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HomeMy WebLinkAboutRDA MINUTES 1998 06 01 MINUTES REGULAR MEETING OF THE TUSTIN COMMUNITY REDEVELOPHENT AGENCY CITY OF TUSTIN, CALiFORNiA JUNE 1, 1998 CALL TO ORDER The meeting was called to order by Chair Saltarelli at 10:35 p.m. at the Council Chambers, 300 Centennial Way, Tustin, California. ROLL CALL : Members Present: Thomas R. Saltarelli, Chair Tracy Wills Worley, Chair Pro Tem Mike Doyle 3im Potts 3effery M. Thomas Members Absent: None Recording Secretary: Pamela Stoker (Absent) Others Present: William A. Huston, Executive Director 3ohn Cavanaugh, Assistant City Attorney Christine Shingleton, Assistant Executive Director George 3effries, City Treasurer Elizabeth Binsack, Director of Community Development Steve Foster, Chief of Police Ronald A. Nault, Finance Director Tim Serlet, Director of Public Works Pat Sanchez, Director of Parks and Recreation Services Dana Kasdan, Engineering Services P4anager Rita Westfield, Assistant Director/Community Development Martin Pastucha, Field Services Manager Valefie Crabill, Chief Deputy City Clerk ,--' Scott Reekstin, Associate Planner i 3oe Ivleyers, Administrative Assistant ~ Minoo Ashabi, Assistant Planner Gary Veeh, Water Services Manager ' Approximately 12 in the audience REGULAR BUSINESS (ITEMS I THROUGH 3 ) 1. APPROVAL OF MINUTES - MAY 18, 1998 REGULAR MEETING Tt was moved by Doyle, seconded by Worley, to approve the Redevelopment Agency Ivlinutes of May 18, 1998. Motion carried 5-0. 2. APPROVAL OF DEMANDS it was moved by Doyle, seconded by Worley, to approve Demands in the amount of $197,152.95. Motion carried 5-0. 380-10 ! 3. PROPOSAL TO REFINANCE OUTSTANDING 1987 AND 1991 TOWN CENTER PROJECT AREA TAX ALLOCATION BONDS Mayor Saltarelli announced he would abstain from voting on this matter due to personal knowledge of the firms involved. Ron Nault, Director of Finance, reported that the refinancing was within the same parameters of the existing bonds; projected savings would be approximately 8.36%; and stated that due to a scheduling conflict with Quint & Thimming, LLP, staff recommended selection of the Law Offices of McFarlin and Anderson as Bond Counsel. :It was moved by Doyle, seconded by Thomas, to authorize staff to proceed with the proposal for refunding the outstanding 1987 and :L991 Tax Allocation Bonds; authorize the REDEVELOPMENT AGENCY MINUTES Page 2, 6-1-98 Finance Director to enter into an agreement with Public Financial Management, Inc. to provide services outlined in the subject proposal; select the Law Offices of McFarlin and Anderson as Bond Counsel/Disclosure Counsel; and authorize staff and the Agency's consultants to negotiate directly with 3ohn Nuveen and Company, Xnc., Investment Bankers, to refinance referenced bonds. If staff cannot come to an agreement on price, staff would proceed with alternatives as recommended by members of the financing team and report back to the Agency at the first available meeting. Agency/staff discussion followed regarding the bond terms would not be extended; the favorable interest rate; and interest rates were expected to increase. Motion carried 4-0, Saltarelli abstained. 350-55 OTHER BUSINESS - None CLOSED SESSION - None ADJOURNMENT Chair Saltarelli adjourned the meeting at 10:40 'p.m. The next regular meeting of the Redevelopment Agency was scheduled for Monday, 3une 15, 1998, at 7:00 p.m. in the Council Chambers at 300 Centennial Way. THOMAS R~HAIR PAMELA STOKER, RECORDING SECRETARY