AgdaPkt 2003-06-02 - Laserfiche WebLink

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REPORT To the Redevelopment Agency Board From the Exem&49 Director and the City Mana ear June 2, 2003 Subject Appointment of a bond underwriter, financial advisor, fiscal consultant, bond counsel, and disclosure counsel to provide professional services in connection with the sale of bonds by the Redwood City Redevelopment Agency. Recommendation In connection with the sale of bonds to fund various downtown improvements, approve by motion the appointment of: • Stone & Youngberg LLC as bond underwriter, • William Euphrat Municipal Finance, Inc.' as financial advisor, • Fraser & Associates as fiscal consultant, • Nossaman, Guthner, Knox & Elliot as bond counsel, and • Jones Hall as disclosure counsel, and authorizing the Agency treasurer, with the advice and consent of the Agency general counsel, to enter into professional service contracts for such services. Background In December 2002, the City's redevelopment agency (the "Agency ") entered into a disposition and development agreement with BHV Innisfree Ventures to develop a cinema and retail project (the "Project") on the Way -To -Go and adjacent parcels in downtown Redwood City. As part of this agreement, the Agency agreed to finance parking underneath the Project for approximately 595 public parking spaces, along with other incidental public improvements. In January 2003, the City loaned the Agency $20 million to begin work incidental to the Project and to begin assembling the land necessary for the project. In addition to the Project, the Agency has identified other projects deemed necessary or desirable at this time to promote the revitalization of the downtown area. They include renovation of the former County courthouse and various downtown streetscape improvements. The bonds to be sold will be repaid with tax increment that is allocated to the Agency for the purpose of financing economic development in the Agency's redevelopment project area. City general fund revenue will not be used to pay off these bonds. Ne)d Steps The Agency's financing professionals will prepare the documents necessary to implement the sale of bonds necessary to repay the City's loan to the Agency for the Project and to fund additional projects. These documents and the resolutions necessary 'The Agency has already approved and has already entered into a contract with William Euphrat Municipal Finance, Inc. The firm's name appears again here so that the Agency is aware that this firth is part of the financing team.