula Vista, LLC, a
California Limited Liability Company (CHBD).
WHEREAS, Agency granted to CHBD the Real Property subject to the
Development Agreement through a Grant Deed April 20, 2004 and recorded in the Official
Records of the County of San Diego on April 23, 2004 (Hereinafter, "Grant Deed").
WHEREAS, certain covenants in the Development Agreement are or will be
contained in the Grant Deed under which Borrower will obtain title to the Real Property and
which are thereby relevant to Lender's financing of Borrower's purchase of the Real Property.
Among those are the Agency's option to reenter and take possession of the Real Property and its
improvements and to terminate Borrower's rights to the Real Property, in accordance with
Section 5.7 of the Development Agreement and Section 7 of the Grant Deed. Among other
rights contained in the Development Agreement, the Agency holds an option to purchase the
Real Property from Developers in the event of a default by Developers in completion of the
construction ofthe improvements pursuant to Section 6.4 of the Development Agreement.
WHEREAS, it is a condition precedent to Borrower obtaining the Loan for the
acquisition of the Real Property, that (i) the Loan Documents and all other documents arising
from the Loan shall unconditionally be and remain at all times a Lien and charge upon the Real
Property prior and superior to the Lien and charge of the Agency's rights and any and all of
Agency's Documents pertaining to or arising from the development of the Real Property, arid,
(ii) the Agency specifically and unconditionally subordinates the Lien and charge of the Agency
rights and Agency Documents to the Deed of Trust and any other Loan Documents pertaining to
the Loan, subject to the terms and conditions herein.
WHEREAS, Lender would not make the Loan to Borrower without this
Subordination Agreement.
THEREBY, in consideration of the mutual benefits accruing to the parties hereto
and other valuable consideration, the receipt and sufficiency of which consideration is hereby
acknowledged, it is hereby understood and agreed as follows
TERMS AND CONDITIONS OF AGREEMENT
1. Definitions. As used herein, the following terms have the meanings set forth
below:
"Borrower Default" means a Default or Event of Default as defined in any agreement or
instrument evidencing, governing, or issued in connection with the Lender's Indebtedness, or
any default under or breach of any such agreement or instrument.
...
"Collateral" means all collateral now or hereafter securing payment of the Lender
Indebtedness, including the Real Property and all proceeds thereof.
2
"Lien" means any security interest, mortgage, deed of trust, pledge, lien, charge,
encumbrance, title retention agreement or analogous instrument or device, covenants pursuant to
the Development Agreement and Deed of Trust whether now owned or hereafter acquired, and
whether arising by agreement or operation oflaw.
"Lender Indebtedness" means each and every debt, liability and obligation of every type
and description which the Borrower may now or at any time hereafter owe to the Lender,
whether such debt, liability or obligation now exists or is hereafter created or incurred, and
whether it is or may be direct or indirect, due or to become due, absolute or contingent, primary
or secondary, liquidated or unliquidated, or joint, several or joint and several, all interest thereon,
and all fees, costs and other charges related thereto (including all interest, fees, costs and other
charges accruing after the commencement of any case, proceeding or other action relating to the
bankruptcy insolvency or reorganization of the Guarantor, whether or not allowed in such
proceeding or other action), all renewals, extensions and modifications thereof and any notes
issued in whole or partial substitution therefor.
2. Subordination of Agencv Rights. As a condition to making any loan or
extension of credit to the Borrower, the Lender has required that Agency subordinate all of its
rights and interests under the Development Agreement, the Grant Deed and any amendment or
modification thereto, any Memorandum that is recorded to memorialize the Development
Agreement, and all other documents executed pursuant thereto or in connection therewith, as
each may be extended, amended or otherwise modified ("Agency Documents"). Thereby,
subj ect to the terms and conditions set forth in this Agreement, Agency hereby confirms that
Lender's Loan Documents and all other documents arising from the Loan shall unconditionally
be and remain at all times liens and charges on the Real Property prior and superior to the lien
and charge ofthe Agency and the Agency Documents. The Agency Documents shall continue to
be subordinated to the Lender Indebtedness even if the Lender Indebtedness is subordinated,
avoided or disallowed under the United States Bankruptcy Code or other applicable law.
3. Action on Subordinated Indebtedness. The Agency will not commence
any action or proceeding against the Borrower on all or any part of the Agency Documents,
including Sections 5.7 and 6.4 of the Development Agreement or Section 7 of the Grant Deed, or
join with any creditor (unless the Lender shall so join) in bringing any proceeding against the
Borrower under any bankruptcy, reorganization, readjustment of debt, arrangement of debt
receivership, liquidation or insolvency law or statute of the federal or any state government, or
take possession of, sell, or dispose of any Collateral, or exercise or enforce any right or remedy
available to the Agency with respect to any such Collateral, unless and until the Lender
Indebtedness has been paid in full and the Lender has released its Lien in the Collateral.
3.1 Survival of Deed of Trust for Borrower's Loan. As long as the
Loan Documents have not been cancelled or terminated as a result of payment in full of the Loan
obtained by Borrower from Lender, or as a result of the completion of a judicial or non-judicial
foreclosure of the Deed of Trust, any exercise by the Agency of its Agency rights under the
Agency Documents shall be subject to and secondary to the Loan and the Deed of Trust, and
Agency specifically confirms that the title that shall transfer upon exercise of the Agency's right
of reentry shall be subject and secondary to the Lender's Deed of Trust.
",
3
3.2 Agencv's Survival Rights. In the event of a default, and so long
as the Agency has been given concurrent Notice of Default, and Notice of Trustee's Sale, Notice
of Sheriff's Sale, or other statutory notices of a foreclosure, or in the case of a deed in lieu of
foreclosure following a Notice of Trustee's Sale, Lender or its successor has given Agency at
least thirty (30) days advance written notice of its intention to accept a deed in lieu of
foreclosure, the consummation of any judicial or non-judicial foreclosure sale and/or any deed in
lieu of foreclosure under the Lender's Deed of Trust ("Foreclosure Transfer") shall immediately
terminate all Agency rights under the Agency Documents, except only for the following rights
and remedies that shall be preserved and shall survive such Foreclosure Transfer:
3.2.1 Any owner of the Real Property following a Foreclosure
Transfer shall, subject the qualifications in this section, continue to be obligated to comply with
the prohibitions on discrimination and the obligations relating to the construction, use or leasing
of the Real Property, all in accordance with those pertinent sections of the Development
Agreement and the Grant Deed. This Section does not and shall not, under any circumstances,
obligate Lender, its successors and assigns to construct or complete the project or to guarantee
such construction or completion.
3.2.2 The Agency understands and agrees that its ability to utilize
ordinary contract remedies, in addition to those delineated in the Development Agreement, for
failure by a transferee of a Foreclosure Transfer to comply with the obligations of the
Development Agreement, does not allow it to exercise the Option and right of Reentry contained
in the Development Agreement and Grant Deed in the event of a Foreclosure Transfer.
3.2.3 Agency understands and agrees that the Options delineated
in Section 6.4 (To purchase the Real Property); Section 5.7 (the Right of Reentry), and the
prohibitions against Borrower's transfer of the Real Property pursuant to Section 3.3 of the
Development Agreement, shall be extinguished by a Foreclosure Transfer, subject to the terms
and conditions ofthis Subordination Agreement.
3.3 Right of First Refusal. Notwithstanding the extinguishment of the
Agency Rights above, if Lender or an affiliate of Lender becomes the owner of the Property
through a Foreclosure Transfer, Redevelopment Agency shall have a right of first refusal for the
purchase of the Property in accordance with the terms of this Section 3.3 (the "Right of First
Refusal"). Accordingly, prior to selling the Property to any other builder or other person, the
Lender (or its affiliate) shall give Redevelopment Agency notice of the terms of such sale,
including copies of the applicable sale documents, as soon as such sale terms have been
negotiated and documented, and in any event at least 45 days in advance of the target closing
date for such sale, and Redevelopment Agency shall have the right, upon timely notification of
its exercise of such Right of First Refusal and timely closing, to acquire the Property in bulk on
the same terms as have been offered by or agreed to by such builder or other person.
"
3.3.1 To exercise the Right of First Refusal, Redevelopment
Agency shall give written notice of its election to exercise such Right of First Refusal within 30
days after receiving notice of the terms of such proposed sale by Lender or its affiliate to the
builder or other person, and Lender (or its affiliate) and Redevelopment Agency shall then enter
4
into a binding agreement on the same terms as were offered or agreed to by the other builder or
other person, including price, condition of title, condition of property, and other terms (and the
parties will agree to a modified or substituted term other than the essential terms listed above if
by its special nature a term to another party is not reasonably capable of being met by
Redevelopment Agency). Redevelopment Agency shall close its purchase of the Property under
the Right of First Refusal by the later of (i) 15 days after the date the Agency provided notice to
Lender of its election to exercise the Right of First Refusal, or (ii) the period of time for closing
set forth in the purchase documentation between Lender and the builder or other person, unless,
after having executed a purchase and sale agreement, such closing deadline is extended by
mutual agreement of Agency and Lender. Bank understands that Redevelopment Agency may
attempt to arrange a sale to a successor builder or other person, which may be a sale by the
Redevelopment Agency that closes simultaneously with the sale by the applicable Lender to the
Redevelopment Agency, but Lender shall not be required to assume any additional obligations as
a result of or in connection with such simultaneous closing to another builder or other person and
shall be defended and indemnified by Agency against any additional costs relating thereto.
3.3.2 Redevelopment Agency's failure to issue a written notice of
its election to exercise the Right of First Refusal or Redevelopment Agency's refusal to accept
such terms and agree in writing to purchase the Property on such terms shall enable Lender (or
its affiliate) to sell the Property to such other purchaser on substantially the same terms (or more
advantageous to such Lender or affiliate) as were offered to Redevelopment Agency for a period
of 6 months from the date when such terms were offered to Redevelopment Agency until the
closing of the sale, and such other purchaser shall be permitted to acquire the Property on such
terms and free and clear of the Agency Rights (except the provisions of the DDA and the Grant
Deed that are designated to survive pursuant to Section 3.2), the Right of First Refusal, and any
other option or right of first refusal in favor of Redevelopment Agency. If the closing fails to
occur within the 6 month period as provided herein, Redevelopment Agency shall continue to
have its right of first refusal set forth in this Section 3.3.
4. Action Concerning Collateral.
4.1 Possession of Collateral. Notwithstanding any Lien now held
or hereafter acquired by the Agency, the Lender may take possession of, sell, dispose of, and
otherwise deal with all or any part of the Collateral, and may enforce any right or remedy
available to it with respect to the Borrower or the Collateral, all without notice to or consent of
the Agency except as specifically required by applicable law.
(i) Agency understands and agrees that the lien granted to it under
Section 6.5 of the Development Agreement for any expense incurred by it in curing a default by
Developer under the Loan Documents is and shall be subordinate and inferior to the Deed of
Trust held by Lender.
'"
(ii) Section 6.3 of the Development Agreement and Section 9 of the
Grant Deed shall not be interpreted to prevent Lender, pursuant to the Loan Documents, from
continuing or completing construction of improvements on the Real Property, should these be
5
necessary, in order to cure any default by Borrower, Developer or CHBD under the Development
Agreement, and in doing so, Lender will shall not be deemed to have assumed any or all
obligations of Developer of CHBD unless Lender in its sole discretion specifically assumes such
obligations in writing. However, if Lender undertakes to continue or complete any
improvements with respect to a particular lot or building, it shall do so in accordance with the
Development Plan.
4.2 No Agencv. In no event shall the Lender be deemed the
Agency's agent with respect to the Collateral. All proceeds received by the Lender with respect
to any Collateral may be applied, first, to payor reimburse the Lender for all costs and expenses
(including reasonable attorneys' fees) incurred by the Lender in connection with the collection of
such proceeds, and, second, to any Lender Indebtedness secured by the Lender's Lien in that
Collateral, in any order that it may choose.
5. Continuing Effect. This Agreement shall constitute a continuing
agreement of subordination, and the Lender may, without notice to or consent by the, modify any
term of the Lender Indebtedness in reliance upon this Agreement. Without limiting the generality
of the foregoing, the Lender may, at any time and from time to time, without the consent of or
notice to the Agency and without incurring responsibility to the Agency or impairing or releasing
any of the Lender's rights hereunder:
(a) sell, exchange, release or otherwise deal with the Real Property at any
time securing payment of the Lender Indebtedness or any part thereof;
(b) release anyone liable in any manner for the payment or collection of the
Lender Indebtedness or any part thereof; and,
(c) exercise or refrain from exercising any right against the Borrower, or any
other person.
6. Modifications Requiring Reaffirmation of the Subordination Agreement.
The following modifications to the Loan Documents may be categorized as a novation to
this Agreement and shall thereby require the Agency's written reaffirmation of the subordination
provisions of this Agreement, which shall not be umeasonably withheld by Agency so long as it
is not sought under Section 6(c) in which case the Agency may provide or withhold affirmation
in its sole discretion:
(a) An increase in the interest rate charged under the Loan. This shall not
include late charges after default or increases in the interest rate as a result of increases of the
index rate that is used by Lender as its base or index rate under the loan;
(b) An increase in the total amount of the Loan by more than five percent
(5%) at anyone time, or in the aggregate; and,
~
(c) An authorization of disbursements of the Loan to be used for properties
other than the Real Property or for purposes other than the acquisition of the Real Property.
6
7. Modifications Not Requiring Reaffirmation of the Subordination
Agreement. The terms of this Subordination Agreement shall automatically apply to the
following additional amendments or other modifications of the Loan Documents without the
need for any written reaffirmation or other written Agreement:
(a) Any and all additional advances, extensions, amendments or other
modifications or the Loan Documents that do not contain any of the modifications defined in
Section 7 herein;
(b) Lender's election to advance funds sufficient to cure defaults, in the event
of a default under the Loan, even if such advances may result in the aggregate amount advanced
by Lender exceeding the original principal amount of the Loan; and,
(c)
Lender's Liens.
Lender's election to advance additional funds to preserve or protect the
8. Notice. All notices and other communications hereunder shall be in
writing and shall be (i) personally delivered, (ii) transmitted by registered mail, postage prepaid,
or (iii) transmitted by telecopy, in each case addressed to the party to whom notice is being given
at its address as set forth below:
If to the Lender:
San Diego Trust Banle
2550 Fifth Avenue, Suite 120
San Diego, CA 92103
Telephone: (619) 525-1700
Attention: Real Estate Lending Manager
If to the Agency:
Attention:
Telephone: L->_-
or at such other address as may hereafter be designated in writing by that party. All such notices
or other communications shall be deemed to have been given on (i) the date received if delivered
personally, (ii) the date of posting if delivered by mail, or (iii) the date of transmission if
delivered by facsimile.
-=
9. Conflict in Agreements. If the subordination provisions of any instrument
evidencing a subordinated indebtedness conflict with the terms of this Agreement, the terms of
this Agreement shall govern the relationship between the Lender and the Agency.
7
10. No Waiver. No waiver shall be deemed to be made by the Lender of any
of its rights hereunder unless the same shall be in writing signed on behalf of the Lender, and
each such waiver, if any, shall be a waiver only with respect to the specific matter or matters to
which the waiver relates and shall in no way impair the rights of the Lender or the obligations of
the Agency to the Lender in any other respect at any time.
II. Other Agreements. This Subordination Agreement shall be the whole
and only agreement with regard to the subordination of the Agency's rights and the Agency
Documents to the lien and charge of the Deed of Trust. This Subordination Agreement shall
supersede and cancel any prior agreements as to any provisions in the Agency Documents, which
relate to the priorities of the Agency Documents. To the extent that any provisions in this
Agreement are inconsistent with the provisions of the Agency Documents, the provisions of this
Subordination Agreement shall supersede and control, and Agency may not enforce any
provisions of the Agency Documents that are inconsistent with this Subordination Agreement if
Lender objects thereto in writing. However, this Subordination Agreement is not intended for
the benefit of Borrower.
12. Loan Proceeds. Lender's disbursement of the Loan proceeds to
Borrower does not, in any way, obligate it to supervise their application and their disbursement
shall not defeat the subordination made in this Agreement.
13. Binding Effect; Acceptance. This Agreement shall be binding upon the
Agency and the Agency's heirs, legal representatives, successors and assigns and shall inure to
the benefit of the Lender and its participants, successors and assigns irrespective of whether this
or any similar agreement is executed by any other subordinated creditor. Notice of acceptance by
the Lender of this Agreement or of reliance by the Lender upon this Agreement is hereby waived
by the Agency.
14. Miscellaneous. The paragraph headings herein are included for
convenience of reference only and shall not constitute a part of this Agreement for any other
purpose. This Agreement may be executed in any number of counterparts, each of which shall be
an original, but all of which together shall constitute one instrument.
15. Governing Law: Consent to Jurisdiction and Venue: Waiver of Jury Trial.
This Agreement shall be governed by and construed in accordance with the substantive laws
(other than conflict laws) of the State of California. Each party consents to the personal
jurisdiction of the state and federal courts located in the State of California in connection with
any controversy related to this Agreement and agrees that any litigation initiated by any of them
in connection with this Agreement may be venued in either the state or federal courts located in
San Diego County, California. THE PARTIES WAIVE ANY RIGHT TO TRIAL BY JURY '"
IN ANY ACTION OR PROCEEDING BASED ON OR PERTAINING TO THIS
ACKNOWLEDGMENT.
8
EXHIBIT A
PARCEL 1 OF PARCEL MAP NO. 19583, IN THE CITY OF CHULA VISTA, COUNTY
OF SAN DIEGO, STATE OF CALIFORNIA, FILED IN THE OFFICE OF THE
COUNTY RECORDER OF SAN DIEGO COUNTY, SEPTEMBER 28,2004.
..
10
EXHIBIT B
[attach copy of Subordinated Agency Documents with following legend]
THESE INSTRUMENTS ARE SUBJECT TO THE TERMS OF A SUBORDINATION
AGREEJ\1ENT BY THE REDEVELOPJ\1ENT AGENCY OF THE CITY OF CHULA
VISTA IN FAVOR OF SAN DIEGO TRUST BANK, DATED AS OF SEPTEMBER
,2005.
--
11
ALL PURPOSE ACKNOWLEDGMENT
State of Ga.l i fOY"lIt; d
County of Sdl/\ 0 I fl-)O
OnlXphVJ,1bfV (0 2005 beforeme,~i A. :Tdes., Norc~ VUhl,'r_
Date I Name and Title of Officer'(e.g., "Jane . Notary Public")
personally appeared ~O e; S 1~'VI ~V10 Yl!>
Name(s) of Signer(s)
D personally known to me - OR
o f.trovt.e1 to II''':'' 0" tl.<.. 68SiG gf iatidastsry Q"i88nGli~ to be the
person(sJ whose name(S.@aI'&subscribed to the within
instrument and acknowledged to me th~y
executed the same in~r authorized
capacity(~), and that by ~/h9l'ilReir signature(s.) on
the instrument the person(sJ, or the entity upon behalf of
which the person(s.) acted, executed the instrument.
l.- - - - ~~=':lEE2:33 - t
I NoIcIy Public . CaIIamIa ~
Ian DIego CculIy
.. - - - ~~-~-~~~
WITNESS my hand and official seal.
~
~tl1i{' n. dd} A. )
Signature of Notary Public
DOCUMENT TYPE: SLlhorCULld:hoVl Ac)fuVWIA t
DOCUMENT DATE: Sep~. QO()5
OTHER SIGNERS Kede velopvW'4-tr A~e-1'le ~ Clw Id V is r p
..
ALL PURPOSE ACKNOWLEDGMENT
State of
County of
On
before me,
Name and Title of Officer (e.9., "Jane Doe, Notary Public")
Date
personally appeared
Name(s) of Signer(s)
o personally known to me - OR - 0 proved to me on the basis of satisfactory evidence to be the
person(s) whose name(s) is/are subscribed to the within
instrument and acknowledged to me that he/she/they
executed the same in his/her/their authorized
capacity(ies), and that by his/her/their signature(s) on
the instrument the person(s), or the entity upon behalf of
which the person(s) acted, executed the instrument.
WITNESS my hand and official seal.
Signature of Notary Public
DOCUMENT TYPE:
DOCUMENT DATE:
OTHER SIGNERS:
""