HomeMy WebLinkAbout7/25/2007 - STAFF REPORTS - RA.4. CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY
MEETING MINUTES
WEDNESDAY, JULY 18, 2007
COUNCIL CHAMBER
CALL TO ORDER: Chair Oden called the meeting to order at 6:16 P.M.
ROLL CALL:
PRESENT: Agency Member Foat, Agency Member McCulloch, Agency
Member Mills, Vice Chair Pougnet, and Chair Oden.
ABSENT: None.
ALSO PRESENT: Executive Director Ready, Agency Attorney Holland, and Assistant
Secretary Thompson.
PUBLIC COMMENT: None.
JOINT ITEM OF THE PALM SPRINGS CITY COUNCIL, COMMUNITY
REDEVELOPMENT AGENCY AND THE PALM SPRINGS FINANCING AUTHORITY:
Agency Member Mills stated he has a business related conflict with respect to Item 1.A.,
would not participate in the discussion or the vote, and left Council Chamber.
1.A. AUTHORIZING THE ISSUANCE OF COMMUNITY REDEVELOPMENT
AGENCY TAX ALLOCATION BONDS IN THREE SERIES:
City Manager Ready provided background information as outlined in the staff
report dated July 18, 2007.
Suzanne Harrell, Bond Counsel, provided the City Council the bonding capacity
analysis.
Agency Member Foat commented on the use of the Bond proceeds for facilities
and projects, and requested proceeds fund a new animal shelter.
Chair Oden requested staff address any time restrictions on the use of the bond
proceeds.
Chair Oden opened the public hearing, and no speakers coming forward the
public hearing was closed.
Agency Member McCulloch commented on assessed valuation and the use of
the proceeds for deferred capital projects.
ACTION: 1) Adopt Resolution No. 1331, "A RESOLUTION OF THE
COMMUNITY REDEVELOPMENT AGENCY OF THE CITY OF PALM
ITEM NO.�^�„�
City of Palm Springs
Community Redevelopment Agency
July 18, 2007 Minutes
Page 2
SPRINGS, CALIFORNIA, AUTHORIZING ISSUANCE OF THREE SERIES OF
BONDS, NAMELY ITS MERGED PROJECT AREA NO. 1 TAX ALLOCATION
BONDS, 2007 SERIES A, ITS MERGED PROJECT AREA NO. 1 TAX
ALLOCATION BONDS, 2007 SERIES B, AND ITS MERGED PROJECT AREA
NO. 2 TAX ALLOCATION BONDS, 2007 SERIES C, APPROVING,
AUTHORIZING, AND DIRECTING EXECUTION OF THREE SUPPLEMENTAL
INDENTURES RELATING THERETO, AUTHORIZING SALE OF SUCH
BONDS, APPROVING OFFICIAL STATEMENTS, AND PROVIDING OTHER
MATTERS PROPERLY RELATING THERETO;" 2) and Authorize the City
Manager and Executive Director to execute all necessary documents. A5518.
A5519. A5520. Motion Agency Member Foat, seconded by Vice Chair
Pougnet and unanimously carried 4-0 on a roll call vote.
AYES: Agency Member Foat, Agency Member McCulloch, Vice Chair
Pougnet, and Chair Oden.
NOES. None.
ABSENT: Agency Member Mills.
Agency Member Mills returned to the dais.
The Community Redevelopment Agency recessed at 6:32 P.M.
The Community Redevelopment Agency reconvened at 10:46 P.M..
RA1. APPROVAL OF MINUTES:
ACTION: Approve the Community Redevelopment Agency Minutes of June 6,
2007 and June 27, 2007. Motion Agency Member Mills, seconded by Agency
Member McCulloch and unanimously carried on a roll call vote.
ADJOURNMENT: The Community Redevelopment Agency adjourned at 10:47 P.M.
APPROVED BY A MOTION OF THE CITY OF PALM SPRINGS COMMUNITY
REDEVELOPMENT AGENCY THIS 25'" DAY OF JULY, 2007.
Chair
ATTEST:
Assistant Secretary