HomeMy WebLinkAbout00 SA AGENDA 8.2.16 Special CITY OF TUSTIN SPECIAL MEETING AUGUST 2, 2016
OF THE SUCCESSOR AGENCY COUNCIL CHAMBER
300 CENTENNIAL WAY, TUSTIN
Dr. Allan Bernstein, Chair Pro Tem Jeffrey C. Parker, City Manager
AI Murray, Agency Member John Nielsen, Chair David E. Kendig, City Attorney
Charles E. Puckett, Agency Member Erica N. Rabe, City Clerk
Austin Lumbard, Agency Member Jeffrey C. Parker, City Treasurer
SPECIAL MEETING OF THE
SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY
(Following the Regular Meeting of the City Council)
CALL TO ORDER
ATTENDANCE
PUBLIC INPUT
REGULAR BUSINESS ITEM 1
1. ADOPT A RESOLUTION OF THE SUCCESSOR AGENCY TO THE
FORMER TUSTIN COMMUNITY REDEVELOPMENT AGENCY
APPROVING THE FORM AND AUTHORIZING THE DISTRIBUTION OF
A PRELIMINARY OFFICIAL STATEMENT AND APPROVING THE FORM
AND AUTHORIZING THE EXECUTION OF A BOND PURCHASE
AGREEMENT IN CONNECTION WITH THE OFFERING AND SALE OF
TAX ALLOCATION REFUNDING BONDS
In March, 2010, the Tustin Community Redevelopment Agency issued
$26,170,000 Tustin Community Redevelopment Agency Tax Allocation Bonds,
Series 2010 (the "2010 Housing Bonds") to refinance low and moderate income
housing activities within the City, of which $21 ,225,000 principal amount
remains outstanding, and in November, 2010, it issued $44,170,000 Tustin
Community Redevelopment Agency Tax Allocation Bonds (MCAS -Tustin
Redevelopment Project Area), Series 2010 (the "2010 Redevelopment Bonds")
Please note: Written materials relating to agenda items for an open session regular
meeting of the Agency that are distributed to a majority of the Agency members less than
72 hours prior to the meeting are available for public inspection at the following
locations: In the City Clerk's Office during regular business hours and following
business hours (after 5:30 p.m.) in the Council Chamber on the day of the meeting.
to finance redevelopment activities within and for the benefit of the MCAS -
Tustin Redevelopment Project, of which $40,160,000 principal amount remains
outstanding. The 2010 Housing Bonds are callable on any date on and after
September 1 , 2020 at par, while the 2010 Redevelopment Bonds are callable
on any date on and after September 1 , 2018 at 102% of par.
Section 34177.5 of the California Health and Safety Code authorizes the
Successor Agency to issue refunding bonds for the purpose of achieving debt
service savings. Due to favorable market conditions, the Successor Agency is
contemplating the issuance of bonds to refund the 2010 Housing Bonds and the
2010 Redevelopment Bonds on an advance basis. Based on current market
conditions, it is anticipated that such refunding would generate approximately
$507,000 of average annual debt service savings beginning in 2017. Any debt
service savings as a result of the refunding will increase the amount of property
tax revenues that can be distributed to all the taxing entities, including the City.
Recommendation:
Adopt Resolution No. 16-03, a Resolution of the Successor Agency to the
Tustin Community Redevelopment Agency approving the form and authorizing
distribution of a preliminary official statement and approving the form and
authorizing the execution of a bond purchase agreement in connection with the
offering and sale of tax allocation bonds to refinance redevelopment activities
within and for the benefit of the Tustin Redevelopment Project of the Former
Tustin Community Redevelopment Agency and approving related documents
and actions.
RESOLUTION NO. 16-03
RESOLUTION OF THE SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY APPROVING THE FORM AND
AUTHORIZING DISTRIBUTION OF A PRELIMINARY OFFICIAL STATEMENT
AND APPROVING THE FORM AND AUTHORIZING THE EXECUTION OF A
BOND PURCHASE AGREEMENT IN CONNECTION WITH THE OFFERING
AND SALE OF TAX ALLOCATION BONDS TO REFINANCE
REDEVELOPMENT ACTIVITIES WITHIN AND FOR THE BENEFIT OF THE
TUSTIN REDEVELOPMENT PROJECT OF THE FORMER TUSTIN
COMMUNITY REDEVELOPMENT AGENCY AND APPROVING RELATED
DOCUMENTS AND ACTIONS
ADJOURNMENT
Successor Agency August 2, 2016
Special Meeting Agenda Page 2 of 2