HomeMy WebLinkAboutMINUTES - 06222010 - SD.4RECOMMENDATION(S):
ADOPT Resolution No. 2010/352 authorizing an Associate Membership Agreement
between the County and the California Enterprise Development Authority (CEDA) allowing
businesses and non-profit entities within the County to participate in CEDA economic
development financing programs.
FISCAL IMPACT:
No Fiscal Impact.
BACKGROUND:
The California Enterprise Development Authority (CEDA) is a joint powers authority (JPA)
established by the California Association for Local Economic Development (CALED)
whose purpose is to issue tax-exempt and taxable conduit revenue bonds to fund
commercial and industrial development projects within member jurisdictions. Federal and
state laws provide the ability for cities and counties to join together under cooperative
agreements to form joint powers authorities to issue tax-exempt and taxable bonds to fund
projects that provide a public benefit and serve the needs of residents within the jurisdictions
of the participating members. All cities and counties in
APPROVE OTHER
RECOMMENDATION OF CNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
Action of Board On: 06/22/2010 APPROVED AS RECOMMENDED OTHER
Clerks Notes:
VOTE OF SUPERVISORS
AYE:John Gioia, District I
Supervisor
Gayle B. Uilkema, District II
Supervisor
Mary N. Piepho, District III
Supervisor
Federal D. Glover, District V
Supervisor
ABSENT:Susan A. Bonilla, District IV
Supervisor
Contact: Tim Ewell, 925 335-1036
I hereby certify that this is a true and correct copy of an action taken and entered on the minutes of the
Board of Supervisors on the date shown.
ATTESTED: June 22, 2010
David J. Twa, County Administrator and Clerk of the Board of Supervisors
By: June McHuen, Deputy
cc: S. BALISY, KUTAK ROCK LLP, M. DMITRENKO, CALIFORNIA ENTERPRISE DEVELOPMENT AUTHORITY, L. DRISCOLL, COUNTY
ADMINISTRATOR'S OFFICE
SD. 4
To:Board of Supervisors
From:David Twa, County Administrator
Date:June 22, 2010
Contra
Costa
County
Subject:ASSOCIATE MEMBERSHIP AGREEMENT - CALIFORNIA ECONOMIC DEVELOPMENT
AUTHORITY
BACKGROUND: (CONT'D)
California have the ability to act as an issuer of conduit revenue bonds, but many
jurisdictions utilize joint powers authorities primarily for economies of scale, to access
specialized transaction knowledge and resources, and to avoid using valuable local staff
time on these types of transactions.
CEDA is a joint powers authority created by the cities of Selma, Lancaster and Eureka.
There are an additional 29 cities and counties who are associate members of CEDA,
including the counties of Alameda, Imperial, Riverside, Sacramento, San Bernardino,
Santa Clara, San Diego, Stanislaus, Sonoma and Yolo. CEDA’s activities are dedicated
to providing economic development assistance to member jurisdictions as an extension of
the economic development assistance provided by CALED to its members.
The JPA Agreement permits any other local agency in California to join CEDA as an
“Associate Member.” Associate membership in CEDA will assist the County as well as
for-profit and nonprofit organizations located within the County in financing industrial
and commercial development projects and other public purpose projects within the
County. CEDA’s Associate Members enjoy nearly all the benefits of regular membership
without the concomitant duties or obligations. Associate Members have ample
opportunity to provide input on proposed or existing programs. Further, Associate
Members are not restricted or inhibited in any way with respect to their independent
ability to finance any project in any manner they deem appropriate, which may or may
not involve or include CEDA.
ATTACHMENTS
Resolution No. 2010/352
Associate Membership Agreement