HomeMy WebLinkAbout09-29-1983 RDAMINUTES
ADJOURNED REDEVELOPMENT AGENCY MEETING
CITY OF LAKE ELSINORE
130 SOUTH MAIN STREET
LAKE ELSINORE, CALIFORNIA
THURSDAY, SEPTEMBER 29, 1983
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1. CRLL TO ORDER
The Adjourned Meeting of the Redevelopment Agency was called to order at 5:21 p.m.
by Chairperson Torn.
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PRESENT: BOARDMEMBERS: KNIGHT, MAC MURRAY, TORN, VALENZUELA
ABSENT: BOARDMEMBERS: UNSWORTH
Also present were Executive Director Trevino and Clerk of the Board Money.
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EXECUTIVE DIRECTOR'S REPORT
Mr. Trevino reported that the purpose of this meeting is to hear proposals
from two Financial Consulting Firms for the purpose of planning and preparation
for public sales tax allocation bond issues. Mr. Trevino stated that staff
would not make a recommendation, however, whichever Consultant is chosen, the
following items must be made a part of the condition of approval:
The Consultant must deliver money to the Agency by no later than
December 1, 7983.
2. The Consultant must issue rated bonds for a period of 10 to 15
years (this condition is subject to validation cost requirements).
Mr. Trevino introduced Michael Richardson representing Birr, 6lilson & Company
who made the first presentation.
The second presentation was made by Gregory Ballenger representing Miller
and Schroeder Municipals, Inc.
Both representatives gave the Board thorough background information regarding
their respective firms as well as details on the various ways to structure
a tax allocation bond issue.
Lengthy Board Discussion
extremely well qualified
the most experience with
problems and goals.
followed and the consensus was that both firms were
However, Birr, Wilson and Company seemed to have
smaller communities such as Lake Elsinore with similar
MOVED BY VALENZUELA, SECONDED BY MAC MURRAY AND CARRIED UNANIMOUSLY TO
SELECT BIRR, WILSON & COMPAP7Y AS UNDERWRITER FOR THE TAX ALLOCATION BOND
ISSUE WITH A fEE NOT TO EXCEED $10,500.
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UNFINISHED BUSINESS
Mr. Trevino reported that he has offered Mr. Bernie Shane $15,500 for his
house and business and Mr. Shane has tentatively accepted the offer. Mr.
Trevino will check with the City Attorney and bring back a formal agreement
for Agency approval. Mr. Shane is currently paying $400 per month for the
property.
5. ADJOURNMENT
MOVED BY MAC MURRAY, SECONDED BY KNIGHT AND CARRIED UNANIMOUSLY TO ADJOURN
THE MEETING OF THE REDEVELOPMENT AGENCY AT 7:25 P.M.
HOWIE TORN, CHAIRPERSON
REDEVELOPMENT AGENCY OF THE
CITY OF LAKE ELSINORE
Respectfully submitted,
JO ANN P10NEY, Clerk of the Board