HomeMy WebLinkAbout2001 - MINUTES - 6/20/2001 - FINANCIAL AUTHORITYMINUTES OF
CITY OF PALM SPRINGS
FINANCING AUTHORITY
JUNE 20, 2001
A Regular Meeting of the Financing Authority of the City of Palm Springs, California, was
called to order by Chairman Kleindienst, in the Council Chamber, 3200 Tahquitz Canyon
Way, on Wednesday, June 20, 2001, at 5:30 p.m., at which time, the City Attorney
announced items to be discussed in Closed Session, and at 7:00 p.m., the meeting was
convened in open session.
ROLL CALL: Present: Board Members Jones, Hodges, Oden, Reller-Spurgin, and
Chairman Kleindienst
Absent: None
The meeting was opened with the Salute to the Flag, and an invocation by Board Member
Oden.
REPORT OF POSTING OF AGENDA: City Clerk reported that the agenda was posted in
accordance with Council procedures on June 15, 2001.
PUBLIC COMMENTS: None
LEGISLATIVE ITEMS:
CONVENTION CENTER BONDS
1. REFINANCING OF 1991 CONVENTION CENTER BONDS
Recommendation: That the Authority approve the refinancing of the 1991
Convention Center Bonds, utilizing one of three options, none to exceed an
issuance of $40,000,000.
Board Member Jones stated that it is difficult to negotiate a private/public
partnership when the City is already stating it has $6.7 million to fund the parking
structure; that while not opposed to the refinancing, the savings should be used
to offset the $2.3 million budget deficit for the coming year; that the refinancing
may be time sensitive, but there will be another opportunity in December of this
year or May of next year; that it is not clear where interest rates are headed; and
that right now they are down, but this may not be the best opportunity that opens
up.
Board Member Hodges stated that Councilmember Jones may be correct in his
analysis of the loan payments, but that the concern is, if nothing is done to
address the major problem of parking downtown, the City will lose even more
than the $300,000 it could save in the refinancing; that at this time one has to
drive around to try to find a place to park; and that with parking at a premium, in
order to protect the revenue an alternative must be found.
Board Member Jones stated that Councilmember Hodges is correct, but that the
private portion should be set in place before the Council proceeds.
CPS Fin Auth Minutes
6-20-01, Page 2
Board Member Hodges stated that there is no disagreement, but that the players
in this game should not be underestimated; that the merchants are willing to work
with the City; that they want a structure; that it is their employees that need a
place to park; and that this will be a cooperative effort.
Board Member Oden stated that the Parking Think Tank has on going meetings
with the Community; that he has been present at the meetings; that in addition to
the refinancing there are in-lieu fees; and that the downtown businesses have to
comply anyway.
Resolution FA22 as recommended was presented; after which, it was moved by
Oden, seconded by Reller-Spurgin and carried by the following vote that FA22 be
adopted.
AYES: Hodges, Oden, Reller-Spurgin and Kleindienst
NO: Jones
ABSENT: None.
HOUSINGS BONDS
2. REFINANCING OF 1991 HOUSING TAX ALLOCATION BONDS
Recommendation: That the Authority approve the refinancing of the 1991
Housing Tax Allocation Bonds, issuance, not to exceed $6,000,000.
Director of Finance & Treasurer reviewed the staff report.
Board Member Jones stated that this is what should be done likewise with the
Convention Center Bonds.
Resolution FA23 as recommended was presented; after which, it was moved by
Hodges, seconded by Reller-Spurgin, and unanimously carried, that FA23 be
adopted.
ADJOURNMENT
There being no further business, Chairman declared the meeting adjourned.
PATRICIA A. SANDERS
Authority Secretary