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File Number: 17-702 <br />Public present: Juan Galvan (Jones Hall), Robert Glotch, Robert Duey, Ivan Cornelius, Kimberly <br />Pace, Shane Wakerling, Phil Williams, Pat Marino, Dan McNely, Robert Larkins (Raymond <br />James) <br />1.B. Announcements <br />None <br />2. DISCUSSION ITEMS <br />2.A.17-666 Discussion Regarding Successor Agency to the <br />Redevelopment Agency of the City of San Leandro 2018 Tax Allocation Refunding <br />Bonds <br />Finance Director Baum presented a report which proposes refunding the outstanding balance of the 2008 <br />Tax Allocation Bonds (TABs), $22 million, and refinance by issuing bonds with lower rates. Refunding <br />of bonds can be done once every 10 years. By refunding the bonds, the total savings would be <br />approximately 20%. The City of San Leandro will realize approximately 12% of the savings, or $1 <br />million or $540,000 on a net present value basis. The remaining savings would be allocated to other <br />taxing entities such as the County and the school district. <br /> <br />Mr. Baum explained that as the issuer of the bonds, the City of San Leandro may be compensated for <br />the work related to the cost of the issuance. The City’s Master Fee Schedule does provide for the City <br />to be able to charge a fee for any bond issued. The fee is currently in discussion with the bond counsel. <br />Mr. Baum did advise the Committee that although the proposal is to issue the bonds by March 2018, <br />there may be a delay due to the tax reform bill that is being discussed in Washington D.C. <br />The Committee Recommendation <br />Staff is to present the issuance of the bond refunding to City Council and the Oversight Board in <br />December. <br />2.B 17-669 Boys and Girls Club Capital Improvement Project <br />City Manager Zapata introduced the directors of the Boys and Girls Club to discuss the needs for <br />the Capital Improvement Project. Ivan Cornelius stated that the building built in the 1960s is in <br />desperate need of repairs. The overall project will cost $9.8 million. The Board has secured the <br />commitment of $4 million from the Valley Foundation, $500k from the Boys and Girls Club <br />Foundation, $325k from the Board of Directors’ pledges and gifts, and the Board is continuously <br />seeking donations from other entities and foundations. Unfortunately, many of the foundations <br />require that 50% of the funding already be secured and the Board is short of the 50% <br />requirement. <br />The Board hired a professional capital campaign consultant to assist with keeping the project on <br />track, a capital campaign manager, and a local general contractor. <br />Items on the project list include the shower/ locker rooms, classrooms would be in one area, more <br />program space, including a space for teens, and provide space for the community to use when <br />programs are not in session, upgraded heating and lighting. <br />Page 2 City of San Leandro Printed on 12/12/2017 <br />118