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HomeMy WebLinkAbout1982-08-19MINUTES ADJOURNED REGULAR MEETING OF THE PALM DESERT REDEVELOPMENT AGENCY MEETING THURSDAY, AUGUST 19, 1982 CITY HALL COUNCIL CHAMBERS * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * I. CALL TO ORDER Chairman Wilson convened the Adjourned Regular Meeting of the Agency at 7:42 p.m. II. ROLL CALL Present: Absent: Vice Chairman Alexis D. Newbrander Member Romeo S. Puluqi Member Walter H. Snyder Chairman S. Roy Wilson Also Present: Martin J. Bouman, Executive Director Carlos L. Ortega, Assistant City Manager William Strausz, Agency Counsel Steven Kark, Bond Counsel Sheila Gilligan, Agency Secretary M. CONSENT CALENDAR None IV. PUBLIC HEARINGS None V. RESOLUTIONS Member James E. McPherson A. RESOLUTION NO. 151B- A RESOLUTION OF THE REDEVELOPMENT AGENCY ADOPTING A PROJECT BUDGET FOR THE FISCAL YEAR JULY 1, 1982, THROUGH JUNE 30, 1983. (Continued from the Meeting of August 12, 1982.) Mr. Ortega reported that the Members had been presented three alternatives for the Agency's 1982-83 budget in Study Session. The several alternatives include having to pay off the existing note with City National Bank in the approximately outstanding amount of $922,000. We will have to do that as a requirement of the bonds that we plan to issue. Therefore, in order to undertake all of those projects that the Agency has planned to undertake, we are recommending that you adopt Alternative #3 which includes paying off the existing loan, doing all of the Highway 111 beautification, paying for the Agency's share of the fire station and the related administrative costs. Those will have to be financed partly by a loan to be made by the City to the Agency. Subsequent City Council action will have to reflect those projects which the City will have to delay so that the money can be loaned to the Agency. He concluded by stating Staff's recommendation was for the Board to MINUTES ADJOURNED REGULAR MEETING OF THE PALM DESERT REDEVELOPMENT AGENCY * * * * * * * * * * * * * * * * * * * * AUGUST 19, 1982 adopt the 1982-83 budget for the Palm Desert Redevelopment Agency as reflected in Alternative /13. Member Snyder moved to adopt the 1982-83 budget, Alternative #3. Member Puluqi seconded the motion. Motion was carried by unanimous vote of the Members present. B. RESOLUTION NO. 158 - A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY AMENDING THE AGENCY'S RESOLUTION NO. 154, PROVIDING FOR THE ISSUANCE OF TAX ALLOCATION BONDS. Mr. Strausz stated that the attached exhibit to this resolution was Resolution No. 154. It had a couple of substantive changes from the resolution adopted last week. The changes were reflected by markups on the pages. First, as a result of the amendment of the Agreement with the County, on Page 10 there was language which is deleted which reflected the fact that our reserve requirements to a certain extent stood behind our obligation to pay tax revenues to the County. On Page 12, some deletions and insertions were noted which have revised the test that the Agency must meet before it can issue parity bonds under the resolution. Now rather than a test of 125% availability of maximum annual debt service on all bonds and parity bonds, the test is now 110%, but that is exclusive of State subventions from tax revenues. Finally, the last change deals with the payment from bond proceeds directly into the reserve account. Under the terms of the last resolution, we were to pay from the bond proceeds 1/2 maximum annual debt service into the reserve account, We have not changed that to where we are going to be paying all of maximum annual debt service into the reserve account. With that explanation, Mr. Strausz recommended adoption of the resolution. Mr. Kark suggested wording to clarify page 12. Mr. Strausz read the wording necessary to amend Paragraph (b) of the resolution: "Tax revenues excluding State subventions received or to be received by the Agency based upon the most recent equalized roll of taxable property from the Project Area and the area added to the Project Area by the amendment except that portion of such territory within the territorial limits of the City of Indian Wells shall be at least equal to 110% of the Maximum Annual Debt Service on all Bonds, Parity Bonds and any loans, advances or indebtedness payable from Tax Revenues on a parity with the Bonds pursuant to Section 33670 of the Law, which will be outstanding following the issuance of such Parity Bonds." He noted that the last sentence would then be deleted in its entirety. Upon motion by Newbrander, second by Puluqi, Resolution No. 158, as amended, was adopted by unanimous vote of the Members present. VI. NEW BUSINESS A. CONSIDERATION OF AN AMENDMENT TO THE COOPERATIVE AGREEMENT BETWEEN THE COUNTY OF RIVERSIDE, THE CITY OF PALM DESERT, AND THE PALM DESERT REDEVELOPMENT AGENCY. Mr. Strausz reported this was an amendment to the County Agreement, and the explanation that had been given during the City Council meeting was equally applicable to this Agreement. It was Staff's recommendation that the Agency Board approve the amendment and authorize the appropriate Agency officials to execute it. Member Snyder moved to approve the Agreement Amendment and to authorize the appropriate officials to execute it. Member Pulqui seconded the motion; carried unanimously by the Members present. -2- MINUTES ADJOURNED REGULAR MEETING OF THE PALM DESERT REDEVELOPMENT AGENCY * * * * * * * * * * * * * * * * * * * * AUGUST 19, 1982 B. CONSIDERATION OF AN AGREEMENT FOR COOPERATION WITH THE CITY OF INDIAN WELLS AND THE INDIAN WELLS REDEVELOPMENT AGENCY. Mr. Strausz noted that the Agency, in addition to the subject agreement, had a letter from Mr. Gene Nazarek, City Attorney for the City of Indian Wells, wherein Mr. Nazarek describes his opinion and interpretation of Section 13 of that Agreement. Based upon the letter of interpretation and opinion of Mr. Nazarek, it was Staffs recommendation that the Agency approve the Cooperative Agreement with Indian Wells and authorize the appropriate City officials to execute it. Member Snyder moved to approve the Agreeement and the accompanying interpretation and opinion by Mr. Nazarek and to authorize the appropriate officials to execute it. Member Newbrander seconded the motion; carried unanimously by the Members present. VII. OLD BUSINESS None VIII. CONSENT ITEMS HELD OVER None 1X. ORAL COMMUNICATIONS None X. REPORTS AND REMARKS A. EXECUTIVE DIRECTOR None B. AGENCY COUNSEL None C. CHAIRMAN AND MEMBERS OF THE AGENCY None XI. ADJOURNMENT Upon motion by Snyder, second by Puluqi, and unanimous vote of the Members present, Chairman Wilson adjourned the meeting at 8:00 p.m. ILSON, C AI�Ej,1vi N ATTEST: 1L SHEILA R. GILLIGAN, SECRETARY PALM DESERT REDEVELOPMENT AGENCY