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HomeMy WebLinkAboutMINUTES - 09172002 - C.80 ro: BOARD OF SUPERVISORS '� CONTRA COSTA FROM: JOHN SWEETEN all, COUNTY COUNTY ADMINISTRATOR DATE: SEPTEMBER 17, 2002 SUBJECT:AMENDED AGREEMENT FOR SUBORDINATION OF REVENUES FOR REDEVELOPMENT AGENCY PLEASANT HILL SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION Recommendation: APPROVE an amended agreement subordinating avenues due to the County, Library, Fire and District for tax allocation bonds. Authorize execution of Agreement by Board Chair. Background: On August 6, 2002, the Board approved a subordination agreement with the Pleasant Hill Redevelopment Agency. The agreement specified that a maximum of$6,640,000 in bonds were to be sold. However, the actual limit should have been $9,100,000 when refinancing and insurance costs are considered. Staff recommends the adoption of this amended agreement to rectify this oversight. CONTINUED ON ATTACHMENT: X YES SIGNATURE: ✓ C � RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE .,APPROVE OTHER SIGNATURE(S): r ACTION OF BON September 17s 2002 APPROVED AS RECOMMENDED X OTHER VOTE OF SUPERVISORS I HEREBY CERTIFY THAT THIS IS A TRUE X UNANIMOUS(ABSENT Nome ) AND CORRECT COPY OF AN ACTION TAKEN AYES: NOES: AND ENTERED ON MINUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN. Contact:Tony Enea Cc:Bob Stewart,Pleasant Hill Redevelopment ATTESTED September 17, 2002 Jim Kennedy,County Redevelopment John Sweeten,CLERK OF THE BOARD OF CAO, SUPERVISORS AND COUNTY ADMINISTRATOR County Counsel 13Y 't /i;. d '—Y DEPUTY s FIRST AMENDMENT TO SUBORDINATION AGREEMENT [PLEASANT DILL REDEVELOPMENT AGENCY] This First Amendment to Subordination Agreement, dated as of September 17, 2002, is entered into by and among the Pleasant Hill Redevelopment Agency(the"Agency"),the County of Contra Costa which includes the Contra Costa Library District(the"County") the Contra Costa County Flood Control and Water Conservation District (the "Flood Control District"), and the Contra Costa Consolidated Fire District (the "Fire District"). RECITALS The parties entered into a Subordination Agreement dated August 0, 2002 ("Subordination Agreement"), pursuant to which the Taxing Agencies subordinated their rights to receive tax increment revenue payments under the July 2, 1992 Tax Increment Agreement ("Agreement"). The purpose and effect of the Subordination Agreement was to permit the Agency to refinance its 1991 Bond Issue, and to pledge tax increment revenue to the refinancing, without increasing the term or principal amount of the outstanding bonds, and solely for the purpose of reducing interest rates. The August 0,2002 Subordination Agreement specified that a maximum of$0,640,000 in bonds were to be sold. However the actual amount of bonds to be sold should have been $9,100,000, to allow for refinancing and insurance costs.The purpose of this First Amendment to Subordination Agreement is to correct that oversight. AGREEMENT NOW, THEREFORE, the parties agree to amend the August 6,2002 Subordination Agreement as set forth below. Subsection a)of Section 1 of the Subordination Agreement is deleted in its entirety and replaced with the following: a. The principal amount of the bonds to be sold shall not exceed $9,100,000. Except for the foregoing the Agreement and the Subordination Agreement shall remain unchanged and in full force and effect. TAXING AGENCIES: AGENCY: COUNTY OF CONTRA CO-gTA PLEASANT HILL REDEVELOPMENT AGENCY CONTRA COSTA COUi FY FLOOD CONTROL AND WATER CONSERVATION DISTRICT CONTRA COSTA COUNTY CO SOLID ED FIRE DISTRaK-'I' t 3 By: - - By: t - ChaiVrson, Beard of Supervisf,rs Executive D rector ATTEST: ATTEST: John Sweeten, Diane Kearns, Clerk of the Board of Supervisors Secretary, Pleasant Hill Redevelopment Agency and County,.Administrator By: d w Deputy Clerk Secretary, Pleasant Hill Redevelopment Agency Approved as to Form: Approved as to Form: Silvano B. Marchesi +-B eMt 1 leY*tt� }zebra Margolis County Counsel 1 city Attorney By Deputy ty Counsel N RAFAr eW 1 EXHIBIT A AGENCY BUN© ISSUE DEBT SERVICE PAYMENTS Fiscal Year Bond Debt Ending Service 1991 $ 0 1992 780,000 1993 779,000 1994 778,000 1995 776,000 1996 778,000 1997 780,000 1998 781,000 1999 781,000 2000 775,000 2001 779,000 2002 776,000 2003 778,000 2004 778,000 2005 777,000 2006 780,000 2007 776,000 2008 777,000 2009 776,000 2010 778,000 2011 779,000 2012 778,000 2013 776,000 2014 776,000 2015 780,000 2016 776,000 2017 775,000 2018 772,000 2019 776,000 2020 777,000 2021 780,000 2022 0 2023 0 2024 0 2025 0 2026 0 2027 0 2028 0 2029 0 2030 0 Total $23,327,000