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Home My WebLink About07-28-2015 SA MinutesCITY QF .... _. LSI)`IOKE Tuesday, July 28, 2015 City of Lake Elsinore Meeting Minutes Successor Agency STEVE MANOS, CHAIR BRIAN TISDALE, VICE -CHAIR NATASHA JOHNSON, AGENCY MEMBER DARYL HICKMAN, AGENCYMEMBER ROBERT MAGEE, AGENCY MEMBER GRANT YATES, EXECUTIVE DIRECTOR 7:00 PM LAKE- ELSINORE.ORG (951) 674 -3124 PHONE CULTURAL CENTER 183 N. MAIN STREET LAKE ELSINORE, CA 92530 Cultural Center CALL TO ORDER - 7:00 P.M. Chair Manos called the meeting to order at 7:58 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, Community Development Director Taylor, Interim Public Works Director Smith, Fiscal Officer Buckley, Police Chief Hollingsworth, Fire Chief Newman, and Deputy City Clerk Gir6n PRESENTATIONS I CEREMONIALS -.None PUBLIC COMMENTS — None CONSENT CALENDAR 1) ID# 15 -684 Approval of Minutes Attachments: SA Stafi Rut Minutes for Approval SA 7 -14 -2015 Minutes 2) ID# 15 -685 Warrant List Dated July 16, 2015 Attachments: Warrant List for RDV Agency 07 28 15 SA RDA Warrant Summary 0716 15.pdf SA RDA Warrant List 07 16 15.pdf It is recommended that the Successor Agency of the Redevelopment Agency of the City of Lake Elsinore receive and file the Warrant List dated July 16, 2015. 3) ID# 15 -686 Resolution Confirming Fiscal Year 2015 -16 Special Taxes for CFD No 90 -2 (Tuscany Hills Public Improvements) City of Lake Elsinore Page t Successor Agency Meeting Minutes July 28, 2015 Attachments: Staff Repo t for July 28 2015 CC CFD 90 -2 SA2 SA Reso CFD 90.2 SA2 072815 It is recommended that the City Council as the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore adopt a resolution requesting the Tax Collector of the County of Riverside to place special taxes on properties within CFD No. 90.2 for Fiscal Year 2015 -16. Motion by Agency Member Hickman, second by Vice Chair Tisdale, to approve the Consent Calendar, passed by unanimous vote as follows: AYES Agency Member Hickman, Vice Chair Tisdale, Agency Member Johnson, Agency Member Magee, and Chair Manos NOES None ABSENT: None ABSTAIN: None PUBLIC HEARING(S) - None BUSINESS ITEM(S) 4) ID# 15 -687 Resolution of the Board of Direcrtors of the Successor Aaencv 10 the Redevelopment Agency of the City of Lake Elsinore Approving_ the Form of the Preliminary Official Statement for the 2015 Bonds to Deem it Final Under Rule 15c2 -12 Approving a Continuing Disclosure Certificate and Irrevocable Refunding Instructions Relating to the 2015 Bonds and Authorizing Certain Other Actions in Connection Therewith Attachments: Lake Elsinore (Successor Agency) 2015 Ref TABS Staff Report.l DOCSOC 1704409v6 - SA Resolution Approyinq POS POS - Lake Elsinore 2015 TAB Refunding It is recommended that the Successor Agency Adopt Resolution No. SA- 2015 -004 approving the form of the Preliminary Official Statement, Continuing Disclosure Certificate, and authorizing certain other actions in connection therewith. Fiscal Officer Buckley introduced John Kim, Bond Underwriter, Mr. Kim provided an overview of the staff report and recommendation. He explained the transaction is to refinance approximately $7.2 million of two (2) outstanding bond issues completed in 2011. Based on the current market conditions, it is anticipated that over the life of the remaining bonds there will be approximately $2.1 million of overall savings generated that can be used to distribute among various taxing entities such as the school district, City, and other entities in the area. With this refinancing there will not be any change to the original final maturity of term of the 2011 bonds. Mr. Kim stated they expect the bonds to go to the market in the middle of August and to close and set interest rates by the end of August. City of Lake E!s/nore Page 2 Successor Agency Meeting Minutes July 28, 2015 Motion by Vice Chair Tisdale, second by Agency Member Johnson, to adopt Resolution No. SA -2015 -004 a Resolution of the Successor Agency to the Redevelopment Agency of the City of Lake Elsinore, California, Approving the Form of the Preliminary Official Statement for the 2015 Bonds to Deem it Final Under Rule 15c2 -12, Approving a continuing Disclosure Certificate and Irrevocable Refunding Instructions Relating to the 2015 Bonds and Authorizing Certain Other Actions in Connection Therewith. Mayor Manos asked Mr. Kim to explain the action taken by the Successor Agency and why the Agency is taking this action. Mr. Kim explained that the prior Redevelopment Agency had issued debt for economic development activities throughout the City and around the lake. A couple of transactions issued in 2011, approximately $10 million in total, that were used for economic development projects. With the dissolution of redevelopment there is no more availability for additional projects, but there is still an opportunity to refinance the existing debt that the prior Redevelopment Agency issued. Mr. Kim stated that by refinancing the existing debt for a lower interest rate it creates more property tax savings that will go back into the community. Agency Counsel Leibold explained the purpose of the redevelopment dissolution is to lower the obligations on the Agency's ROPS (Recognized Obligation Payment Schedule). To the extent that the Agency can reduce the obligations paid with the RPTF (Real Property Trust Fund), that savings is passed on and distributed to all the affected taxing entities, which includes the school district, the City, and water district. The motion passed by unanimous vote as follows: AYES Vice Chair Tisdale, Agency Member Johnson, Agency Member Hickman, Agency Member Magee, and Chair Manos NOES None ABSENT: None ABSTAIN: None ADJOURNMENT Chair Manos adjourned the Successor Agency scheduled meeting of Tuesday, August 11, 201 Liana Giron, Deputy Agency Clerk City of Lake Elsinore Page 3 at 8:04 p.m. to the next regularly Chair