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HomeMy WebLinkAboutMIN 1999 0421 RDA REG MINUTES OF THE REDEVELOPMENT AGENCY Moorpark, California April 21, 1999 A Regular Meeting of the Redevelopment Agency of the City of Moorpark was held on April 21, 1999 in the Community Center of said City located at 799 Moorpark Avenue, Moorpark, California. 1 . CALL TO ORDER: Chair Hunter called the meeting to order at 7 : 41 p.m. 2 . ROLL CALL: Present : Agency Members Evans, Harper, Rodgers, Wozniak and Chair Hunter Staff Present: Steven Kueny, Executive Director; John Nowak, Agency Treasurer; Graham Mitchell, Senior Management Analyst; and Deborah Traffenstedt, Agency Secretary. 3 . PUBLIC COMMENT: None . 4 . PUBLIC HEARINGS : None . 5. PRESENTATION/ACTION/DISCUSSION: A. Consider Resolution No. 99-80 Authorizing Issuance and Sale of Tax Allocation Bonds for Refunding of the Moorpark Redevelopment Agency' s 1993 Tax Allocation Bonds and Related Actions. Staff Recommendation: 1) Adopt Resolution No . 99-80 authorizing the issuance and sale of Tax Allocation Bonds to refund the Agency' s outstanding Moorpark Redevelopment Project 1993 Tax Allocation Bonds and approving related documents and actions therein; 2) Engage the firm of Christensen, Bacigalupi and Barris as Disclosure Counsel; 3) Authorize the Executive Director to execute the Bond Purchase Agreement immediately after the pricing of the Bonds, subject to the following conditions : 1 . The interest rate on the Bonds shall not exceed 5. 10 percent, and 2 . The Agency financial adviser, Urban Futures, Inc. , shall supply the Executive Director with a " Fairness Opinion" prior to the execution of the Bond Purchase Agreement . (ROLL CALL VOTE REQUIRED) Mr. Nowak introduced Marshall Lynn, Urban Futures . Mr. Lynn explained the options before the Agency for refunding the bonds. He stated insurance coverage had been Minutes of the Redevelopment Agency Moorpark, California Page 2 April 21, 1999 obtained. He stated the interest savings would be approximately $165, 000 to $200, 000 . MOTION: Agency Member Evans moved and Agency Member Rodgers seconded a motion to adopt Resolution No . 99-80 authorizing the issuance and sale of Tax Allocation Bonds to refund the Agency' s outstanding Moorpark Redevelopment Project 1993 Tax Allocation Bonds and approving related documents and actions therein. The motion carried by unanimous roll call vote . MOTION: Agency Member Harper moved and Agency Member Evans seconded a motion to engage the firm of Christensen, Bacigalupi and Barris as Disclosure Counsel and authorize the Executive Director to execute the Bond Purchase Agreement immediately after the pricing of the Bonds, subject to the following conditions : 1 . The interest rate on the Bonds shall not exceed 5 . 10 percent, and 2 . The Agency financial adviser, Urban Futures, Inc. , shall supply the Executive Director with a " Fairness Opinion" prior to the execution of the Bond Purchase Agreement . The motion carried by unanimous voice vote. B. Consider Approving an Agreement with Katz Hollis for a Downtown Revitalization Analysis and Plan and Consider Resolution No. 99-81 Approving a Budget Amendment for the Project. Staff Recommendation: 1) Approve agreement with Katz Hollis for a Downtown Revitalization Analysis and Plan and authorize the Executive Director to execute the agreement, and 2) Adopt Resolution No . 99-81 amending the 1998/1999 budget by appropriating $34, 000 from the Moorpark Redevelopment Agency Reserve Fund. (ROLL CALL VOTE REQUIRED) Mr. Mitchell gave the staff report . In response to Agency Member Harper, Mr. Mitchell discussed the purpose of the fifth aspect of Phase I . In response to Agency Member Harper, Mr. Nowak stated the work accomplished in Phase I would be more extensive and that the work in Phase II would not require as much staff time . MOTION: Agency Member Harper moved and Agency Member Wozniak seconded a motion to approve the agreement with Katz Hollis for a Downtown Revitalization Analysis and Plan and authorize the Executive Director to execute the agreement. The motion carried by unanimous voice vote . Minutes of the Redevelopment Agency Moorpark, California Page 3 April 21, 1999 MOTION: Agency Member Harper moved and Agency Member Wozniak seconded a motion to adopt Resolution No. 99-81 . The motion carried by unanimous roll call vote. 6 . CONSENT CALENDAR: None . 7 . CLOSED SESSION: None was held. 8 . ADJOURNMENT: MOTION: Agency Member Rodgers moved and Agency Member Harper seconded a motion to adjourn. The m'. ion carried •y unanimous voice vote . The time was 7 : 51 p.m. 1 Argh j14,0ilt4 'atrick Hinter, Chair ATTEST : 40.DQMENt_0� Deborah S . Traffe edt ESTA8L1$HE[? Agency Secretary * MUW,N 1$ 1981 qv,,05z,414*-0111*, rlYOFMCP'