HomeMy WebLinkAboutAugust 31, 20101. REDEVELOPMENT AGENCY ITEM:
2. CITY COUNCIL ITEM:
CITY COUNCIL /REDEVELOPMENT AGENCY
SPECIAL MEETING MINUTES
TUESDAY, AUGUST 31, 2010
52:0135
CALL TO ORDER - Mayor /Agency Chair Amundson called the meeting to order at 8:00 a.m.
ROLL CALL OF CITY COUNCIL /REDEVELOPMENT AGENCY MEMBERS:
PRESENT: Council /Agency Member Amundson, Chandler, Harbicht, Kovacic and Segal
ABSENT: None
PUBLIC COMMENTS (5 minutes per person) — None
a. Consideration of adoption of Resolution No. ARA 237 amending Resolution No.
ARA 235 of the Agency providing for the issuance of Subordinate Tax Allocation
Bonds.
a. Consideration of adoption of Resolution No. 6741 amending Resolution No. 6724
approving the issuance by the Arcadia Redevelopment Agency of its Central
Redevelopment Project Subordinate Tax Allocation Bonds, Series 2010
(Taxable).
City Manager Don Penman reported that at its June 15, 2010 meeting, the City
Council /Redevelopment Agency approved and authorized the 2010 Subordinate Tax Allocation
Bond Issuance; that based on the anticipated bond sizing, the approval was for a bond issue,
including both refunding the new proceeds of up to $19 million; that based on projected
proceeds as a reflection of the bond market, the $19 million limit appeared sufficient. He
advised that the Agency sold its bonds on Wednesday, August 25, 2010; that the Agency had
received its 2010 -2011 tax roll data which reflected an increase in tax increment above earlier
projections from the prior year; and that the bond market, which had not been favorable only
one month before was very strongly in the City's favor. Mr. Penman reported that the primary
impact was net new proceeds for the Agency of $9.662 million to use for projects; that because
the Agency exceeded the $19 million total authorization from the City Council, the proposed
resolutions for adoption would amend the prior resolutions adopted on June 15, 2010 by the
City Council and Redevelopment Agency to incorporate the larger total sales amount of $19.8
million. Mr. Penman did note that with the additional $1.5 million the Agency will be able to do
additional projects.
In response to a question by Council Member Chandler, Shannon Huang, Financial Services
Director /City Treasurer discussed interest rates; and explained the City's portfolio.
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It was moved by Council Member Harbicht, seconded by Council Member Chandler and carried
on roll call vote to adopt Resolution No. ARA 237 amending Resolution No. ARA 235 of the
Agency providing for the issuance of Subordinate Tax Allocation Bonds.
AYES: Council Member Harbicht, Chandler, Kovacic, Segal and Amundson
NOES: None
ABSENT: None
It was moved by Council Member Harbicht, seconded by Council Member Segal and carried on
roll call vote to adopt Resolution No. 6741 amending Resolution No. 6724 approving the
issuance by the Arcadia Redevelopment Agency of its Central Redevelopment Project
Subordinate Tax Allocation Bonds, Series 2010 (Taxable).
AYES: Council Member Harbicht, Segal, Chandler, Kovacic and Amundson
NOES: None
ABSENT: None
Council Member Chandler, with the support of the City Council, would like an item placed on the
September 21, 2010 City Council agenda regarding Santa Anita Race Track, the California
Horse Racing Board and discussion regarding Oak Tree Racing.
ADJOURNMENT
The City Council /Redevelopment Agency meeting adjourned at 8:20 a.m.
ATTEST:
ames H. Barrows, City Clerk
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52:0136
eter Amundson, Mayor
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