HomeMy WebLinkAbout6.7.2016I
CITY OF TUSTIN SPECIAL MEETING JUNE 7, 2016
OF THE SUCCESSOR AGENCY COUNCIL CHAMBER
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0 300 CENTENNIAL WAY, TUSTIN
Dr. Allan Bernstein, Chair Pro Tem Jeffrey C. Parker, City Manager
Al 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
MINUTES OF THE SPECIAL MEETING OF THE
SUCCESSOR AGENCY TO THE TUSTIN
COMMUNITY REDEVELOPMENT AGENCY
5:15 P.M.
CALL TO ORDER — 5:30 p.m.
ATTENDANCE - Chair Nielsen announced that all members were present
PUBLIC INPUT - None
CITY ATTORNEY DAVID E. KENDIG — Stated that the Closed Session Item, was pulled
from the agenda.
CLOSED SESSION ITEMS - The Brown Act permits legislative bodies to discuss certain
matters without members of the public present, The Successor Agency finds, based on
advice from the City Attorney, that discussion in open session: of the following matters wild
prejudice the position of the City in existing and anticipated litigation.
1. CONFERENCE WITH LEGAL COUNSEL — EXISTING LITIGATION [Government
Code § 54956.9(a)] — One Case
A. Successor Agency to the Tustin Redevelopment Agency, et al. v. Michael
Cohen: Sacramento Superior Court Case Nio. 34-2015-80002046 CU -V'I'M=
GDS
CONSENT CALENDAR ITEMS 1-3 — It was moved by Agency Member Puckett and
Successor Agency June 7, 2016
Special Meeting Minutes Page 1 of 3
seconded by Agency Member Murray to pull Item, No. 1 and approve the balance as
recommended by staff.
Motion carried: 5-0
APPROVAL OF ISSUANCE OF BONDS TO REFUND CERTAIN
OUTSTANDING OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY
REDEVELOPMENT AGENCY, APPROVING THE EXECUTION! AND
DELIVERY OF AN INDENTURE OF TRUST AND ESCROW AGREEMENTS
AND PROVIDING FOR OTHER MATTERS RELATING THERETO
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"')
to finance redevelopment activities within and for the benefit of the MICAS -
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, 20,20 at par, while the 2010 Redevelopment Bonds are callable
on any date on, and after September 1, 2.018 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 ibonds 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.
It was moved by Agency Member Murray and seconded by Chair Pro Tern
Bersntein to adopt Resolution No. 16-01, a Resolution of the Successor Agency
to the Tustin Community Redevelopment Agency approving the issuance of
refunding bonds in order to refund certain outstanding obligations of the former
Tustin Community Redevelopment Agency, approving the execution and
delivery of an Indenture of Trust and Escrow Agreements relating thereto,
requesting Oversight Board approval of the issuance of the refundingbonds,
requesting certain determinations by the Oversight Board, and providing for
other matters relating thereto.
Motion carried: 5-0
SUCCESSOR AGENCY TO THE TUSTIN COMMUNITY REDEVELOPMENT
Successor Agency June 7, 2016
Special Meeting Minutes Page 2 of 3
AGENCY RESOLUTION NO. 16-01
RESOLUTION OF THE SUCCESSOR AGENCY TO THE TUSTIN
Lill, COMMUNITY REDEVELOPMENT AGENCY APPROVING THE ISSUANCE OF
REFUNDING BONDS IN ORDER TO REFUND CERTAIN OUTSTANDING
OBLIGATIONS OF THE FORMER TUSTIN COMMUNITY REDEVELOPMENT
AGENCY, APPROVING THE EXECUTION AND DELIVERY OF AN!
INDENTURE OF TRUST AND ESCROW AGREEMENTS RELATING
THERETO, REQUESTING OVERSIGHT BOARD APPROVAL OF THE
ISSUANCE OF THE REFUNDING BONDS, REQUESTING CERTAIN
DETERMINATIONS BY THE OVERSIGHT BOARD, AND PROVIDING FOR
OTHER MATTERS RELATING THERETO
2. QUARTERLY INVESTMENT REPORT FOR THE SUCCESSOR AGENCY
FOR THE TUSTIN COMMUNITY REDEVELOPMENT AGENCY
Government Code Section 53646 requires that the Treasurer make an,
Investment Report to the Succesor Agency at least quarterly showing balances
by authorized investment and! certifying its compliance with the adopted
Investment Policy.
Motion: Receive and file.
3. CONVEYANCE OF SUCCESSOR AGENCY PROPERTIES BY QUITCLAIM
DEED TO THE, CITY OF TUSTIN
Successor Agency to the Tustin Community Redevelopment Agency
I
("Successor Agency") approval is requested: to convey title, to two (2) properties
by Quitclaim Deed to the City of Tustin. The properties are identified as folilows:
1. 345 E. Main, Street (APN: 401-592-19): Tustin Library
2. 200 S C Street (APN. 401-574-04): Tustin Senior Center
Motion: That the City Council, acting as the Successor Agency, authorize the
conveyance of title to two (2) properties by Quitclaim Deed to the City and
authorize the Executive Director to execute the Deeds.
ADJOURNED at 5:32 p.m,
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DR. ALLAN, BERNSTEIN,
Chair
ERICA N. RABE,
City Clerk
Successor Agency June 7, 2016
Special Meeting Minutes Page 3 of 3