[00:00:01]
[I. Call to Order.]
CALL TO ORDER THE MEETING OF THE L-A-U-S-D, ADMINISTRATIVE BUILDING FINANCE CORPORATION ANNUAL MEETING FOR THE BOARD OF DIRECTORS.MS. ORTIZ FRANKLIN PRESENT AS A PRESENT.
UH, I DID HEAR IT, BUT I DON'T THINK THE MIC PICKED IT UP.
FIRST ORDER OF BUSINESS IS APPROVAL
[II. Approval of prior meeting minutes.]
OF PRIOR MINUTES.CAN I HAVE A MOTION AND A SECOND TO APPROVE THE PRIOR MINUTES? MOVE IT.
MOVED BY MS. CONEZ, SECONDED BY MS. NEWBELL.
THAT'S SEVEN AYES FOR THE PRIME MEETINGS.
NOW WE SET THE BOARD OF DIRECTORS.
[III. Appointment, Designation, and Ratification of Officers.]
ONTO THE RECORD.THE PURPOSE OF THE CORPORATION IS TO ASSIST IN, IN THE DISTRICT COP FINANCINGS RELATED TO THE BERY HEADQUARTERS FACILITY.
ONLY THE ROLE OF THE CORPORATION IS MINISTERIAL.
THERE IS NO OTHER SIGNIFICANT BUSINESS UNDERTAKEN BY THE BOARD OF DIRECTORS AND THE BOARD OF DIRECTORS SHALL BE AS FOLLOWS.
PRESENT OF THE CORPORATION SHALL BE THE CURRENT PRESIDENT OF THE BOARD OF EDUCATION.
MR. SSON, THE VICE PRESIDENT OF THE CORPORATION, SHALL BE THE CURRENT VICE PRESIDENT OF THE BOARD OF EDUCATION.
DR. RIVAS, THE TREASURER OF THE CORPORATION SHALL BE THE, UH, INCOMING CHIEF FINANCIAL OFFICER OF THE DISTRICT, MR. SIMON BRAVO KARIMI AND THE SECRETARY OF THE CORPORATION SHALL BE THE CURRENT CONTROLLER OF THE DISTRICT.
MAY I HAVE A MOTION TO APPROVE THIS BOARD OF DIRECTORS AS I JUST READ THEM? MOVED BY SECOND.
MOVED BY BOARD PRESIDENT SCHON, SECONDED BY MS. EZ.
IS THERE ANY PUBLIC COMMENT ON THIS? COME ON UP.
YOU'LL HAVE TWO MINUTES TO SPEAK ONCE YOU BEGIN, SIR.
HAD ME FOR THREE MINUTES, BUT YOU'VE INSISTED ON FOUR FOR THE DUE PROCESS.
AGAIN, I WANNA SAY THESE ARE GREAT IDEAS.
THIS BUILDING WAS BOUGHT WITH CLPS AND SIMILAR TO THE SODO MAOR WHERE THE DISTRICT LOST $20 MILLION OR THREE TIMES DURING MY 12 YEARS, WE GIFTED AWAY $20 MILLION BECAUSE THERE WERE BAD ACTORS OUT THERE.
AND IN THE CASE OF SOTOMAYOR, THE GENTLEMAN BOUGHT THE BUILDING.
THIS WAS THE LARGEST DONOR TO ANTONIO VISO, WHO'S RUNNING FOR GOVERNOR, WHO GOT THAT MONEY.
AND WE HAD TO IMMINENTLY REMAIN AND WE PAID MORE FOR THAT PROPERTY.
THANK GOODNESS WE HAVE THAT SCHOOL AND IT'S HELPFUL.
SIMILARLY, THIS BUILDING HAD WHAT WAS CALLED THE Z AND ZZ BONDS.
IT WAS LIKE A SECOND, UM, WHAT DO YOU CALL IT? UH, TRUST ON THIS BUILDING.
AND INSTEAD OF LETTING THE BUILDING FORECLOSE AND NOT HAVING TO PAY THE DOUBLE Z BONDS, WHO WERE OWNED BY SOME SIGNIFICANT PHILANTHROPISTS AND POLITICIANS HERE IN THIS TOWN WHO HAS A MUSEUM OVER THERE ON GRAND AVENUE, UM, HE HAD THE DEBT AND WE PAID OUT THAT DEBT.
SO WE PAID AN EXTRA 20 MILLION, BUT IT WAS COP, SO IT DIDN'T DAMAGE THE BOND CAMPAIGN, BUT IT DAMAGED THE TREASURY OF THIS BUILDING.
SO AGAIN, THE PRESENTATIONS DON'T QUITE GIVE ALL THE HISTORY, BUT THIS IS A GREAT IDEA.
UH, IT AVOIDS SOME OF THESE THINGS BECAUSE IT ALLOWS THE DISTRICT TO MOVE IN A SENSE FASTER THAN, UH, GOVERNMENT CAN DO AND LET THE OTHERS DO THINGS.
BUT I DO WANNA BRING UP THOSE COOPS.
AND MORE IMPORTANTLY, THE DEVELOPER FEES OR IMPACT FEES.
THE BOARD NEEDS TO DEVELOP POLICY.
EVERY BUILDING YOU SEE GOING UP AROUND YOUR SCHOOL'S, APARTMENT BUILDINGS, THAT'S $5 A SQUARE FOOT FOR LA UNIFIED.
SO IF YOU SEE SOMETHING ALONG THE TWO FREEWAY BEING BUILT, BIG APARTMENT BUILDINGS, IF THAT IS 50,000 SQUARE FEET, THE DISTRICT GOT A QUARTER OF A MILLION DOLLARS.
WHERE THAT MONEY GOES, I DON'T KNOW.
IT GOES INTO A SLUSH FUND IN A SENSE, FOR ALL FACILITIES PROJECTS, I THINK A GOOD IDEA WOULD BE TO MAKE SURE THAT HALF THE MONEY STAYS IN THE NEIGHBORHOODS WHERE THE DEVELOPMENT IS AND HALF GOES TO THE GENERAL, UH, FACILITIES FUND BECAUSE THOSE ARE IMPACT FEES IMPACTS ON THE NEIGHBORHOOD, ELEMENTARY SCHOOLS AND SCHOOLS.
ARE THE ANY OBJECTIONS TO ADJOURNMENT? THE TIME IS NOW 10 13 AND THE MEETING IS AJOUR.