Minutes 2002 1021 - Laserfiche WebLink

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MINUTES Page (j City of San I,eandro City Council, San Leandro Redevelopment Agency, and San Leandro Public Financing Authority }?int Meeting-Octoher 21, 2002 K. Resolution No. 2002-148, resolution approving a Community Development Block Grant (CDBG) Capital Improvement Program (CIP) agreement between the City of San Leandro and Building Futures with Women and Children related to facility improvements for Fiscal Year 2002-03 (provides for a Capital Improvement Prob,rram grant to pay for facility improvements for Building Futures with Women and Children aka: San Leandro Shelter). Cost; $60,000. Funding: CDBG. (2547) 8. NEW BUSINESS Public Comments on New Business items are pennitted if a Speaker Card is submitted before the staff presentation is completed. Each speaker will be allowed 3 minutes for comments. 7.B Ordinance No. 2002-027, an Ordinance amending Title I, Chapter 1-2 of the San Leandro Municipal Code relating to the functions and appointment orthe City Clerk. ( 1413/1496) Adopted M/S/C Glaze and Nardine. Ayes: 6; Noes: I (Santos) A. Matter of issuing Plaza Redevelopment Project Area Tax Allocation Bonds, Series 2002. City Manager Jolm Jemlanis introduced the matter and noted that timing was l~worable to sell bonds. Finance Director Mike White introduced Emily Wagner, Mark Northcross, and Steve Melickian as the finance team [or the bond sales. Mr. White presented a report on the matter and highlighted that the current economy as favorable to issue debt. He described the Plaza Project Area and reported on the history of the 1993 bond issue. He summarized the new bond sale to be used for Capital Improvement Projects; to develop a new debt service reserve fund, an underwriter's fund, and a cost of issuance fund; and to retire the 1993 bonds. Mr. Jennanis noted the projects would be focused on the downtown area, sLlch as lighting, the parking garage, and creation of a plaza. Council Member Nardine requested clarification on the area boundaries and use of funds for school projects. City Attorney Liane Randolph clarified the LIse of Redevelopment funds for another public agency. Council Member Loeffler commented on the amount for re1inancing the existing debt and for the allocation for new projects and financing. He noted his concem regarding real costs versus estimated costs. He commented on previous projects and requested a specific purpose and timeline be established for the new projects, and noted they had not yet been approved by the City Council.