HomeMy WebLinkAboutRDA Packet 2000/03/16
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CllY OF
THURSDAY, MARCH 16, 2000 CHUlA VISTA COUHCIL COHF".HC. ROOM
4:00 P.M. ADMIHISfRATIVE BUILDIHO
ADJOURNED JOINT MEETING OF THE
REDEVELOPMENT AGENCY I CITY COUNCIL OF THE CITY OF CHULA VISTA
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1. ROLL CALL Agency/Council Members Davis, Moot, Padilla, Salas, and Chair/Mayor Horton
2. WORKSHOP TO DISCUSS A CONCEPTUAL FINANCIAL PLAN FOR THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA AND AUTHORIZING 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 fund balance deficits in the BayfrontITown 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 of 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]
ORAL COMMUNICATIONS
ADJOURNMENT
The meeting will adjourn to the regular meeting on March 21, 2000 at 6:00 p.m.
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