HomeMy WebLinkAboutRDA Minutes 110904Approved December 14, 2004
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197CITY OF A TASCADER09
COMMUNITY REDEVELOPMENT AGENCY
MINUTES
Tuesday, November 9, 2004
6:30 P.M.
Chairperson O'Malley called the meeting to order at 6:30 p.m.
ROLL CALL:
Present: Board Members Clay, Luna, Scalise and Chairperson O'Malley
Absent: Vice Chairperson Pacas
Others Present: Board Secretary Marcia McClure Torgerson and Recording
Secretary Grace Pucci
Staff Present: Executive Director Wade McKinney, Assistant City Manager Jim
Lewis, Board Treasurer Rachelle Rickard, Community
Development Director Warren Frace, Public Works Director Steve
Kahn, Community Services Director Brady Cherry, Police Chief
John Couch, Deputy Public Works Director Geoff English,
Redevelopment Specialist Marty Tracey and Interim City Attorney
Tom Gibson.
APPROVAL OF AGENDA:
MOTION: By Board Member Luna and seconded by Board Member Clay
to approve the agenda.
Motion passed 4:0 by a roll -call vote.
COMMUNITY FORUM:
None
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Approved December 14, 2004
BOARD ANNOUNCEMENTS AND REPORTS:
None
A. CONSENT CALENDAR:
1. Community Redevelopment Agency Minutes — October 12, 2004
■ Board Secretary Recommendation: Board approve the Community
Redevelopment Agency minutes of October 12, 2004. [Board Secretary]
MOTION: By Board Member Luna and seconded by Board Member Clay
to approve Item #A-1
Motion passed 4:0 by a voice vote.
MOTION: By Board Member Luna and seconded by Board Member Clay
to continue the meeting until 7:00 p.m.
Motion passed 4:0 by a voice vote.
Chairperson O'Malley recessed the hearing at 6:33 p.m.
Chairperson O'Malley called the meeting back to order at 7.00 p.m.
Vice Chairperson Pacas joined the meeting.
B. MANAGEMENT:
1. Issuance of Redevelopment Bonds
■ Fiscal Impact: An estimated $12,675,000 in bond proceeds and an
estimated $21,810,000 in related debt service costs over 30 years.
■ Recommendations: Agency Board:
1. Adopt the draft Resolution authorizing the execution of a joint
exercise of powers agreement creating the Atascadero Public Financing
Authority and;
2. Adopt the draft Resolution authorizing the issuance and sale of tax
allocation bonds to finance redevelopment activities within and for the
benefit of the Agency's Atascadero Redevelopment Project and
approving related documents and actions. [Treasurer]
Mike Curran, Piper Jaffray, provided the staff report and answered questions of the
Board.
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PUBLIC COMMENT
Eric Greening asked for clarification on where the risk would fall if the economy hit a
rough patch and property values fell.
Mr. Curran explained the security measures built into the bond program.
Chairperson O'Malley closed the Public Comment period.
MOTION: By Board Member Scalise and seconded by Board Member
Clay to adopt the draft Resolution authorizing the execution of
a joint exercise of powers agreement creating the Atascadero
Public Financing Authority and; adopt the draft Resolution
authorizing the issuance and sale of tax allocation bonds to
finance redevelopment activities within and for the benefit of
the Agency's Atascadero Redevelopment Project and
approving related documents and actions.
Motion passed 5:0 by a roll -call vote.
C. EXECUTIVE DIRECTOR REPORT: Wade McKinney, Executive Director
None
D. ADJOURNMENT
Chairperson O'Malley adjourned the meeting at 7:28 P.M.
MEETING RECORDED AND MINUTES PREPARED BY:
Grace Pucci, Recording Secretary
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