HomeMy WebLinkAbout8.2.2016I
CITY OF TUSTIN SPECIAL MEETING AUGUST 2', 2016
OF THE SUCCESSOR AGENCY COUNCIL CHAMBER
300 CENTENNIAL WAY, TUSTIN
Dr. Allan Bernstein, Chair Pro Tern Jeffrey C. Parker, City Manager
At Murray, Agency Member John Nielsen, Chair David E. Kendig, City Attorney
Charles E. Puckett, Agency Member Erica N. Rabe, City Cierk
Vacant, Agency Member Jeffrey C. Parker, City Treasurer
MINUTES OF THE SPECIAL MEETING OF THE
SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY
(Followed the Regular Meeting of the City Council)
CALL TO ORDER at 9:10 p.m.
ATTENDANCE — Chair Nielsen announced that all members were present
PUBLIC INPUT ®- None
REGULAR BUSINESS ITEM I
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 Comm!ulnity Redevelopment Agency issued
$26,1'70,000 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 Justin
Redevelopment Project Area), Series 2010 (the "2010 Redevelopment Bonds")
to finance redevelopment activities within and for the benefit of the MCAS -
Successor Agency
Special Meeting Minutes
9_1
K114 --l-91 W4
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 20101 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 Bond's 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.
It was moved by Agency Member Puckett and seconded by Chair Pro Tem,
Bernstein to 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.
Motion carried: 4-0
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
ADJOURNED at 9:15 p.m.
DR. ALLAN BERNSTEIN,
Chair
Successor Agency
Special Meeting Minutes
ERICA N. RASE,
City Clerk
A 1 4, 1 1 1 0