HomeMy WebLinkAboutcc min 2000/03/16 RDA MINUTES OF ADJOURNED REGULAR MEETINGS
OF THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA
MARCH 16, 2000 4:00 p.m.
Adjourned Regular Meetings of the City Council and the Redevelopment Agency of the City of
Chula Vista were called to order by Mayor/Chair Horton at 4:08 p.m, in the Council Conference
Room, located in the Administration Building, 276 Fourth Avenue, Chula Vista, California.
1. ROLL CALL
PRESENT: Agency/Council Members Davis, Moot, Padilla, Salas and Chair/Mayor
Horton (Councilmember Salas arrived at 4:26 p.m.)
ABSENT: Agency/Council Members: None
ALSO PRESENT: City Manager Rowlands, Assistant City Attorney Googins, City
Clerk Bigelow
2. WORKSHOP TO DISCUSS A CONCEPTUAL FINANCIAL PLAN FOR THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA AND
AUTHORIZE STAFF AND THE AGENCY FINANCIAL TEAM TO PREPARE THE
RELATED DOCUMENTS TO PROCEED
In May 1999, Council and the Agency secured the services of Rod Gunn Associates
(RGA) to analyze the Agency's fiscal condition. RGA is recommending a two-phased
financial plan to meet specific Agency financial objectives. Phase I proposes the
issuance of tax-exempt bonds from the Otay Valley Road, Town Centre II and Southwest
Project Areas to be used to repay some inter-fund loans, eliminate existing ftmd balance
deficits in the Bayfront/Town Centre I and Southwest project areas, and provide funding
for future Agency projects in order to take advantage of the development opportunities in
the current growth economy. Phase II contemplates a financial merger of all the project
areas and subsequent issuance of more bonds before 2004, which is the last year to incur
debt in the original areas of Bayfront/Town Centre I, Town Centre II and Otay Valley
Road. It is recommended that Council approve, in concept, the revised plan and authorize
staff and the Agency to prepare all the necessary bond documents for formal
consideration by the Council/Agency at the earliest possible date. (Community
Development Director and Finance Director)
Community Development Director Salomone, Assistant Director Haynes, and representatives
from RGA presented the proposed financial plan for Council consideration.
ACTION: Councilmember Padilla moved conceptual approval of the revised plan and
authorized staff and the Agency to prepare the necessary bond documents for
formal consideration by the Council and Agency at the earliest possible date.
Councilmember Davis seconded the motion, and it carried 4-0-1, with
Councilmember Salas abstaining due to her late arrival at the meeting.
Page 1 - Council/RDA Minutes 03/16/2000
ORAL COMMUNICATIONS -~
There were none.
ADJOURNMENT
At 4:43 p.m., Chair/Mayor Horton adjourned the meetings to Regular Meetings of the Council and
the Agency on March 21, 2000.
Respectfully submitted,
Susan Bigelow, CMC/AAE, City Clerk
Page 2 - Council/RDA Minutes 03/16/00