AgdaPkt 2003-06-02 - Laserfiche WebLink

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REPORT To the Honorable Mayor and City Council From the City Mana June 2, 2003 Subject Appointment of a bond underwriter, financial advisor, bond counsel, and disclosure counsel to provide professional services in connection with the sale of bonds relating to the Redwood Shores Community Facilities District No. 99 -1 (Shores Transportation Project). Recommendation In connection with the sale of bonds for Phase II improvements for the Redwood Shores Community Facilities District No. 99 -1 (Shores Transportation Project), by motion appoint: • Stone & Youngberg LLC as bond underwriter, • William Euphrat Municipal Finance, Inc. as financial advisor, • Stradling Yocca Carlson & Rauth as bond counsel, and • Jones Hall as disclosure counsel, and authorize the Finance Director, with the advice and consent of the City Attorney, to enter into professional service contracts for such services. Background In April 1999 the City Council established a Mello -Roos special tax district (the "District ") and authorized the levy of a special tax and the issuance of bonds by the District for the purpose of financing various traffic improvements in and adjacent to the Redwood Shores area of the City. Property owners in the District affirmed the creation of the District, the levy of the special tax and the sale of bonds for these traffic improvements in July of 1999 with a 92% majority vote. Bonds were issued to fund Phase I traffic circulation improvements in Redwood Shores, which improvements have since been completed. The Phase II project consists of a redesign of the Ralston Ave. /Marine Parkway freeway interchange and construction of a direct- access freeway interchange serving Belmont's Island Park business park, along with incidental traffic circulation improvements. Phase II is being funded by federal grants, a contribution from the City of Belmont, and the sale of Phase II bonds by the District. Construction plans are nearing completion and are expected to be advertised shortly. In order to assure funds for the award of the construction contract, staff expects to implement a bond sale in August. These are the same firms who have provided these services to the City during the issuance of the Phase I bonds. Staff strongly recommends retaining this team of professionals due to their familiarity with the project. Attached is a description of the responsibilities of each member of the financing team. Next Steps The City's financing professionals will prepare the documents necessary to implement the sale of bonds necessary to fund the City's share of the Phase 11 improvements.