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Home My WebLink About05-12-2015 SA MinutesCity of Lake Elsinore LAKE- ELSINORE.ORG CITY 01 .F.:, y (951) 674 -3124 PHONE L14I`£ LSIIy C�IZE CULTURALCENTER `fir-- 183 N. MAIN STREET DRAM. FtixrItlN%I Meeting Minutes LAKE E9230RE,cA Successor Agency STEVE MANOS, CHAIR BRIAN TISDALE, VICE -CHAIR NATASHA JOHNSON, AGENCY MEMBER DARYL HICKMAN, AGENCY MEMBER ROBERT MAGEE, AGENCY MEMBER GRANT YATES, EXECUTIVE DIRECTOR Tuesday, May 12, 2015 7:00 PM Cultural Center CALL TO ORDER - 5:00 P.M. Chair Manos called the meeting to order at 5:00 p.m. ROLL CALL PRESENT: Agency Member Hickman, Agency Member Johnson, Agency Member Magee, Vice Chair Tisdale, and Chair Manos Also present: Executive Director Yates, Agency Counsel Leibold, and Agency Clerk Bloom CLOSED SESSION CONFERENCE WITH REAL PROPERTY NEGOTIATOR (Gov't Code Section 54956.8) Property: APN #373- 210 -030 Agency negotiator: Executive Director Yates and Agency Counsel Leibold Negotiating parties: Successor Agency and Civic Partners Elsinore LLC Under negotiation: Price and terms of payment Agency Counsel Leibold announced that the Agency would be meeting in Closed Session to discuss the item identified on the Agency Closed Session. The Agency recessed to Closed Session at 5:01 p.m. PUBLIC COMMENTS - None CALL TO ORDER - 7:00 P.M. Chair Manos reconvened the meeting to order at 9:26 p.m. City of Lake Elsinore Page l Successor Agency Meeting Minutes May 12, 2015 ROLL CALL PRESENT: Agency Member Hickman, Agency Member Johnson, Agency Member Magee, Vice Chair Tisdale, and Chair Manos Also present: Executive Director Yates, Agency Counsel Leibold, Agency Clerk Bloom, Administrative Services Director Simpson, Community Development Director Taylor, Interim Public Works Director Smith, Community Services Director Skinner, Planning Manager MacHott, Management Analyst Dailey, Police Chief Hollingsworth, Fire Cheif Barr, and Deputy City Clerk Giron CLOSED SESSION REPORT Agency Counsel Leibold announced that the Agency met in Closed Session with Legal Counsel to Conference with Real Property Negotiator, pursuant to Government Code Section 54956.8, Property: APN # 373 - 210 -030, Negotiating Parties: Successor Agency and Civic Partners Elsinore LLC, Under Negotiation: Price and Terms of payment. Agency Counsel Leibold stated that no reportable action was taken. PUBLIC COMMENTS — None CONSENT CALENDAR 1) ID# 14 -573 Approval of Minutes Attachments: SA Staff Rot Minutes for Approval SA Minutes 4 -14 -2015 SA Minutes 4 -28 -2015 It is recommended that the Successor Agency approve Minutes as submitted. 2) ID# 14 -574 Warrant List Dated April 30, 2015 Attachments: SA RDA Staff Report 5 -12 -15 SA RDA Warrant summary 04 30 15 SA RDA Warrant List 04 30 15 It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated April 30, 2015. 3) ID# 14 -575 Cancellation of Certain Regular Meeting Dates for 2015 Attachments: Discussion of Possible Cancellation of SA Meetings It is recommended that the Successor Agency approve the proposed cancellation of the regular meeting dates of November 24, and December 22, 2015. City of Lake Elsinore Page 2 Successor Agency Meeting Minutes May 12, 2015 Motion by Vice Chair Tisdale, second by Agency Member Hickman, to approve the Consent Calendar, passed by unanimous vote as follows: AYES Vice Chair Tisdale, Agency Member Hickman, Agency Member Johnson, Agency Member Magee, and Chair Manos NOES None ABSENT: None ABSTAIN: None PUBLIC HEARING(S) - None APPEAL(S) - None BUSINESS ITEM(S) 4) ID# 14 -576 Resolution of the Board of Directors of the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore authorizing the issuance and sale of subordinated Tax Allocation Refunding Bonds, and Approving the form of an Indenture of Trust, Bond Purchase Contract, Continuing Disclosure Certificate and related documents and Authorizing certain other actions in connection therewith. Attachments: Lake Elsinore (Successor Agency) 2015 Ref TABS Staff Report (4) DOCSOC- #1704382 -v5- Resolution Approving 2015 Bonds for La ke Elsinore Successor Agency RED DOCSOC- #1704256 -v4 -Lake Elsinore Indenture 2015 -05 -12 RDA REFUNDING - Lake Elsinore RDA 2015 BPA DOCSOC41704617 -0-2011 Summerlv Protect Bonds Escrow A greement DOCSOC- #1704353 -v3 -2011 Launch Ramo Proiect Bonds Escro w Agreement It is recommended that the Successor Agency Adopt Resolution No. SA- 2015 -002 RESOLUTION OF THE SUCCESSOR AGENCY OF THE REDEVELOPMENT AGENCY OF THE CITY OF LAKE ELSINORE AUTHORIZING THE ISSUANCE AND SALE OF SUBORDINATED TAX ALLOCATION REFUNDING BONDS, AND APROVING THE FORM OF AN INDENTURE OF TRUST, BOND PURCHASE AGREEMENT, ESCROW AGREEMENTS AND RELATED DOCUMENTS AND AUTHORIZING CERTAIN OTHER ACTIONS IN CONNECTION THEREWITH. Administrative Services Director Simpson provided an update of a successful transaction on refunding for CFD 88 -3 and reported the MPV came in at 2.28 %, the annual cash flow statements came in at $615,000 a year versus $236,000, the City's cumulative cash flow savings increased to $3.08 million, the refunding rate is approximately out 1.94% from the current 3.5% to 4.2% on the bonds. Administrative Services Director Simpson stated the annual savings per parcel is $291 per parcel. City of Lake Elsinore Page 3 Successor Agency Meeting Minutes May 12, 2015 John Kim, Underwriter for Stifel Financial Corporation, provided an overview of the staff report and recommendation. Mr. Kim explained two bonds issued in 2011, the tax Tax Allocation Revenue Bonds and Local Agency Revenue Bonds with a current outstanding combined balance of $7.5 million. Mr. Kim stated that based on the current strong interest rate market and low interest rates, the City has an opportunity to refinance the bonds and generate $2.1 million in cumulative savings in the next 20 to 25 years. Motion by Vice Chair Tisdale, second by Agency Member Hickman, to adopt Resolution No. SA- 2015 -002, passed unanimously by the following vote: AYES Vice Chair Tisdale, Agency Member Hickman, Agency Member Johnson, Agency Member Magee, and Chair Manos NOES None ABSENT: None ABSTAIN: None ADJOURNMENT Chair Manos adjourned the Successor < scheduled meeting of Tuesday, May 26, Virginia Clerk City of Lake Elsinore Page 4 at 9:34 p.m. to the next regularly , Chair