10A Action 2008 0602 - Laserfiche WebLink

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2008 Tax Allocation Bonds 3 May 27, 2008 A portion of the 2008 Bond proceeds will be used to finance projects that meet the goals and objectives set forth in the Redevelopment Plan. These include, but are not limited to, design and construction of a senior center, a proposed parking garage, and infrastructure improvements on East 14th Street (the "Projects"). As proposed, the senior center is an approximately 21,000 square foot facility including a main hall, kitchen, computer room, crafts room, exercise room, two classrooms, and a staff area. The building will-also function as the City's Emergency Operations Center when necessary. The proposed parking garage is a replacement garage for the City's 215 space, seismically unsound parking garage. The garage will be expanded to approximately 400 parking spaces in order to meet the parking needs of downtown businesses and public facilities. Infrastructure improvements identified for East 14th Street include the undergrounding of utilities from the southern border of the City to Blossom Way and complementary pedestrian enhancements such as landscaping, medians and crosswalks. Proceeds may also be used to finance other eligible public improvements and redevelopment activities consistent with the Redevelopment Plan. THE FINANCING TEAM The complex legal and financial structure of municipal bond issues and the long-term impact of bond financing transactions require that issuing entities rely heavily upon experienced professional consultants to assist in the issuance process. As noted in Table 2, staff has assembled a team of professionals to assist the City and the Agency staff with the issuance process. Table 2 Members of the 2008 Bond Financing Team and Their Roles Team Member E. Wagner & Associates Jones Hall Urban Analytics, LLC US Bank National Association Member Role Financial Advisor Bond CounseUDisclosure Counsel Tax Increment Consultant Trustee Each team member has been assigned specific areas of responsibility that are all critical to ensuring a successful structuring, pricing and marketing of the 2008 Bonds. The specific duties of each team member are: Financial Advisor -Ensures that the issuing entity's interests are protected when the transaction is being structured and when interest rates are established on the bonds; oversees the competitive bid process for the sale and award of the 2008 Bonds on behalf of the City and Agency. Bond Counsel -Certifies that the issuer has the legal authority to issue the bonds; assures that the issue is in compliance with all constitutional, statutory and procedural requirements; and certifies that the bonds qualify for exemption from federal, state and/or local taxation. Disclosure Counsel -Ensures that all relevant facts about the financial and political condition of the issuer are disclosed in the bond issue's public offering documents. The primary public offering document is the Official Statement. 08043