HomeMy WebLinkAboutRDA Reso 2006-1931
REDEVELOPMENT AGENCY RESOLUTION NO. 2006-1931
(CITY COUNCIL RESOLUTION NO. 2006-010)
JOINT RESOLUTION OF THE REDEVELOPMENT AGENCY
AND THE CITY COUNCIL 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. 2006-1931
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
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Maria achadoorian
Finance Director
Approved as to form
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Ann Moore
City Attorney/Agency Counsel
PASSED, APPROVED, and ADOPTED by the Redevelopment Agency and the City
Council of the City of Chula Vista, California, this lOth day of January 2006, by the following
vote:
AYES:
Agency/Councilmembers:
NAYS:
ABSENT:
Agency/Councilmembers:
Agency/Councilmembers:
ATTEST:
Q-p{( k
Dana M. Smith, Secretary
STATE OF CALIFORNIA
COUNTY OF SAN DIEGO
CITY OF CHULA VISTA
Castaneda, Chavez, McCann, Rindone, and
Padilla
None
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Stephen C. Padilla, ChairlMayor
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I, Dana M. Smith, Secretary of the Redevelopment Agency of the City of Chula Vista,
California, do hereby certify that the foregoing Redevelopment Agency Resolution No. 2006-
1931/City Council Resolution No. 2006-010 was duly passed, approved, and adopted b~ the
Redevelopment Agency and Chula Vista City Council at a special meeting held on the lOt day
of January 2006.
Executed this lOth day of January 2006.
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