HomeMy WebLinkAboutcc min 2005/03/22 RDA
MINUTES OF ADJOURNED REGULAR MEETINGS OF THE CITY COUNCIL
AND THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA
March 22, 2005
6:00 p.m.
Adjourned Regular Meetings of the City Council and the Redevelopment Agency of the City of
Chula Vista were called to order at 8:03 p.m. in the Council Chambers, located in the Public
Services Building, 276 Fourth Avenue, Chula Vista, California.
ROLL CALL:
PRESENT:
ABSENT:
Agency/Councilmembers: Castaneda, Davis, McCann, Rindone
Agency/Councilmembers: Chair/Mayor Padilla
ALSO PRESENT: Executive Director/City Manager Rowlands, Assistant City
Attorney Marshall, and Assistant City Clerk Norris
CONSENT CALENDAR
1. WRITTEN COMMUNICATIONS
Request from Agency/Councilmember Rindone for an excused absence from the
February 15, 2005, joint Redevelopment Agency/City Council Meeting.
Staff recommendation: Agency/Council excuse the absence.
2. COUNCIL RESOLUTION NO. 2005-103, AND AGENCY RESOLUTION NO. 1905,
RESOLUTION OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA WAIVING THE CONSULTANT SELECTION
PROCESS AS IMPRACTICAL AND APPROVING AN AGREEMENT WITH EJ. DE
LA ROSA & COMPANY, AS UNDERWRITERS FOR THE REFUNDING OF THE
CITY OF CHULA VISTA REDEVELOPMENT AGENCY 1994 SENIOR TAX
ALLOCATION BONDS, SERIES A; WAIVING THE CONSULTANT SELECTION
PROCESS AND APPROVING THE FIRST AMENDMENT TO THE AGREEMENT
WITH HARRELL & COMPANY ADVISORS, LLC TO SERVE AS FINANCIAL
ADVISORS; AND AUTHORIZING THE MAYOR TO EXECUTE THE CONTRACTS
With the assistance of Harrell & Company, staff is exploring the feasibility of refunding
the City of Chula Vista Redevelopment Agency 1994 Senior Tax Allocation Refunding
Bonds, Series A. Based on preliminary projections, refunding would provide an annual
debt service savings of $185,000 or a net present value savings of $2.3 million, or 17.9%
of the par amount over the life of the bonds, based on an assumed interest rate of 4.93%.
(Director of Finance/Treasurer)
Staff recommendation: Agency/Council adopt the resolution.
3. CONSIDERATION OF I) AMENDING AND RESTATING THE JOINT EXERCISE
OF POWERS AGREEMENT RELATING TO THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY; 2) APPROVING THE
BORROWING OF FUNDS BY THE REDEVELOPMENT AGENCY FROM
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY; AND
3) EXECUTING A LOAN AGREEMENT RELATING TO THE ISSUANCE OF
CERTAIN BONDS BY THE CALIFORNIA STATEWIDE COMMUNITIES
DEVELOPMENT AUTHORITY (Director of Finance/Treasurer)
CONSENT CALENDAR (Continued)
As part of the effort to balance the 2005 budget of the State of California, redevelopment
agencies are obligated to make payments totaling $250 million to the Educational
Revenue Augmentation Fund (ERAF). Individual ERAF payments were determined
based on the Agency's tax increment as a proportion of the total tax increment of all
agencies throughout the State. The City ofChula Vista Redevelopment Agency's ERAF
obligation for Fiscal year 2005 is $743,358. (Director of Finance/Treasurer)
A. AGENCY RESOLUTION NO. 1906, RESOLUTION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
APPROVING, AUTHORIZING AND DIRECTING EXECUTION OF AN
AMENDED AND RESTATED JOINT EXERCISE OF POWERS
AGREEMENT RELATING TO THE CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY
B. COUNCIL RESOLUTION NO. 2005-104, RESOLUTION OF THE CITY
COUNCIL OF THE CITY OF CHULA VISTA APPROVING THE
BORROWING OF FUNDS BY THE REDEVELOPMENT AGENCY OF THE
CITY OF CHULA VISTA FROM CALIFORNIA STATEWIDE
COMMUNITIES DEVELOPMENT AUTHORITY AND PROVIDING OTHER
MATTERS RELATING THERETO
C. AGENCY RESOLUTION NO. 1907, RESOLUTION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
AUTHORIZING AND DIRECTING EXECUTION OF LOAN AGREEMENT
RELATING TO THE ISSUANCE OF CERTAIN BONDS BY THE
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT
AUTHORITY, APPROVING OFFICIAL STATEMENT RELATING TO SUCH
BONDS AND AUTHORIZING AND APPROVING OTHER MATTERS
RELATING THERETO
Staff recommendation: Agency adopt Resolutions A and C, and Council adopt
Resolution B.
ACTION:
Deputy Mayor Davis moved to approve staff's recommendations and offered the
Consent Calendar, headings read, texts waived. The motion carried 4-0.
ORAL COMMUNICATIONS
There were none.
OTHER BUSINESS
4. DIRECTOR/CITY MANAGER'S REPORTS
There were none.
Page 2 Council/RDA Action Agenda
03/22/05
OTHER BUSINESS (Continued)
5. CHAIRIMA YOR'S REPORTS
There were none.
6. AGENCY/COUNCILMEMBER COMMENTS
There were none.
ADJOURNMENT
At 8:08 p.m., Deputy Mayor Davis adjourned the meeting to a Regular Meeting on April 5,
2005, at 4:00 p.m., immediately following the City Council Meeting in the Council Chambers.
J~ß~
Donna Norris, CMC, Assistant City Clerk
Page 3 Council/RDA Action Agenda
03/22/05