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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