HomeMy WebLinkAbout12/03/1985
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MINUTES
ADJOURNED JOINT MEETING
CITY COUNCIL/COMMUNITY REDEVELOPMENT AGENCY
DECEMBER 3, 1985
The Adjourned Joint Meeting of the City Council and the Community
Redevelopment Agency was called to order by Chairman Griset in
the Council Chambers, 22 Civic Center Plaza, Santa Ana,
California, at 6:35 P.M. Following the Pledge of Allegiance to
the Flag, the roll was called:
PRESENT
ABSENT
Daniel Griset, Chairman
Wilson Hart
P. Lee Johnson, Vice Chairman
R. E. Luxembourger
Patricia McGuigan
Dan Young
John Acosta
Others in attendance:
Robert C. Bobb, City Manager
Edward J. Cooper, City Attorney
Rex Swanson, Deputy City Manager/Development Services
Jan Perkins, Deputy City Manager/Operations
David N. Ream, Executive Director/Economic Development
Richard Dominguez, Financial Services Manager
Mellmary McNeely, Agency Secretary
RESOLUTION DECLARING INTENTION TO PROVIDE FOR ISSUANCE OF TAX
ALLOCATION BONDS REFUNDING THE FASHION SQUARE LOANS BY SANTA ANA
VENTURES
It was moved by Agency Member Young, seconded by Agency Member
Griset and carried unanimously (6:0) that the Agency adopt
Resolution 85-57: A RESOLUTION OF THE CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY DECLARING ITS INTENTION TO PROVIDE
FOR THE ISSUANCE OF NOT TO EXCEED $25,000,000 TAX ALLOCATION
REFUNDING BONDS, 1985 SERIES E (MAINPLACE PROJECT).
ADOPTION OF RESOLUTIONS FOR ISSUANCE AND BID AWARD OF TAX
ALLOCATION BONDS
The Executive Director/Economic Development introduced Mr.
Richard Dominguez, Financial Services Manager, and asked him to
make a brief staff presentation on the proposed adoption of
resolutions for issuance and bid award of tax allocation bonds.
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The Financial Services Manager pointed out that the Agency staff
had been working on a composite tax allocation bond issue which
would finance a portion of the cost of redevelopment projects
within the Inter-City Commuter Station, Downtown, South Main and
South Harbor Project Areas. He added that the total amount for
the four issues would be $98.5 million. He added that these
issues would commence with a five year, fixed rate bond issued at
a 7.75% interest rate and that the fixed rate would enable the
Agency to size the bond using projected tax increment for F.Y.
1988-89, which will be the final year in which bond proceeds can
be drawn down. He stated that after that date the bonds will be
30-day Variable Rate Demand Notes for the remaining 25 years of
the 30-year term. He pointed out that the lowest responsible
bidder at the bid opening was the firm of Smith Barney with a bid
of 97.01% which would leave a fee of approximately 3% for
remarketing.
Following a discussion period in which the Agency Members
expressed their thanks to staff, and particularly the Executive
Director/Economic Development and the Financial Services Manager,
for their work in bringing this complex financing plan to
fruition, it was moved by Agency Member Young, seconded by Agency
Member Johnson and carried uanimously (6:0) that the Agency adopt
Resolution No. 85-53: A RESOLUTION OF THE CITY OF SANTA ANA
COMMUNITY REDEVELOPMENT AGENCY AUTHOkIZING THE ISSUANCE OF TAX
ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF EIGHT
MILLION DOLLARS ($8,000,000) TO FINANCE A PORTION OF THE COST OF
A REDEVELOPMENT PROJECT KNOWN AS SANTA ANA INTER-CITY COMMUTER
STATION REDEVELOPMENT PROJECT.
Adopt Resolution No. 85-54: A RESOLUTION OF THE CITY OF SANTA
ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF
TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF
SIXTY THREE MILLION EIGHT HUNDRED FIFTY THOUSAND DOLLARS
($63,850,000) TO REFUND THE $13,400,000 1978 TAX ALLOCATION BONDS
AND TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT
KNOWN AS CITY OF SANTA ANA REDEVELOPMENT PROJECT.
Adopt Resolution No. 85-55: A RESOLUTION OF THE CITY OF SANTA
ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF
TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF
THIRTEEN MILLION SIX HUNDRED FIFTY THOUSAND DOLLARS ($13,650,000)
TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN
AS SANTA ANA SOUTH HARBOR BOULEVARD/FAIRVIEW STREET REDEVELOPMENT
PROJECT.
Adopt Resolution No. 85-56: A RESOLUTION OF THE CITY OF SANTA
ANA COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF
TAX ALLOCATION BONDS OF SAID AGENCY IN THE PRINCIPAL AMOUNT OF
THIRTEEN MILLION DOLLARS ($13,000,000) TO FINANCE A PORTION OF
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THE COST OF A REDEVELOPMENT PROJECT KNOWN AS SANTA ANA SOUTH MAIN
STREET REDEVELOPMENT PROJECT.
SUPPLEMENTAL AGREEMENT, CARLEY CAPITAL GROUP (CENTERPOINTE)
It was moved by Vice Mayor Johnson, seconded by Agency Member
McGuigan and carried unanimously (6:0) that the Agency approve
the Supplemental Agreement with Carley Capital Group and
authorize the Chairman to execute the necessary documents.
ADJOURNMENT
There being no further business to come before the Agency, the
meeting was adjourned at 6:50 P.M.
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Daniel Griset
Chairman
Executive Director
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