HomeMy WebLinkAboutRDA Minutes 1982-06-16 MINUTES
SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY
June 16, 1982
Regular Meeting
TIME: 7:00 p.m.
PLACE: Community Room, Municipal Services Building
CALL TO ORDER: Chairman Roberta C. Teglia called the South San Francisco
Redevelopment Agency meeting to order at 7:10 p.m.
ROLL CALL: Present: Chairman Roberta C. Teglia; Members Ronald G. Acosta,
Emanuele N. Damonte, Gus Nicolopulos
Absent: Vice Chairman Mark N. Addiego
Also present: Executive Director/Secretary C. Walter Birkelo,
Director of Finance Barry Lipton~ William Anderson,
Consultant; Kenneth Jones, Financial Counsel; Herman
H. Fitzgerald, Agency Counsel. Representatives from
Homart Development Company: Mr. John Aguilar, Homart
Counsel William Mackey. Mr. Thomas Gaffney, Bartle
Wells Associates
AGENDA REVIEW: Executive Director Birkelo remarked that there was nothing to add to the agenda.
APPROVAL OF MINUTES: Member Nicolopulos moved, seconded by Member Damonte, that the
Minutes of the Regular Meeting of June 2, 1982, be approved. Motion,
as made and seconded, was regularly carried; Member Addiego, absent.
APPROVAL OF BILLS: Member Nicolopulos moved, seconded by Member Acosta, that the claims
as submitted for payment, be approved. Motion, as made and seconded,
was regularly carried; Member Addiego, absent.
$6,500,000 1982 TAX Executive Director Birkelo remarked that before the Board considered
ALLOCATION NOTES the two resolutions on the agenda, Mr. Thomas Gaffney, representing
the firm of Bartle Wells Associates, and-Mr~ Kenneth Jones, Bond
Counsel, would speak on the sale of the bonds.
Mr. Gaffney stated that he was very pleased to report on the
$6,500,000 note sale. He remarked that the three bids received
from the underwriting firms were good competitive market-type
bids, ranging from 9.725% to 9.8533%. He stated that the low
bids reflect the good financial planning and good credit of the
" City. He stated eight large firms had participated in the bidding.
~ 500,000 1982 TAX Mr. Gaffney concluded by thanking Executive Director Birkelo and
~ OCATION NOTES Mr. Anderson~ Agency financial consultant, for their assistance
~vntinued) extended to his firm.
Member Nicolopulos remarked on the benefits the City would receive
and read the results of the bids received for the notes.
In response to Chairman Teglia~s request to explain the bidding,
Mr. Gaffney responded that the lowest bidder is the winner, and
the joint bid of Bear Stearns & Company and E. F. Hutton was the
successful bid.
Mr. Kenneth Jones, Bond Counsel, explained the two resolutions
before the Board: the first would amend Resolution No. 31 and
authorize technical procedures; the second would award the sale
of the bonds to the successful bidder. He explained the minor
changes which add the definitions of the words, "Application,
Drawing, and Qualified Investments," in the first resolution.
With these changes, Mr. Jones said that the first resolution
was in order for adoption, and the same was true for the second
resolution which would award the bid to Bear Stearns & Company
and E. F. Hutton & Company.
RESOLUTION NO. 35 Member Acosta moved, seconded by Member Nicolopulos, that the
A)~-NDING RESO. NO. 31 resolution entitled: "A RESOLUTION AMENDING RESOLUTION NO. 31
R! )LUTION AUTHORIZING ENTITLED ~A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
Ii ~ANCE OF $6,500,000 SOUTH SAN FRANCISCO AUTHORIZING THE ISSUANCE OF $6,500,000
PRINCIPAL AMOUNT OF PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN
REDEVELOPMENT AGENCY FRANCISCO GATEWAY REDEVELOPMENT PROJECT 1982 TAX ALLOCATION NOTES,'"
GATEWAY REDEVELOPMENT be approved and adopted.
1982 TAX ALLOCATION
NOTES Roll call vote was as follows: Ayes, Members Ronald G. Acosta,
Emanuele N. Damonte, Gus Nicolopulos, Roberta C. Teglia. Noes, none.
Absent, Member Mark N. Addiego.
RESOLUTION NO. 36 Member Damonte moved, seconded by Member Nicolopulos, that the
AWARDING SALE OF NOTES resolution entitled: "A RESOLUTION OF THE REDEVELOPMENT AGENCY
1982 TAX ALLOCATION OF THE CITY OF SOUTH SAN FRANCISCO AWARDING THE SALE OF NOTES
NOTES 1982 TAX ALLOCATION NOTES," be approved and adopted.
Roll call vote was as follows: Ayes, Members Ronald G. Acosta,
Emanuele N. Damonte, Gus Nicolopulos, Roberta C. Teglia. Noes, none.
Absent, Member Mark N. Addiego
Chairman Teglia, at this time, expressed the gratitude of the Board
to staff and financial consultants for the successful culmination
of the sale of bonds.
GOOD AND WELFARE: Chairman Teglia inquired if anyone in the audience wished to speak.
.... No one spoke.
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I OURNMENT: Member Acosta moved, seconded by Member Damonte, that the meeting
be adjourned. Motion, as made and seconded, was regularly carried;
Member Addie§o, absent.
Time of adjournment: 7:20 p.m.
APPROVED:
Roberta Cerrl Te§l~a'~2~Cha~rman
South San Francisco ~edevelopment Agency
RESPECTFULLY SUBMITTED,
C. Walter Birkelo, Executive Director/Secretary
South San Francisco Redevelopment Agency
The entries of this Redevelopment Agency meeting show the action taken by the Board to dispose
of the item. Oral presentations, arguments, and comments are recorded on tape. The tape
a~-documents related to the items are on file in the office of the City Manager and available
fl inspection, review, and copying.
6/16/82
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