HomeMy WebLinkAbout2003-07-14MINUTES
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY
ADJOURNED MEETING
MONDAY, JULY 14, 2003 — 10:00 A.M.
NORTH WING CONFERENCE ROOM — PALM DESERT CIVIC CENTER
73-510 FRED WARING DRIVE, PALM DESERT, CALIFORNIA 92260
I. CALL TO ORDER
President Benson convened the meeting at 10:10 a.m.
II. ROLL CALL
Present:
Commissioner Carlos L. Ortega
Commissioner Larry Parrish
Vice President Roy Wilson
President Jean M. Benson
Also Present:
William L. Strausz, Authority Counsel
Michael O'Connor, Deputy County Executive Officer
Homer Croy, ACM for Development Services
Justin McCarthy, ACM for Redevelopment
Stephen Aryan, Assistant to the City Manager
Patrick Conlon, Special Projects Administrator
Jose Luis Espinoza, Assistant Finance Director
Rachelle D. Klassen, Secretary
III. ORAL COMMUNICATIONS
None
IV. CONSENT CALENDAR
A. MINUTES of the Adjourned Meeting of the Riverside County Palm Desert
Financing Authority (RCPDFA) of December 9, 2002.
Rec: Approve as presented.
Upon a motion by Vice President Wilson, second by Commissioner Parrish, and
3-0-1 vote of the Authority Board, with President Benson ABSTAINING, the Consent
Calendar was approved as presented.
MINUTES
ADJOURNED MEETING OF THE
RIVERSIDE COUNTY PALM DESERT
FINANCING AUTHORITY
V. CONSENT ITEMS HELD OVER
None
VI. NEW BUSINESS
JULY 14, 2003
A. RESOLUTION NO. RCPDFA 3 — A RESOLUTION OF THE
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY,
DECLARING ITS INTENT TO ISSUE BONDS TO FINANCE AN
ANIMAL SHELTER AND MEDICAL CLINIC, TO REFINANCE THE
BLYTHE COUNTY ADMINISTRATIVE CENTER, AND TO REIMBURSE
CERTAIN EXPENDITURES FROM PROCEEDS OF THE BONDS.
Commissioner Ortega stated that Palm Desert was notified by the County
Economic Development Agency (EDA) that it was about to purchase the
property. For the County to be able to reimburse itself from bond proceeds,
and for the proceeds to be regarded as spent upon reimbursement, a
resolution must be adopted to recognize that the expenditure is being made
and that the Authority intends to reimburse the County for it. He went on to
say that the resolution also sets forth that financing was expected to be
issued in an amount not to exceed $25 million, noting the reports handed out
to Authority Board members at the meeting (on file and of record in the
Secretary's Office: 1) Bond Issue Status Report; 2) Financing Schedule;
3) Conceptual Estimate of Probable Project Cost for Animal Campus;
4) Animal Campus Schematic Site Plan).
President Benson moved to waive further reading and adopt Resolution
No. RCPDFA 3. Motion was seconded by Vice President Wilson and carried by unanimous
vote.
VII. CONTINUED BUSINESS
A. MINUTES OF THE REGULAR MEETING OF THE RIVERSIDE COUNTY
PALM DESERT FINANCING AUTHORITY (RCPDFA) OF NOVEMBER 4,
2002 (Continued from the meeting of December 9, 2002).
Vice President Wilson moved to approve the Minutes as presented. Motion was
seconded by Commissioner Ortega and carried by 3-0-1 vote, with President Benson
ABSTAINING.
VIII. OLD BUSINESS
None
2
MINUTES
ADJOURNED MEETING OF THE
RIVERSIDE COUNTY PALM DESERT
FINANCING AUTHORITY
XI. REPORTS AND REMARKS
A. RCPDFA BOND ISSUE STATUS REPORT.
JULY 14, 2003
Authority Board Members and staff discussed the report, highlighting the
following:
— Animal Shelter project going out to bid in December with bond money
to be in hand before that time.
— Design process currently working through Coachella Valley Water
District's grading requirements for the site.
— Animal Samaritans waiting for the County/Authority to finalize its
process before initiating major fund-raising campaign; its building's
architecture will be very compatible with the Valley -wide Shelter.
— Upcoming dates of participating cities' intent to approve the operating
agreements.
— Land transfer from Animal Samaritans to be completed once the
Board of Supervisors has approved the project, tentatively scheduled
sometime in August; Debt Advisory Committee had considered and
recommended approval.
— Lease -Revenue Structure of financing to be utilized, with the County
Improvement Fund as source of the lease payments. There will be an
agreement between the County and the Palm Desert Redevelopment
Agency whereby the County tells the Redevelopment Agency to make
the schedule of payments to a specified bond trustee unless notified
otherwise.
— The identified projects will be the Mecca Clinic, Animal Shelter, and
refinancing of the existing Blythe facilities—$12.4 million for the Shelter
and Clinic, the remainder to refund the Blythe bond issue and for cost
of issuance of the new bond.
— Independent Fiscal Consultant report analyzing project revenues for
the debt service; draft will be available this week.
— Lease Agreement between County and Authority will cause the Animal
Shelter and Medical Clinic to be built and will refinance the Blythe
Courthouse —the revised Lease Agreement sets out separate rent
schedules, or three leases within one, at the request of County staff
for an easier means of refinancing one of the projects if so desired in
the future —forwarded to County last week.
— Once a firm estimate for the Mecca Clinic is in hand, the bond issue
can be expedited; EDA is vigorously pursuing same.
— County Board of Supervisors' approval for the overall bond issue is
the next step required in the process.
3
MINUTES
ADJOURNED MEETING OF THE
RIVERSIDE COUNTY PALM DESERT
FINANCING AUTHORITY
X. ADJOURNMENT
J U LY 14, 2003
With Authority Board concurrence, President Benson adjourned the meeting at
10:30 a.m.
ATTEST:
RAC ELLE D. KLASSEN, SECRETARY
RIVERSIDE COUNTY PALM DESERT
FINANCING AUTHORITY
BEIJS • ► . - RESIDENT
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