HomeMy WebLinkAbout2001 - MINUTES - 6/13/2001 - STUDY SESSIONSTUDY SESSION
CITY OF PALM SPRINGS
JUNE 13, 2001
CONVENE IN OPEN SESSION
A. Call Back to Order-Large Conference Room
B. Flag Salute
C. City Attorney Report on Matters Discussed in Closed Session-See Page 2 of
Agenda this date.
D. Public Comments
M.C. Edwards, no address given, stated that the Council has made a mistake in
the approval of cameras for the downtown; that enough research was not done;
that the funds should be spend on neighborhood watch programs, and education
of the citizens.
E. COUNCIL COMMENTS/QUESTIONS/REPORTS
Councilmembers commented on various civic functions attended.
F. CITY MANAGER COMMENTS – None
G. STUDY SESSION
1. DISCUSSION OF BOND REFINANCINGS
Director of Finance & Treasurer distributed a handout; copy attached, and added
that there are different options for the Council to choose.
Jones: what is the time factor? Does the Council have to decide at this
meeting? Is there a window for the refinancing?
Director of Finance & Treasurer: Housing and Assessment District must act
before June 20th; if miss window have to wait 6 months; Convention Center
window is in December; State will be issuing energy bonds which will effect
market rates and need direction from Council on which Option.
Reller-Spurgin: Option 3
Jones: Option 1, believe with problem with budget deficit should get refinanced
and lower payments, will result in $300,000 savings to general fund each year;
this will be 2nd or 3rd refinancing for convention center; facility loses five million
each year and is one of the reasons for the City having ongoing debt; that
support for the facility should not be given; that the Center should have been cut
loose and the loss taken; that the $300,000 savings could be used for projects
and recommended Option 1.
Mayor pro tem: The $300,000 should not be counted as revenue.
Jones: the result is that the $300,000 does not have to be transferred to the
General Fund each year.
Mayor pro tem the $300,000 would not be new money, but a savings.
Reller-Spurgin: Jones stated two things; one the Convention Center should have
been gotten rid of, the Council tried, it could not; and secondly the Centers are
built not to make money, cut to generate other revenues to the City, like hotel
transient occupancy tax; that since the contract has been entered into with LMI,
the operating expenses have been lower; that the refinancing is a vehicle to
solve a major problem that is happening downtown with parking; that the City
does not have the funds to address the issue; and that this will solve that
problem.
Hodges: Option 3, originally thought Option 1, but it is clear that a solution needs
to be found for the parking issue downtown; there is no place to park; it is a real
problem; and that we need to address the problem; and that the refinancing must
go to parking issues, nothing else will be supported.
Mayor questioned if it were the Council consensus that funding be used for
parking in the downtown.
Hodges: Yes, the funds should not be piecemealed off to projects and the
parking end up not being done.
Oden: Option 3, would like to see the focus on a parking structure; that there is a
myriad of issues that will need to be examined as funding becomes available.
ADJOURN