HomeMy WebLinkAboutcc min 2003/05/20 RDA & PFA MINUTES OF AN ADJOURNED REGULAR MEETING OF
THE CITY COUNCIL, A REGULAR MEETING OF THE REDEVELOPMENT AGENCY
AND A SPECIAL MEETING OF THE PUBLIC FINANCING AUTHORITY
OF THE CITY OF CHULA VISTA
May 20, 2003 6:00 P.M.
An Adjourned Regular Meeting of the City Council, a Regular Meeting of the Redevelopment
Agency, and a Special Meeting of the Public Financing Authority of the City of Chula Vista
were called to order at 7:01 p.m. in the Council Chambers, located in the Public Services
Building, 276 Fourth Avenue, Chula Vista, California.
ROLL CALL
PRESENT: Agency/Authority/Councilmembers Davis, McCann, Rindone,
Salas, and Chair/Mayor Padilla
ABSENT: Agency/Authofity/Councilmembers: None
ALSO PRESENT: Executive Director/City Manager Rowlands, Agency/Authority/
City Attorney Moore, City Clerk Bigelow
ORAL COMMUNICATIONS
There were none.
ACTION ITEMS
1. A. RESOLUTION NO. PFA-6, RESOLUTION OF THE PUBLIC FINANCING
AUTHORITY OF THE CITY OF CHULA VISTA APPROVING (1) THE SALE AND
DELWERY OF THE 2003 FINDING CERTIFICATES OF PARTICIPATION (TOWN
CENTRE II PARKING PROJECT) 1N A PRINCIPAL AMOUNT NOT-TO-EXCEED
$13,000,000 FOR PURPOSES OF REFUNDING THE 1993 TCII PARKING
STRUCTURE REFUNDING CERTIFICATES OF PARTICIPATION, 1993
CERTIFICATE OF PARTICIPATION TC II - PARKING STRUCTURE PHASE II,
AND THE 1998 CAPITAL LEASE WITH CALEASE PUBLIC FUNDING
CORPORATION; AND (2) A LEASE/PURCHASE AGREEMENT WITH THE CITY
OF CHULA VISTA, AND CERTAIN OTHER DOCUMENTS, IN CONNECTION
HEREWITH
On February 18, 2003, staff was directed to determine the feasibility of refunding the
1993 TC II Parking Structure Refunding Certificates of Participation, 1993 Certificate of
Participation TC II - Parking Structure Phase II, and the 1998 capital lease with CaLease
Public Funding Corporation. Based on current market rates, the refinancing of these
obligations will result in an estimated savings of $938,000 to the City and
Redevelopment Agency for the 1993 certificates of participation. An additional savings
of approximately $462,000 will be realized by various funding sources, such as the
Residential Construction Fund, Development Impact Fee Funds and Sewer Funds due to
the refunding of the CaLease capital lease agreement. (Director of Finance/Treasurer)
ACTION ITEMS (Continued)
B. AGENCY RESOLUTION NO. 1822, RESOLUTION OF THE REDEVELOPMENT
AGENCY OF THE CITY OF CHULA VISTA APPROVING (1) THE SALE AND
DELIVERY OBY THE CHULA VISTA FINANCING AUTHORITY OF THE 2003
REFUNDING CERTIFICATES OF PARTICIPATION (TOWN CENTRE II PARKING
PROJECT) 1N A PRINCIPAL AMOUNT NOT-TO-EXCEED $13,000,000; (2) THE
REFUNDING OF THE CITY'S 1993 CERTIFICATES OF PARTICIPATION; AND (3)
CERTAiN AGENCY ACTIONS ANT) DOCUMENTS REQUIRED IN CONNECTION
THEREWITH
C. RESOLUTION NO. 2003-210, RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF CHULA VISTA APPROViNG (1) THE SALE AND DELIVERY BY THE
CHULA VISTA FINANCING AUTHORITY OF THE 2003 REFUNDING
CERTIFICATES OF PARTICIPATION (TOWN CENTRE II PARKING PROJECT) IN
A PRINCIPAL AMOUNT NOT-TO-EXCEED $13,000,000; (2) THE REFUNDING OF
THE CITY'S 1993 CERTIFICATES OF PARTICIPATION; (3) CERTAIN CITY
ACTIONS AND DOCUMENTS REQUIRED IN CONNECTION THEREWITH; AND
(4) APPROPRIATING $2,250,000 FROM THE GENERAL FUND TO PREPAY THE
CALEASE CAPITAL LEASE OBLIGATION WITH REIMBURSEMENT TO
FOLLOW OUT OF 2003 CERTIFICATE PROCEEDS
Finance Director Kachadoorian discussed highlights of the refunding proposal.
Senior Assistant City Attorney Googins spoke regarding the fact that the refinancing would have
the effect of terminating the operating lease for the Chula Vista Center parking garage; therefore,
the garage would no longer be required to be free or open to the public. Staff believed that it
would remain free and open to the public anyway under normal operations.
ACTION: Agency/Authority/Councilmember McCann offered Public Financing Authority
Resolution No. PFA-6, Agency Resolution No. 1822, and Council Resolution No.
2003-210, headings read, texts waived. The motion carried 5-0.
OTHER BUSINESS
2. DIRECTOR'S REPORTS
There were none.
3. CHAIR/MAYOR REPORTS
There were none.
4. AGENCY/COUNCIL COMMENTS
There were none.
Page 2 Council/RDA/PFA Minutes 05/20/2003
CLOSED SESSION
5. CONFERENCE WITH LEGAL COUNSEL REGARDING EXISTING LITIGATION
PURSUANT TO GOVERNMENT CODE SECTION 54956.9(a)
City/Agency vs. IT Group, Inc., et. Al. [Case No. 02-10118 (MFW)]
No action was taken on this item.
ADJOURNMENT
At 8:00 p.m., Chair/Mayor Padilla adjourned the meeting to an Adjourned Regular Meeting o£
the Redevelopment Agency on May 27, 2003, at 6:00 p.m., immediately following the City
Council meeting.
Susan Bigelow, CMO City Clerk
Page 3 Council/RDAJPFA Minutes 05/20/2003