AgdaPkt 2003-09-08 - Laserfiche WebLink

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f�EPORT To tifte Board of Directors of tine Redevelopment Agency of the City of Redwood City From the Executive Director September 8, 2003 Subject Approval of bond financing documents in connection with the issuance of Redevelopment Agency tax allocation bonds (the "2003 Bonds "). Recommendation In connection with the sale of bonds to fund various downtown improvements and to repay a loan from the City to the Redevelopment Agency, adopt a resolution approving, in substantially final form: • The first and second amendments to the Indenture of Trust pertaining to the Agency's outstanding 1997 tax allocation bonds; • A continuing disclosure agreement with the trustee for the 2003 Bonds; • A bond purchase contract with the underwriter of the 2003 Bonds; • A preliminary official statement and its distribution; and, Authorizing all actions specified in the resolution in connection with the issuance of the 2003 Bonds including the authorization to issue not more than $34 million in bonds. Background The purpose of this bond issue is to provide funding for a series of projects that have been approved by the Agency and are important for the revitalization of downtown. These include: • The 580 -space public parking garage to be known as the Jefferson Garage. (The private retail /Century cinema project will be constructed in the air rights above the Jefferson Garage.) • Land assembly for parking, including both the land for the Jefferson Garage and the land across Middlefield Road for surface parking (Block Two). • The restoration of the historic County Courthouse and re- creation of a public plaza. • Downtown streetscape improvements, including creation of a new "Theater Way' on Middlefield Road between the historic Fox Theater and the new Century Cinema. • Other downtown projects listed in the Redevelopment Agency budget and staff report that was approved by the Agency Board on August 11, 2003. Attachment I is an excerpt from the August 11, 2003 staff report (budget adoption) that contains a listing of each of these projects. 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 block parcels in downtown Redwood City. As part of this agreement, the Agency agreed to finance public parking