1988/04/26 Community Development Agency Minutes (2) COMMUNITY DEVELOPMENT AGENCY OF THE CITY OF ROHNERT PARK MINUTES
April 26, 1988
The Community Development Agency of the City of Rohnert Park
met this date in special session commencing at 4:00 p.m. in
the City Offices, 6750 Commerce Boulevard, Rohnert Park,
California, with Chairman Hopkins presiding.
Call to order Chairman Hopkins called the special meeting to order at 4:00
p.m. and noted that the special meeting was being held on his
call and that notice of the meeting was given as required by
law.
Roll call Present: (3) Agency Members Hollingsworth, Lepinski and
Chairman Hopkins
Late: (2) Agency Members Cochran and Eck (their time
of arrival is specifically noted in the
minutes)
Absent: None
Staff present for all or part of the meeting: Executive
Director Callinan, Assistant to the Executive Director
Netter, Finance Director Harrow .
Agency consultants and attorneys present: Jack Ratelle and
John Davis of RDA Associates, Mike Whipple of Mike Whipple
Associates, Inc., and Attorney Mike Toy of the firm of Sabo
and Deitsch.
Press correspondents present: Rod Brewster of the Petaluma
Argus-Courier and Mike McCoy of the Press Democrat.
Work session Executive Director Callinan explained the purpose of the
meeting would be to discuss matters related to the proposed
issuance of indebtedness by the Agency to finance various
projects for the community. He noted for the record that the
Agency Members have been provided with copies of resolutions
and other documents related to the issuance for their review
and comment. He introduced all the consultants present. A
discussion was held concerning the Community Development
Agency, its projected tax increments, the proposed bond issue
and all matters related to it, the consultants and staff's
contacts with County representatives concerning the tax
increments that will be forthcoming, the necessity of the
County certifying the tax roll for the base year, the
advantages of issuing the bonds versus short-term notes and
the need to increase the number of projects that the Agency
has slated for possible financing.
Agency Member Eck Agency Member Eck arrived during discussion, the time being
, arrives approximately 4:14 p.m.
Community Development Agency of
the City of Rohnert Park Minutes -2- April 26, 1988
Discussion continued with the consultants during which in
response to a question from the Agency Members, Mike Whipple
indicated that the city nor the Community Development Agency
is never at risk on the bonds, that is the only security for
repayment of the bonds issued will he the property tax
increments received by the Agency. He initiated discussion
concerning the need for a reserve account, and advised that
an escrow fund will be established to make certain that
proceeds from the bonds will not he used by the Agency until
the bondholders are guaranteed or assured the tax increments
to be received by the Agency are large enough to pay off the
indebtedness. He also initiated discussion concerning
investment of idle funds and impact of and threat of new
State legislation that could impact the use of tax increments
unless the increments were needed for debt that had already
been incurred.
Attorney Toy commented on the need to have the proposed list
of projects be greater than that already adopted by the
Agency so that there is no question that there are more than
enough projects for funding. He discussed the certificate of
use of proceeds which will have to be executed by the Agency.
Agency Member Agency Member Cochran arrived during discussion, the time
Cochran arrives being approximately 4:50 p.m.
Discussion continued concerning the amount of funds to be set
aside to aid low to moderate housing, how funds might
possibly be used for what is considered private activities,
the difference in income levels that exist between what the
Agency considers low to moderate income and the generally
considered low to moderate income under the Community
Development Block Grant program.
Discussion was wide-ranging with all those present, except
the press correspondents, participating. The discussion
covered moat facets of issues outlined in the documents
provided to the Agency Members.
Adjournment The meeting was adjourned at 5:15 p.m.
C rm
APPROVED: (�
Secrete