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HomeMy WebLinkAboutRDA Minutes 1982-09-15 MINUTES SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY Regul ar Meeting September 15, 1982 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 7:12 p.m. .ROLL CALL: Present: Chairman Roberta Cerri Teglia, Vice Chairman Ilark N. Addie§o; Members Ronald G. Acosta, Emanuele N. Damonte, and Gus Nicolopulos Also present: Executive Director/Secretary C. Walter Birkelo; Assistant Secretary Louis Dell'Angela; Agency Treasurer Barry Lipton; Director of Public Services Robert Yee; Agency Counsel Herman Fitzgerald; Agency Financial Counsel Kenneth Jones; represent- atives from Bartle Wells Associates; Homart representative, Mr. John Aguilar, Development Director. A ~DA REVIEW: Executive Director Birkelo requested Item VII Executive Session be dropped from the agenda. As there were no objection, it was so ordered by Chairman Teglia. APPROVAL OF Vice Chairman Addiego moved, seconded by Member Damonte, that the rtinutes MINUTES: of the Regular Meeting of August 18, 1982, be approved. Motion, as made and seconded, was unanimously approved. APPROVAL OF Member Acosta moved, seconded by Member Nicolopulos, that the claims as BILLS: submitted for payment be approved. Motion, as made and seconded, was unanimously approved. CONSIDERATION OF Executive Director Birkelo stated that the Board had received a copy of ASSESSMENT DIST. the communication, September 9, 1982, from Thomas E. Gaffney, President of FINANCING PROGRAM Bartle Wells Associates, indicating some of the procedures they propose to follow in the marketing of assessment district bonds in the very near future. He introduced Mr. Thomas Gaffney to further explain the procedures. Mr. Thomas Gaffney, President of Bartle Wells Associates, reiterated their position as working only for public agencies and briefly described the financing plan for the marketing of securities for the City of South San Francisco. Because of an interesting mixture of two muncipal bond markets, Mr. Gaffney suggested that the Board should generate a special I SIDERATION OF type of marketing program to sell the bonds for a low interest cost. He ESSMENT DIST. remarked that instead of negotiating the sale through only one underwriter, F~NANCING PROGRAM a competitive bid should be held among several underwriters. He likened (Continued) it to the previous note sale in which interest rates reflected the com- petitive bidding and which were very low. He stated~that three to four underwriters, leading firms that underwrite assessment bonds in California, would be selected and encouraged that they had a good chance to get the issue; and the City would receive a good competitive bid, too. He further explained the preparation of the professional statement which could be used as a sales document. In answer to Chairman Teglia's inquiry, Mr. Gaffney explained that these are assessment bonds and do not impinge upon the security of the City, paid only from liens on the property. He assured the Board that City staff is completely informed of what is being done. Mr. Gaffney answer Member Nicolopulos's concern about the bond market by stating that the bond market has improved about two percent according to the Bond Buyer's Index. Chairman Teglia requested that Mr. Gaffney keep City Treasurer Bonalanza informed and involved in the sale of bonds. As this was an information item only, no action was necessary. F JECT STATUS Executive Director Birkelo commented on the authorization to go to bid ~ ORT for the East Grand Avenue overcrossing. He stated that the project was moving right along. He remarked that a special meeting might be required because of the conflict of the League Conference with the second meeting in October. He expressed Homart's concerns on,he time commitments to open their project for operations. He stated that it appears that the preliminary engineer's report and calling for bids could be ready for the October 6 meeting and the bid opening by November 15 with the award of construction bids soon thereafter and award of sale of bonds. Chairman Teglia expressed the Board's assurance to facilitate the time schedule. GOOD AND WELFARE: Chairman Teglia invited anyone to speak under Good and Welfare. No one spoke. ADJOURNMENT: Member Damonte moved, seconded by Member Addiego, that the meeting be adjourned. Motion, as made and seconded, was unanimously carried. Time of adjournment: 8:26 p.m. --~ooer~a berri ~eg~ia, Chagrin South San Francisco RedevelOpment Agency 9/15/82 Page 2 RESPECTFULLY SUBMITTED, 0.~ 'S re~a C Birkelo, Executive D1 rec or/ e ; ry 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 and documents related to the items are on file in the office of the City --~anager and available for inspection, review, and copying. 9/15/82 Page 3