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Home My WebLink AboutSPJT Minutes 1999-06-07SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 1 IN THE COUNCIL CHAMBER OF THE CITY OF SAN RAFAEL, MONDAY, JUNE 7, 1999, AT 7:30 PM Special Joint Public Hearing: Present: San Rafael Redevelopment Agency/ Member/Councilmember San Rafael City Council Cyr Miller, Member/Councilmember Gary Phillips, Member/Councilmember Absent: Albert J. Boro, Chairman/Mayor Paul M. Cohen, Barbara Heller, Member/Councilmember None Also present: Rod Gould, Executive Director/City Manager Lee Rosenthal, Agency Attorney Jeanne M. Leoncini, Agency Secretary/City Clerk SPECIAL JOINT CITY COUNCIL AND THE REDEVELOPMENT AGENCY TO CONSIDER A THIRD AMENDMENT TO PUBLIC HEARING: FISCAL AGREEMENT BETWEEN COUNTY OF MARIN, CITY OF SAN RAFAEL, SAN RAFAEL ELEMENTARY AND HIGH SCHOOL DISTRICTS, MARIN COMMUNITY COLLEGE DISTRICT AND SAN RAFAEL REDEVELOPMENT AGENCY (REDEVELOPMENT IV) AND TO CONSIDER THE ADOPTION OF RESOLUTIONS AUTHORIZING AND APPROVING (1) THE SALE AND ISSUANCE OF TAX ALLOCATION BONDS BY THE REDEVELOPMENT AGENCY (2) CERTAIN OTHER MATTERS NECESSARILY RELATED THERETO (RA) - File (SRRA) R-5 x (SRRA) R-6 x (SRRA) x (SRRA) R-7 x (SRCC) 4-16-7 x (SRRA) R-140 XVIII Chairman/Mayor Boro declared the public hearing opened, and asked for the staff report. Economic Development Director Jake Ours reported staff had been working on this Agreement since January, and had received great cooperation from the other agencies involved, noting the School District was very happy with the Agreement, as it will provide over $20 million in funds for reconstruction of local schools through the use of Redevelopment funds, and the College of Marin will be making a lot of ADA (Americans with Disabilities Act) improvements. He stated, all in all, the Redevelopment Agency would be getting something, the School District and the College of Marin would be getting something, and the County was not hurt, noting this had turned out to be good for everyone. Mr. Ours pointed out the Redevelopment Agency had some excellent help in putting this project together, noting Ray Meador and Eric Scriven of Public Asset Management had structured the bonds so there would be an extra $2 million, which the Agency would not have gotten had they not come up with a way to do it. In addition, Steve Melikian with Jones Hall, Bond Counsel, had done an excellent job of putting this together very quickly. Chairman/Mayor Boro asked Mr. Ours to comment on the favorable bond ratings the Agency received from the three rating agencies. Mr. Ours reported he had been told the Agency had received the highest rating of any Redevelopment Agency in the State of California, which he explained had to do with the fact that the Agency has a large tax increment, a fairly conservative approach to the way the Agency spends its money, and an excellent City with good sources of taxes, spread evenly over the entire City and Redevelopment Agency. Therefore, the risk is low to the bond buyers, while the guarantees are high, which makes for a good rating. Mr. Ours believed this had a lot to do with the way the Agency Members have managed the Agency over the years. Member/Councilmember Cohen referred to "Exhibit E - Proposed Redevelopment Projects", an attachment to the Resolutions approving the Third Amendment for both the Redevelopment Agency and the City Council, noting that document was the original "short list" of Redevelopment projects. He asked if the list needed to be corrected, or if it should remain as presented, even though the budget being proposed for adoption modified that list? Mr. Ours explained Exhibit E was a guideline, listing the types of projects the Redevelopment Agency would be doing. He stated the amounts would vary, noting, for example, there was no way of predicting the amount of money that would be spent on street widening or child care facilities. However, generally speaking, these were the types of projects that would be done, such as transportation and school projects. Agency Attorney Lee Rosenthal stated the Agreement contained a paragraph which generally limits the Agency to those projects; however, a number of the projects were general in nature, such as transportation, and the amounts were not fixed. SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 1 SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 2 He pointed out there was a specific provision of the Agreement which states, "The parties recognize that the dollar amounts set forth in the Exhibit, with regard to each specific project or purpose, are estimates, and the Agency may spend more or less than the amount set forth in Exhibit E for a particular project or purpose". He noted if there was something that was not on the list, either as a project or purpose, it might become an issue; however, he stated the list was fairly broad. Executive Director/City Manager Gould asked if the reason the list should not be corrected was because the College of Marin, San Rafael School District, and the County of Marin had adopted similar resolutions, and the Agency needed to be consistent? Mr. Rosenthal stated that was correct, explaining the Agreement had been negotiated with the San Rafael School District, the County of Marin, and the College of Marin based on this particular Exhibit. Member/Councilmember Cohen asked, since there was at least some modification contemplated, whether it made sense to modify the Agreement now, or do that at some other time? Mr. Rosenthal explained that if there was a project that did not fit on the list, for which the Agency was going to use bond proceeds, then the Agency would have to go to the other districts. Chairman/Mayor Boro invited public comment. There being no public comment, Chairman/Mayor Boro closed the public hearing. SAN RAFAEL CITY COUNCIL: 1.A RESOLUTION APPROVING THIRD AMENDMENT TO FISCAL AGREEMENT AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE THIRD AMENDMENT TO FISCAL AGREEMENT ON BEHALF OF THE CITY Councilmember Heller moved and Councilmember Cohen seconded, to adopt the Resolution. RESOLUTION NO. 10413 - RESOLUTION APPROVING A THIRD AMENDMENT TO FISCAL AGREEMENT WITH THE SAN RAFAEL REDEVELOPMENT AGENCY, THE COUNTY OF MARIN, THE SAN RAFAEL ELEMENTARY SCHOOL DISTRICT, THE SAN RAFAEL HIGH SCHOOL DISTRICT, AND THE MARIN COMMUNITY COLLEGE DISTRICT, AND AUTHORIZING EXECUTION OF SAID AMENDMENT (Redevelopment IV). AYES: COUNCILMEMBERS:Cohen, Heller, Miller, Phillips & Mayor Boro NOES: COUNCILMEMBERS:None ABSENT: COUNCILMEMBERS:None 2.RESOLUTION OF THE CITY COUNCIL OF THE CITY OF SAN RAFAEL APPROVING THE ISSUANCE AND SALE OF SAN RAFAEL REDEVELOPMENT AGENCY CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1999 Councilmember Cohen moved and Councilmember Miller seconded, to adopt the Resolution. RESOLUTION NO. 10414 - RESOLUTION APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED $27,000,000 AGGREGATE PRINCIPAL AMOUNT OF SAN RAFAEL REDEVELOPMENT AGENCY CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1999 (Redevelopment IV). AYES: COUNCILMEMBERS:Cohen, Heller, Miller, Phillips & Mayor Boro NOES: COUNCILMEMBERS:None ABSENT: COUNCILMEMBERS:None SAN RAFAEL REDEVELOPMENT AGENCY: 1.A RESOLUTION APPROVING THIRD AMENDMENT TO FISCAL AGREEMENT WITH COUNTY OF MARIN, SAN RAFAEL CITY SCHOOLS AND MARIN COMMUNITY COLLEGE DISTRICT, AND PUBLIC IMPROVEMENTS AGREEMENTS WITH THE SAN RAFAEL CITY SCHOOLS AND MARIN COMMUNITY COLLEGE DISTRICT, AND AUTHORIZING THE EXECUTIVE DIRECTOR TO EXECUTE SAID AGREEMENTS SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 2 SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 3 Member Phillips moved and Member Cohen seconded, to adopt the Resolution. RESOLUTION NO. 99-15 - RESOLUTION APPROVING A THIRD AMENDMENT TO FISCAL AGREEMENT, A PUBLIC IMPROVEMENTS AGREEMENT WITH THE SAN RAFAEL ELEMENTARY SCHOOL DISTRICT AND THE SAN RAFAEL HIGH SCHOOL DISTRICT, AND A PUBLIC IMPROVEMENTS AGREEMENT WITH THE MARIN COMMUNITY COLLEGE DISTRICT, AND AUTHORIZING EXECUTION OF SAID AMENDMENT AND AGREEMENTS (Redevelopment IV) . AYES: MEMBERS: Cohen, Heller, Miller, Phillips & Chairman Boro NOES: MEMBERS: None ABSENT: MEMBERS: None 2.FOURTH SUPPLEMENTAL RESOLUTION AUTHORIZING THE ISSUANCE AND SALE OF SAN RAFAEL REDEVELOPMENT AGENCY CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1999 Member Miller moved and Member Phillips seconded, to adopt the Resolution. RESOLUTION NO. 99-16 - FOURTH SUPPLEMENTAL RESOLUTION AUTHORIZING THE ISSUANCE OF NOT TO EXCEED $27,000,000 PRINCIPAL AMOUNT OF CENTRAL SAN RAFAEL REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, SERIES 1999 (Redevelopment IV). AYES: MEMBERS: Cohen, Heller, Miller, Phillips & Chairman Boro NOES: MEMBERS: None ABSENT: MEMBERS: None There being no further business, the meeting was adjourned at 7:55 PM. JEANNE M. LEONCINI, AGENCY SECRETARY/CITY CLERK APPROVED THIS 1999 REDEVELOPMENT AGENCY CHAIRMAN/ MAYOR OF THE CITY OF SAN RAFAEL DAY OF SRRA/SRCC MINUTES (Spec.Jt.Pub.Hearing) 6/7/99 Page 3