CC Min 2003-09-08 Jnt - Laserfiche WebLink

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Council discussion ensued with comments that included there having been a good effort made to include representation. Council Member Jordan requested greater representation to 50% from the Safewater Coalition and cited various reasons. Vice Mayor Ira suggested increasing the Safewater Coalition representation up to 5 and reducing the 'other" category to 3 to demonstrate that the city is seeking community input, response and involvement. M/S Hartnett/Howard to endorse the attachments, which deal with the composition of the Community Task Force, increasing the Safewater Coalition representation from 3 to 5 members, decreasing the "others" category by 2 and revising it to 3, approve the timeline, and the application. The motion passed by a unanimous voice vote. MINUTE ORDER 03 -219 8:45 p.m. — Vice Mayor Ira left the dais due to a conflict of interest with a client owning property adjacent to the retail /cinema project. Recess: 8:45 — 9:05 p.m. 9. STAFF REPORTS A. Approval of bond financing documents in connection with the issuance of Redevelopment Agency tax allocation bonds (the "2003 Bonds "). (404) —REDEVELOPMENT AGENCY Financial Services Director Ponty explained that three separate actions are being considered convening the Redevelopment Agency, City Council and Public Financing Authority that will enable the Redevelopment Agency to issue up to $34 million in bonds to finance the downtown area improvements. These improvements were approved as part of the Redevelopment Agency budget last month. He further explained the financing plan and stated that this approval is not to formally approve the 1991 bonds but staff will return with legal documents in approximately two months if this item receives conceptual approval. Public Comment: Rudy Luca asked for clarification on the bonds involved with the Redevelopment Agency as to the cost of floating or getting the bonds. Mayor Claire responded that the bonds will be paid through a tax increment that will occur on the properties redeveloped in that area. Financial Services Director Ponty explained that the cost to issue the bonds is approximately $540,000.00 out of net proceeds of $32 million. JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY, AND SEPTEMBER 8, 2003 REDEVELOPMENT AGENCY MINUTES PAGE 9 MINUTES Book No. 60 Page No. 55