HomeMy WebLinkAbout2008/01/22 RDA Agenda
I declare under penalty 01 perjury that I am
employed by the City of Chula Vista in the , J ,
Office 01 the City Clerk and that I posted thi~ 1 f.t-
ent on the bulletin board accordin!;j L~~_~
treyulrements. ~ ~=--:tE
J10~igned
Cheryl Cox, Mayor/Chair
Rudy Ramirez, Council/Agency Member David R. Garcia, City Manager/Executive Director
John McCann, Council/Agency Member Ann Moore, City Attorney/Agency Counsel
Jerry R. Rindone, Council/Agency Member Donna Norris, Interim City Clerk
Steve Castaneda, Council/Agency Member
ADJOURNED REGULAR MEETING OF THE CITY COUNCIL AND
SPECIAL MEETINGS OF THE REDEVELOPMENT AGENCY
AND PUBLIC FINANCING AUTHORITY
January 22, 2008
6:00 P.M.
(Immediately following the City Council Meeting)
Council Chambers
City Hall
276 Fourth Avenue
CALL TO ORDER
ROLL CALL: Council/Agency/Authority Members Castaneda, McCann, Ramirez, Rindone,
and Mayor/Chair Cox
CONSENT CALENDAR
(Item I)
The Council/Agency/Authority will enact the Consent Calendar stajJrecommendations by
one motion, without discussion, unless a Council/Agency/Authority Member, a member of
the public, or City stajJ requests that an item be removed for discussion. If you wish to
speak on one of these items, please fill out a "Request to Speak" form (available in the
lobby) and submit it to the City Clerk prior to the meeting. Items pulled from the Consent
Calendar will be discussed immediately following the Consent Calendar.
1. A. APPROVAL OF MINUTES of the Redevelopment Agency Special Meetings of April
24, 2007 and May 15, 2007; and Regular Meetings of June 5, 2007, October 16, 2007,
December 4, 2007, and December 18, 2007.
Staff recommendation: Agency approve the minutes.
B. APPROVAL OF MINUTES of the Public Financing Authority of January 16, 2007.
Staff recommendation: Authority approve the minutes.
ITEMS REMOVED FROM THE CONSENT CALENDAR
PUBLIC COMMENTS
Persons speaking during Public Comments may address the Council/Agency/Authority on
any subject matter within the Council/Agency/Authority's jurisdiction that is not listed as
an item on the agenda. State law generally prohibits the Council/Agency/Authority from
taking action on any issue not included on the agenda, but, if appropriate, the Council/
Agency/Authority may schedule the topic for future discussion or refer the matter to staff.
Comments are limited to three minutes.
ACTION ITEMS
The Item listed in this section of the agenda will be considered individually by the
Council/Agency/Authority, and is expected to elicit discussion and deliberation. If you
wish to speak on any item, please fill out a "Request to Speak" form (available in the
lobby) and submit it to the City Clerk prior to the meeting.
2. CONSIDERATION OF VARIOUS DEBT REFUNDING OPTIONS TO GENERATE
CASH FLOW AND BUDGETARY SAVINGS TO THE GENERAL FUND AS WELL
AS ANNUAL DEBT SERVICE SAVINGS TO THE REDEVELOPMENT AGENCY
As part of the Fiscal Year 2007/2008 budget balancing process, the Finance Department
has been exploring various debt-refunding options, which would generate cash flow and
budgetary savings to the General Fund. With the assistance of Harrell & Co. and E. J. De
La Rosa, the following debt refunding/restructuring options were identified as providing
cash flow relief to the General Fund and at the same time generating annual debt service
savings to the Redevelopment Agency. (Finance Director)
Staff recommendation:
Redevelopment Agency adopt the following resolutions:
A. RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
CHULA VISTA DECLARING THE INTENT TO REFUND THE 2000 TAX
ALLOCATION BONDS IF DETERMINED TO BE FINANCIALLY FEASIBLE
B. RESOLUTION OF 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 & CO. AS UNDERWRITER FOR THE REFUNDING OF THE
REDEVELOPMENT AGENCY 2000 TAX ALLOCATION BONDS; W AWING
THE CONSULTANT SELECTION PROCESS AS IMPRACTICAL AND
APPROVING AN AGREEMENT WITH HARRELL & COMPANY
ADVISORS, LLC TO SERVE AS FINANCIAL ADVISOR; AND
AUTHORIZING THE CHAIR TO EXECUTE THE CONTRACTS
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January 22, 2008
Council Council adopt the following resolutions:
C. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
AUTHORIZING THE EXECUTION AND DELIVERY OF DOCUMENTS
RELATING TO THE SUBSTITUTION OF A RESERVE FUND POLICY INTO
THE RESERVE FUND FOR THE 2002 CERTIFICATES OF PARTICIPATION
(POLICE FACILITY PROJECT) AND AUTHORIZING AND DIRECTING
CERTAIN ACTIONS IN CONNECTION THEREWITH
D. RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA
REGARDING ITS INTENTION TO REIMBURSE EXPENDITURES FROM
THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS
Public Financing Authority adopt the following resolution:
E. RESOLUTION OF THE BOARD OF DIRECTORS OF THE CHULA VISTA
PUBLIC FINANCING AUTHORITY AUTHORIZING THE EXECUTION
AND DELIVERY OF DOCUMENTS RELATING TO THE SUBSTITUTION
OF A RESERVE FUND POLICY INTO THE RESERVE FUND FOR THE 2002
CERTIFICATES OF PARTICIPATION (POLICE FACILITY PROJECT) AND
AUTHORIZING AND DIRECTING CERTAIN ACTIONS IN CONNECTION
THEREWITH
OTHER BUSINESS
3. CITY MANAGERlDIRECTOR'S REPORTS
4. MAYOR/CHAIR'S REPORTS
5. COUNCIL/AGENCY/AUTHORITY MEMBERS' COMMENTS
ADJOURNMENT The City Council and Redevelopment Agency to their Regular Meeting of
February 5, 2008, at 4:00 p.m. in the Council Chambers, and the Public
Financing Authority to a Special Meeting February 5, 2008 immediately
following the City Council and Redevelopment Agency Meetings.
In compliance with the
AMERICANS WITH DISABILITIES ACT
The City of Chula Vista requests individuals who require special accommodations to access,
attend, and/or participate in a City meeting, activity, or service request such accommodation at
least forty-eight hours in advance for meetings and five days for scheduled services and
activities. Please contact the City Clerk for specific information at (619) 691-5041 or
Telecommunications Devicesfor the Deaf(TDD) at (619) 585-5655. California Relay Service is
also available for the hearing impaired.
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January 22,2008