Loading...
HomeMy WebLinkAboutPrelim - SA-RDA - 09/22/2016� � � PRELIMINARY MINUTES REGULAR MEETING OF THE BOARD OF DIRECTORS OF THE SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY THURSDAY, SEPTEMBER 22, 2016 ClVIC CENTER COUNCIL CHAMBER 73510 FRED WARING DRIVE, PALM DESERT, CA 92260 I. CALL TO ORDER - 3:00 P.M. Vice Chair Harnik convened the meeting at 3:00 p.m. II. ROLL CALL Present: Vice Chair Jan C. Harnik Director Sabby Jonathan Director Van G. Tanner Director Susan Marie Weber Absent: Chair Robert A. Spiegel Also Present: Justin McCarthy, Interim Executive Director Robert W. Hargreaves, City Attorney William L. Strauss, Successor Agency Counsel Rudy P. Acosta, Assistant City Manager Rachelle D. Klassen, City Clerk Russell Grance, Director of Building � Safety Ryan Stendell, Director of Community Development Martin Alvarez, Director of Economic Development Janet M. Moore, Director of Finance/City Treasurer Lori Carney, Director of Human Resources Mark Greenwood, Director of Public Works Frankie Riddle, Director of Special Programs Bo Chen, City Engineer Stephen Y. Aryan, Risk Manager Dan Talbot, Division Chief, Palm Desert Fire/Riverside Co. Fire Dept./Cal Fire Eric Cadden, ESC, County of Riverside Emergency Management Department David W. Teets, Chief, Palm Desert Police/Riverside Co. Sheriff's Department Anthony Baur, Asst. Chief, Palm Desert Police/Riverside Co. Sheriff's Department Grace L. Mendoza, Deputy City Clerk PRELIMINARY MINUTES SUCCESSOR AGENCY TO THE � � � PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 22, 2016 III. ADJOURN TO CLOSED SESSION RecLuest for Closed Session: None With Successor Agency Board concurrence, Vice Chair Harnik adjourned the meeting to Closed Session of the City Council at 3:01 p.m. He reconvened the meeting at 4:00 p.m. IV. RECONVENE REGULAR MEETING - 4:00 P.M. A. REPORT ON ACTION FROM CLOSED SESSION. None V. AWARDS, PRESENTATIONS, AND APPOINTMENTS None VI. CONSENT CALENDAR � : MINUTES of the September 8, 2016, Regular Meeting of the Board of Directors of the Successor Agency to the Palm Desert Redevelopment Agency. Rec: Approve as presented. CLAIMS AND DEMANDS AGAINST SUCCESSOR AGENCY TREASURY - Warrants Dated 9/2/2016 and 9/9/2016. Rec: Approve as presented. Upon a motion by Weber, second by Tanner, and 4-0 vote of the Board of Directors of the Successor Agency (AYES: Jonathan, Tanner, Weber, and Harnik; NOES: None; ABSENT: Spiegel), the Consent Calendar was approved as presented. VII. CONSENT ITEMS HELD OVER None VIII. RESOLUTIONS None f�: PRELIMINARY MINUTES DRAFT SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 22, 2016 IX. NEW BUSINESS A. REQUEST FOR AUTHORIZATION OF THE PREPARATION OF DOCUMENTS NECESSARY FOR THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS AND TAKING RELATED ACTIONS. Ms. Moore explained that in May the County requested the Agency take a look at refunding, or as discussed, refinancing the debt of the Successor Agency. There is roughly $268 million in bonds outstanding. The County made the request to see if the Agency could take advantage of the current low bond market, and as part of dissolution law, the Agency could not refund this debt if there was not a savings. Staff made preliminary evaluations and attached to the staff report is the Plan of Refunding and Savings Analysis, which indicates there would be savings of $1.8 million annually. This amount would accrue in a manner dictated by the County and Health & Safety Code with respect to the taxing entities. The payments will continue to come from the former agency tax increment, just as they have been, but now they will obviously be less. She noted that many members of the financing team are available to answerdetail or specific questions, including Bond Counsel from Richard Watson & Gershon, Disclosure Counsel from Best, Best & Krieger, Del Rio Advisors, Ken Dieker the financial analyst, and Jim Cervantez who is the underwriter. Director Jonathan said he studied the staff report and Bond Counsel answered all his questions. He added that this will bring an annual savings of $2 million for a total of $49 million, but not to the City of Palm Desert. However, the City will benefit $80,000 a year. It is a real savings and the other taxing entities will benefit from it as well. He said this was like refinancing your home for a lower rate, so he would be in favor. Director Jonathan moved to, by Minute Motion, authorize preparation of documents necessary for the issuance of Tax Allocation Refunding Bonds and related actions (including authorizing the Executive Director and the Finance Officer to take ancillary actions to effectuate the preparation of the necessary documents). Director Tanner admitted he didn't completely understand everything that was involved, stating he's dealt with bonding in the construction industry, but nothing quite like this. The explanations he received proved to him the Agency was doing the right thing, and he gave credit to Interim City Manager Justin McCarthy for bringing this item to his attention and thanked everyone involved with it. Director Tanner seconded the motion and it carried by a 4-0 vote (AYES: Jonathan, Tanner, Weber, and Harnik; NOES: None; ABSENT: Spiegel). 3 PRELIMINARY MINUTES DRAFT SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 22, 2016 X. CONTINUED BUSINESS None XI. OLD BUSINESS None XII. PUBLIC HEARINGS None XIII. REPORTS, REMARKS, SUCCESSOR AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR Mr. McCarthy noted this was his last City Council and Successor Agency meeting, stating that going out on a high note was always a smart thing. He thanked the City Council for the opportunity to serve Palm Desert and City staff for their support. He said it was fun coming back and re-associating with some old friends. He went on to say he had confidence in the new City Manager Lauri Aylaian who was in the audience, adding that the City was in good hands and it had many good things moving forward. Mayor Pro Tem Harnik thanked Mr. McCarthy for everything he's done for the City and the community, stating he was the right person at the right time. Councilman Jonathan added that not only did Mr. McCarthy kept things going, he took the City beyond and forward, which is highly appreciated. B. SUCCESSOR AGENCY COUNSEL Mr. Hargreaves echoed the sentiment of the Council, and thanked Mr. McCarthy for foregoing his time at the beach in the middle of the summer to help Palm Desert sort things out, and he will be missed. C. CHAIR AND MEMBERS OF THE SUCCESSOR AGENCY None 4 PRELIMINARY MINUTES DRAFT SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 22, 2016 XIV. ADJOURNMENT With Successor Agency Board concurrence, Vice Chair Harnik adjourned the meeting at 6:41 p.m. JAN C. HARNIK, VICE CHAIR ATTEST: RACHELLE D. KLASSEN, SECRETARY SUCCESSOR AGENCY TO THE PALM DESERT REDEVELOPMENT AGENCY 47