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<br />. <br /> <br />. <br /> <br />. <br /> <br />~ . <br /> <br />It was moved by Agency Member Luxembourger, seconded by Vice <br />Chairman Johnson and carried unanimously (7:0) that the Agency <br />grant staff the authority to acquire the property of James West <br />in the amount of $121,000. <br /> <br />It was moved by Vice Chairman Johnson, seconded by Agency <br />Member Acosta and carried unanimously that the Agency ratify <br />the final offer of $215,000 to Circle T Corporation. <br /> <br />The City Manager pointed out that, because interest rates had <br />dropped dramatically, it would be most advantageous to the <br />Agency to authorize staff to pursue a refunding of the $98.5 <br />million Tax Allocation Bonds which were sold on December 3, <br />1985. He stated that the Agency could realize savings in <br />interest payments from $500,000 to $1 million per year, and <br />added that he felt the Agency might be subject to criticism if <br />the proposed refinancing were not undertaken. <br /> <br />It was moved by Vice Chairman. Johnson, seconded by Agency <br />Member Young and carried unanimously (7:0) that the City <br />Manager be authorized to pursue a timely refunding of the 1985 <br />Tax Allocation Bond issues, Series A through D, by contracting <br />with the following principals: <br /> <br />Stradling, rocca, Carlson & Rauth - Bond Counsel <br />Cranston Securities - Financing Consultant <br />Katz, Hollis, Coren & Associates - Fiscal Consultant <br />Goldman and Sachs - Senior Underwriter <br />E. F. Hutton - Co-Underwriter <br /> <br />ADJOURNMENT <br /> <br />There being no further business to come before the Agency, the <br />meeting was adjourned at 7:10 P.M. to April 21, 1986 at 4:30 <br />P.M. <br /> <br />~ <br /> <br />~~ <br /> <br />Daniel E. Griset <br />Mayor <br /> <br />Executive Director <br /> <br />9. <br />