1988/06/14 Community Development Agency Minutes COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF ROHNERT PARK MINUTES
June 14, 1988
The Members of the Agency of the Community Development Agency
of the City of Rohnert Park met this date immediately after
the City Council meeting at approximately 9:50 p.m. in the
City Offices, 6750 Commerce Boulevard, Rohnert Park, with
Chairman Hopkins presiding.
Call to order Chairman Hopkins called the meeting of the Community
Development Agency of the City of Rohnert Park to order at
approximately 9:50 p.m.
Roll call Present: (4 ) Agency Members Cochran, Hollingsworth,
Lepinski, and Chairman Hopkins
Absent: (1) Agency Member Eck (on honeymoon)
Staff present: Executive Director Callinan, City Attorney
Flitner, and Assistant to the Executive Director Netter.
Approval of Minutes Upon motion of Agency Member Lepinski, seconded by Agency
Member Hollingsworth, and unanimously approved, the minutes
of May 24, 1988 were approved as submitted.
Approval of Bills Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Cochran, and unanimously approved, the bills
presented per the attached list in the amount of
$1,824,742.22 were approved.
Time for public comment Chairman Hopkins stated that in compliance with State law
(the Brown Act), anyone in the audience who wished to make a
comment may do so at this time.
Mary Koschei, Santa Barbara Drive, was recognized and
referred to the priority list for the first bond issue and
stated she was concerned as a homeowner that her tax dollars
are feeding into the bond issue when only six of the 26
projects would affect her neighborhood directly and she sees
the redevelopment process as a smoke screen that the
redevelopment area will he developed since most of the
projects on the list are being fed into the new sections of
town and profiting the new residents at the north end. Mrs.
Koschei also stated that residents were told that money would
be available for low interest loans and she has not heard
about this and is not sure how this information is
communicated to the homeowners and she does not appreciate
that all the energies and money are going to the area of the
Red Lion Inn because she does not see anything happening in
her neighborhood and would like the Agency to put some energy
into the neighborhoods that are paying for the bond issue.
Community Development Agency
of the City of Rohnert Park —2— June 14 , 1988
Discussion followed during which Executive Director Callinan
explained redevelopment tax increments and how the homeowners
will not pay any more taxes than what they are paying at
present. He mentioned several proposed projects in the area
of the older neighborhoods.
Acknowledging The Secretary' s report on the posting of the meeting' s agenda
Secretary' s report was acknowledged.
Bond delivery/receipt Executive Director Callinan referred to Agency Treasurer
of proceeds Harrow' s memo dated June 9, 1998 on "Receipt of Bond Proceeds
and Investment Funds", (a copy is attached to the original
set of these minutes).
Setting funding Executive Director Callinan referred to the projects list for
priorities re use of the Agency Members to prioritize as outlined in his April 7 ,
bond sale proceeds 1988 memo and the May 10, 1988 supplemental list. Agency
Member Lepinski asked if the Members should hold off until
Agency Member Eck is present. It was decided to take action
and if he disagreed with the action that Agency Member Eck
could comment later.
Discussion followed after which the Agency Members concurred
to have #11 and #12 (20% set aside for low and moderate
housing related projects and home improvement project loans)
to be #1 and #2; #25 (construct a senior center at a location
yet to be determined) moved up to #7; #3 (construct a new
Public Safety station on City Hall Drive) to be set for
budget session discussion.
Discussion was initiated on #6 (develop a neighborhood gym
and community use building on the Rohnert Park Junior High
School site) and Chairman Hopkins stated he had reservations
that the Junior High would use the building for other
purposes and he would feel better if the Agency built the
facility on City property or the school district can give the
Agency the land to build the facility on. Executive Director
Callinan stated that the City has priority in the use of the
facility and language in the agreement could specify use of
the facility.
Agency Member Hollingsworth made the motion to leave the
priorities list as revised at this time (in accordance with
the list attached to these minutes). Said motion was
seconded by Agency Member Cochran and unanimously approved.
Ordinance No. 1 AN ORDINANCE OF THE REDEVELOPMENT AGENCY OF THE CITY OF
ROHNERT PARK ESTABLISHING A LOW AND MODERATE INCOME HOUSING
ACCOUNT OF THE REDEVELOPMENT FUND
Community Development Agency
of the City of Rohnert Park —3— June 14, 1988
Executive Director Callinan explained the ordinance.
Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Lepinski, and unanimously approved, Ordinance
No. I was introduced.
Proposed Budget Executive Director Callinan referred to the proposed
Redevelopment Fund 14R7-8R Budget which will be submitted for
adoption at the next meeting to get some obligations on the
Agency's books.
Adjournment There being no further business, Chairman Hopkins adjourned
the meeting at approximately 10:37 p.m.
1 /
hairman
APPROVED:
Deputy Secretary
Agency Priorities for Capital Projects Funding
from Community Redevelopment Agency's
First Bond Issue
1 . 20% set aside for low and moderate housing )
related projects ) $ 2,000,000
)
2. Home improvement project loans
3. Construct road from Golf Course Drive adjacent
to the freeway right-of-way to South Santa Rosa
Avenue - including a commuter parking lot in the
vicinity of Golf Course Drive and the railroad 1 ,500,000
4. Extend Rohnert Park Expressway to Stony Point Road 800,000
5. Construct a community theatre (Cultural Arts
Facility) at the Community Center Site/
Contribution towards cost 1 ,500,000
6. Construct a community swim complex at the
Community Center site (Funds for design) 300,000
7. Develop a neighborhood gym and community use
building on the Rohnert Park Junior High School
site 750,000
8. Senior Citizens Center 800,000
9. Develop a community parking lot at the corner of
State Farm Drive and Commerce Boulevard 100,000
10. Construct Seed Farm Drive from Enterprise Drive
to Expressway with disposal area incorporated
in project 350,000
11 . Construct a parking lot to serve El Colegio
(Colegio Vista) Park on Southwest Boulevard 150,000
12. Renovate Alicia Park lighting 50,000
13. Construct a new Public Safety station on
City Hall Drive 2,000,000
T OTAL $10,300,000
6-14-88
V
COMMUNITY DEVELOPMENT AGENCY
INTER-OFFICE MEMORANDUM
TO, Peter M. Callinan FROM= Michael L. Harrow
Executive Director Treasurer
RE: Receipt of Bond Proceeds and DATE: June 9, 1988
Investment of Funds
As you are aware, the Community Development Agency Tax Allocation Bonds of
1988 closed on Wednesday, June 8. The following summary itemizes the bond sale
and the investment of the proceeds :
Source:
Face value of bonds sold $ 12,000,000
Less Bond Discount (240,000 )
Net Bond Proceeds $ 11 ,760 ,000
Plus Accrued Interest 18,264
Total Source of Funds $ 11 ,778,264
Uses:
Interest Account (Held by Fiscal Agent ) $ 18,264
Reserve Account (Held by Fiscal Agent ) 1 ,094,490 s ,i.L,'-
Escrow Fund (Held by Fiscal Agent ) 3,418, 138 = . 1 3 '7
Estimated Costs of Issuance 150,000
Redevelopment Fund (Held by Agency )
Project Account 5,677,898t 17 -2:
Low & Moderate Income Housing Account 1 ,419,474 , t
•
Total Uses $ 11 ,778,264
The Community Development Agency received the Redevelopment Fund ( total
of $ 7,097,372 ) on June 9, 1988 plus overnight investment earnings of $ 1,400.
The following summarizes the placement of the Redevelopment Fund,
V
Total Redevelopment Fund 6/9/88 $ 7,098,772
Investments & Other Uses :
Face Value of Securities and
Certificates of Deposit- Please
see attached list ( 6,764,408 )
Accrued interest on securities ( 62 ,625 )
Premiums paid on securities Snet of ( 1 ,813 )
discounts )
Payment to city for 86-87 debt ( 99,465 )
Balance of proceeds in Exchange Bank $ 170,461
Should you have any questions, please contact me .
09-Jun-88 COMMUNITY DEVELOPMENT AGENCY
INSTITUTION BROKER AMOUNT RATE DUE
FARM CREDIT DISCOUNT NOTE PRIV LEDGER 393,0E6 7.320% 09/06/68
GLENDALE FED S & L 100,000 7.500. 10/07/88
VISTA SAVINGS & LOAN 99,000 7.500% 10/07/88
FHLB DISCOUNT NOTE AG EDWARDS 382 ,352 7.594% 11/15/88
FED FARM CREDITS AG EDWARDS 400,000 7.410% 12/01/88
FHLB BONDS AG EDWARDS 600,000 7.550. 12/27/88
LONG BEACH S & L 99,000 8.000. 02/06/89
SACRAMENTO S & L 99,000 7.700% 03/06/89
COUNTY SAVINGS BANK 99,000 7.625% 04/14/89
FHL9 BONDS MCG 2,000,000 7.610% 05/25/89
FED FARM CREDITS AG EDWARDS 800,000 7.8507.. 06/01/89
CENTURY FED S & L 99,000 7.900% 06/09/89
SAN CLEMENTE S & L 99,000 8.000/ 06/09/89
NEWPORT BALBOA SAVINGS 99,000 7.850% 06/09/89
REPUBLIC SAVINGS 99,000 7.750% 06/09/69
BROOKSIDE SAVINGS 99,000 7.9507.. 06/09/89
SUMMIT S & L 99,000 8.0007.. 06/09/89
FNMA BONDS 1 ,000,000 7.830% 07/10/89
CAPITAL BANK OF CALIF 99,000 8.250% 12/29/89
TOTAL $6,754,408