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HomeMy WebLinkAbout2006-11-16 FA Regular Meeting Agenda POSTED AGENDA REGULAR PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, NOVEMBER 16, 2006 CIVIC CENTER COUNCIL CHAMBER I. CALL TO ORDER - 3:00 P.M. II. ROLL CALL III. CONSENT CALENDAR ALL MATTERS LISTED ON THE CONSENT CALENDAR ARE CONSIDERED TO BE ROUTINE AND WILL BE ENACTED BY ONE ROLL CALL VOTE. THERE WILL BE NO SEPARATE DISCUSSION OF THESE ITEMS UNLESS MEMBERS OF THE CITY COUNCIL OR AUDIENCE REQUEST SPECIFIC ITEMS BE REMOVED FROM THE CONSENT CALENDAR FOR SEPARATE DISCUSSION AND ACTION UNDER SECTION XI, CONSENT ITEMS HELD OVER, OF THE AGENDA. A. MINUTES of the Financing Authority Meeting of June 8, 2006. Rec: Approve as presented. IV. CONSENT ITEMS HELD OVER V. RESOLUTIONS None VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS POSTED AGENDA REGULAR PALM DESERT CITY COUNCIL MEETING NOVEMBER 16, 2006 A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 1, AS AMENDED, 2007 SERIES A (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL). Rec: 1) Open a public hearing before the City Council, receive a public testimony and comment, and after hearing such testimony and comment, close the public hearing and: Waive further reading and adopt the following resolutions relating to Project Area No. 1 Bonds, As Amended 2007 Series A: 2) City Council Resolution No. 06-144, making a finding of significant public benefit in connection with the issuance and sale of the Palm Desert Financing Authority Tax Allocation Refunding Bonds (Project Area No. 1, As Amended), 2007 Series A. 3) Financing Authority Resolution No. FA-59, acknowledging finding of significant public benefit and 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 Refunding Revenue Bonds (Project Area No. 1, As Amended), 2007 Series A, and authorizing certain other matters relating thereto. 4) Redevelopment Agency Resolution No. 534, approving as to form and authorizing the execution and delivery of certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 1, As Amended), 2007 Series A, and authorizing certain other matters relating thereto. Action: X. REPORTS AND REMARKS A. CITY MANAGER B. CITY ATTORNEY C. CITY CLERK 2 POSTED AGENDA REGULAR PALM DESERT CITY COUNCIL MEETING NOVEMBER 16, 2006 D. PUBLIC SAFETY o Fire Department o Police Department E. MAYOR AND MEMBERS OF THE CITY COUNCIL o City Council Requests for Action: o City Council Committee Reports: o City Council Comments: o XI. ADJOURNMENT I hereby certify, under penalty of perjury under the laws of the State of California, that the foregoing agenda for the Palm Desert City Council was posted on the City Hall bulletin board not less than 72 hours prior to the meeting. Dated this 13th day of November, 2006. Rachelle D. Klassen, City Clerk 3 ri PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING THURSDAY, JUNE 8, 2006 CIVIC CENTER COUNCIL CHAMBER I. CALL TO ORDER President Ferguson convened the meeting at 3:04 p.m. 11. ROLL CALL Present: Commissioner Jean M. Benson Commissioner Buford A. Crites arrived at 3:06 p.m. Vice President Richard S. Kelly Commissioner Robert A. Spiegel President Jim Ferguson Also Present: Carlos L. Ortega, City Manager/RDA Executive Director David J. Erwin, City Attomey Sheila R. Gifligan, ACM for Community Services 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 Paul S. Gibson, Director of Finance/City Treasurer Mark D. Greenwood, Director of Public Works David Yrigoyen, Director of Redevelopment & Housing Patrick Conlon, Director of the Office of Energy Management Steve Thetford, Asst. Chief, Palm Desert Police/Riverside Co. Sheriff's Dept. David Avila, Fire Marshal, Palm Desert Fire/Riverside Co. Fire Dept./CDF Grace L. Mendoza, Deputy City Clerk Upon motion by Spiegel, second by Ferguson, and 4-0 vote of the Authority 6oard, with Crites ABSENT, President Ferguson adjoumed the meeting to Closed Session of the City Council and Redevelopment Agency at 3:05 p.m. He reconvened the meeting at 4:02 p.m. PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006 Iil. CONSENT CALENDAR A. MINUTES of the Financing Authority Meeting of April 27, 2006. Rec: Approve as presented. On a motion by Kelly, second by Spiegef, and a 5-0 vote of the Authority Board, the Consent Calendar was approved as presented. IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS None VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. PUBLIC HEARINGS A. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCtNG AUTHORITY FOR PROJECT AREA NO. 1, AS AMENDED (JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENTAGENCYAND THE PALM DESERTCITYCOUNCIL). Mr. Ortega stated the resolutions were necessary for issuance of the bonds that contained plans for how the bond proceeds would be used. The Agency would have the ability to change the use of the bond at a later time, but at this time, it was their best estimate. He said the projects intended to be financed were included in the resolutions and he recommended they be adopted. 2 PRELIM{NARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006 Chairman/Mayor/President Ferguson declared the public hearing to be open for Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING these matters. With no testimony offered, he declared the public hearing to be closed. Member/Councilman/Commissioner Spiegel moved to waive further reading and adopt the following resolutions reiating to Project Area No. 1, As Amended, Bonds: 2) City Council Resolution No. 06-74, supplementing Resolution No. 06-56 and further making a finding of signi�cant public benefit and other findings in connection with the issuance and sale by the Palm Desert Financing Authority 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); 3) Financing Authority Resolution No. FA-55, acknowledging a finding of significant public benefit and affirming certain matters 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; 4) Agency Resolution No. 527, affirming the Agency's approval of documents and certain other matters reiating to the sale and issuance by the Palm Desert Financing Authority 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(Taxable). Motion was seconded by Kelly and carried by a 5-0 vote. B. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 2(JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL). Mr. Ortega stated that essentially, the Palm Desert City Council would be adopting the same actions for Project Area Nos. 2, 3, and 4 as they did with Project Area No. 1. Chairman/Mayor/President Ferguson declared the public hearing to be o en for Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING these matters. With no testimony offered, he declared the public hearing to be closed. Member/Councilman/Commissioner Crites moved to waive further reading and adopt the following resolutions relating to Project Area No. 2 bonds: 1) City Council Resolution No. 06-75, making a finding of significant public benefit and other findings in connection with the issuance and sale by the Palm Desert Financing Authority of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series 6, Tax Allocation Revenue Bonds (Project Area No. 2), 2006 Series C, and Subordinate Tax 3 PRELIMtNARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006 Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series D; 2) Financing Authority Resolution No. FA-56, acknowledging a finding of significant public benefit in connection with the issuance and sale of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, Tax Allocation Revenue Bonds (Project Area No. 2), 2006 Series C, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series D, and approving the issuance, sale, and delivery of such bonds and authorizing certain other matters relating thereto; 3) Agency Resolution No. 528, approving certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of Tax Allocation Refunding Revenue Bonds (Project Area No. 2), 2006 Series A, Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series B, Tax Allocation Revenue Bonds (Project Area No. 2), 2006 Series C, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 2), 2006 Series D, and authorizing certain oiher related matters. Motion was seconded by Spiegel and carried by a 5-0 vote. C. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 3(JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CITY COUNCIL). Mr. Ortega stated that essentially, the Palm Desert City Council would be adopting the same actions for Project Area Nos. 2, 3, and 4 as they did with Project Area No. 1. Chairman/Mayor/President Ferguson declared the public hearing to be open for Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING these matters. With no testimony offered, he declared the public hearing to be closed. Member/Councilman/Commissioner Crites moved to waive further reading and adopt the following resolutions relating to Project Area No. 3 Bonds: 1) City Council Resolution No. 06-76, making a finding of significant public benefit and other findings in connection with the issuance and sale by the Palm Desert Financing Authority of the Authority's Tax Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3) 2006 Series C: 2) Financing Authority Resolution No. FA-57, acknowledging a finding of significant public benefit in connection with the issuance and sale of the Authority's Tax Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax AIlocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series C, and approving the issuance, sale, and delivery of such bonds and authorizing certain other matters relating thereto: 3) Agency Resolution No. 529, approving certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of Tax Allocation Revenue Bonds (Project Area No. 3), 2006 Series A, Tax Allocation Revenue 4 PRELIMINARY MiNUTES PALM DESERT FINANCING QUTHORITY MEETING JUNE 8, 2006 Capital Appreciation Bonds (Project Area No. 3), 2006 Series B, and Subordinate Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 3), 2006 Series C, and Authorizing Certain other related matters. Motion was seconded by Spiegel and carried by a 5-0 vote. D. REQUEST FOR APPROVAL OF ACTIONS RELATED TO THE ISSUANCE AND SALE OF TAX ALLOCATION REVENUE BONDS BY THE PALM DESERT FINANCING AUTHORITY FOR PROJECT AREA NO. 4(JOINT CONSIDERATION WITH THE PALM DESERT REDEVELOPMENT AGENCY AND THE PALM DESERT CIN C4UNCtL). Mr. Ortega stated that essentially, the Palm Desert City Council would be adopting the same actions for Project Area Nos. 2, 3, and 4 as they did with Project Area No. 1. Chairman/Mayor/President Ferguson declared the public hearing to be open for Project Area Nos. 2, 3 and 4, and invited testimony SUPPORTING or OPPOSING these matters. With no testimony offered, he declared the public hearing to be closed. Member/Councilman/Commissioner Crites moved to waive further reading and adopt the following resolutions relating to Project Area No. 4 Bonds: 1) City Council Resolution No. 06-77, making a finding of significant public benefit and other findings in connection with the issuance and sale by the Palm Desert Financing Authority of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 4), 2006 Series A, and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4), 2006 Series B; 2) Financing Authority Resolution No. FA-58, acknowledging a finding of significant public benefit in connection with the issuance and sale of the Authority's Tax Allocation Refunding Revenue Bonds (Project Area No. 4), 2006 Series A, and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4), 2006 Series B, and approving the issuance, sale, and delivery of such bonds and authorizing certain other matters relating thereto; 3) Agency Resolution No. 530, approving certain documents in connection with the sale and issuance by the Palm Desert Financing Authority of Tax Allocation Refunding Revenue Bonds (Project Area No. 4), 2006 Series A, and Tax Allocation Revenue Capital Appreciation Bonds (Project Area No. 4), 2006 Series B, Tax Allocation Revenue Bonds (Project Area No. 2), and authorizing certain other related matters. Motion was seconded by Spiegel and carried by a 5-0 vote. 5 PRELIMINARY MINUTES PALM DESERT FINANCING AUTHORITY MEETING JUNE 8, 2006 VII. 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 XVIII. ADJOURNMENT Upon motion by Crites, second by Spiegel, and a 5-0 vote of the Authority Board, President Ferguson adjoumed the meeting at 6:55 p.m. JIM FERGUSON, PRESIDENT ATTEST: RACHELLE D. KLASSEN, SECRETARY PALM DESERT FINANCING AUTHORITY 0