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HomeMy WebLinkAboutRDA MINUTES 1994 02 09 MINUTES ADJOURNED REGULAR MEETING OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY CITY OF TUSTIN, CALIFORNIA FEBRUARY 9, 1994 CALL TO ORDER The meeting was called to order by Chairperson Potts at 6:40 p.m. at the Council Chambers, 300 Centennial Way, Tustin, California. ROLL CALL Members Present: Jim Potts, Chairperson Thomas R. Saltarelli, Chairperson Pro Tem Leslie Anne Pontious Charles E. Puckett Jeffery M. Thomas Members Absent: None Recording Secretary Wynn: Absent Others Present: William A. Huston, Exec. Dir./City Manager Lois Bobak, Deputy CitX Attorney Christine Shingleton, Asst. Executive Director W. Douglas Franks, Chief of Police Robert Ledendecker, Director of Public Works RonaldA. Nault, Finance Director Rita Westfield, Asst. Dir.\Com. Development Dana Kasdan, Engineering Services Manager Rick Zimmer, Redevelopment Program Manager Robert Ruhl, Field Services Manager Gary Veeh, Water Operations Manager Susan Jones, Recreation Superintendent Doug Anderson, Transportation Engineer Randy Westrick, Recreation Supervisor Valerie Whiteman, Chief Deputy City Clerk Approximately 20 inthe audience REGULAR BUSINESS ( ITEMS i THROUGH 3 ) 1. APPROVAL OF DEMANDS It was moved by Puckett, seconded by Pontious, to approve Demands in the amount of $545,338.37. Motion carried 5-0. 380-10 2. APPROVAL OF MINUTES - JANUARY 17, 1994 REGULAR MEETING It was moved by Puckett, seconded by Pontious, to approve the Redevelopment Agency Minutes of January 17, 1994o Motion carried 5-0. 3. 1987 TAX ALLOCATION BOND REFUNDING Ronald Nault, Director of Finance, reported at the January 3, 1994 meeting, the Agency directed staff to expedite proceeding with the proposed refunding of the Agency's 1987 tax allocation bonds to take advantage of current low interest rates. Staff sent out several Request for Proposals (RFPs) for a Financial Advisor and received five proposals. After review of each firm's qualifications and associated fees, staff selected Stone and Youngberg as the most qualified and cost effective proposal. If the Agency approved Stone and Youngberg as the City's Financial Advisor, staff recommended selection of an independent pricing consultant to verify the fairness of underwriting discounts and proposed bond pricing. He stated that per state law, the Agency must give their approval prior to either a competitive or negotiated sale; refunding the bonds was scheduled to close March 29, 1994; and proceeding with a negotiated sale would save approximately four weeks as opposed to a competitive sale. He noted that staff was evaluating potential savings from refunding the 1991 bonds and if there was a potential in this area, staff would request direction from the Agency. Agency/staff discussion followed regarding Agency savings in debt service for refunding 1987 and 1991 bonds; future indentures including tax exempt securities; using an independent pricing consultant; and negotiated versus competitive sale. REDEVELOPMENT AGENCY MINUTES Page 2, 2-9-94 It was moved by Thomas, seconded by Saltarelli, to direct staff to proceed with the 1987 tax allocation bond refunding on a negotiated, fixed rate basis; approve Stone and Youngberg as Financial Advisor; and further approve the use of an independent pricing consultant to verify the fairness of underwriting discounts and proposed bond pricing. Motion carried 5-0. 350-55 OTHER BUSINESS 1. COUNCIL REPRESENTATIVE - MARINE CORPS AIR STATION, EL TORO REUSE TASK FORCE Agency Member Thomas questioned when appointment of a Council representative to the E1 Toro Reuse Task Force would occur and requested agendizing the subject. CLOSED SESSION - None ADJOURNMENT Chairperson Potts adjourned the meeting at 6:52 p.m. The next regular meeting of the Redevelopment Agency was scheduled for Tuesday, February 22, 1994, 7:00 p.m., at the Council Chambers, 300 Centennial Way. JIM r~TS~ IRP RSON SECRETARY