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RA1991/02/12211 Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY February 12, 1991, 5:00 P.M. PRESENT: AGENCY MEMBERS: Simpson, Daly, ABSENT: AGENCY MEMBERS: None PRESENT: CITY MANAGER: James Ruth CITY ATTORNEY: Jack White SECRETARY: Leonora N. Sohl EXECUTIVE DIRECTOR OF COMMUNITY PARKS, RECREATION AND COMMUNITY Pickler, Ehrle and Hunter DEVELOPMENT: Lisa Stipkovich SERVICES DIRECTOR: Chris Jarvi A complete copy of the agenda for the meeting of the Anaheim Redevelopment Agency was posted at 3:50 p.m. on February 8, 1991 at the Civic Center kiosk, containing all items as shown herein. Chairman Hunter called the regular meeting of the Anaheim Redevelopment Agency to order at 5:30 p.m. MINUTES: Agency Member Pickler moved to approve the minutes of the regular meeting held December 18, 1990. Agency Member Hunter seconded the motion. MOTION CARRIED. FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVELOPMENT AGENCY in the amount of $78,390.83 for the week ending February 8, 1991, in accordance with the 1990 -91 Budget, were approved. CONSENT CALENDAR ITEMS: On motion by Agency Member Hunter, seconded by Agency Member Ehrle, 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. 123: Approving a request from King of California for a championship boxing event to be held at Freedman Forum on March 27, 1991, on the condition that they enter into a Conditional Use Agreement, and authorizing the Executive Director to execute said agreement. 2. 123: Approving an agreement with Child Care Planning Associates, Inc., in the amount of $1,200 for professional services for the preparation of a child care needs assessment in central Anaheim. This item was removed from the Consent Calendar for separate discussion and action. 3. 123: Approving an agreement with Walker Parking Consultants /Engineers, in the amount of $9,000 for professional consultant services in connection with the selection of a parking control system and a potential parking structure operator and parking equipment for the Center Street and Civic Center parking structures, and authorizing the Chairman and Secretary to execute said agreement. 4. 161: Rejecting all bids for parking control equipment and drop safes for the Agency -owned parking structure associated with the Pacific Bell development. 91 -8 212 Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY February 12, 1991, 5:00 P.M. 5. 137: RESOLUTION NO. ARA91 -3: Authorizing the issuance of tax allocation refunding bonds, authorizing and directing execution and delivery of an indenture of trust and an escrow agreement, and authorizing preparation of an official statement, authorizing sale of bonds and authorizing official action related thereto. This item was removed from the Consent Calendar for separate discussion and action. End of Consent Calendar. MOTION CARRIED. 1. 123: AGREEMENT - CHILD CARE NEEDS ASSESSMENT: Approving an agreement with Child Care Planning Associates, Inc., in the amount of $13,200 for professional services for the preparation of a Child Care Needs Assessment in central Anaheim. Submitted was joint report dated February 12, 1991 from the Community Development Department and Parks, Recreation and Community Services recommending approval of the subject agreement. Agency Member Daly. Relative to the recommendation, he believes the previous city -wide study done about 1 1/2 years ago adequately captured the situation of child care in Anaheim; therefore, he intends to vote no on the proposed study. Additional study of child care needs is not necessary. Instead it is necessary to move ahead with the program. Chairman Hunter. The other child care consortium he was involved in was more of a city -wide consortium with school districts, the corporate sector and large OMMO employers involved. The subject proposal is for Central Anaheim as it relates to the Redevelopment Agency. He noted the Pac Bell Building is under construction and the Lincoln Plaza Project is getting under way. When they went forward with Pac Bell, he attended meetings where the issue of child care was discussed and whether or not the City was going to look into doing a study or assisting in child care. That was one of the reasons, in his opinion, that Pac Bell decided to move 1,000 or so employees from Orange into Anaheim rather than other cities. He asked to hear from staff. Lisa Stipkovich, Executive Director of Community Development. Agency staff has been working with Parks, Recreation and Community Service's staff regarding child care needs in the downtown area. Part of the City's obligation to Pac Bell was the establishment of a child care center. They have been looking at potential sites, one of which is the old train station location. As part of the negotiations with Pac Bell to come to Anaheim was the issue of day care. One of the provisions staff assured was a child care facility within one mile of their site. This was compatible with the City's needs as well. They have agreed to provide some kind of child care opportunity at least one year after Pac Bell occupies the building. Chris Jarvi, Director of Parks, Recreation and Community Services. One of the things that came out of the child care consortium was a recommendation that there be a child care center in the downtown area either run privately or in linkage with the Pac Bell operation. When the recommendation came out, a mmme number of child care providers in Anaheim went public with the feeling there was adequate child care in the downtown area and there was no need for additional care. Staff feels there is still a need but staff does not want to 91 -9 M! Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY February 12, 1991, 5:00 P.M. be the party to qualify that need but instead have a consultant take a look and make the determination. That is the reason for the recommendation. They did not want to have a shouting match take place at a future Council meeting. There are child care providers who will come to a meeting right now that would say the City should not proceed with this project and that there is adequate child care in the downtown area at this time. A study will determine if that is the case. If the Council /Agency feels there is a great enough need and staff should proceed, they would be more than happy to proceed. The recommendation is to ensure the need is there. Agency Member Ehrle. He is not opposing the establishment of a child care center and feels that one should be established without spending $13,000 + dollars on a study to determine if there is a need. There is a need and the money could be better spent perhaps for playground equipment for the center. Agency Member Daly. He respects staff's goal to bring in an outside expert to verify what they believe to be true and what the previous study city -wide determined was the need downtown. Looking at the quality child care operators, they are overburdened. He is certain the city will be contracting with the private sector for child care. He respects staff's recommendation in bringing in one more expert but the City has the information it needs and he is ready to move ahead without an additional study. Chairman Hunter. Rather than a study the next action should be to send out requests for proposals. Agency Member Pickler. He feels staff is trying to determine if a center is needed. There may be centers in the downtown area now where another center may not be required. He thereupon moved that before proceeding, that this matter be continued until the next Council meeting to give the Council /Agency an opportunity to look at the issue more in depth. The motion died for lack of a second. MOTION: Agency Member Hunter moved the Agency has determined a study for a Child Care Needs Assessment in Central Anaheim is not warranted since the need is apparent in the downtown area and that staff should proceed with the program by sending out requests for proposals. Agency Member Ehrle seconded the motion. MOTION CARRIED. 5. 137: REDEVELOPMENT TAX ALLOCATION REFUNDING BONDS AND FINANCIAL ADVISOR FOR THE REFUNDING: Agency Member Daly. He believes the Agency /City relies too heavily on the consultant assistance of a few particular firms in the area of financing. He has nothing but the utmost respect for those firms but it is relying too heavily on one or two points of view when there is a great deal of expertise in the market. He prefers to see solicitation of proposals as part of the regular process - other Bond Counsels and Financial Advisors. He will, therefore, be voting no on the second portion of the subject item hiring the financial team and Bond Counsel but he does support moving ahead with the proposed financing. George Ferrone, Finance Director. Last Wednesday, it came to his attention there was a major drop in the tax exempt interest rates. Currently, there is a v3cwte7 210 Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY February 12, 1991, 5:00 P.M. s„ bond issue outstanding in Redevelopment at 8.2 %. Interest rates dropped last Tuesday /Wednesday one quarter percent or about 140 basis points below the current rate on that bond issue. In order to take advantage of the low interest rate market, it was his judgement they should pull together the team that did the latest refunding for the Redevelopment Agency - Seidler- Fitzgerald and Jones Hall Hill and White. In order to bring this to the Agency today, he needed to have that team do that over the weekend. Otherwise it could not have been accomplished. Relative to the concern to go to competitive bidding on the financing team, he will do so on the next financing issue. He would have done it on this one if there had been time. His recommendation is to move forward today if economics continue as they are and then come back to the Council on March 5 with the lowest competitive bid which he believes will be in excess of a 3 million dollar savings to the Redevelopment Agency. Agency Member Daly asked if this was the only time refinancing could take place over the next 30 year period; Finance Director George Ferrone answered no. They would have the right to refinance any time over the 30 years when market rates got this low. Lisa Stipkovich, Executive Director of Community Development interjected and clarified on a Redevelopment Tax Increment Bond, that in fact this is the one chance to refund the bonds. They will not be able to refund them again unlike other bonds. George Ferrone. He then clarified that was correct and he was going to address that. The reason they are proposing this action now is that the rates currently are at 5 -year lows. In order to bring any appreciable savings, they would have to go back down to 10 -year lows which is optimistic. Agency Member Hunter offered Resolution No. ARA91 -3 for adoption authorizing the issuance of tax allocation refunding bonds, authorizing and directing execution and delivery of an indenture of trust and an escrow agreement, and authorizing preparation of an official statement, authorizing sale of bonds and authorizing official actions related thereto. Refer to Resolution Book. RESOLUTION NO. ARA91 -3: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF TAX ALLOCATION REFUNDING BONDS, AUTHORIZING AND DIRECTING EXECUTION AND DELIVERY OF AN INDENTURE OF TRUST AND AN ESCROW AGREEMENT, AUTHORIZING PREPARATION OF AN OFFICIAL STATEMENT, AUTHORIZING SALE OF BONDS AND AUTHORIZING OFFICIAL ACTION RELATED THERETO. Roll Call Vote: AYES: AGENCY MEMBERS: Simpson, Daly, Pickler, Ehrle and Hunter NOES: AGENCY MEMBERS: None ABSENT: AGENCY MEMBERS: None The Chairman declared Resolution No. ARA91 -3 duly passed and adopted. Agency Member Hunter moved to approve and authorize the chairman to sign an agreement employing Jones Hall Hill and White as Bond Counsel, and an agreement 91 -11 215 Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY February 12, 1991, 5:00 P.M. employing Seidler- Fitzgerald as Financial Advisor to the Redevelopment Agency regarding the sale of Redevelopment Tax Allocation Refunding Bonds as recommended in joint memorandum dated February 7, 1991 from the Community Development Department and the Finance Department. Agency Member Ehrle seconded the motion. Agency Member Daly voted no. MOTION CARRIED. Lisa Stipkovich, Executive Director of Community Development. She noted that staff will then be withdrawing Item IA14 on the City Council Agenda today so that it would not be considered which is the same item as Consent Calendar Item 2 above. ITEMS OF PUBLIC INTEREST: No items of public interest were addressed. 7. 161: PUBLIC HEARING - BIENNIAL REVIEW OF ALPHA REDEVELOPMENT PROJECT AREA AND RIVER VALLEY REDEVELOPMENT PROJECT AREA: Review and evaluation of Alpha Redevelopment Project Area and the River Valley Redevelopment Project Area. LOCATION: ALPHA REDEVELOPMENT PROJECT: Downtown Portion - North by Cypress Street, south by Broadway, east by East Street, west by Harbor Boulevard. Northeast Portion - North by Orangethorpe Avenue; south by the Santa Ana River, west by the Orange Freeway (57) and east by Imperial Highway. LOCATION: RIVER VALLEY REDEVELOPMENT PROJECT: On the north and east by the Yorba Linda City Limits, on the south by the Riverside Freeway (91), and on the west by Featherly Regional Park. Lisa Stipkovich, Executive Director of Community Development. State law requires that Redevelopment Agencies hold a Biennial Public Hearing to review their work for the preceding two fiscal years. Staff has prepared reports for the Agency and those reports are a part of the Agency's agenda packet items. Staff is asking that the Agency receive, review and approve the reports for information purpoass. Chairman Hunter opened the public hearing and asked to hear from anyone who wished to speak on either the Alpha Redevelopment Project or the River Valley Redevelopment Project; since there was no response he closed the public hearing. MOTION: Agency Member Pickler moved that having held the required Biennial Review of Alpha Redevelopment Project Area and the River Valley Redevelopment Project Area that the agency receive and file the reports submitted on the Biennial Review. Agency Member Ehrle seconded the motion. MOTION CARRIED. ADJOURNMENT: Agency Member Hunter moved to adjourn. Agency Member Pickler seconded the motion. MOTION CARRIED. (5:50 p.m.) LEONORA N. SOHL, SECRETARY 91 -12