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HomeMy WebLinkAboutRA Minutes 1995-03-06SRRA MINUTES (Regular) 3/6/95 Page 1 IN THE COUNCIL CHAMBERS OF THE CITY OF SAN RAFAEL, MONDAY, MARCH 6, 1995, AT 7:30 PM Regular Meeting: San Rafael Redevelopment Agency Present: Albert J. Boro, Chairman Paul M. Cohen, Member Barbara Heller, Member Gary O. Phillips, Member David J. Zappetini, Member Absent: None Also Present: Pamela J. Nicolai, Executive Director Clark E. Guinan, Assistant Agency Attorney Jeanne M. Leoncini, Agency Secretary ORAL COMMUNICATIONS OF AN URGENCY NATURE CONSENT CALENDAR Member Zappetini moved and Member Phillips seconded, to approve the recommended action on the following Consent Calendar items: ITEM RECOMMENDED ACTION 1. Approval of Minutes of Regular Meeting of Approved as submitted. February 21, 1995 (AS) 2. Request for Partial Closure of Fifth & D Approved parking lot closure at Parking Lot for T&B Sports Event on Saturday Fifth & "D" Parking Lot on Sat., and Sunday, March 11 & 12, 1995 (RA) - 3/11/95 and Sun., 3/12/95, 9:00 File R-140 #8 x (SRCC) 11-19 AM to 5:30 PM both days, to conduct a baseball promotional event (batting cage). AYES: MEMBERS: Cohen, Heller, Phillips, Zappetini & Chairman Boro NOES: MEMBERS: None ABSENT: MEMBERS: None ABSTAINED: MEMBERS: Cohen (from minutes only due to absence from meetinq) AGENCY CONSIDERATION 3. APPROVAL OF SPONSORING AN ART SQUARE AT THE ITALIAN STREET PAINTING FESTIVAL ON JUNE 10-11, 1995 (RA) - File R-181 Assistant Executive Director Ours asked the City to sponsor a square at the Italian Street Painting Festival due to their success last year, noting the funds would come from the Redevelopment Agency Downtown Promotion Fund. Member Cohen moved and Member Heller seconded, to adopt a Resolution authorizing the sponsorship of an art square at the 1995 Italian Street Painting Festival. RESOLUTION NO. 95-5 - AUTHORIZING THE SPONSORSHIP OF AN ART SQUARE AT THE 1995 ITALIAN STREET PAINTING FESTIVAL IN THE AMOUNT OF $540 Member Zappetini asked what the topic of the square would be. Mr. Ours stated there is a list of suggested topics that he would provide to the Agency. SRRA MINUTES (Regular) 3/6/95 Page 1 SRRA MINUTES (Regular) 3/6/95 Page 2 Member Heller suggested using the same artist who painted the art square for the City last year, and provided the information to Mr. Ours. AYES: MEMBERS: Cohen, Heller, Phillips, Zappetini & Chairman Boro NOES: MEMBERS: None ABSENT: MEMBERS: None 4. CONTRACT WITH KELLING, NORTHCROSS & NOBRIGA, INC. AS FINANCIAL ADVISOR FOR PROPOSED REDEVELOPMENT AGENCY BOND ISSUE (RA) - File R-351 x R-140 XV x R-123 Assistant Executive Director Ours explained this is a preliminary step for the issu-ance of new bonds (Redevelopment III). He noted there have been preliminary steps taken with the County of Marin, noting they have been fairly supportive. Mr. Ours stated that Kelling, Northcross & Nobriga, Inc. is the same firm who supported us in the 1992 refunding, noting there are not many firms that do this. Member Zappetini asked how this firm was chosen; if a Request for Proposal had been used? Mr. Ours explained this is a professional services contract, and we rely heavily on past experience and quality of work. He stated this firm is on top of the interest rates and has other experience needed. Mr. Zappetini asked what percentage they charge. Mr. Ours stated the size of the bond issuance will depend on the negotiations with the County and with the school districts, noting our projected goal is about $17.5 million, and the fee will be hefty. Member Heller asked if we can participate alone without the County and school districts. Mr. Ours answered that we cannot; we are bound by an agreement that was signed in 1973. Member Phillips asked if the bond issuance is made up of the County, school district and Redevelopment? Mr. Ours stated it is the City, County, (San Rafael) school districts, and Marin Community College District. Mr. Phillips asked if the fee is only for San Rafael or if it is a combined fee. Mr. Ours explained San Rafael is the only one getting any money out of this. He noted if the County participates, they are giving up part of their tax revenue in order for us to issue these bonds. Executive Director Nicolai stated those agencies have to agree to amend the agree-ment with us, but we are the agency that issues the bonds. Member Phillips asked how much this equates to on an hourly basis. Mr. Ours stated there is an hourly fee charge of $175 for the principal, $125-$150 for associates, and less for other people, noting those are the amounts for over the stated amount of the fee. Chairman Boro asked if the fee is a percentage of the bond issue. Mr. Ours answered affirmatively. Member Phillips asked if there is anyone within San Rafael who performs this service. Mr. Ours stated there was no one he knows of. Finance Director Coleman confirmed he knows of no one in San Rafael, and noted Kelling, Northcross & Nobriga, Inc. has historically been one of the largest firms in California in terms of total volume of bonds they are involved with. Member Heller asked when an agreement with the County would be finalized. Mr. Ours stated the proposed schedule is for June 1, 1995, noting negotiations with the County should conclude within the next month. He indicated that the school districts have not been contacted as yet. Member Cohen moved and Member Phillips seconded, to adopt a Resolution approving an agreement SRRA MINUTES (Regular) 3/6/95 Page 2 SRRA MINUTES (Regular) 3/6/95 Page 3 with Kelling, Northcross & Nobriga, Inc. to act as financial advisors in the issuance of tax allocation bonds. RESOLUTION NO. 95-6 - AUTHORIZING THE ASSISTANT EXECUTIVE DIRECTOR TO EXECUTE AN AGREEMENT WITH KELLING, NORTHCROSS & NOBRIGA, INC. IN CONNECTION WITH THE ISSUANCE OF TAX ALLOCATION BONDS (REDEVELOPMENT III) AYES: MEMBERS: Cohen, Heller, Phillips, Zappetini & Chairman Boro NOES: MEMBERS: None ABSENT: MEMBERS: None Ms. Nicolai emphasized that the process has just begun, noting we have not yet talked with the school districts. She explained we will first get into the detailed projections so we will know what we are talking about when talking with the various agencies. Ms. Nicolai stated enough ground has been laid with the school districts and the County from previous negotiations so the process should not take a great deal of time once it is begun. 5. AGENCY MEMBER REPORTS None. There being no further business, the meeting was adjourned at 7:45 PM. JEANNE M. LEONCINI, Agency Secretary SRRA MINUTES (Regular) 3/6/95 Page 3