HomeMy WebLinkAboutRA Minutes 2002-09-16SRRA MINUTES (Regular) 09/16/2002 Page 1
IN THE COUNCIL CHAMBER OF THE CITY OF SAN RAFAEL, MONDAY, SEPTEMBER 16, 2002 AT 7:30 PM
Regular Meeting:
San Rafael Redevelopment Agency
Also Present: Rod Gould, Executive Director
Gary T. Ragghianti, Agency Attorney
Jeanne M. Leoncini, Agency Secretary
Present: Albert J. Boro, Chairman
Paul M. Cohen, Vice -Chair
Cyr N. Miller, Member
Gary O. Phillips, Member
Absent: Barbara Heller, Member
CLOSED SESSION — CONFERENCE ROOM 201 — 7:30 PM:
VOTER
ORAL COMMUNICATIONS OF AN URGENCY NATURE: 7:50 PM
None
CONSENT CALENDAR:
Member Phillips moved and Member Miller seconded, to approve the following Consent Calendar items:
ITEM
Approval of Minutes of Regular Meeting of Tuesday,
September 3, 2002 (AS)
2. Unapproved Minutes of Citizens Advisory Committee
Meeting of Thursday, September 5, 2002 (RA) —
File R-140 IVB
3. Resolution Authorizing the Assistant Executive Director
(Public Works), Pursuant to SRMC Sections 2.55.190 &
2.55.200, to Contract for the Purchase of New Public
Works Corporation Yard Furniture, Fixtures and Equipment
by Use of Competitive Negotiation (RA) —
File (SRCC) 4-2-319 x (SRCC) 4-1-535 x (SRRA) R-140 #8
4. Resolution Authorizing Purchase Agreement for Acquisition
of Real Property (Portion of APN 011-255-026) from
Petersen Rake, et al., in an Amount not to Exceed $68,000
(RA) — File R-450 x R-430
RECOMMENDED ACTION
Approved as submitted.
Accepted report.
RESOLUTION NO. 2002-22 —
RESOLUTION AUTHORIZING THE
ASSISTANT EXECUTIVE DIRECTOR
(PUBLIC WORKS), PURSUANT TO
SRMC SECTIONS 2.55.190 & 2.55.200,
TO CONTRACT FOR THE PURCHASE
OF NEW PUBLIC WORKS
CORPORATION YARD FURNITURE,
FIXTURES, AND EQUIPMENT BY USE
OF COMPETITIVE NEGOTIATION
RESOLUTION NO. 2002-23 —
RESOLUTION AUTHORIZING
ACQUISITION OF REAL PROPERTY
(PORTION OF APN 011-255-026) FROM
PETERSEN RAKE, ET AL., IN AN
AMOUNT NOT TO EXCEED $68,000
SRRA MINUTES (Regular) 09/16/2002 Page 1
SRRA MINUTES (Regular) 09/16/2002 Page 2
AYES: MEMBERS: Cohen, Miller, Phillips and Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: Heller
ABSTAINING: MEMBERS: Chairman Boro (from item #1 only, due to absence from meeting.)
AGENCY CONSIDERATION:
5. FIFTH SUPPLEMENTAL RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED
$27,500,000 PRINCIPAL AMOUNT OF CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX
ALLOCATION REFUNDING BONDS, SERIES 2002 (RA) —
FILE R-5 x R-6 x R-7 x R-140XX x (SRCC) 4-16-7
Economic Development Coordinator Stephanie Lovette stated the Agency is proposing a refunding of
the 1992 and 1995 tax allocation bonds to take advantage of historically low interest rates. She
indicated the proposal is to capitalize interest rate savings rather than receive annual decreases in
taxes, and it is expected to net approximately $2 million from this refinancing.
Ms. Lovette stated the Fifth Supplemental Bond Resolution sets forth the details of the bond transaction
and the Preliminary Official Statement, which provides potential investors information on the bonds and
the Redevelopment Agency.
She stated the City Council must also act on the financing pursuant to IRS regulations and the Joint
Powers Financing Authority also must act on these bonds.
Ms. Lovette reported the Agency is using the same consultants used for the 1999 bond issue, indicating
the Underwriter is Eric Scriven, with Piper Jaffray, and the Bond Counsel is Steve Melekian, with Jones
Hall, both of whom were present this evening to answer potential questions.
Member Cohen confirmed with Ms. Lovette that payments were not being increased and the maturity
date for the bonds would remain the same. Ms. Lovette added that this is pursuant to the Fiscal
Agreement.
Member Cohen moved and Member Phillips seconded, to adopt the resolution.
RESOLUTION NO. 2002-24 — FIFTH SUPPLEMENTAL RESOLUTION AUTHORIZING THE
ISSUANCE OF NOT TO EXCEED $27,500,000 PRINCIPAL
AMOUNT OF CENTRAL SAN RAFAEL REDEVELOPMENT
PROJECT TAX ALLOCATION REFUNDING BONDS, SERIES
2002
AYES: MEMBERS: Cohen, Miller, Phillips and Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: Heller
AGENCY MEMBER REPORTS:
6. None
There being no further business, the San Rafael Redevelopment Agency meeting was adjourned at 7:55 PM.
JEANNE M. LEONCINI, Agency Secretary
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