RA1997/05/13ANAHEIM CITY HALL, ANAHEIM REDEVELOPMENT AGENCY
MAY 13, 1997
PRESENT:AGENCY MEMBERS: Shirley McCracken, Tom Tait, Lou Lopez, Tom Daly
ABSENT:AGENCY MEMBERS: Bob Zemel
PRESENT:CITY MANAGER: James Ruth
CITY ATTORNEY: Jack White
SECRETARY: Leonora N. Sohl
EXECUTIVE DIRECTOR OF COMMUNITY DEVELOPMENT: Lisa Stipkovich
A complete copy of the agenda for the meeting of the Anaheim Redevelopment Agency was posted at
2:00 p.m. on May 9, 1997 at the City Hall Kiosk, containing all items as shown herein.
Chairman Daly called the regular meeting of the Anaheim Redevelopment Agency to order at 5:50 p.m.
FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVELOPMENT AGENCY
in the amount of
$159,407.35 for the period ending May 9, 1997, in accordance with the 1996-97 Budget, were approved.
ADDITIONS TO THE AGENDA:
There were no additions to agenda items.
ITEMS OF PUBLIC INTEREST:
No items of public interest were addressed.
PUBLIC COMMENTS - AGENDA ITEMS:
Public input was received on Item Agency 1 (see discussion under that item).
CONSENT CALENDAR ITEMS 1 - 3:
On motion by Chairman Daly, seconded by Agency Member
Lopez, the following actions were authorized in accordance with the reports and recommendations
furnished each Agency Member and as listed on the Consent Calendar Agenda.
1.137: RESOLUTION NO. ARA97-4: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY IN AN AMOUNT NOT TO EXCEED $33,000,000 RELATING TO REDEVELOPMENT
PROJECT ALPHA TO REFINANCE PRIOR OBLIGATIONS OF THE AGENCY, AUTHORIZING
A RELATED LOAN AGREEMENT AND APPROVING SALE OF BONDS BY THE ANAHEIM
PUBLIC FINANCING AUTHORITY.
Jeff Kirsch, 2661 W. Palais, Anaheim. He questioned what it was costing to achieve the projected
savings. There was some mention of an underwriting discount and he wanted to know how that or any
other fees they have to pay relate to the one million dollars.
Chairman Daly. He asked staff to describe the highlights of the recommendation; Lisa Stipkovich,
Executive Director of Community Development briefed her report dated May 13, 1997 which explained
the reasons for the recommendation. It is primarily taking advantage of an opportunity to refinance the
bonds at a lower interest rate. Relative to the net present value savings, that amount takes all costs into
consideration.
A Bond Counsel representative then explained that the total fees paid are somewhat less than 2% of the
total amount of the bonds sold. There are certain maximums placed in the authorizing resolution. The
Agency will have a chance to review all those numbers and has engaged a Financial Advisor to verify
that all the figures are appropriate.
Mrs. Stipkovich then clarified for Agency Member Tait that $1 million or more is a conservative number
to the extent that they are using a 6 1/4% interest rate. If the market stays as it is today, staff believes it
will actually be a lower interest rate.
2.161: Authorizing the Executive Director of Community Development to approve change order
requests up to $25,000 total (Change Order No. 1 - United States Post Office, located at the
northwest corner of Clementine and Broadway Streets).
END OF THE CONSENT CALENDAR. Agency Member Zemel was absent. MOTIONS CARRIED.
5:00 P.M. - JOINT PUBLIC HEARING
ANAHEIM REDEVELOPMENT AGENCY AND ANAHEIM CITY COUNCIL:
3.123:
To consider a resolution approving the Third Amendment to the Disposition and Development
Agreement by and between the Anaheim Redevelopment Agency and Kaufman and Broad of
Southern California, Inc., and Basic Concept Drawings for the Cypress Infill/Olive Infill Project.
RESOLUTION NO. ----- A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
APPROVING THE THIRD AMENDMENT TO DISPOSITION AND DEVELOPMENT
AGREEMENT BY AND BETWEEN THE ANAHEIM REDEVELOPMENT AGENCY AND
KAUFMAN AND BROAD OF SOUTHERN CALIFORNIA, INC.
MOTION ----- Approving the Basic Concept Drawings.
Submitted was report dated May 13, 1997 from the Community Development Department
recommending approval of the subject Third Agreement.
City Clerk/Secretary Sohl noted that staff has asked for a continuance of the Public Hearing to Tuesday,
May 20, 1997.
Mayor/Chairman Daly moved to continue the subject Public Hearing to Tuesday, May 20, 1997. Council
Member Lopez seconded the motion. Council Member Zemel was absent. MOTION CARRIED.
(also see Item A25. on the City Council agenda, today’s date).
ADJOURNMENT: Chairman Daly moved to adjourn, Agency Member Lopez seconded the motion.
Agency Member Zemel was absent. MOTION CARRIED. (5:55 p.m.)
LEONORA N. SOHL
SECRETARY