RA1984/01/10Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
January 10, 1984, 9:30 A.M.
PRESENT: AGENCY MEMBERS: Kaywood, Bay, Overholt, Pickler and Roth
ABSENT: AGENCY MEMBERS: None
PRESENT: CITY MANAGER: William 0. Talley
CITY ATTORNEY: William P. Hopkins
SECRETARY: Linda D. Roberts
EXECUTIVE DIRECTOR: Norman J. Priest
Chairman Roth called the regular meeting of the Anaheim Redevelopment Agency
to order at 9:52 a.m.
MINUTES: Agency Member Kaywood moved to approve the minutes of the regular
meetings held December 6 and December 13, 1983. Agency Member Pickler
abstained, since he was not present at either meeting; Agency Member Overholt
abstained on the minutes of December 6, 1983 only, since he was not present at
that meeting. Agency Member Bay seconded the motion. MOTION CARRIED.
FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVELOPMENT AGENCY in the amount of
652,962.84 and 440,974.51 for Series "C" Bonds, in accordance with the
1983 -84 Budget, were approved.
CONSENT CALENDAR ITEMS: On motion by Agency Member Kaywood, seconded by
Agency Member Bay, the following actions were authorized in accordance with
,.._ the reports and recommendations furnished each Agency Member and as listed on
the Consent Calendar Agenda. Agency Member Kaywood offered Resolution Nos.
ARA84 -1 and ARA84 -2 for adoption. Refer to Resolution Book.
1. 161.137: RESOLUTION NO. ARA84 -1: A RESOLUTION OF THE ANAHEIM
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF $64,000,000 TAX ALLOCATION
REFUNDING BONDS, SERIES D OF SAID AGENCY TO FINANCE A PORTION OF THE COST OF A
REDEVELOPMENT PROJECT KNOWN AS REDEVELOPMENT PROJECT ALPHA.
2. 161.123.137: RESOLUTION NO. ARA84 -2: RESOLUTION OF THE ANAHEIM
REDEVELOPMENT AGENCY AUTHORIZING THE FINANCIAL ADVISOR TO BID PURSUANT TO
SECTION 53691 OF THE GOVERNMENT CODE (REDEVELOPMENT PROJECT ALPHA TAX
ALLOCATION REFUNDING BONDS, SERIES D). (Blyth Eastman Paine Webber
Incorporated)
3. 16 1.123: Approving the final construction drawings for the proposed
,500- square foot office building to be located on the southwest corner of
Chestnut Street and Harbor Boulevard; Amil Shab, Developer.
Roll Call Vote:
AYES: AGENCY MEMBERS: Kaywood, Bay, Overholt, Pickler and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
MOTION CARRIED. The Chairman declared Resolution Nos. ARA84 -1 and ARA84 -2
duly passed and adopted.
Anaheim Civic Center, ANAHEIM REDEVELOPMENT AGENCY
January 10, 1984, 9:30 A.M.
161.137: AWARDING $64 MILLION REDEVELOPMENT PROJECT ALPHA TAX ALLOCATION
REFUNDING BONDS SERIES "D ": Awarding the 64 million Redevelopment Project
Alpha Tax Allocation Refunding Bonds, Series D, to the best bidder and
rejecting all other bids.
Mr. Norman Priest, Executive Director of Community Development, reported that
at 9:00 a.m. today they received two bids on the subject refunding bonds
previously authorized by the Agency, one from Merrill Lynch Capital Markets,
Division of Merrill Lynch Pierce Fenner and Smith, with an effective interest
rate of 9.10589 percent and the other Blythe Eastman Paine Webber, Inc., with
a net interest rate of 9.1643 percent. They had anticipated they would make a
substantial savings by issuing the bond issue because they could better the
outstanding interest rates. This was, in fact, more favorable than the
estimates they had made. The market currently was some 55 basis points above
the bids they received. They were pleased to bring the bids to the Agency,
and although he did not have total savings at the moment, he would be happy to
come back later with those numbers. Based on the Official Statement, they
estimated an interest rate of $90 million plus. This would have been $82
million interest tag or $8 million less and that would reduce the total debt
service by $8 million. He would recommend adoption of the proposed resolution
awarding the $6.4 Million Redevelopment Project Alpha Tax Allocation Refunding
Bonds Series D to Merrill Lynch Capital Markets.
Agency Member Bay offered Resolution No. ARA84 -3 for adoption, awarding the
$64 Million Redevelopment Project Alpha Tax Allocation Refunding Bonds Series
D. Refer to Resolution Book.
RESOLUTION No. ARA84 -2: RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
AWARDING $64,000,OOU REDEVELOPMENT PROJECT ALPHA TAX ALLOCATION REFUNDING
BONDS, SERIES D OF SAID AGENCY, TO THE BEST BIDDER AND REJECTING ALL OTHER
BIDS. (Merrill Lynch Capital Markets)
Roll Call Vote:
AYES: AGENCY MEMBERS: Kaywood, Bay, Overholt, Pickler and Roth
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
The Chairman declared Resolution No. ARA84 -3 duly passed and adopted.
ADJOURNMENT: Agency Member Bay moved to adjourn. Agency Member Overholt
seconded the motion. MOTION CARRIED. (9:55 a.m.)
LINDA D. ROBERTS, SECRETARY