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HomeMy WebLinkAboutRes OB-157 (2)RESOLUTION NO. OB - 157 A RESOLUTION OF THE OVERSIGHT BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, RECEIVING AND FILING MINUTES OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETINGS OF SEPTEMBER 22, OCTOBER 13, OCTOBER 27, NOVEMBER 10, AND DECEMBER 8, 2016 RECITALS: A. Pursuant to Health and Safety Code Section 34179(3), all actions taken by the Oversight Board of the Successor Agency to the Palm Desert Redevelopment Agency (the "Oversight Board") shall be adopted by resolution. B. There has been presented to this Oversight Board for approval, receiving and filing of Minutes of the Successor Agency to the Palm Desert Redevelopment Agency Meetings of September 22, October 13, October 27, November 10, and December 8, 2016. NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The Oversight Board hereby approves receiving and filing Minutes of the Successor Agency to the Palm Desert Redevelopment Agency Meetings of September 22, October 13, October 27, November 10, and December 8, 2016, which are made a part hereof and attached hereto as "Exhibit 'A'." Section 3. The staff of the Successor Agency is hereby directed to provide the State Department of Finance ("DOF") written notice and information regarding the action taken by the Oversight Board in Section 2 of this Resolution. Such notice and information shall be provided by electronic means and in a manner of DOF's choosing. Section 4. The officers of the Oversight Board and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things that they may deem necessary or advisable to effectuate this Resolution. PASSED, APPROVED, AND ADOPTED this day of , 2016. AYES: NOES: ABSENT: ABSTAIN: ROBERT A. SPIEGEL, CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY RESOLUTION NO. OB - 157 EXHIBIT A SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING MINUTES September 22, 2016 October 13, 2016 October 27, 2016 November 10, 2016 December 8, 2016 2 RESOLUTION NO. OB-157 MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, SEPTEMBER 22, 2016 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Vice Chair Harnik convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Absent: Chair Robert A. Spiegel Also Present: Justin McCarthy, Interim Executive Director Robert W. Hargreaves, City Attorney William L. Strausz, Successor Agency Counsel Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Martin Alvarez, Director of Economic Development Janet M. Moore, Director of Finance/City Treasurer Lori Carney, Director of Human Resources Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Bo Chen, City Engineer Stephen Y. Aryan, Risk Manager Dan Talbot, Division Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Eric Cadden, ESC, County of Riverside Emergency Management Department David W. Teets, Chief, Palm Desert Police/Riverside Co. Sheriffs Department Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING III. ADJOURN TO CLOSED SESSION Reauest for Closed Session: None SEPTEMBER 22, 2016 With Successor Agency Board concurrence, Vice Chair Harnik adjourned the meeting to Closed Session of the City Council at 3:01 p.m. He reconvened the meeting at 4:00 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None VI. CONSENT CALENDAR A. MINUTES of the September 8, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 9/2/2016 and 9/9/2016. Rec: Approve as presented. Upon a motion by Weber, second by Tanner, and 4-0 vote of the Board of Directors of the Successor Agency (AYES: Jonathan, Tanner, Weber, and Harnik; NOES: None; ABSENT: Spiegel), the Consent Calendar was approved as presented. VII. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None 2 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING IX. NEW BUSINESS SEPTEMBER 22, 2016 A. REQUEST FOR AUTHORIZATION OF THE PREPARATION OF DOCUMENTS NECESSARY FOR THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS AND TAKING RELATED ACTIONS. Ms. Moore explained that in May the County requested the Agency take a look at refunding, or as discussed, refinancing the debt of the Successor Agency. There is roughly $268 million in bonds outstanding. The County made the request to see if the Agency could take advantage of the current low bond market, and as part of dissolution law, the Agency could not refund this debt if there was not a savings. Staff made preliminary evaluations and attached to the staff report is the Plan of Refunding and Savings Analysis, which indicates there would be savings of $1.8 million annually. This amount would accrue in a manner dictated by the County and Health & Safety Code with respect to the taxing entities. The payments will continue to come from the former agency tax increment, just as they have been, but now they will obviously be Tess. She noted that many members of the financing team are available to answer detail or specific questions, including Bond Counsel from Richard Watson & Gershon, Disclosure Counsel from Best, Best & Krieger, Del Rio Advisors, Ken Dieker the financial analyst, and Jim Cervantez who is the underwriter. Director Jonathan said he studied the staff report and Bond Counsel answered all his questions. He added that this will bring an annual savings of $2 million for a total of $49 million, but not to the City of Palm Desert. However, the City will benefit $80,000 a year. It is a real savings and the other taxing entities will benefit from it as well. He said this was like refinancing your home for a lower rate, so he would be in favor. Director Jonathan moved to, by Minute Motion, authorize preparation of documents necessary for the issuance of Tax Allocation Refunding Bonds and related actions (including authorizing the Executive Director and the Finance Officer to take ancillary actions to effectuate the preparation of the necessary documents). Director Tanner admitted he didn't completely understand everything that was involved, stating he's dealt with bonding in the construction industry, but nothing quite like this. The explanations he received proved to him the Agency was doing the right thing, and he gave credit to Interim City Manager Justin McCarthy for bringing this item to his attention and thanked everyone involved with it. Director Tanner seconded the motion and it carried by a 4-0 vote (AYES: Jonathan, Tanner, Weber, and Harnik; NOES: None; ABSENT: Spiegel). 3 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 22, 2016 X. CONTINUED BUSINESS None XI. OLD BUSINESS None XII. PUBLIC HEARINGS None XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR Mr. McCarthy noted this was his last City Council and Successor Agency meeting, stating that going out on a high note was always a smart thing. He thanked the City Council for the opportunity to serve Palm Desert and City staff for their support. He said it was fun coming back and re -associating with some old friends. He went on to say he had confidence in the new City Manager Lauri Aylaian who was in the audience, adding that the City was in good hands and it had many good things moving forward. Mayor Pro Tem Harnik thanked Mr. McCarthy for everything he's done for the City and the community, stating he was the right person at the right time. Councilman Jonathan added that not only did Mr. McCarthy kept things going, he took the City beyond and forward, which is highly appreciated. B. SUCCESSOR AGENCY COUNSEL Mr. Hargreaves echoed the sentiment of the Council, and thanked Mr. McCarthy for foregoing his time at the beach in the middle of the summer to help Palm Desert sort things out, and he will be missed. C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None 4 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING XIV. ADJOURNMENT SEPTEMBER 22, 2016 With Successor Agency Board concurrence, Vice Chair Harnik adjoumed the meeting at 6:41 p.m. ATTEST: ED. KLASSEN, RETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY JAN C. HARNIK, VICE CHAIR 5 RESOLUTION NO. OB - 157 [THIS PAGE LEFT INTENTIONALLY BLANK.] RESOLUTION NO. OB-157 MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, OCTOBER 13, 2016 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Chair Spiegel convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Chair Robert A. Spiegel Also Present: Laurie Aylaian,City Manager Robert W. Hargreaves, City Attorney William L. Strausz, Successor Agency Counsel Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Martin Alvarez, Director of Economic Development Janet M. Moore, Director of Finance/City Treasurer Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Stephen Y. Aryan, Risk Manager John Cortez, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING OCTOBER 13, 2016 11I. ADJOURN TO CLOSED SESSION Request for Closed Session: None With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting to Closed Session of the City Council at 3:04 p.m. He reconvened the meeting at 4:01 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None VI. CONSENT CALENDAR A. MINUTES of the September 22, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 9/16/2016 and 9/23/2016. Rec: Approve as presented. On a motion by Harnik, second by Weber, and 5-0 vote of the Board of Directors of the Successor Agency (AYES: Harnik, Jonathan, Tanner, Weber, and Spiegel; NOES: None), the Consent Calendar was approved as presented. VII. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None 2 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING IX. NEW BUSINESS OCTOBER 13, 2016 A. REQUEST FOR APPROVAL OF THE SUCCESSOR AGENCY'S ISSUANCE OF HOUSING TAXALLOCATION REFUNDING (HOUSING) AND TAXALLOCATION REFUNDING (NON -HOUSING) BONDS, AND TAKING RELATED ACTIONS. Ms. Moore recalled for the Agency Board that at the last meeting it authorized staff to prepare documents for this refunding, and these indentures, which are similar to loan agreements, are the beginning documents for that process. Also, there is a savings analysis attached to the staff report that is the same as the one passed at the last meeting. She added that the Agency can only refund in the event there is savings, and there is. The Oversight Board will hear this same request on Monday, and if approved, it will be forwarded to the Department of Finance (DOF). She noted that the consultants were available to answer questions. Ms. Aylaian shared there was a memo distributed to the Council this morning that had additional background or supporting information regarding the selection of the consultants for this work. Vice Chair Harnik moved to waive further reading and adopt Resolution Nos.: 1) SA -RDA 059, approving the Successor Agency's issuance of Tax Allocation Refunding (Housing) Bonds and taking related actions, including authorizing the Executive Director, Finance Officer, and other Successor Agency officers to take ancillary actions and execute documents to effectuate the purposes of the Resolution; 2) SA -RDA 060, approving the Successor Agency's issuance of Tax Allocation Refunding (Non -Housing) Bonds and taking related actions, including authorizing the Executive Director, Finance Officer, and other Successor Agency officers to take ancillary actions and execute documents to effectuate the purposes of the Resolution. Motion was seconded by Jonathan and carried by a 5-0 vote (AYES: Harnik, Jonathan, Tanner, Weber, and Spiegel; NOES: None). X. CONTINUED BUSINESS None XI. OLD BUSINESS None XII. PUBLIC HEARINGS None 3 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING OCTOBER 13, 2016 XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR None B. SUCCESSOR AGENCY COUNSEL None C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None XIV. ADJOURNMENT With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting at 5:04 p.m. ATTEST: RA Lr E D. LASSEN, C SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY ROBER A. SP e' I, CHAIR 4 RESOLUTION NO. OB-157 MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, OCTOBER 27, 2016 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Chair Spiegel convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Chair Robert A. Spiegel Also Present: Lauri Aylaian, Executive Director Robert W. Hargreaves, City Attorney Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Martin Alvarez, Director of Economic Development Janet M. Moore, Director of Finance/City Treasurer Lori Carney, Director of Human Resources Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Stephen Y. Aryan, Risk Manager Bo Chen, City Engineer Dan Talbot, Division Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Sgt. David Adams, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING III. ADJOURN TO CLOSED SESSION Request for Closed Session: None OCTOBER 27, 2016 With Successor Authority Board concurrence, Chair Spiegel adjourned the meeting to Closed Session of the City Council at 3:02 p.m. He reconvened the meeting at 4:01 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None VI. CONSENT CALENDAR A. MINUTES of the October 13, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 10/7/2016 and 10/14/2016. Rec: Approve as presented. C. COMPLIANCE ANALYSIS AND INVESTMENT REPORTS forthe Months of June, July, and August 2016 (Joint Consideration with the Palm Desert City Council). Rec: Receive and file. Upon motion by Tanner, second by Weber, and 5-0 vote of the Board of Directors of the Successor Agency (AYES: Harnik, Jonathan, Tanner, Weber, and Spiegel; NOES: None), the Consent Calendar was approved as presented. 2 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING OCTOBER 27, 2016 VII. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None IX. NEW BUSINESS None X. CONTINUED BUSINESS None XI. OLD BUSINESS None XII. PUBLIC HEARINGS None XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR None B. SUCCESSOR AGENCY COUNSEL None C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None 3 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING XIV. ADJOURNMENT OCTOBER 27, 2016 With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting at 5:08 p.m. ATTEST: RA EL1E D. KLASSEN 'ECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 4 RESOLUTION NO. OB-157 MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, NOVEMBER 10, 2016 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Chair Spiegel convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Chair Robert A. Spiegel Also Present: Lauri Aylaian, Executive Director Robert W. Hargreaves, City Attorney Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, Secretary Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Janet M. Moore, Director of Finance/City Treasurer Lori Carney, Director of Human Resources Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs John Cortez, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk III. ADJOURN TO CLOSED SESSION Request for Closed Session: None RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING NOVEMBER 10, 2016 With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting to Closed Session of the City Council and Housing Authority at 3:00 p.m. He reconvened the meeting at 4:02 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None VI. CONSENT CALENDAR A. MINUTES of the October 27, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 10/21/2016 and 10/28/2016. Rec: Approve as presented. Upon motion by Tanner, second by Weber, and 5-0 vote of the Board of Directors of the Successor Agency (AYES: Harnik, Jonathan, Tanner, Weber, and Spiegel; NOES: None), the Consent Calendar was approved as presented. VII. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None IX. NEW BUSINESS None 2 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING NOVEMBER 10, 2016 X. CONTINUED BUSINESS None XI. OLD BUSINESS None XII. PUBLIC HEARINGS None XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR None B. SUCCESSOR AGENCY COUNSEL None C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None XIV. ADJOURNMENT With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting at 5:55 p.m. ATTEST: IWO vir RAC j LLE D: KLASSEr (SECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 3 RESOLUTION NO. OB - 157 [THIS PAGE LEFT INTENTIONALLY BLANK.] RESOLUTION NO. OB-157 MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, DECEMBER 8, 2016 CIVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Chair Spiegel convened the meeting at 3:00 p.m. I1. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Chair Robert A. Spiegel Present at 4:00 p.m. Reconvening: Director -elect Kathleen Kelly Director -elect Gina Nestande Also Present: Lauri Aylaian, Executive Director Robert W. Hargreaves, City Attorney William W. Strausz, Successor Agency Counsel Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, Secretary Russell Grance, Director of Building & Safety Ryan Stendell, Director of Community Development Martin Alvarez, Director of Economic Development Janet M. Moore, Director of Finance/City Treasurer Lori Carney, Director of Human Resources Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Stephen Y. Aryan, Risk Manager Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Department Grace L. Mendoza, Deputy City Clerk RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING III. ADJOURN TO CLOSED SESSION Reauest for Closed Session: None DECEMBER 8, 2016 With Successor Agency Board concurrence, Chair Spiegel adjourned the meeting to Closed Session of the City Council at 3:01 p.m. He reconvened the meeting at 4:02 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None NOTE: During the Palm Desert City Council Meeting conducted immediately prior to this Successor Agency Meeting, declaration of the 2016 General Municipal Election was made, reorganization of the City Council and annual Mayoral Rotation occurred, with Jan C. Harnik being appointed as Mayor for the coming year and Sabby Jonathan appointed as Mayor Pro Tem (Chair and Vice Chair of the Successor Agency Board, respectively), and the rest of the roster was set, including Directors Kathleen Kelly, Gina Nestande, and Susan Marie Weber. VI. CONSENT CALENDAR A. MINUTES of the November 10 and November 24, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 11/4/2016, 11/10/2016, and 11/18/2016. Rec: Approve as presented. 2 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING DECEMBER 8, 2016 C. COMPLIANCE ANALYSIS AND INVESTMENT REPORTS for the Month of September 2016 (Joint Consideration with the Palm Desert City Council). Rec: Receive and file. Upon motion by Weber, second by Jonathan, and 5-0 vote of the Board of Directors of the Successor Agency (AYES: Jonathan, Kelly, Nestande, Weber, and Hamik; NOES: None), the Consent Calendar was approved as presented. Vil. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None IX. NEW BUSINESS None X. CONTINUED BUSINESS None X1. OLD BUSINESS A. REQUEST FOR APPROVAL OF THE EXECUTION AND DELIVERY OF A BOND PURCHASE CONTRACT, AN OFFICIAL STATEMENT, AN ESCROW AGREEMENT, AND OTHER DOCUMENTS IN CONNECTION WITH THE SUCCESSOR AGENCY'S ISSUANCE EACH OF TAX ALLOCATION REFUNDING HOUSING AND NON -HOUSING BONDS, AND TAKING RELATED ACTIONS — 2017 SERIES H-B AND 2017 SERIES B, RESPECTIVELY. Ms. Moore explained this was the next step in the refunding debt for the Successor Agency, pointing out there is a number of agreements described in the staff report, but she can address any questions the Board may have, adding that the consultants were available as well. She said the Agency received Department of Finance (DOF) approval; therefore, the Agency can move forward. Staff hopes the issue will be sold in the middle of January, but that will depend on timing and based on issues that come up over that time. The bond market has moved away a little bit, but it will be reviewed as this process moves forward into January to ensure the optimal decision is made. Additionally, there is the option to pull issues 3 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING DECEMBER 8, 2016 out of this full refunding in the event there is not a savings, but there has to be in order for the Successor Agency to issue refunding debt Vice Chair Jonathan questioned to what extent would the Agency be impacted by the rising rates. MR. KEN DIEKER, Del Rio Advisors, explained that when they started down this process there was approximately $49 million of total savings over the life of the bonds, but since the Election, rates have moved up significantly; the market has been volatile. However, in the last three days the market has come down 30 base points in rates. He said that the approximate savings when the staff report was submitted was about $35 million and it's down to $32 million today. The net present value savings on the non -housing side is approximately 8% and on the housing it's 4%. Therefore, it's still above the minimum 3% threshold, but they will be watching it very closely and look at each transaction individually as they move into January. Director Nestande noted she and Director Kelly met with the advisors and all their questions were answered. Vice Chair Jonathan moved to waive further reading and adopt: 1) Resolution No. SA- DA 061, authorizing the execution and delivery of a Bond Purchase Contract, an Official Statement, and Escrow Agreement, and other documents in connection with the Successor Agency's issuance of Tax Allocation Refunding (Housing) Bonds, and taking related actions; 2) Resolution No. SA -RDA 062, authorizing the execution and delivery of a Bond Purchase Contract, an Official Statement, and Escrow Agreement, and other documents in connection with the SuccessorAgency's issuance of Tax Allocation Refunding (Non -Housing) Bonds, and taking related actions. Motion was seconded by Weber and carried by a 5-0 vote (AYES: Jonathan, Kelly, Nestande, Weber, and Harnik; NOES: None). XII. PUBLIC HEARINGS None XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR None B. SUCCESSOR AGENCY COUNSEL None 4 RESOLUTION NO. OB-157 MINUTES SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None XIV. ADJOURNMENT DECEMBER 8, 2016 With Successor Agency Board concurrence, Chair Harnik adjourned the meeting at 6:46 p.m. ATTEST: HELLE D. KLASSEN, $'ECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY (1 /..L/u_ JAN C. HARNIR, CHAIR 5 RESOLUTION NO. OB - 157 [THIS PAGE LEFT INTENTIONALLY BLANK.] RESOLUTION NO. OB - 157 A RESOLUTION OF THE OVERSIGHT BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY, RECEIVING AND FILING MINUTES OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETINGS OF SEPTEMBER 22, OCTOBER 13, OCTOBER 27, NOVEMBER 10, AND DECEMBER 8, 2016 RECITALS: A. Pursuant to Health and Safety Code Section 34179(3), all actions taken by the Oversight Board of the Successor Agency to the Palm Desert Redevelopment Agency (the "Oversight Board") shall be adopted by resolution. B. There has been presented to this Oversight Board for approval, receiving and filing of Minutes of the Successor Agency to the Palm Desert Redevelopment Agency Meetings of September 22, October 13, October 27, November 10, and December 8, 2016. NOW, THEREFORE, THE OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY HEREBY FINDS, DETERMINES, RESOLVES, AND ORDERS AS FOLLOWS: Section 1. The above recitals are true and correct and are a substantive part of this Resolution. Section 2. The Oversight Board hereby approves receiving and filing Minutes of the Successor Agency to the Palm Desert Redevelopment Agency Meetings of September 22, October 13, October 27, November 10, and December 8, 2016, which are made a part hereof and attached hereto as "Exhibit 'A'." Section 3. The staff of the Successor Agency is hereby directed to provide the State Department of Finance ("DOF") written notice and information regarding the action taken by the Oversight Board in Section 2 of this Resolution. Such notice and information shall be provided by electronic means and in a manner of DOF's choosing. Section 4. The officers of the Oversight Board and staff of the Successor Agency are hereby authorized and directed, jointly and severally, to do any and all things that they may deem necessary or advisable to effectuate this Resolution. PASSED, APPROVED, AND ADOPTED this day of , 2016. AYES: NOES: ABSENT: ABSTAIN: ATTEST: ROBERT A. SPIEGEL, CHAIR D u� son xQ tJT\ -Wfod BY OVERSIGHT BOARD ON I —3f7—I'i RACHELLE D. KLASSEN, SECRETARY OVERSIGHT BOARD OF THE SUCCESSOR AGENCY VERIFIED B 1 TO THE PALM DESERT REDEVELOPMENT AGENCY Original on file with City Clerles Off