HomeMy WebLinkAboutAgenda Statement 1984/02/07 Item 6a-b COUNCIL AGENDA STATEMENT
Item 6a, b
Meeting Date 2-7-84
Resolution //-s:23 (a) Approving the issuance of Redevelopment Agency
EM TITLE: Bayfront/Town Centre Redevelopment Project 1984 Tax Allocation Bonds
Resolution//-5—:job) Approving the issuance of Redevelopment Agency
Bayfront/Town Centre Redevelopment Project 1984 Tax Allocation Notes
BMITTED BY: Community Development Directo
ee�� 0111 (4/5ths Vote: Yes No X )
VIEWED BY: City Manager 1 6 )1Y/
he Redevelopment Agency's bond counsel , Jones Hall Hill & White, advises that it is
ppropriate for the City Council to consider the subject resolutions relative to Redevelop-
ent Agency financing. Bond counsel has been authorized by the Redevelopment Agency to
etition the Superior Court for the validation of a tax allocation bond/note issue.
ECOMMENDATION: That the Council adopt the resolution approving the Redevelopment Agency's
ttempt to issue tax allocation bonds/notes for the Bayfront/Town Centre Redevelopment
roject.
OARDS/COMMISSIONS RECOMMENDATION: Not applicable.
ISCUSSION:
and Counsel will attempt to validate in Superior Court the Agency's ability to sell up to
25 million principal amount of tax allocation bonds/notes for the Bayfront/Town Centre
roject. As stated at the Agency meeting, the actual amount of bonds and notes to be sold
ill be the subject of Agency deliberation at a later date, after Superior Court review
nd concurrence. The amount requested in the petition to the Court will allow the Agency
he flexibility to determine its cash needs now and several years into the future.
INANCIAL IMPACT: The Redevelopment Agency will bear the cost of issuance of any tax
llocation bonds/notes and legal proceedings.
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by ,ne Ci Y
Chula Visa, ;._,.,
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arm A-113 (Rev. 11/79)
COUNCIL AGENDA STATEMENT
Item 6a, b
��Sa3 Meeting Date 2-7-84
Resolution (a) Approving the issuance of Redevelopment Agency
TEM TITLE: Bayfront/Town Centre Redevelopment Project 1984 Tax Allocation Bonds
Resolution//5-,q/(b) Approving the issuance of Redevelopment Agency
Bayfront/Town Centre Redevelopment Project 1984 Tax Allocation Notes
;UBMITTED BY: Community Development Direct.
111 (4/5ths Vote: Yes No X )
REVIEWED BY: City Manager 16)/0
The Redevelopment Agency's bond counsel , Jones Hall Hill & White, advises that it is
appropriate for the City Council to consider the subject resolutions relative to Redevelop-
ment Agency financing. Bond counsel has been authorized by the Redevelopment Agency to
petition the Superior Court for the validation of a tax allocation bond/note issue.
RECOMMENDATION: That the Council adopt the resolution approving the Redevelopment Agency's
attempt to issue tax allocation bonds/notes for the Bayfront/Town Centre Redevelopment
Project.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
Bond Counsel will attempt to validate in Superior Court the Agency's ability to sell up to
$25 million principal amount of tax allocation bonds/notes for the Bayfront/Town Centre
Project. As stated at the Agency meeting, the actual amount of bonds and notes to be sold
will be the subject of Agency deliberation at a later date, after Superior Court review
and concurrence. The amount requested in the petition to the Court will allow the Agency
the flexibility to determine its cash needs now and several years into the future.
FINANCIAL IMPACT: The Redevelopment Agency will bear the cost of issuance of any tax
allocation bonds/notes and legal proceedings.
•
Form A-113 (Rev. 11/79)