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HomeMy WebLinkAbout2002-05-23MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, MAY 23, 2002 CIVIC CENTER COUNCIL CHAMBER I. CALL TO ORDER President Kelly convened the meeting at 4:02 p.m. II. ROLL CALL Present: Vice President Jean M. Benson Commissioner Buford A. Crites Commissioner Robert A. Spiegel President Richard S. Kelly Excused Absence: Commissioner Jim Ferguson Also Present: Carlos L. Ortega, City Manager/RDA Executive Director Robert W. Hargreaves, Deputy City Attorney Richard J. Folkers, ACM for Development Services Justin McCarthy, ACM for Redevelopment Homer Croy, Director of Building & Safety Philip Drell, Director of Community Development Paul S. Gibson, Director of Finance/City Treasurer Teresa L. La Rocca, Director of Housing Martin Pinon, Director of Human Resources David Yrigoyen, Director of Redevelopment Mark Greenwood, Engineering Manager Rachelle D. Klassen, Deputy City Clerk III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of April 25, 2002. Rec: Approve as presented. Upon motion by Spiegel, second by Benson, the Consent Calendar was approved as presented by a 4-0 vote, with Commissioner Ferguson ABSENT. IV. CONSENT ITEMS HELD OVER None MINUTES PALM DESERT FINANCING AUTHORITY MEETING MAY 23, 2002 V. RESOLUTIONS None VI. NEW BUSINESS A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE REIMBURSEMENT OF EXPENDITURES FROM THE PROCEEDS OF BONDS FOR THE ACQUISITION OF PROPERTY FOR THE DEVELOPMENT OF 36 RENTAL UNITS TO BE KNOWN AS THE PALM VILLAGE APARTMENTS (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY). Mr. Ortega noted the staff report and recommendation in the packets. Member/Commissioner Spiegel moved to waive further reading and adopt: 1) Redevelopment Agency Resolution No. 446, declaring its intent to reimburse expenditures for the acquisition of property from the proceeds of bonds; 2) Financing Authority Resolution No. FA-36, declaring its intent to reimburse expenditures for the acquisition of property from the proceeds of bonds. Motion was seconded by Benson and carried by a 4-0 vote, with Member/Commissioner Ferguson ABSENT. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE SALE AND ISSUANCE OF TAX ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 2), 2002 SERIES A, OF THE PALM DESERT FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY). Mr. Ortega noted the staff report and recommendation in the packets and offered to answer any questions. Chairman/President Kelly declared the public hearing open and invited testimony in FAVOR of or in OPPOSITION to this request. No testimony was offered, and he declared the public hearing closed. 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING MAY 23, 2002 Vice Chairman/Vice President Benson moved to waive further reading and adopt: 1) Redevelopment Agency Resolution No. 447, making certain findings, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance of Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2002 Series A, of the Palm Desert Financing Authority; 2) Financing Authority Resolution No. FA-37, authorizing the sale and issuance of its Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2002 Series A, appointing a trustee, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance of said bonds. Motion was seconded by Crites and carried by a 4-0 vote, with Member/Commissioner Ferguson ABSENT. X. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. CHIEF ADMINISTRATIVE OFFICER None B. AUTHORITY COUNSEL None C. PRESIDENT AND MEMBERS OF THE AUTHORITY None XI. ADJOURNMENT Commissioner Spiegel moved to adjourn the meeting at 5:53 p.m. Motion was seconded by Crites and carried by a 4-0 vote, with Commissioner Ferguson ABSENT. SHEILA R: GI IGAN, CRETARY PALM DESERT FINAN G AUTHORITY RI - = RD S. KELLY, PRESIDET 3