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HomeMy WebLinkAbout2008/02/19 RDA Item 1 DRAFT MINUTES OF AN ADJOURNED REGULAR MEETING OF THE CITY COUNCIL AND SPECIAL MEETINGS OF THE REDEVELOPMENT AGENCY AND PUBLIC FINANCING AUTHORITY OF THE CITY OF CHULA VISTA January 22, 2008 6:00P.M. An adjourned regular meeting of the City Council and special meetings of the Redevelopment Agency and Public Financing Authority of the City of Chula Vista were called to order at 9:45 p.m. in the Council Chambers, located in City Hall, 276 Fourth Avenue, Chula Vista, California. ROLL CALL: PRESENT: Council/Agency/Authority Members: Castaneda, McCann, Ramirez, Rindone and Mayor/Chair Cox ABSENT: Council/Agency/Authority Members: None ALSO PRESENT: City Manager/Executive Director Garcia, City Attorney/ Agency Counsel Moore, Interim City Clerk Norris, and Deputy City Clerk Bennett CONSENT CALENDAR (Item I) 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 ofthe Public Financing Authority of January 16, 2007. Staff recommendation: Authority approve the minutes. ACTION: Council/Agency/Authority Member McCann moved to approve staff recommendations and offered Items IA and IB, headings read, texts waived. Council/ Agency/Authority Member Ramirez seconded the motion and it carried 5-0. ITEMS REMOVED FROM THE CONSENT CALENDAR There were none. PUBLIC COMMENTS There were none. 1- \ DRAFT ACTION ITEMS 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) Council/Agency/Authority Member Rindone stated that he would be abstaining from voting on Item 2, since his property was within 500 feet of all of the items proposed. He then left the dais. Council/ Agency/Authority Member Ramirez stated that he would be abstaining from voting on Items 2A, 2B and 2D, due to property that he owns is within 500 feet of the boundaries of the properties proposed. He then left the dais. City Manger/Executive Director Garcia introduced the item, stating that this was the last major component of the City's budget balancing efforts. Finance Director Kachadoorian provided a presentation on Financing Goals, Financing Criteria, and bottom line savings, and provided information related to Items 2A, 2B, and 2D. ACTION: B. Chair/Mayor Cox moved to adopt Redevelopment Agency Resolution Nos. 2008- 1987, 2008-1988 and Council Resolution No. 2008-029, headings read, texts waived. A. RESOLUTION NO. 2008-1987, 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 RESOLUTION NO. 2008-1988, RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA WANING THE CONSULTANT SELECTION PROCESS AS IMPRACTICAL AND APPROVING AN AGREEMENT WITH E.J. DE LA ROSA & CO. AS UNDERWRITER FOR THE REFUNDING OF THE REDEVELOPMENT AGENCY 2000 TAX ALLOCATION BONDS; WAIVING 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 \ - d-.- Page 2 - Jt. CouncilJRDA/PFA Agenda Minutes January 22, 2008 DRAFT D. RESOLUTION NO. 2008-029, RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CHULA VISTA REGARDING ITS INTENTION TO REIMBURSE EXPENDITURES FROM THE PROCEEDS OF TAX-EXEMPT OBLIGATIONS Council/ Agency/Authority Member Castaneda seconded the motion and it carried 3-0-2, with Council/Agency/Authority Members Rindone and Ramirez abstaining on Items 2A, 2B and 2D. Council/Agency/Authority Member Castaneda stated he would be abstaining from voting on Items 2C and 2E, due to property that he owns that lies within 500 feet of the boundaries of the properties proposed. He then left the dais. Council/ Agency/Authority Member Ramirez returned to the dais at 10:00 p.m. Finance Director Kachadoorian provided a presentation on Financing Goals, Financing Criteria, and bottom line savings. She also provided information specific to Items 2C and 2E. ACTION: D. E. Mayor/Chair Cox moved to adopt Council Resolution Nos. 2008-028 and Public Financing Authority Resolution No. 2008-012, headings read, texts waived. C. RESOLUTION NO. 2008-028, 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 This item was heard with Items 2A and 2B. RESOLUTION NO. 2008-012, 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 Council! Agency/Authority Member McCann seconded the motion and it carried 3-0-2, with Council/Agency/Authority Members Rindone and Castaneda abstaining on Items 2C and 2E. Council/ Agency/Authority Members Rindone and Castaneda returned to the dais at 10:07 p.m. t -3 Page 3 - Jt. CounciVRDAlPF A Agenda Minutes January 22, 2008 DRAFT It was the consensus of the CounciV Agency/Authority members to suspend any comments under "Other Business" and incorporate them with comments during the Regular City Council Meeting. OTHER BUSINESS 3. CITY MANAGERlDIRECTOR'S REPORTS There were none. 4. MAYOR/CHAIR'S REPORTS There were none. 5. COUNCIL/AGENCY/AUTHORITY MEMBERS' COMMENTS There were none. ADJOURNMENT At 10:07 p.m., Mayor/Chair Cox adjourned the meeting to the Regular Meetings of the City Council and Redevelopment Agency 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. ?----- --' Lorraine Bennett, CMC, Deputy City Clerk Page 4 - Jt. CouncillRDAlPF A Agenda Minutes \ - 4- January 22, 2008