ROLL CALL Chairwoman Sanderson, Vice Chairman Wong,
Commissioners Miller, Herfert, Hernandez
Others Present: Pasmant Alvarez-Glasman, Fields, Freeland, Morgan, McDonald, Yuasa, Semblantes, Yauchzee, Wills, Elliott, Rodriguez, Taylor, McIsaac, Samaniego, Bachman, Durbin, Rush
APPROVAL OF MINUTES The following minutes were approved as presented:
Regular Meeting of February 15, 2005
Special Meeting of March 1, 2005
CONSENT CALENDAR
Item I-A Treasurers Report for the Month of August 2005
Recommendation is that the Commission receive and file the treasurer’s report of cash balances and investments.
Item I-B Approval of Legal Documents Related to the Refinancing of the Lakes Project by West Covina Lakes Associates, LLC
Recommendation is to approve the request of West Covina Lakes Associates to execute the Subordination Agreement and Amendment, Lessor Estoppel Certificate and Estoppel Certificate in conjunction with their refinance of the Lakes Project.
CONSENT CALENDAR ITEM Motion by Wong and seconded by Hernandez to approve the foregoing Consent Calendar items. Motion carried 5-0.
Motion by Wong and seconded by Hernandez to reconsider the motion taken on the consent calendar items in order to consider the following speakers. Motion carried 5-0.
Joanne Wilner, West Covina resident, posed several questions regarding repayment to the CDC from the refinancing by the West Covina Lakes Association and the subordination agreement.
Finance Director Bachman responded to questions.
Jim Wadsworth, Managing General Partner, addressed questions regarding the existing mortgage on the property.
Motion by Herfert and seconded by Wong to approve all items on the consent calendar. Motion carried 5-0.
ADJOURNMENT Motion by Wong and seconded by Hernandez to adjourn the meeting at 9:19 pm. Motion carried 5-0.
Chairman Shelley Sanderson
