HomeMy WebLinkAboutReso 2006-010
RESOLUTION NO. 2006-010
(REDEVELOPMENT AGENCY RESOLUTION NO. 2006-1931)
JOINT RESOLUTION OF THE CITY COUNCIL AND THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA
VISTA APPROPRIATING FUNDS FOR AN AGREEMENT
WITH HARRELL & COMPANY ADVISORS, LLC TO SERVE
AS FINANCIAL ADVISORS
WHEREAS, the City of Chula Vista is entering a critical time period in which the City
Council will consider many interrelated financial decisions affecting Western Chula Vista; and
WHEREAS, consideration of these financial decisions will require comprehensive
financial analysis and development of key strategic positions; and
WHEREAS, the City departments that are managing key projects relating to the
revitalization of Western Chula Vista are using different consulting firms, each with a particular
and critical expertise; and
WHEREAS, staff anticipates that the creation of a fiscal economic consultant team,
utilizing these consultants, will be vital to providing the City and the Redevelopment Agency
comprehensive support and expertise in real estate economics, pro forma and fiscal impact
analyses and redevelopment matters relating to the revitalization ofthe City's Westside; and
WHEREAS, staff recommends the consulting firm of Harrell & Company Advisors, LLC
(Harrell & Co.) serve as a financing consultant for the redevelopment of the City's Westside; and
WHEREAS, Harrell & Co. has previously served as financial advisor to the City and is
familiar with the project areas and potential fiscal impacts on the City; and
WHEREAS, Harrell & Co. has submitted a proposal to provide Cash Flow Planning and
other financial advisory services relative to development of Western Chula Vista; and
WHEREAS, staff is proposing a new contract with Harrell & Co. for the formulation of
comprehensive public/private financing strategies and implementation plans; tax increment
projections and financing strategies; and strategic and procedural advice on developer
solicitation, selection, and negotiations; and
WHEREAS, the City's Purchasing Agent has determined the informal consultant selection
procedure should be waived, as set forth in Municipal Code Section 2.56.110, because Harrell &
Co. has satisfactorily served as a financial advisor for the City and is familiar with the project
areas and potential fiscal impacts to the City, making it impractical to solicit proposals and in the
City's best interest to waive the process; and
WHEREAS, staff also requests an appropriation of funds in the amount of $10,000 from
the available balance in the General Fund in fiscal year 2006 to the Finance Department, supplies
and services category, and $10,000 from the available balance of the Redevelopment Agency
Merged Project Area Fund in fiscal year 2006 to the supplies and services category, to fund the
proposed agreement.
Resolution No. 2006-010
Page 2
NOW, THEREFORE, BE IT RESOLVED that the City Council and Redevelopment
Agency of the City of Chula Vista hereby approve the appropriation of funds requested by staff,
as set forth in this resolution, to fund the financial services agreement with Harrell & Company
Advisors, LLC.
Presented by
Approved as to form
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Ann Moore
City Attorney/Agency Counsel
PASSED, APPROVED, and ADOPTED by the City Council and the Redevelopment
Agency of the City of Chula Vista, California, this 10th day of January 2006, by the following
vote:
AYES:
Council/Agency members: Castaneda, Chavez, McCann, Rindone, and
Padilla
NAYS:
ABSENT:
Council/Agency members: None
Council/Agency members: None
ATTEST:
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Susan Bigelow, MMC, City lerk
STATE OF-CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
)
)
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I, Susan Bigelow, City Clerk of Chula Vista, California, do hereby certifY that the foregoing City
Council Resolution No. 2006-010/Redevelopment Agency Resolution No. 2006-1931 was duly
passed, approved, and adopted by the City Council and Redevelopment Agency at a special
meeting held on the lOth day of January 2006.
Executed this 10th day of January 2006.
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Susan Bigelow, MMC, City erk