HomeMy WebLinkAboutRDA Minutes for 7-6-87 MINUTES OF A REGULAR MEETING
OF THE REDEVELOPMENT A~ENCY OF
THE CITY OF 11JSTIN, CALIFORNIA
JULY 6, 1987
CALL TO OROER
The meeting was called to order at 8:39 p.m. by Chairman Edgar in the City
Council Chambers, 300 Centennial. Way, Tustin, California.
ROLL CALL
Agency Members Present:
Agency Members Absent:
Others Present:
Richard B.. Edgar, Chairman
Ursula E. Kennedy, Chairman Pro Tem
Ronald B. Hoesterey
John Kelly
Earl J. Prescott
None
· William A. Huston, Exec. Directoc/City Manager
James G. Rourke, City Attorney
Mary E. Wynn, Recording Secretary
Christine Shingleton, ComL 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, REGULA~ MEETING
It was moved by Kennedy, seconded by Hoesterey, to approve the Minutes of
the JuneII 1'5, 1987, Regular Meeting. The motion carried 5-0.
4. TOWN CENTER AREA REDEVELOPMENT PRO~ECT TAX ALLOCATION REFUNDING BONDS -
RESOLUTION NO. ROA 87-6
On March 2, 1987, the Agency authorized staff to pursue refinancing Tax
Allocation Bonds and issuance 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 the advanced
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 back to a level
where staff and bond consultants feel it warrants the City be prepared.to
enter the market on very short notice. Resolution ADA 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. ADA 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 MI, 'ES
Page 2, 7-6-87
FINAL ACCEPTANCE OF PUBLIC IMPROVEMENTS, DEMOLITION AND REMOVALS AT 14652
PROSPECT AVENUE (COLUHBUS 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
2)
RESOLUTION NO. RDA 87-7 - A RESOLUTION OF THE llJSTIN COMMUNITY
REDEVELOPVENT AGENCY ACCEPTING WORKS OF IMPROVEMENT AND AUTHORIZING
RECORDATION OF NOTICE OF COMPLETION {14652 PROSPECT AVENUE)
Assuming no claims/stop pa3~nent 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 2.0, 1987, at 7:00 p.m. The
motion carried 5-0.
CHAIRMAN
RECORDING SECRETARY