111708 Tax Allocation Bond Financing Team

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REQUEST FOR AGENCY ACTION AGENCY BOARD MEETING DATE: NOVEMBER 17, 2008 TITLE: TAX ALLOCATION BOND FINANCING TEAM EXECUTIVE DIRECTOR RECOMMENDED ACTION AGENCY SECRETARY USE ONLY: g, APPROVED 2•✓d marnve� APPROVED © As Recommended 7'd ❑ As Amended ❑ Ordinance on 1" Reading ❑ Ordinance on 2ntl Reading ❑ Implementing Resolution ❑ Set Public Hearing For CONTINUED TO FILE NUMBER Direct the Agency General Counsel to prepare and authorize the Executive Director and Agency Secretary to execute agreements with the financing team composed of financial advisor CSG Advisors, Incorporated, underwriters Stone and Youngberg and De La Rosa & Co., bond counsel Stradling, Yocca, Carlson & Rauth, and special disclosure counsel Quint & Thimmig, subject to non - substantive changes approved by the Executive Director and Agency General Counsel. Over the last several years, the Santa Ana Redevelopment Agency has taken steps to maximize the effectiveness of the redevelopment program by merging all Redevelopment Project Areas, and eliminating the debt incurrence time limit, pursuant to SB211. The SB211 time limit elimination, in particular, provides the Agency with the opportunity to refinance existing debt, as well as issue new debt, in an efficient and cost effective manner. In order to explore bonding alternatives and capacity, it is recommended that a financing team be selected, including a financial advisor, underwriter, and bond /disclosure counsel. After extensive evaluation, staff recommends the hiring of CSG Advisors, Incorporated (financial advisor), Stone and Youngberg and De La Rosa & Co. (underwriters), Stradling, Yocca, Carlson & Rauth (bond counsel), and Quint & Thimmig (disclosure counsel). The Agency's independent financial advisor, CSG Advisors, Incorporated, issued a Request for Proposals for Underwriter services and received 5 -19