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Home My WebLink AboutMINUTES - 02271990 - IO.3 ro. .� - 1 THE BOARD OF SUPERVISORS OF CONTRA COSTA COUNTY, CALIFORNIA Adopted this Order on February 27, 1990 , by the following vote: AYES: Supervisors Powers, Schroder, McPeak, Torlakson, Fanden NOES: None ABSENT: None ABSTAIN: None SUBJECT: Mello-Roos Investment Bankers The Board received the attached report dated February 12, 1990 from the Internal Operations Committee (Supervisors Sunne McPeak and Tom Powers) recommending approval of a list of investment banking firms judged qualified to handle a Mello-Roos bond issue, and other actions related thereto. After discussion by Board members, IT IS ORDERED that the recommendations of the Internal Operations Committee are APPROVED as modified to delete Drexal Burnham Lambert from the list of bankers. I hereby certify that this is a true and correct copy of cc• Redevelopment Agency an action taken and entered on the minutes of the Auditor-Controller Board of Supervisors on the date shown. Treasurer-Tax Collector ATTESTED: a7, 1990 PHIL BATCHELOR,C&4-of the Board County Counsel of Supervisors and County Administrator Community Development County Administrator By Deputy ro. 3 TO: BOARD OF SUPERVISORS sE °= °F Contra FROM: INTERNAL OPERATIONS COMMITTEE �� -�,=a',`< Costa .,P�° DATE: February 12, 1990 ''ra n �~� County SUBJECT: ESTABLISH A LIST OF QUALIFIED INVESTMENT BANKERS FOR MELLO-ROOS TRANSACTIONS SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION RECOMMENDATIONS: 1 . Approve the attached list of 21 investment banking firms which are judged to be qualified to handle a Mello-Roos Bond issue, to remain in effect through February 28, 1993. 2. Direct the Deputy Director of the Redevelopment Agency to solicit full bids from the first 12 firms listed on the attached list of qualified firms. 3 . Direct the Deputy Director of the Redevelopment Agency to proceed as directed in the Board' s Order of January 30, 1990 in regard to reviewing and forwarding to this Committee the responses which are received from any or all of the firms to which solicitations are sent. BACKGROUND: On January 30, 1990 the Board of Supervisors adopted procedures governing the selection of Investment Bankers for various types of capital financing. The first step in implementing the Board's new procedure is to establish a list of qualified firms. In the Pleasant Hill BART Station Area, GBW Properties, the developer of the Park Regency Project, is interested in financing their development fees and the daycare center through the issuance of Mello-Roos Bonds. Bonds may be issued by a Community Facilities District if approved by 2/3 of the residents or landowners. Bonds are secured by the levy of a special tax. CONTINUED ON ATTACHMENT.Ye S YES SIGNATURE: RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMIT APPROVE OTH i_ SIGNATURE(S): SUNNE WRIGHT McPEAK OM POWERS ACTION OF BOARD ON Fe ruary 27, 1990 APPROVED AS RECOMMENDED OTHER VOTE OF SUPERVISORS I HEREB RTIFY THAT THIS IS A TRUE UNANIMOUS(ABSENT ) AND CORREC PY OF AN ACTION TAKEN AYES: NOES: AND ENTERED ON T INUTES OF THE BOARD ABSENT: ABSTAIN: OF SUPERVISORS ON THE E SHOWN. CC: ATTESTED County Administrator PHIL BATCHELOR,CLERK OF TH RD OF Auditor-Controller SUPERVISORS AND COUNTY ADMINIS OR Treasurer-Tax Collector Deputy Director, Redevelopment Ag. M382 (10i88)Deputy County Administrator BY D UTY Capital Projects County Counsel Other residential developers in the Pleasant Hill BART Station Area have indicated interest in Mello-Roos financing and could be included. GBW Properties has indicated a desire to finance approximately $6 million in infrastructure items. In late November, 1989 the Community Development Department circulated a Request for Qualifications to the Investment Banking community for a prospective Mello-Roos financing and 21 proposals were received. Each of the firms has experience in Mello-Roos financing or in Assessment District financing which is relatively comparable. Based on a review by the Auditor-Controller, Treasurer-Tax Collector, Deputy Director of the Redevelopment Agency and the Deputy County Administrator-Capital Projects, each of the firms is judged to have the capacity to undertake the structuring of a Mello-Roos financing. The next step is the solicitation of full bids from firms on the list of Qualified Advisors List. Our Committee is recommending that the Board of Supervisors approve sending full bids to the top 12 firms on the attached list. 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