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Home My WebLink About1988-08-25MINUTES JOINT MEETING OF THE PALM DESERT CITY COUNCIL E. REDEVELOPMENT AGENCY THURSDAY, AUGUST 25, 1988 CIVIC CENTER COUNCIL CHAMBER i i i i i i i i I. CALL TO ORDER Mayor Pro-Tempore Roy Wilson called the meeting to order at 4:00 p.m. II, PLEDGE OF ALLEGIANCE - Councilman Walter H. Snyder III. INVOCATION - Councilman Richard S. Kelly IV. ROLL CALL Present: Councilman/Member Buford A. Crites Councilman/Member Richard S. Kelly Councilman/Member Walter H. Snyder Mayor Pro-Tempore/Vice Chairman S. Roy Wilson Excused Absence: Mayor/Chairman Jean M. Benson Also Present: Bruce A. Altman, City Manager Carlos L. Ortega, ACM/Director of Redevelopment Agency Sheila R. Gill'igan, City Clerk/Public Information Officer Ramon A. Diaz, ACM/Director of Community Development/Planning Kirby A. Warner, ACM/Director of Economic Development Paul S. Gibson, Finance Director V. ORAL COMMUNICATIONS - A None MINUTES - JOINT MEETING PALM DESERT CITY COUNCIL/REDEVELOPMENT AGENCY AUGUST 25, 1988 VI. NEW BUSINESS A. CONSIDERATION OF THE AWARD OF BID OF CITY OF PALM DESERT IMPROVEMENT BONDS ($4,710,878.42) AND REDEVELOPMENT AGENCY TAX ALLOCATION BONDS ($7,800,000). Mr. Strausz reported that Resolution No. 88-114 set the final amount of bond indebtedness for Assessment District 87-1. He said that the original amount of confirmed assessment was $4.7 million. Because assessments were paid within the 30-day cash collection period and because some were reduced because owners did certain work themselves, the final confirmed assessment was $4,135.12.3.13. The resolution simply sets that amount as the amount of bonds to be Issued and provides a maturity schedule for them. He reviewed the provisions of Resolution No. 88-115 which awarded the bonds to the successful bidder. Mr. Grey Ballenger of Miller 8 Schroeder Financial, inc. reported that the bids for the improvements bonds were excellent. A total of six bids were received with the low bid from Merr i 1 l Lynch being 7.79%. He noted that the bond were triple A rated and that of the six received, only one was over 8%. He said that the City of Palm Desert had a very good name in the market. Upon motion by Kelly, second by Crites, Resolution No. 88-114 was adopted by unanimous vote of the Councilmembers present. Upon motion by Crites, second by Kelly, Resolution No. 88- 115 wrr adopted by unanimous vote of the Councilmembers present. Mr. Strausz then asked that the Redevelopment Agency Board consider adopting two resolutions. Resolution No. 216 which approved a Fiscal Agency Agreement and provided For certain additional details with respect to Project. Area No. 1, as amended. Resolution No. 217 awarded the Tax Allocation Bonds of the Agency to the successful bidder, Smith Barney. Mr. Ballenger reported that five bids had been received and that the low bid was 7.387%, and these bonds were triple A rated because of the insurance available for them. The highest bid received was 7.457%. Upon question by Board members, he reported that bids were received from Prudential Bache, Shearson Lehman 2 MINUTES - JOINT MEETING PALM DESERT CITY COUNCIL/REDEVELOPMENT AGENCY AUGUST 25, 1988 * * * * * * * * * * * * * * * * * * * * * * * * * Brothers, Bateman, Eichler, Hill,. Richards, and Smith Barney. Upon motion by Kelly, second by Crites, Resolution No. 216 was adopted by unanimous vote of the Agency Board Members present. Upon motion by Crites, second by Kelly, Resolution No. 217 was adopted by unanimous vote of the Agency Board Members present. Mayor Pro-Tempore\Vice Chairman Wilson commended staff, the bond counsel, and the Agency attorney for an excellent job. VII. REPORTS AND REMARKS A. U.ITY MANAGER None B. CITY/AGENCY ATTORNEY None C. MAYOR AND MEMBERS OF THE CITY COUNCIL/MEMBERS OF THE REDEVELOPMENT AGENCY. None VIII. ORAL COMMUNICATIONS - B None IX. ADJOURNMENT Upon motion by Crites, second by Snyder, and unanimous vote of the Council/Agency, Mayor Pro-Tempore/Vice Chairman Wilson adjourned the joint meeting to 11:30 a.m. on Monday, August 29,. 1988, for the purpose 3 MINUTES - JOINT MEETING PALM DESERT CITY COUNCIL/REDEVELOPMENT AGENCY AUGUST 25, 1988 • * * * * * • • • * • • • * * • • • • • • • • • of holding a Closed Session pursuant to Government Code Section 54956.8, Real Property Transactions and 54956.9 (a) and (b), Pending and Potential Litigation. 4yf/ WjrLSON, MAYOR,.PRO-TEM & HAIRMAN ,z ATTEST: SHE I LAR. -G`I LL I GAN,P I TY CLERK & SECRETARY TO THE PM DESERT REDEVELOPMENT AGENCY 4