HomeMy WebLinkAbout7_22_2003 - ORA MinutesAPPROVED BY THE DIRECTORS ON AUGUST 12, 2003
ORANGE REDEVELOPMENT AGENCY ORANGE, CALIFORNIA
MINUTES OF A REGULAR MEETlNG July 22,2003
4:30 P.M. SESSION
The Orange Redevelopment Agency of the City of Orange, California convened on July 22, 2003
at 4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange,
California.
1. ROLL CALL
PRESENT - Ambriz, Alvarez, Chairman Murphy, Coontz ABSENT -
Cavecche 2. PUBLIC
COMMENTS - None.3. CONSENT CALENDAR
3.1 Declaration
of the Clerk of the Orange Redevelopment Agency, Cassandra J.Cathcart, declaring posting
of Orange Redevelopment Agency Agenda of a regular meeting of July
22, 2003 at Orange Civic Center, City Clerk's Office, north facing kiosk, Main Lihrary
at 101 N. Center Street, Police facility at 1107 North Batavia,Shaffer Park, and
available on the City's Website www.cityoforange.org; all of said locations being in
the City of Orange and freely accessible to members of the public at least 72
hours before commencemeut of said regular meeting.ACTION: Accepted Declaration
of Agency Posting and authorized its retention as a public record in
the Office of the City Clerk.3.2 Request
Agency confirmation of warrant registers dated July 3, 8 and 10, 2003.ACTION: Approved.3.
3 Request
approval of Redevelopment Agency Minutes, Regular Meeting, July 8, 2003.ACTION: Approved.MOTION -
Alvarez SECOND -
Ambriz AYES - Ambriz,
Alvarez, Chairman Murphy,
Coontz ABSENT - Cavecche All items on the
Consent Calendar were
approved as recommended.END OF CONSENT CALENDAR PAGE 1 T
ORANGE REDEVELOPMENT AGENCY MINUTES July 22, 2003
4. REPORTS FROM DIRECTORS - None.5.
REPORTS FROM BOARDS, COMMITTEES, AND COMMISSIONS - None.6. REPORTS
FROM EXECUTIVE DIRECTOR - None.7. ADMINISTRATIVE REPORTS
7.1 Report
from Assistant Executive Director Linda Boone on Consultant Services Agreements to support
the refunding of outstanding Tax Allocation Bonds for the Northwest and Southwest
Redevelopment Project Areas. (RA2100.0 AGR-4327)SUMMARY: Due
to an historic drop in bond interest rates, the Agency staff is recommending to refund
the outstanding Tax Allocation Bonds sold for the Northwest and Southwest Redevelopment Project
Areas. This refunding will result in lower debt service payments and provide for
a substantial net present value savings over the life of the bonds. In order to initiate the refunding
process, it is necessary to contract with a number of consultants with special expertise in
bond issuance. The bond issuance documents will be presented to the Agency Board at the
August 26, 2003 meeting.Linda Boone,
Assistant Executive Director, provided a report, indicating the proposed refunding will result
in a savings of approximately $300,000 per year or a net present value savings to the Agency of
approximately $5.2 million.Councilmember Alvarez
asked if this proposal had been reviewed by any City Committee.Ms. Boone
indicated it had not been formally reviewed, but staff did talk to members of the Audit Committee
who thought it was an excellent idea.Chairman Murphy
asked when the rates would be locked in.Tom Johnson,
Fieldman, Rolapp & Associates, stated the rates will be locked in on September 16'\ the
date of the sale.MOTION - Alvarez
SECOND - Coontz AYES -
Ambriz, Alvarez, Chairman
Murphy, Coontz ABSENT - Cavecche ACTION: Approved the
Agreements with Fieldman,
Rolapp & Associates; Best, Best &Krieger; Richards, Watson & Greshon; and GRC
Associates to provide consultant and legal services in support of the refunding
of the Tax Allocation Bonds for the Northwest and Southwest Redevelopment Project Areas, and authorized
the Chairman and Agency Clerk to execute on behalf of the Agency.
FISCAL IMP ACT: Fees for the
consultant services will be paid from bond proceeds.PAGE 2
ORANGE REDEVELOPMENT AGENCY MINUTES
8. LEGAL AFFAIRS
9. RECESS TO CLOSED SESSION
July 22, 2003
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
MOTION - Alvarez SECOND -
Coontz AYES - Ambriz,
Alvarez, Chairman Murphy, Coontz ABSENT - Cavecche The
Redevelopment Agency adjourned
at 5:20 p.m A~ (id//RA'~CASSAND .
CATHCART,CLERK OF
THE REDEVELOPMENT AGENCY
tJ[1N MA A.
MURPHY, CH
OF THE REDEVELOPM 1
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