HomeMy WebLinkAboutRDA 01 MINUTES 06-15-98 RDA NO. 1
6-15-98
MINUTES
REGULAR MEETING OF ,,~E TUSTIN COMMUNITY REDr.. ,.:LOPMENT AGENCY
CITY OF TUSTIN~ CALIFORNIA
3UNE 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:
Members Absent:
Recording Secretary:
Others Present:
Thomas R. Saltarelli, Chair
Tracy Wills Worley, Chair Pro Tern
Mike Doyle
.lim Ports
· .leffery M. Thomas
None
Pamela Stoker (Absent)
William A. Huston, Executive Director
.lohn Cavanaugh, Assistant City Attorney
Christine Shingleton, Assistant Executive Director
George .leffries, 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 Manager
Rita Westfield, Assistant Director/Community 'Development
Martin Pastucha, Field Services Manager
Valerie Crabill, Chief Deputy City Clerk
Scott Reekstin, Associate Planner
.loe Meyers, 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
It was moved by Doyle, seconded by Worley, to approve the Redevelopment Agency
Minutes 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.
REDEVELOPMENT AGENCY MINUT[
Page 2, 6-1-98
Motion carried 5-0.
m
PROPOSAL TO REFINANCE OUTSTANDING 1987 AND 1991 TOWN CENTER
PRO3ECT 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 1991 Tax Allocation Bonds; authorize the'
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 John Nuveen and Company, Inc., 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.
OTHER BUSINESS - None
CLOSED SESSION - None
AD3OURNMENT
Chair Saltarelli adjourned the meeting at 10:40 p.m. The next regular meeting of the
Redevelopment Agency was scheduled for Monday, .lune 15, 1998, at 7:00 p.m. in the Council
Chambers at 300 Centennial Way.
THOMAS R. SALTARELLIf CHAIR
PAMELA STOKEI~ RECORDING SECRETARY