Minutes 1966 Jan to June - Laserfiche WebLink

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City Manager advised Council first development plan for Redwood Shores had been submitted to DMJM and Staff for preliminary study by Leslie Properties, and which seemed to be even better than previous plan approved by Council because of lower density than in original plan and more water oriented recreation areas. The plan would be processed through the Planning Commission before submission to the Council, a matter of some ninety days. City Manager also advised Official Statement for sale of $4,500,000 GID 1-64, Reclamation Bonds, Series A, and the $1,150,000, GID 1-64, Facilities Bonds, Series A, had been completed by firm of Stone & Youngberg, City's financial con- sultants, previously submitted to Council after close scrutiny of Staff, DMJM, Orrick, Dahlquist, Herrington & Sutcliffe, City's bond counsel. He stated Mr. Don Davis, of Stone & Youngberg was present for any questions which Council might care to ask. Councilman Keckley asked purpose of this document. Mr. Davis advised document primarily explained to prospective bond buyers nature of the project, security behind the bonds, and other aspects which affect the security of the bonds. He stated 750 copies had been prepared, of which 500 had been mailed to bond dealers, banks, rating service institutions, and others who might be interested in purchasing, to have as much competitive bidding as poss1ble. Councilman Henderson questioned references to assessed valuation, overlapping debt, City's composite tax, and amount to be repaid to Leslie Properties. Mr. Davis answered questions concerning Official Statement and fact tax informa- tion was included. City Attorney replied on the refunding to be made to Leslie Properties from monies previously advanced through a funding agreement with City and of previous preliminary expenditures which had been made by Leslie Properties for which property owner is entitled to reimbursement, subject to Council making a determination on amount. Councilman Bury questioned action necessary by Council at this meeting. City Manager stated it was recommendation of Staff that Council accept Official State- ment as prepared, not as a required legal action but it was felt action would give more stature to the Official Statement. Councilman Rosselli moved to accept Official. Statement as presented, seconded by Councilman Keckley and carried on roll call vote, Councilman Henderson voting no. (MINUTE ORDER #66-99) Councilman Henderson stated her "no" vote, for purpose of record, based on fact she felt statement not as specific as should be, too few details, not as candid and as high a degree of quality in comparison to statement prepared for City-wide bond issue. Mayor Herkner questioned whether "no" vote cast by Councilman Hender- son expressed opposition to calling for bids on bond issue and sending out this statement to prospective bidders, and it was indicated by Councilman Henderson her vote concerned only the quality of the Official Statement. Councilman Rosselli expressed full confidence in report as prepared by Consultants and felt Councilman Henderson's remarks should be stated in writing for submission to Staff' for review and report to Council. City Manager stated he would meet with