HomeMy WebLinkAbout11_13_2007 - ORA MinutesAPPROVED BY THE DIRECTORS ON NOVEMBER 27, 2007
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETING November 13, 2007
The Orange Redevelopment Agency of the City of Orange, California convened on November
13,2007 at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue,
Orange California.
4:30 P.M. SESSION
1. ROLL CALL
PRESENT - Smith, Murphy, Cavecche, Dumitru, Bilodeau ABSENT -
None.2. PUBLIC
COMMENTS - None.3. CONSENT CALENDAR
3.1 Request
Agency confirmation of warrant registers dated October 11, 18 and 25, 2007.ACTION:Approved.3.
2 Request
approval of Redevelopment Agency Minutes, Regular Meeting October 23,2007. (RC2500.D.
4)ACTION:Approved.MOTION -
SECOND -AYES
Murphy Bilodeau
Smith, Murphy,
Cavecche,
Dumitru,
Bilodeau
All items on the Consent
Calendar were approved as recommended.END OF CONSENT CALENDAR 4.
REPORTS FROM DIRECTORS - None.
5. REPORTS FROM BOARDS, COMMITTEES, AND
COMMISSIONS - None.6. REPORTS FROM EXECUTIVE DIRECTOR - None.PAGE
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ORANGE REDEVELOPMENT AGENCY November 13,2007
7. ADMINISTRATIVE REPORTS
7.1 Report on core financing team and Consultant Services Agreements for professional
and technical services in connection with the issuance and re-financing of bonds to fund
the costs of certain public improvements within or benefiting the Orange Merged
and Amended Redevelopment Project Area. (RA2100.0 Agr-5157; 5158;
5159 & 5160)SUMMARY: This is the first step in contracting for the core financing team that will
be needed to start the process for the eventual issuance of Redevelopment bonds to fund
various public improvements and to refinance existing Redevelopment bonds at a lower interest rate.
In order to commence the bond issuance process, the Agency requires the services of a
Financial Advisor,Bond Counsel, Disclosure Counsel and a Fiscal Consultant. All of these consultants will
be paid from the proceeds of the bonds; provided, however, that in the event no bonds are
issued, the Orange Redevelopment Agency will be responsible to pay the fees for services incurred
by the
Fiscal
Consultant.Discussion Councilmember Smith wanted to ensure that the list of potential projects was put into
the record for
future reference.Councilmember Bilodeau noted the list is not definite at this time, and would like to see
the SR 55 Freeway included in
the list.Mayor Cavecche clarified with staff that Redevelopment funds can only be used for a project
in a Redevelopment area, but that a project outside an area may be eligible for a percentage
of the funds if it benefits a Redevelopment area. She also confirmed that there is
approximately $23 million in the
Redevelopment account.MOTION -
Smith SECOND - Bilodeau
AYES - Smith, Murphy, Cavecche, Dumitru, Bilodeau NOES -
Cavecche NOTE: Mayor
Cavecche voted No because she noted there is approximately $23 million in the Redevelopment account,
and the city should not be going into debt any further.MOVED TO:
1) Approve
a Professional Services Agreement for Financial Advisory Services with Fieldman,Rolapp & Associates,
a California Corporation;2) Approve
an Attorney Services Agreement with Quint & Thimmig LLP, a California limited liability partnership;
3) Approve
an Attorney Services Agreement with Richards, Watson & Gershon, a Professional Corporation;PAGE
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ORANGE REDEVELOPMENT AGENCY November 13,2007
7. ADMINISTRATIVE REPORTS (Continued)
4) Approve a Consultant Services Agreement with HdL Coren & Cone, a California
Corporation; and
5) Authorize and direct the Chair of the Agency to execute, and the Agency Clerk to attest, the
aforementioned agreements on behalf of the Agency.
FISCAL IMP ACT: Payment of fees for all of the consultants, including reimbursable
expenses, will be contingent on, and payable from the proceeds of the Redevelopment bonds. In
the event no bonds are issued the Orange Redevelopment Agency will be responsible to pay the
fees for services ($24,000) incurred by the Fiscal Consultant from available Redevelopment
funds. There will be no impact to the City's general fund.
8. LEGAL AFFAIRS - None.9.
RECESS TO CLOSED SESSION NOTE:
The Agency did not recess.a.
To consider and take possible action upon such other matters as are orally announced by the General
Counsel, Executive Director of the Board of Directors prior to such recess unless the motion
to recess indicates any of the matters will not be considered in Closed Session.10.
ADJOURNMENT - The Agency adjourned at 4:55 p.m.Declaration of
the Clerk of the Orange Redevelopment Agency, Mary E. Murphy, declaring posting of
Orange Redevelopment Agency Agenda of a regular meeting of November 13, 2007 at Orange Civic
Center kiosk, Police facility at 1107 North Batavia, and the Main Public Library at 407 E.
Chapman; all of said locations being in the City of Orange and freely accessible to members of
the public at least 72 hours before commencement of said regular meeting.PAGE 3