HomeMy WebLinkAbout2016-09-26MINUTES
ADJOURNED REGULAR MEETING OF THE
OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE
PALM DESERT REDEVELOPMENT AGENCY
MONDAY, SEPTEMBER 26, 2016 — 1:30 P.M.
ADMINISTRATIVE CONFERENCE ROOM - PALM DESERT CIVIC CENTER
73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260
This Oversight Board has been created pursuant to § 34161 through 34190 of the Health and Safety Code for the sole purpose
of overseeing the actions of the Successor Agency to the Palm Desert Redevelopment Agency. In accordance with Health and
Safety Code § 34179(h), all Oversight Board actions shall not be effective for five (5) business days, pending a request for
review by the State Department of Finance ("Department"). In the event that the Department requests a review of a given
Oversight Board action, it shall have 40 days from the date of its request to approve the Oversight Board action or return it to
the Oversight Board for reconsideration, and such Oversight Board action shall not be effective until approved by the
Department. In the event that the Department returns the Oversight Board action to the Oversight Board for reconsideration,
the Oversight Board shall resubmit the modified action for Department approval, and the modified Oversight Board action shall
not become effective until approved by the Department.
I. CALL TO ORDER
Chair Spiegel convened the meeting at 1:30 p.m.
II. ROLL CALL
Present:
Vice Chair Heather Buck (Palm Desert RDA former Employee)
Member Wendy Jonathan (DSUSD, representing Riverside County Office of Education)
Member Ed Pack (representing Coachella Valley Water District)
Member Ken Stendell (representing Fourth District, Riverside County)
Chair Robert A. Spiegel (Mayor, City of Palm Desert)
Absent:
Member Joel Kinnamon (COD, representing Chancellor of California Comm. Colleges)
Member Anna Rodriguez (representing Riverside County Board of Supervisors)
Also Present:
Justin McCarthy, Interim Executive Director, Successor Agency -Palm Desert RDA
William L. Strausz, Richards, Watson & Gershon, Successor Agency Counsel
Janet M. Moore, Finance Officer
Ryan Stendell, Director of Community Development
Veronica Tapia, Management Analyst II
Teresa Ho-Urano, Richards, Watson & Gershon, Bond Counsel
Jim Cervantes, Stifel, Nicolaus & Company, Incorporated, Bond Underwriter
Rachelle D. Klassen, Secretary, Successor Agency -Palm Desert RDA
MINUTES
ADJOURNED REGULAR MEETING OF THE
OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY
III. ORAL COMMUNICATIONS
None
IV. APPROVAL OF MINUTES
SEPTEMBER 26, 2016
A. MINUTES of the August 1, 2016, Regular Meeting of the Oversight Board of the
Successor Agency to the Palm Desert Redevelopment Agency.
Vice Chair Buck moved to waive further reading and adopt Resolution No. OB - 149,
approving Minutes of the August 1, 2016, Regular Meeting of the Oversight Board of the
Successor Agency to the Palm Desert Redevelopment Agency. Motion was seconded by
Member Stendell and carried by 4-0-1 vote (AYES: Buck, Pack, Stendell, and Spiegel; NOES:
None; ABSTAINING: Jonathan; ABSENT: Kinnamon and Rodriguez).
V. NEW BUSINESS
A. ACTIONS/MINUTES OF THE SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY.
Vice Chair Buck moved to waive further reading and adopt Resolution No. OB - 150,
receiving and filing Minutes of the Successor Agency to the Palm Desert Redevelopment Agency
Meetings of July 14 and July 28, 2016. Motion was seconded by Member Stendell and carried
by 5-0 vote (AYES: Buck, Jonathan, Pack, Stendell, and Spiegel; NOES: None; ABSENT:
Kinnamon and Rodriguez).
VI. CONTINUED BUSINESS
A. MINUTES OF THE NOVEMBER 2, 2015, REGULAR MEETING OF THE
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY (Continued from the meetings of January 25,
April 4, and August 1, 2016).
Due to there being less than a quorum present to vote in favor of approving the
November 2, 2015, Regular Oversight Board Meeting Minutes (requiring four [4] Members
voting in favor), with Oversight Board concurrence, this item was continued to the next
meeting.
VII. OLD BUSINESS
None
2
MINUTES
ADJOURNED REGULAR MEETING OF THE
OVERSIGHT BOARD OF THE
SUCCESSOR AGENCY TO THE PALM DESERT
REDEVELOPMENT AGENCY
VIII. REPORTS AND REMARKS
A. CHAIR
None
B. MEMBERS OF THE OVERSIGHT BOARD
None
C. SUCCESSOR AGENCY EXECUTIVE DIRECTOR
SEPTEMBER 26, 2016
1. Informational Report Regarding Consideration of Palm Desert Bond
Refunding.
Staff reviewed the printed informational report provided in the agenda
packets and answered questions about the proposed Bond Refunding that
would be officially coming to the Oversight Board at its next meeting,
October 17, with a recommendation to approve, subject to the California
Department of Finance's ultimate approval. Realization of significant
savings through lower interest rates was determining factor in decision to
proceed with the refunding process, as outlined in the report. It was noted
that members of the Financing Team were present today, including
Richards, Watson & Gershon as Bond Counsel, along with Bond
Underwriter Jim Cervantes.
IX. ADJOURNMENT
With Oversight Board concurrence, Chair Spiegel adjourned the meeting at 1:39 p.m.
ROBERT A. SPIEGeL, CHAIR!
ATTEST:
RA HELLE D. KLASS , SECRETARY
OVERSIGHT BOARD OF THE SUCCESSOR AGENCY
TO THE PALM DESERT REDEVELOPMENT AGENCY
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