1988/05/24 Community Development Agency Minutes 1
COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF ROHNERT PARK MINUTES
May 24, 1998
The Members of the Agency of the Community Development Agency
of the City of Rohnert Park met this date during a recess of
the City Council meeting at approximately 10:05 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 10:05 p.m.
Roll call Present: (5) Agency Members Cochran, Eck, Hollingsworth,
Lepinski, and Chairman Hopkins
Absent: (0) None
Staff present: Executive Director Callinan, City Attorney
Flitner, Assistant to the Executive Director Netter, and
Finance Director Harrow.
Approval of Minutes Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Eck, and unanimously approved, the minutes of
May 10, 1988 were approved as submitted, with Chairman
Hopkins abstaining.
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 $490.80 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. No one wished to do so.
Proposed Bond Issue Executive Director Callinan introduced Mike Whipple,
Financial Consultant, and Mike Toy, Bond Counsel.
Mike Whipple was recognized and referred to his May 24, 1988
letter and reviewed the six bids for the Tax Allocation Bonds
and stated that City staff, especially Finance Director
Harrow and Planning Director Skanchy have been extremely
helpful in providing data to the rating firms and the
consensus is that the Agency has an outstanding project and
outstanding security.
Agency Member Cochran asked why Rohnert Park would be better
like any other city, Cotati for example. Mr. Whipple replied
that in the first year, Cotati' s amount of tax revenue was
about $75,000 while Rohnert Park' s is almost $1.5 million,
which would have gone to the County and School District.
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Community Development Agency of
the City of Rohnert Park Minutes -2- May 24 , 1988
Agency Member Cochran asked if there will be a time that the
Senate Finance Committee would stop redevelopment. Mr.
Whipple replied that the issue has been brought before the
Committee in the past but redevelopment has been such a
powerful and effective tool so there is a constituency to
protect the mechanism which the legislature recognizes.
Executive Director Callinan referred to the attachment to Mr.
Whipple's letter regarding the effective interest rates. Mr.
Whipple stated that all six bids are excellent and gave a
comparison which showed the different interest rates for
different maturities.
Resolution No. 88-05 RESOLUTION OF THE COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF
ROHNERT PARK, CALIFORNIA, AUTHORIZING THE ISSUANCE OF AN
AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $12,000,000 OF TAX
ALLOCATION BONDS OF SAID AGENCY TO FINANCE A PORTION OF THE
COST OF A REDEVELOPMENT PROJECT KNOWN AS THE ROHNERT PARK
REDEVELOPMENT PROJECT
Executive Director Callinan explained the resolution.
Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Lepinski, and unanimously approved, Resolution
No. 88-05 was adopted.
Resolution No. 88-06 RESOLUTION OF THE COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF
ROHNERT PARK, CALIFORNIA, AWARDING THE PRINCIPAL AMOUNT OF
ITS $12 ,000,000 COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF
ROHNERT PARK, CALIFORNIA, ROHNERT PARK REDEVELOPMENT PROJECT,
TAX ALLOCATION BONDS, ISSUE OF 1988, TO FINANCE A PORTION OF
THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE ROHNERT PARK
REDEVELOPMENT PROJECT TO THE SUCCESSFUL BIDDER AND APPROVING
THE EXECUTION AND DELIVERY OF CERTAIN DOCUMENTS
Executive Director Callinan explained the resolution.
Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Lepinski , and unanimously anproved, Resolution
No. 88-06 was adopted.
Community Development Agency of the
City of Rohnert Park Minutes -3- May 24 , 1988
Resolution No. 88-07 RESOLUTION OF THE COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF
ROHNERT PARK, CALIFORNIA, APPROVING FURTHER AMENDMENTS TO THE
RESOLUTION AUTHORIZING THE ISSUANCE OF S12,000,000 PRINCIPAL
AMOUNT OF ITS TAX ALLOCATION BONDS TO AID IN THE FINANCING OF
A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE
ROHNERT PARK REDEVELOPMENT PROJECT AND APPROVING THE
EXECUTION ANT) DELIVERY OF CERTAIN DOCUMENTS IN CONNECTION
THEREWITH
Executive Director Callinan explained the reolution.
Upon motion of Agency Member Hollingsworth, seconded by
Agency Member Lepinski, and unanimously approved, Resolution
No. 8R-07 was adopted.
Agency Member Cochran indicated that while he believes in
full employment for attorneys, he wished to know if there was
a tine Mr. Toy's attendance at the meetings will no longer be
required. Mr. Toy replied that his attendance will no longer
be required after the bond issue and his attendance does not
cost the Agency more money because what he is paid is covered
by the one-time fee paid by the Agency for the bond issue.
Adjournment There being no further business, Chairman Hopkins adjourned
the meeting at approximately 10:19 p.m.
airman
APPROVED:
Deputy Secretary