HomeMy WebLinkAbout2010-12-08 e-packet (2)~o~Tx sqp~ CAPITAL IMPROVEMENT FINANCING
o - '~ AUTHORITY
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OF THE
`9LIFOa~lA CITY OF SOUTH SAN FRANCISCO
P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
Meeting to be held at:
MUNICIPAL SERVICES BUILDING
CITY COUNCIL COMMUNITY ROOM
33 ARROYO DRIVE
WEDNESDAY, DECEMBER 8, 2010
6:55 P.M.
NOTICE IS HEREBY GIVEN, pursuant to Section 54956 of the Government Code of the
State of California, the Capital Improvement Financing Authority of the City of South San Francisco
will hold a Special Meeting on Wednesday, the 8t" day of December, 2010, at 6:55 p.m., in the
Municipal Services Building, Community Room, 33 Arroyo Drive, South San Francisco, California.
Purpose of the meeting:
1. Call to Order.
2. Roll Call.
3. Public Comments.
4. Motion to approve the minutes of December 9, 2009.
5. Adjournment.
~~
ista oy Martinelli,
City Clerk
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e~ort
DATE: December 08, 2010
TO: Capital Improvement Financing Authority Members
FROM: Jim Steele, Director of Finance
SUBJECT: ANNUAL CAPITAL IMPROVEMENT FINANCING AUTHORITY MEETING
RECOMMENDATION
It is recommended that the City Council, acting in the capacity of the Capital Improvement
Financing Authority, approve the minutes from the meeting dated December 09, 2009.
BACKGROUND/DISCUSSION
From time to time, cities find it expeditious to form non-profit corporations and/or Joint Powers
Authorities in order to facilitate various public financing arrangements. Under those circumstances,
the City Council acts as a separate body, acting as the Board of Directors for each of those corporate
bodies in the same way it also acts as the Redevelopment Agency Board. On an annual basis, the
City Council, acting as the Board of Directors for each of those corporate bodies is required to meet
and take action. The purpose of this memo is to facilitate the annual meeting of the Capital
Improvement Financing Authority.
This Authority was setup as a Joint Powers Authority on September 11, 1991 between the City and
the Redevelopment Authority. Its existence allows the City to enter into more advantageous
financing arrangements than it otherwise could. For example, in 1991, the Capital Improvement
Financing Authority sold bonds to finance the construction of the Conference Center, backed by the
newly instituted $2.50 per room night hotel tax, approved by voters in 1989.
FUNDING
There is no fiscal impact from approving staff's recommended action.
Staff Report
Subject: Annual Capital Improvement Financing Authority Meeting
Page 2
CONCLUSION
Annual meetings are required for the Capital Improvement Financing Authority. Minutes from last
year's meeting are attached.
Prepared by: Approved b
Jim S ele M. Nagel
Finance Director City Manager
Attachment: Minutes
JS/BN:ed
MINUTES , ~, . ~~
CAPITAL IMPROVEMENT FINANCING
~°~~x"5-~~~ AUTHORITY
OF THE
o CITY OF SOUTH SAN FRANCISCO
c'~LIFOR~IA P.O. Box 711 (City Hall, 400 Grand Avenue)
South San Francisco, California 94083
Meeting held at:
MUNICIPAL SERVICES 13L1ILDING
CITY COUNCIL COMMUNITY ROOM
33 ARROYO DRIVE
DECEMBER 09, 2009
1. Call to Order 10:25 p.m.
2. Roll Call Present: Boardmembers, Garbarino, Gonzalez
and Matsumoto, Vice Chairman
Mullin, Chairman Addiego.
Absent: None
3. Public Comments None.
4. Motion to approve the minutes of December I0, 2008.
Motion- Boardmember Garbarino /Second- Boardmember Matsumoto: To approve
the minutes of December 10, 2008. Unanimously approved by voice vote.
City Manager Nagel advised the Authority that its purpose was specific to GSA purchases
and other Federal properties.
5. Adjournment.
Being no further business, Chairman Addiego adjourned the meeting at 10:26 p.m.
S mit ed by: Approved:
Kri y Martinelli, Clerk Kevin Mullin, Chairman
City of South San Francisco City of South San Francisco