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Home My WebLink AboutRDA MINUTES 1982 11 15MINUTES OF A REGULAR MEETING OF THE REDEVELOPMENT AGENCY OF THE CITY OF TUSTIN, CALIFORNIA NOVEMBER 15, 1982 1. CALL TO ORDER The meeting was called to order by Chairman Edgar at 4:10 p.m. in the City Council Chambers, 300 Centennial Way, Tustin, California. 2. ROLL CALL Agency Members Present: Edgar, Greinke, Hoesterey, Kennedy, Saltarelli Agency Members Absent: Hone Others Present: James G. Rourke, City Attorney Mary E. Wynn, Recording Secretary/City Clerk Mike Brotemarkle, Community Development Director Roy Gonzales, Personnel Director Bob Ledendecker, Director of Public Works Royleen White, Community Services Director R. Kenneth Fleagle, Consultant Eva Solis, Deputy City Clerk Approximately 20 in the audience 3. APPROVAL OF MINUTES It was moved b~ Hoesterse, seconded b~ Saltarelli, to approve the minutes of the November 1, 1982, meeting. The motion carried 5-0. 4. SOUTH/CENTRAL PROJECT AREA FINANCIAL REPORT Council concurred to continue this item to the December 6, 1982, meeting as recommended by the Executive Director. 81 5.OTHER BUSINESS - CHRISTMAS DECORATIONS IN DOWNTOWN AREA It was moved by Hoestere~, seconded b~ Kennedy, to use Redevelopmerit funds to help the downtown merchants in decorating the area for the Holiday season as discussed during the Planning Agency meeting. Carried 5-0. (See Page 5 of the November 15, 1982, City Council minutes.) 81 6o RECESS RECONVENED; EVENING Upon the City Attorney~s report that the Executive Director would be arriving shortly from Los Angeles with results of the bid opening, the Redevelopment Agency recessed by unanimous informal consent at 4:13 p.m., and reconvened at 4:25 p.m. The afternoon business being completed and with the absence of the Executive Director, it was then moved by Edgar, seconded b~ Hoesterey, to adjourn to the 7:30 p.m. meeting at 4:25 p.m. Carried 5-0. ADJOURNED REGULAR MEETING TUSTIN REDEVELOPMENT AGENCY 7:30 p.m. 1, CALL TO ORDER Mayor Edgar called the meeting to order at 7:30 p.m. 2. ROLL CALL Agency Members Present: Edgar, Greinke, Hoesterey, Kennedy, Saltarelli Agency Members Absent: Hone Others Present: James G. Rourke, City Attorney r William A. Huston, Executive Director/City Mgr. Mary E. Wynn, Recording Secretary/City Clerk Ron Nault, Finance Director Approximately 22 in the audience REDEVELOPMENT AGENCY MINUTES Page 2, 11-15-82 AGENDA ORDER 5. RESOLUTION NO. RDA 82-12- First Supplemental Resolution of the Tustin Community Redevelopment Agency SUPPLEMENTING AND AMENDING RESOLUTION RDA 82-10 OF THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSU- ANCE OF $ 8,500,000 PRINCIPAL AMOUNT OF TUSTIN COMMUNITY REDEVELOPMENT AGENCY TOWN CENTER AREA REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1982 Mr · Huston gave the report on the bids for the Redevelopment Agency bonds. Two bids were received, the first from Merrill Lynch White Weld Capital Markets Group and Associates at 9.7715% interest rate with a 2.0963364% discount rate. The second bid was from Smith Barney Harris Company at 9.95762% interest rate. The only change to the original docu- ment is a 10% redemption feature from the MUnicipal Bonds Insurance Asso- ciation who agreed to insure the bonds. The low bid is a good rate. The Agency has 25 years left on its life. With the 2.0963364% discount rate, the first 6 years' interest would be at 7.750% and then each year the rate would increase until it reaches 9.750% in 2006, where it would remain at that rate. It was moved blz Edgar, seconded by Kennedy, to adopt Resolution No. RDA 82-12. Councilman Greinke said that he still had some legal questions and asked for an Executive Session. Council concurred and Mayor Edgar withdrew his motion with Councilwoman Kennedy's approval. Council recessed to an Executive Session for legal matters at 7:46 p.m. and reconvened at 8:04 p.m. with all members present. It was moved by Edgar, seconded by Greinke, to adopt Resolution No. RDA 82-12. Motion carried 5-0. 81 6. RESOLUTION NO. RDA 82-13 - Resolution of the Tustin Community Redevelop.- ment Agency, ACCEPTING A BID FOR THE PURCHASE OF ITS $8,500,000 PRINCIPAL AMOUNT OF TUSTIN COMMUNITY REDEVELOPMENT AGENCY TOWN CENTER AREA REDEVEL- 0PMNENT PROJECT TAX ALLOCATION BONDS, SERIES 1982 It was moved by Hoestere~, seconded blz Kennedy, to adopt Resolution No. RDA 82-13. Motion carried 5-0. 81 By adoption of Resolution No. RDA 82-13, the bid of Merrill Lynch White Weld Capital Markets Group and Associates was accepted in accordance with the terms thereof, and in accordance with and subject to the Bond Resolu- tion, as amended by the First Supplemental Resolution and the Sale Resolu- tion. 7. APPROVAL OF FINAL OFFICIAL STATEMENT - TAX ALLOCATION B0NDS, 1982 The Official Statement was approved as part of Resolution No. RDA 82-13. 8 . ADJOURNMENT By Unanimous informal consent, the meeting was adjourned at 8:06 p.m. to the next regular meeting on December 6, 1982.