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<br />. <br /> <br />. <br /> <br />. <br /> <br />least expensive bid rather than the least expensive, and added <br />that discussions with staff had provided her with the rationale <br />and reasoning, but that she would still feel better about <br />approving the most economical proposal. Agency Member Young <br />inquired of City Manager Robert Bobb regarding any requirement <br />to involve the proposed underwriter. Mr. Bobb responded that, <br />although the City is under no obligation, this is an <br />opportunity to avail itself of the services of a well qualified <br />minority firm. Agency Member Young introduced the possibility <br />of a co-manager arrangement, whereby the cost would not <br />increase while special expertise may be gained, such as the <br />specialization in Certificates of Participation. Mr. Bobb <br />asserted that he would recommend such an arrangement. In <br />response to Agency Member McGuigan's question, Mr. Bobb stated <br />that the industry standard for co-management such as proposed <br />is a 40:60 financial allocation between the firms involved. <br /> <br />It was moved by Agency Member McGuigan, seconded by Agency <br />Member Young, and carried unanimously that the Agency authorize <br />staff to establish a co-underwriter relationship with <br />Shears on-Lehman as the lead and with Grigsby, Brandford and <br />Co., Inc. for the Downtown parking structure financing. <br /> <br />FUND TRANSFER FOR THE SCHOOL SITE ACQUISITION <br /> <br />It was moved by Vice Chairman Johnson, seconded by Agency <br />Member Acosta, and carried unanimously (6:0) to approve <br />repayment of $500,000 from the South Harbor Project Area to the <br />General Fund for the purpose of providing funds for the School <br />Site Acquisition Project. <br /> <br />ADOPTION OF AGENCY POLICY ON PAYMENT OF <br />PRIVATE REDEVELOPERS OR OWNER-PARTICIPANTS <br /> <br />PREVAILING <br /> <br />BY <br /> <br />WAGES <br /> <br />Chairman Griset referred to a memorandum entitled, <br />"Redevelopment Agency Projects in the Pipeline" and asserted <br />that the projects and developments identified therein would be <br />exempted from such a policy. Pursuant to review of the <br />listing, Chairman Griset requested the withdrawal of the C-8 <br />site from "grandfather" status. Agency Member Acosta inquired <br />about the criterion for inclusion in the memorandum, suggesting <br />that staff had included everything even in a negotiation <br />phase. <br /> <br />5 . <br />