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HomeMy WebLinkAboutRDA Minutes 1982-04-21 u 35 MINUTES SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY April 21, 1982 Regular Meeting TIME: 7:00 p.m. PLACE: Community Room, Municipal Services Building CALL TO ORDER: Chairman Gus Nicolopulos called the South San Francisco Redevelopment Agency meeting to order at 7:10 p.m. ROLL CALL: Present: Chairman Gus Nicolopulos; Vice Chairman Roberta Cerri Teglia; Members Ronald G. Acosta, Mark N. Addiego, and Emanuele N. Damonte Also present: Executive Director/Secretary C. Walter Birkelo; Assistant Secretary Louis Dell'Angela; Agency Counsel Herman H. Fitzgerald; Agency Finance Counsel Kenneth Jones; Agency Financial Consultant William Anderson; Director of Finance Barry Lipton; Homart Development Company representatives: Mr. John Aguilar, Project Director; William Mackey, Homart Counsel; et al A~ DA REVIEW: Executive Director Birkelo requested that Item 7, the Resolution Approving and Authorizing the Execution of Repayment Agreement, be continued since a few issues have arisen which need further discussion. He suggested that the Agency and Council might schedule a joint meeting on Wednesday, April 28, 1982, at 4:30 p.m. in the City Council Conference Room, City Hall. Chairman Nicolopulos requested the Agency's pleasure. As there were no objections, Chairman Nicolopulos so ordered. APPROVAL OF MINUTES: Member Damonte moved, seconded by Member Addiego, that the Minutes of the Special Meeting of December 29, 1981;Special Meeting of December 30, 1981; Special Meeting of December 31, 1981; and Regular Meeting of April 7, 1982, be approved. Motion, as made and seconded, was unanimously carried. APPROVAL OF BILLS: Member Damonte moved, seconded by Member Teglia, that the claims as submitted for payment, be approved. Motion, as made and seconded, was unanimously carried. RESOLUTION Executive Director Birkelo stated that Mr. Kenneth Jones, Bond AUTHORIZING ISSUANCE Counsel, would give an overall view of the various actions on OF $6,500,000 1982 TAX the Board's and Council's agenda relating to the sale of notes. ALLOCATION NOTES RI ~LUTION Mr. Jones remarked that the most important document was the reso- Ab,.iORIZING 'ISSUANCE lution authorizing issuance of $6,500,000 Tax Allocation Notes. OF $6,500,000 1982 TAX He stated he would give a general outline and respond to any ALLOCATION NOTES questions the Board might have. He explained the purpose of the (Continued) document authorizing issuance of notes which will mature in a three-year period. He further explained that the proceeds would be used in the most part for construction of the Grand Avenue Grade Separation, and a series of funds Would be established for the purpose of repaying the notes and for construction purposes. He remarked that should the bonds not be marketable by 1985, the resolution calls for a the fiscal agent to draw upon the Letter of Credit provided by Homart through the Bank of America. He summarized the resolution as providing for details of notes~ issuance, notes to bear interest at a rate not to exceed 12% per annum, payable semi-annually, to mature on June 1, 1985; and in the event bonds are sold earlier, notes can be called in prior to maturity, at par, without any penalties to the Agency for prepayment. RESOLUTION CALLING FOR Mr. Jones next explained the necessity for adoption of the second BIDS FOR NOTES 1982 TAX resolution calling for bids for notes since May 19, 1982, was the ALLOCATION NOTES proposed date of receipt of bids. He further commented on the requirements by law to publish the Notice of Intention to sell bonds at least fifteen days prior to date of receipt of note bids. RE LUTION NO. 31 Vice Chairman Teglia moved that the resolution entitled: "A A--OIHORIZ!NG ISSUANCE RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CIYT OF SOUTH SAN OF $6,500,000 1982 TAX FRANCISCO AUTHORIZING THE ISSUANCE OF $6,500,000 PRINCIPAL AMOUNT ALLOCATION NOTES OF REDEVELOPMENT AGENCY OF THE CITY OF SOUTH 'SAN FRANCISCO GATE- WAY REDEVELOPMENT PROJECT 1982 TAX ALLOCATION NOTES, "be adopted. In answer to the Board's concern regarding the'rescheduling of the Repayment Agreement resolution, Mr. Birkelo stated that the Homart Development Company was desirous of more time to discuss some of the features of the agreement. Member Addiego seconded the motion which was unanimously carried. RESOLUTION NO. 32 Vice Chairman Teglia moved that the resolution entitled: "A CALLING FOR BIDS FOR RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN NOTES 1982 TAX ALLOCATION FRANCISCO CALLING FOR BIDS FOR NOTES; APPROVING OFFICIAL NOTICE NOTES OF SALE OF NOTES AND OFFICIAL STATEMENT, AND AUTHORIZING AND DIRECTING CERTAIN ACTIONS WITH RESPECT THERETO GATEWAY REDEVELOP- MENT PROJECT 1982 TAX ALLOCATION NOTES," seconded by Member Damonte. Motion, as made and seconded, was unanimously carried. COMMENT RE COUNCIL AGENDA Mr. Jones briefly commented that under the Redevelopment law, APPROVAL OF BONDS any issuance of bonds by the Agency must be approved by the City Council and would be addressed by Council this evening. 4/21/82 Page 2 G! ~ AND WELFARE: Chairman Nicolopulos invited anyone in the audience to speak. No one accepted his invitation to speak. ADJOURNMENT: Member Damonte moved, seconded by Member Acosta, that the meeting be adjourned to Wednesday, April 28, 1982, 4:30 p.m. City Council Conference Room, City Hall. Motion, as made and seconded, was unanimously carried. Time of adjournment: 7:30 p.m. APPROVED: Gus Nicolopulos/Chairman South San Francqsco Redevelopment Agency RESPECTFULLY SUBMITTED, C. alter Birkelo, Executive Director/Secretary S¢..h San F. rancisco 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 Manager and available fo'--Inspection, review, and copying. 4/21/82 Page 3