98-0616_CRA_Minutes_Regular Meeting393
JUNE 16,1998
REGULAR MEETING OF THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
BOARD OF DIRECTORS
CLOSED SESSION L10.851
None
RECESS UNTIL 7:00 P.M. BUSINESS SESSION
The Regular Meeting of the Board of Directors of the City of San Juan Capistrano Redevelopment
Agency was called to order by Chairman Hart at 9:40 p.m. in the City Council Chamber.
ROLL CALL: PRESENT: Wyatt Hart, Chairman
John Greiner, Vice Chairman
Gil Jones, Director
David M. Swerdlin, Director
Collene Campbell, Director
ABSENT: None
STAFF PRESENT: George Scarborough, Executive Director; John Shaw, Interim Agency Counsel;
Cynthia L. Pendleton, Finance Officer; Cheryl Johnson, Agency Secretary; Thomas Tomlinson,
Deputy Director; Jennifer Murray, Assistant City Manager; William M. Huber, Engineering and
Building Director; Amy Amirani, Public Works Director; Al King, Director of Community Services;
Gillian E. Rampley, Recording Secretary.
CONSENT CALENDAR
It was moved by Director Jones, seconded by Director Greiner, that the staff recommendations be
accepted for the following items listed on the Consent Calendar. The motion carried by the
following vote:
AYES: Directors Jones, Greiner, Swerdlin, Campbell and Chairman Hart
NOES: None
ABSENT: None
1. APPROVAL OF MINUTES - REGULAR MEETING OF MAY 19,199
The Minutes of the Regular Meeting of May 19, 1998, were approved as submitted.
CRA Minutes -1- 6/16/98
394
2. RECEIVE AND FILE WARRANTS OF JUNE 4 1998 300.30)
The Lists of Demands dated June 4, 1998, in the total amount of $25,561.61 was ordered
received and filed.
RECEIVE AND FILE CASH BALANCES BY FUND FOR APRIL 1998(330.5Q)
The Report of Cash Balances by Fund for April 1998 was received and filed.
PUBLIC HEARING
REVIEW OF THE FISCAL YEAR 1998-99 COMMUNITY REDEVELOPMENT
AGENCY OPERATING AND CAPITAL IMPROVEMENT PROJECT BUDGET
a10.70)
Written Communication:
Report dated June 16, 1998 from the Finance Officer outlining the proposed Fiscal Year
1998-99 Community Redevelopment Agency Operating and Capital Improvement Project
Budget and providing an overview by fund.
Cynthia Pendleton, Finance Officer, gave an oral presentation in which she noted that
administrative costs were decreasing and the overall financial situation was improving. She
recommended opening the public hearing to receive public input and continuing discussions
until the public hearing of July 7, 1998.
Continuation of Public Hearina:
Notice having been given as required by law, Chairman Hart opened the Public Hearing and,
there being no response, it was moved by Director Jones, seconded by Director Swerdlin and
unanimously carried that the Public Hearing be continued until the meeting of July 7, 1998.
BOARD ACTIONS
APPROVAL OF OFFER OF STREET RIGHT-OF-WAY PASEO ADELANTO
EXTENSION, DEL OBISPO STREET TO RAMOS STREET (CIP NO. 137)
6� 7O.50)
Director Jones advised he would abstain due to a potential conflict of interest relating to the
proximity of his business/residence to the project.
Wtitten Communication:
(1) Report dated June 16, 1998 from the Director of Engineering and Building, advising
that Paseo Adelanto has been designed to be constructed from Del Obispo Street to
Ramos Street. The street will cross four parcels owned by the Agency. The Report
recommended offering street right-of-way to the City so that on completion of
construction, Paseo Adelanto would be a public street.
CRA Minutes
-2- 6/16198
395
(2) Memorandum dated June 9, 1998, from the Engineering and Building Director,
advising that rather than offering an easement to the City, the property should be
deeded to the City.
Mr. Huber, Director of Engineering and Building, made an oral presentation.
Annroval of Offer of Four Grant Deeds:
It was moved by Director Campbell, seconded by Director Swerdlin, and carried with
Director Jones abstaining, that the offer of four Grant Deeds for Street Right -of -Way
purposes in conjunction with the Paseo Adelanto Extension be approved and that the Agency
Chairman be authorized to execute the documents.
2. ADOPTION OF RESOLUTION AWARDING SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY SAN JUAN CAPISTRANO
CENTRAL REDEVELOPMENT PROJECT 1998 TAX ALLOCATION
REFUNDING BONDS (340.40)
Written Communication:
(1) Report dated June 16,1998 from the Finance Officer advising that on May 19, 1998,
the Agency Board of Directors authorized the issuance of not to exceed $6,500,000
principal amount of San Juan Capistrano Community Redevelopment Agency 1998
Tax Allocation Refunding Bonds, with a competitive sale of bonds scheduled for
June 9, 1998. Due to the interim urgency ordinance to restrict certain building
development applications within the City the bond counsel had recommended the
sale be suspended to June 16, 1998 and the information be disclosed to underwriters.
(2) Report dated June 16, 1998, forwarding a Resolution recommending award of the
San Juan Capistrano Redevelopment Agency San Juan Capistrano Central
Redevelopment Project 1998 Tax Allocation Refunding Bonds to the best bidder,
Sutro & Co. in the principal amount of $6,315,000.
Cynthia Pendleton, Finance Office, made an oral presentation in which she noted that the
Bond Market on this date was at the lowest it had been in the last 30 years. The best bid for
the 1998 Tax Allocation Bonds had been received from Sutro & Co; the resulting savings
due to the bond market levels were estimated to be $1,000,000 over the 20 -year period,
which was three times the savings earlier anticipated.
Adoption of Resolution:
It was moved by Director Greiner, seconded by Director Campbell, that the following
Resolution awarding the 1998 Tax Allocation Refunding Bonds in the principal amount of
$6,315,000 to the best bidder, Sutro & Co., be adopted:
CRA Minutes -3- 6/16/98
396
RESOLUTION NO. 98-6-16-1, AWARDING SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY 1998 TAX ALLOCATION
REFUNDING BONDS - A RESOLUTION OF THE BOARD OF
DIRECTORS OF THE SAN JUAN CAPISTRANO COMMUNITY
REDEVELOPMENT AGENCY, SAN JUAN CAPISTRANO,
CALIFORNIA, AWARDING ITS 1998 TAX ALLOCATION REFUNDING
BONDS IN THE PRINCIPAL AMOUNT OF $6,315,000 TO SUTRO & CO.
AND REJECTING ALL OTHER BIDS AND APPROVING,
AUTHORIZING AND DIRECTING EXECUTION OF INDENTURE OF
TRUST RELATING THERETO, APPROVING OFFICIAL STATEMENT
AND RATIFYING ALL ACTIONS OF THE STAFF HERETOFORE
TAKEN (SUTRO & CO., INC.)
The motion carried by the following vote:
AYES: Directors Swerdlin, Greiner, Jones, Campbell and Chairman Hart
NOES: None
ABSENT: None
ADJOURNMENT
There being no further business before the Board, the meeting was adjourned at 9:46 p.m. to the next
regular meeting date of Tuesday, July 7, 1998, at 5:30 p.m., in the City Council Chambers.
ATTEST:
(Az j zi7y i
WYATTT, CHAIRMXR
i
CRA Minutes
Respectfully submitted,
CHERYL JOINSOW, AGENCY SECRETARY
IR
6/16/98