HomeMy WebLinkAbout01-31-1984 RDAMINUTES
ADJOURNED REDEVELOPMENT AGE�ICY
CITY OF LAKE ELSINORE
CITY COUPJCIL CHAMBERS
130 SOUTH MAIN STREET
LAKE ELSINORE, CALIFORNIA
7:30 P.M.
TUESDAY, JAPJUARY 31, 1984
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l. CALL TO ORDER
The Adjourned Meeting of the Redevelopment Agency was called to order by
Chairman Torn at 8:34 p.m.
2. ROLL CALL
PRESENT: BOARDMEP16ERS: KNIGHT, MAC PAURRAY, TORN, VALE�ZUELA,
UNS�IORTFI
ABSENT: BOARDMEMBERS: NONE
Also present were: City Manager Trevino, Assistant to City Manager R�orton,
City Planner Corcoran, Attorney Nazarek and City Clerk "loney.
3. BUSINESS ITEP1S
A. Tax Allocation Bonds - 1984 Issue of $1,850,000
Mr. Trevino reported that, for the past several months, members of Staff,
Agency Counsel Nazarek and the Underwritine Firm of Birr-I�Iilson, have
worked dilligently to develop a tax allocation bond issue. These bonds
i�iill be a special obligation of the Agency and will be secured by an
irrevocable pledge of the Tax Increment generated from Redevelopment
Project Area No. I. It is anticipated that, assuming normal growth
trends, the tax increment revenues from Redevelopment Project Area No. I
may exceed the pledge of our expenditures.
Staff recommends the Redevelopment Agency approve this report as follows:
1. Approve agreement for Bond Counsel Services incident to $1,850,000
Tax Allocation Bonds.
2. Approve resolution authorizing issuance of $1,850,000 Tax Allocation
Bonds.
3. Approve resolution appointing Fiscal Agent for issuance of $1,850,000
Tax Allocation Bonds.
r�r. Nazarek gave a brief overview of the tax allocation bond issue and
stressed the fact that, by laea, a tax allocation bond issue does not
become an obligation of the City. It cannot result in any additional
fees, charges or taxes. 6onds are secured solely on the Tax Increment.
Last year, County records show increment available for Project Area No.I
in the amount of $342,000.00 approximately. This amount, if never in-
creased, would give us 1.3 times the amount necessary to pay principal
and interest on this bond issue annually.
Mr. Nazarek recorronended adoption of the resolutions authorizing the
tax allocation bond issue.
MOVED BY UNSWORTH, SECONDED BY VALENZUELA AND CARRIED UPJANIMOUSLY TO
FlPPROVE RESOLUTION AUTHORIZING ISSUANCE OF �1,850,000 PRINCIPAL AMOUNT
OF TAX ALLOCATION BONDS.
RESOLUTION N0. CRA 84-1
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY Of LAKE
ELSINORE, RIVERSIDE COUNTY, CALIFORNIA, AUTHORIZING THE ISSUANCE
OF $1,850,000 PRIPICIPAL AMOUNT Of TAX ALLOCATION BONDS OF THE
AGENCY TO FINANCE A PORTION OF TNE COST OF A REDEUELOPMENT
PROJECT KNOWN AS PROJECT AREA N0. I.
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