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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