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HomeMy WebLinkAbout2006-04-27MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, APRIL 27, 2006 CIVIC CENTER COUNCIL CHAMBER 1. CALL TO ORDER President Ferguson convened the meeting at 3:01 p.m. II. ROLL CALL Present: Commissioner Jean M. Benson Commissioner Buford A. Crites Vice President Richard S. Kelly President Jim Ferguson Excused Absence: Commissioner Robert A. Spiegel Also Present: Carlos L. Ortega, City Manager/RDA Executive Director David J. Erwin, City Attorney Homer Croy, ACM for Development Services Justin McCarthy, ACM for Redevelopment Stephen Y. Aryan, Assistant to the City Manager Rachelle D. Klassen, City Clerk Amir Hamidzadeh, Director of Building & Safety Phil Drell, Director of Community Development Doug Van Gelder, Director of Information Systems Mark D. Greenwood, Director of Public Works David Yrigoyen, Director of Redevelopment & Housing Frankie Riddle, Acting Director of Special Programs J. Luis Espinoza, Assistant Finance Director Craig Kilday, Chief, Palm Desert Police/Riverside Co. Sheriffs Dept. Steve Thetford, Asst. Chief, Palm Desert Police/Riverside Co. Sheriffs Dept. Walt Holloway, Battalion Chief, Palm Desert Fire/Riverside Co. Fire Dept./CDF Grace L. Mendoza, Deputy City Clerk With Authority Board concurrence, President Ferguson adjourned the meeting to Closed Session of the City Council and Redevelopment Agency at 3:02 p.m. He reconvened the meeting at 4:01 p.m. MINUTES PALM DESERT FINANCING AUTHORITY MEETING APRIL 27, 2006 III. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of November 10, 2005. Rec: Approve as presented. Upon motion by Kelly, second by Benson, the Consent Calendar was approved as presented by a 4-0 vote, with Commissioner Spiegel ABSENT. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS With Agency Board/Authority Board/City Council concurrence, New Business Items A and B were considered jointly with Financing Authority Public Hearing Items A and B, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE SALE AND ISSUANCE OF TAX ALLOCATION REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2006 SERIES A (TAX-EXEMPT), AND TAX ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2006 SERIES B (TAXABLE), OF THE PALM DESERT FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY). Considered jointly with New Business Item B below, along with Public Hearings A and B below, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. Mayor/Chairman/President Ferguson declared the public hearings open and asked anyone who wished to come forward to speak on the subject to do so at this time. With no testimony offered, he declared the public hearings closed. Director of Redevelopment/Housing Dave Yrigoyen introduced Fiscal Consultant Ken Dieker and Bond Counsel Teresa Ho-Urano, who had done a lot of work on this project. 2 MINUTES PALM DESERT FINANCING AUTHORITY MEETING APRIL 27, 2006 Vice ChairmanNice President Kelly moved to waive further reading and adopt: 1) Redevelopment Agency Resolution No. 524, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance of Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A, and Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B, of the Palm Desert Financing Authority and authorizing certain other matters relating thereto; 2) Financing Authority Resolution No. FA-51, approving as to form and authorizing the execution and delivery of certain documents in connection with the issuance, sale, and delivery of the Authority's Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A, and Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B, appointing a trustee and escrow agent; and authorizing certain other matters relating thereto. Motion was seconded by Benson and carried by a 4-0 vote, with Member/Commissioner Spiegel ABSENT. With Agency Board/Authority Board/City Council concurrence, New Business Items Aand B were considered jointly with Financing Authority Public Hearing Items A and B, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. B. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE SALE AND ISSUANCE OF SUBORDINATE TAX ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 2), 2006 SERIES A, AND SUBORDINATE TAX ALLOCATION REVENUE CAPITAL APPRECIATION BONDS (PROJECT AREA NO. 2), 2006 SERIES B, OF THE PALM DESERT FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY). Considered jointly with New Business Item A above, along with Public Hearings A and B below, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. Mayor/Chairman/President Ferguson declared the public hearings open and asked anyone who wished to come forward to speak on the subject to do so at this time. With no testimony offered, he declared the public hearings closed. Director of Redevelopment/Housing Dave Yrigoyen introduced Fiscal Consultant Ken Dieker and Bond Counsel Teresa Ho-Urano, who had done a lot of work on this project. 3 MINUTES PALM DESERT FINANCING AUTHORITY MEETING APRIL 27, 2006 Vice ChairmanNice President Kelly moved to waive further reading and adopt: 1) Redevelopment Agency Resolution No. 525, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance of Subordinate Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, and Subordinate Tax Allocation Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, of the Palm Desert Financing Authority and authorizing certain other matters relating thereto; 2) Financing Authority Resolution No. FA-52, approving as to form and authorizing the execution and delivery of certain documents in connection with the issuance, sale, and delivery of the Authority's Subordinate Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, and Subordinate Tax Allocation Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, appointing a trustee and escrow agent; and authorizing certain other matters relating thereto. Motion was seconded by Benson and carried by a 4-0 vote, with Member/Commissioner Spiegel ABSENT. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS With Agency Board/Authority Board/City Council concurrence, Public Hearing Items A and B were considered jointly with Financing Authority New Business Items A and B, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2006 SERIES A (TAX-EXEMPT), AND TAX ALLOCATION REFUNDING REVENUE BONDS (PROJECT AREA NO. 1, AS AMENDED), 2006 SERIES B (TAXABLE), OF THE PALM DESERT FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Considered jointly with New Business Items A and B above, along with Public Hearing Item B below, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. Mayor/Chairman/President Ferguson declared the public hearings open and asked anyone who wished to come forward to speak on the subject to do so at this time. With no testimony offered, he declared the public hearings closed. 4 MINUTES PALM DESERT FINANCING AUTHORITY MEETING APRIL 27, 2006 Director of Redevelopment/Housing Dave Yrigoyen introduced Fiscal Consultant Ken Dieker and Bond Counsel Teresa Ho-Urano, who had done a lot of work on this project. Mayor Pro TemNice President Kelly moved to waive further reading and adopt: 1) City Council Resolution No. 06-56, making findings of significant public benefit in connection with the issuance and sale of Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A (Tax -Exempt), and Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B (Taxable), of the Palm Desert Financing Authority; 2) Financing Authority Resolution No. FA-53, acknowledging finding of significant public benefit in connection with the issuance and sale of the Authority's Tax Allocation Revenue Bonds (Project Area No. 1, As Amended), 2006 Series A (Tax - Exempt), and Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2006 Series B (Taxable), and approving the issuance, sale, and delivery of such bonds. Motion was seconded by Benson and carried by a 4-0 vote, with Councilman/Commissioner Spiegel ABSENT. With Agency Board/Authority Board/City Council concurrence, Public Hearing Items A and B were considered jointly with Financing Authority New Business Items A and B, Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. B. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF SUBORDINATE TAX ALLOCATION REVENUE REFUNDING BONDS (PROJECT AREA NO. 2), 2006 SERIES A, AND SUBORDINATE TAX ALLOCATION REVENUE CAPITAL APPRECIATION BONDS (PROJECT AREA NO. 2), 2006 SERIES B, OF THE PALM DESERT FINANCING AUTHORITY (JOINT CONSIDERATION WITH THE PALM DESERT CITY COUNCIL). Considered jointly with New Business Items A and B and Public Hearing Item A above, along with Redevelopment Agency New Business Items D and E, and City Council Public Hearing Items A and B. Mayor/Chairman/President Ferguson declared the public hearings open and asked anyone who wished to come forward to speak on the subject to do so at this time. With no testimony offered, he declared the public hearings closed. Director of Redevelopment/Housing Dave Yrigoyen introduced Fiscal Consultant Ken Dieker and Bond Counsel Teresa Ho-Urano, who had done a lot of work on this project. 5 MINUTES PALM DESERT FINANCING AUTHORITY MEETING APRIL 27, 2006 Mayor Pro TemNice ChairmanNice President Kelly moved to waive further reading and adopt: 1) City Council Resolution No. 06-57, making findings of significant public benefit in connection with the issuance and sale of Subordinate Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, of the Palm Desert Financing Authority; 2) Financing Authority Resolution No. FA-54, acknowledging finding of significant public benefit in connection with the issuance and sale of the Authority's Subordinate Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, and approving the issuance, sale, and delivery of such bonds. Motion was seconded by Benson and carried by a 4-0 vote, with Councilman/Commissioner Spiegel 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 Benson moved to adjourn the meeting at 5:46 p.m. Motion was seconded by Crites and carried by a 3-0 vote, with President Ferguson and Commissioner Spiegel ABSENT. ATTEST: CHELLE D.-KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY 6