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Home My WebLink AboutRDA MINUTES 1987 07 06 MINUTES OF A REGULAR MEETING OF THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA JULY 6, 1987 1. CALL TO ORDER The meeting was called to order at 8:39 p.m. by Chairman Edgar in the City Council Chambers, 300 Centennial Way, Tustin, California. 2. ROLL CALL Agency Members Present: Richard B. Edgar, Chairman Ursula E. Kennedy, Chairman Pro Tem Ronald B. Hoesterey John Kelly Earl J. Prescott Agency Members Absent: None Others Present: William A. Huston, Exec. Director/City Manager James G. Rourke, City Attorney Mary E. Wynn, Recording Secretary Christine Shingleton, Com. Dev. Director Captain Fred Wakefield, Police Department Ronald E. Wolford, Engineering Services Mgr. Royleen White, Com. & Admin. Srvcs. Director Susan Jones, Recreation Superintendent Approximately 30 in the Audience 3. APPROVAL OF MINUTES - JUNE 15, 1987, REGULAR MEETING It was moved by Kennedy, seconded by Hoesterey, to approve the Minutes of the June 15, 1987, Regular Meeting. The motion carried 5-0. 4. TOWN CENTER AREA REDEVELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS - RESOLUTION NO. RDA 87-6 On March 2, 1987, the Agency authorized staff to pursue refinancing Tax Allocation Bonds andissuance of additional bonds for public projects. The Finance Director reported that since March, staff has been reviewing alternatives for financing the 1982 Tax Allocation Bonds and the issuance of additional bonds for public projects. The City is currently on a schedule that will bring the bonds to market in late fall or early Spring, assuming that rates are reasonable. The Director stated that main efforts have been directed ~to thea~vanced refunding of the outstanding 1982 Tax Allocation Bonds. Since March 2, the bond market has significantly moved from what are considered ideal rates for refunding. The market has very recently come ba'ck to alevel where staff and bond consultants feel it warrants the City be prepared to enter the market on very short notice. Resolution RDA 87-6 allows the Agency to market its bonds with limited notice by: 1) Approving a preliminary official statement as to its form; 2) Approving a purchase contract with the firm of E. F. Hutton and Com- pany to act as underwriters and authorizing certain Agency officials to execute same; 3) Negotiating the price and interest rate for a maximum principal amount of $10 million and a net interest cost not to exceed 7.75% and that the interest will result in a present value reduction of the Agency's debt service at least $300,000 or 3% of the principal amount of the bonds. Following further discussion, it was moved by Hoesterey, seconded by Kennedy, to adopt the following: RESOLUTION NO. RDA 87-6 - RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY APPROVING CONTRACT OF PURCHASE RELATING TO TOWN CENTER AREA REDE- VELOPMENT PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES 1987; APPROVING OFFICIAL STATEMENT RELATING TO SAID BONDS; AND AUTHORIZING OFFICERS OF THE AGENCY TO DO ALL THINGS NECESSARY OR ADVISABLE THEREFOR The motion carried 5-0. 60 REDEVELOPMENT AGENCY MINUTES Page 2, 7-6-87 5. FINAL ACCEPTANCE OF PUBLIC IMPROVEMENTS, DEMOLITION AND REMOVALS AT 14652 PROSPECT AVENUE (COLUMBUS TUSTIN PARK EXPANSION AREA) - RESOLUTION NO. RDA 87-7 Subject project was authorized by the Agency on June 15, 1987, and all work has been completed to the satisfaction of the Engineering Division. As recommended in the inter-com dated June 30, 1987, prepared by the Public Works Department/Engineering Division, it was moved by Hoesterey, seconded by Kennedy, to: 1) Adopt the following; and RESOLUTION NO, RUA 87-7 - A RESOLUTION OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY ACCEPTING WORKS OF IMPROVEMENT AND AUTHORIZING RECORDATION OF NOTICE OF COMPLETION (14652 PROSPECT AVENUE) 2) Assuming no claims/stoppayment notices are filed, 30 days after date of recordation of Notice of Completion, authorize payment of final 10% retention amount ($1,175 - American Demolition). Carried 5-0. 77 6, OTHER BUSINESS None. 7. RECESS - CLOSED SESSION - ADJOURNMENT The Chairman announced that the Redevelopment Agency will recess to Closed Session pursuant to Government Code Section 54956.8 for discussion regarding eminent domain proceedings. At 9:08 p.m., it was moved by Edgar, seconded by Kennedy, to recess to Closed Session pursuant to Government Code Section 54956.8, and thence adjourn to the next Regular Meeting on July 20, 1987, at 7:00 p.m. The motion carried 5-0.