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HomeMy WebLinkAboutRDA Minutes 1992-09-23 Chairman John R. Penna M I_ N U T E_E_ S Boardmembers: Jack Drago Redevelopment Agency Joseph A. Fernekes '--berta Cerri Teglia Municipal Services Building bert Yee Community ROOm September 23, 1992 AGENDA ACTION TAKEN CALL TO ORDER: (Cassette No. 1) 7:08 p.m. Chairman Pro Tern Teglia presiding. ROLL CALL: Boardmembers present: Fernekes, Teglia, and Yee. Boardmembers absent: Drago, and Penna. Clerk Battaya stated that Boardmember Drago had informed her office that he would be on vacation, and would not be in attendance at tonight's meeting. AGENDA REVIEW AGENDA REVIEW Executive Director Armas stated that there were no changes to the Agenda. ..(--4SENT CALENDAR CONSENT CALENDAR 1. Motion to approve Minutes of the Regular Meeting of Approved. 9/9/92. 2. Motion to confirm expense claims of 9/23/92. Approved in the amount of $362.40. 3. Resolution authorizing agreement with Jones, Hall, Hill & White for bond counsel services for issuance of tax allocation bonds. A RESOLUTION AUTHORIZING EXECUTION OF RESOLUTION NO. 10-92 AGREEMENT FOR BOND COUNSEL SERVICES WITH RESPECT TO THE ISSUANCE OF TAX ALLOCATION BONDS M/S Fernekes/Yee - To approve the Consent Calen- dar. Carried by unanimous voice vote. Ch.airman Penna Arrived: Chairman Penna arrived at the podium at 7:10 p.m. 9/23/92 Page ! ! MINISTRATIVE BUSINESS ADMINISTRATIVE BUSINESS 4. Resolution authorizing the issuance of up to ..¢~&.3 Finance Director Margolis stated that a month ago the $13,200,000 in tax allocation bonds for the Gateway Agency approved a restated owner participation area, and related documents, agreement with Homart Dev. Corp. which clarified the amount of debt for the development since its A RESOLUTION OF THE REDEVELOPMENT inception as being over $12 million. She stated that AGENCY OF THE CITY OF SOUTH SAN FRAN- the recommendation was for approval of the resolu- CISCO AUTHORIZING THE ISSUANCE AND tion to issue tax allocation bonds for the Gateway SALE OF NOT TO EXCEED $13,200,000 TAX area for the debt to Homart, the underwriters discount ALLOCATION BONDS RELATING TO THE for marketing of the bonds, and the cost of the issu- GATEWAY REDEVELOPMENT PROJECT, AND ance. AUTHORIZING OFFICIAL ACTIONS She proceeded to describe in detail: the reason for extension of the bonds to 25 years; the debt service; the bids would come in on Oct. 14th; staff would come back to Council on the final sale of the bonds; and pay Homart by the Oct. 31st deadline. Boardmember Yee questioned: if the economy con- tinues and the assessment of properties goes down further - was there enough money to pay off the bonds. Finance Director Margolis stated that there were a couple of assurances built in: the debt service was set at 20% coming in from the 1.2 ratio that gave the City leeway of 20%; there was some balance cur- rently in the Gateway that would help, as well as reserve funds; the increment for the Gateway is exclusively pledged for the bonds, and if it was not there then the Agency has no other obligation for the payment. M/S Yee Fernekes - To adopt the Resolution. RESOLUTION NO. 11-92 Carried by unanimous voice vote. 5. Resolution authorizing agreement for EIR consultant o~'~3 Director of Economic & Community Development services to Wagstaff & Assoc. for the El Camino Costello related: the Agency had before it a proposal Corridor Redevelopment Project, area plan and annex- for the EIR, area plan and annexation from Wagstaff ation. & Assoc.; that this firm had extensive experience; that the project entailed higher densities etc. A RESOLUTION AUTHORIZING A CONTRACT FOR A PROGRAM ENVIRONMENTAL IMPACT Boardmember Yee expressed concern that the Sub- REPORT FOR THE PROPOSED EL CAMINO COR- committee had not known about or participated in RIDOR REDEVELOPMENT PROJECT/AREA 9/23/92 Page 2 AGENDA ACTION TAKEN '- 164 _~ MINISTRATIVE BUSINESS ADMINISTRATIVE BUSINESS 5. Resolution - Continued. the consultant interview selection process. PLAN/ANNEXATION Vice Chairwoman Teglia stated, that was the practice and someone dropped the ball. Boardmember Yee stated that his only concern was that if the members of Council have different views than the consultants and staff, it was better to air that so there is not a correction period. Chairman Penna stated that with this new redevelop- ment area the Agency was becoming a lot of work, and questioned if there was a provision for an in- crease of salary because of the bonds involved and the amount of the budget. Executive Director Armas stated that he would re- search the material previously sent to the Agency. Chairman Penna stated that he wanted the issue of an increase on the next election. M/S Fernekes/Yee - To adopt the Resolution. RESOLUTION NO. 12-92 Carried by unanimous voice vote. GOOD AND WELFARE GOOD AND WELFARE No one chose to speak. CLOSED SESSION CLOSED SESSION 6. Closed Session for the purpose of the discussion of The Agency chose not to hold a Closed Session. personnel matters, labor relations, property negotiations and litigation. M/S Fernekes/Teglia - To adjourn the meeting. Carried by unanimous voice vote. _~r~TOURNMENT Time of adjournment was 7:25 p.m. 9/23/92 Page 3 AGENDA ACIION TAKEN k.~;PECTFULLY SUBMIT'FED, APPROVED. Barbara A. Battaya, Cler~/ Redevelopment Agency City of South San Francisco co The entries of this Agency meeting show the action taken by the Redevelopment Agency to dispose of an item. Oral communications, arguments, and comments are recorded on tape. The tape and documents related to the items are on file in the Office of the City Clerk and are available for inspection, review and copying. 9/23/92 Page 4 I l~