HomeMy WebLinkAboutMINUTES - 12151998 - C159 Gas 1 ''
TO: REDEVELOPMENT AGENCY
FROM: Phil Batchelor
Executive Director
DATE: December 15, 1998
SUBJECT: Financial Services Contract - Katz Hollis
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATION
APPROVE AND AUTHORIZE the Deputy Director- Redevelopment to execute a contract with
Katz Hollis in an amount not to exceed $30,000 for financial services related to the Agency's
issuance of tax allocation bonds.
FISCAL IMPACT
No General Fund monies are involved. Contract is to be paid from Redevelopment Funds.
BACKGROUND/REASONS FOR RE OMMENDATIONS
In 1992 and 1995, the Redevelopment Agency issued tax allocation bonds secured by a
pledge of the Agency's cy's annual tax increment. Bond proceeds for capital improvements were
generated for Pleasant Hill BART, North Richmond, Bay Point, and Oakley. Approximately
$27 million of bonds are outstanding today. Approximately $20 million in bonds may be
refunded in order to achieve a lower interest rate.
In addition to interest rate savings, implementation of Agency plans makes the issuance of
additional bonds for more capital and housing projects appropriate. In consultation with local
advisory committees, it has been determined that each of the five redevelopment projects -
Pleasant Hill BART, North Richmond, Bay Point, Oakley, and Rodeo -have an additional need
for bond proceeds. I
CONTINUED ON ATTACHMENT: _x_YES SIGNATURE: �! WZ
2< RECOMMENDATION OF EXECUTIVE DIRECTOR LRECOMM NDATION OF ENCY
COMMITTEE -�APPROVE OTHER r
SIGNATURE(S):
ACTION OF BOARD ON December 15, 1998 APPROVE AS RECOM ENDED U_OTHER
VOTE OF COMMISSIONERS
1 HEREBY CERTIFY THAT THIS IS A
xx UNANIMOUS (ABSENT - - - - ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
Originator: Redevelopment Agency ATTESTED December 15, 1998
Jim Kennedy PHIL BATCHELOR
335-1255 AGENCY SECRETARY
cc: County Administrator
County Counsel
Auditor-Controller DEPUTY
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In order to issue bonds, the Agency must retain the services of a financial consultant to
verify Agency revenues, and to perform other market-required evaluations. Katz Hollis has
performed such services for the Agency in the past, and is well prepared to continue those
services for this additional issuance of bonds.
rK:dc
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