HomeMy WebLinkAboutR34-Economic Development Agency
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM:
Gary Van Osdel
Director
SUBJECT:
STAFF RECOMMENDATION ON
PRIORITIZATION ON THE USE OF
BOND PROCEEDS
DATE:
October 29,2001
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Svnopsis of Previous Commission/Council/Committee Actionls\:
Recommended Motiouls\:
ICommunitv Development Commission\
MOTION:
That the Community Development Commission approve staff recommendations for
the prioritization of the use of bond proceeds for the proposed Forward
Current/Advance Refunding of the 1995 Series A Tax Allocation Bonds and the
proposed bond financing for the Mount Vernon Redevelopment Project.
Contact Person(s): Gary Van Osdel
Uptown, Central City North, Mt.
Project Area(s) Vernon, Ceutral City
Phone:
663-1044
Ward(s):
First and Third
Supporting Data Attached: It'! Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 Letter/Merno
FUNDING REQUIREMENTS Amount: $
N/A
Source:
N/A
N/A
SIGNATURE:
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Commission/Council Notes:
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GVO:lag: 11,05,01 Bonds I
COMMISSION MEETING AGENDA
Meeting Date, 11/05/2001
Agenda Item Number: ~
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
Staff Recommendation On Prioritization On The Use Of Bond Proceeds
BACKGROUND
On October 15,2001, the Community Development Commission conducted a workshop in the
Economic Development Agency Boardroom to consider a presentation by Economic
Development Agency staff regarding several current bond-refinancing options. The Agency has
the potential to receive upwards of $8.5 million dollars of additional monies if all of the
refinancings are accomplished as presented to the Commission during the workshop.
The three bond issues for which the EDA expects to receive funds are as follows:
1. Forward Current! Advance Refunding of the 1995 Series A Tax Allocation Bonds.
2. Proposed Bond Financing for the Mount Vernon Redevelopment Project.
3. Refinancing ofthe 1995 Series B Tax Allocation Bonds into an Insured Series A Portion
and an Uninsured Series B Portion.
It is the intent of staff to present the bond financing documents related to the first two of the
proposed financings for the Community Development Commission and Council meeting of
November 19, 2001. In connection with the preparation of the bond documents, the disclosures
to be made in the Official Statements and the negotiations with the bond insurer, it is necessary
to develop a list of potential projects to be funded from each ofthe proposed bond issues.
CURRENT ISSUE
The following summary presents the priority list of projects as recommended by Agency staff for
each of the first two anticipated bond financings. In some instances the number of proj ects and
their cost exceed the amount of potential bond proceeds, but it is desirable to include in the bond
documentation an overly inclusive list in the event that one or more of the projects are delayed or
are unable to be implemented. Staff will present another list of proposal to be funded from the
new bond proceeds to be realized from the meeting of the 1999 Series B Tax Allocation Bonds at
a later date.
Forward Current/Advance Refunding of the 1995 Series A Tax Allocation Bonds
1. Five Level Parking Garage - Phase II of seismic retrofit -
2. HUB Project - Supplemental funding for acquisition cost overruns -
3. Downtown parking structure on F Street 4th to 5th -
4. California Theater improvements -
TOTAL
$1,400,000
$1,200,000
$2,500,000
$1.200.000
$6,300,000
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GVO:lag:ll,05,Ol Bondsl
COMMISSION MEETING AGENDA
Meeting Date: 11/05/2001
Agenda Item Number: "'31
Economic Development Agency Staff Report
October 29, 2001
Page Number -2-
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Proposed Bond Financing for the Mount Vernon Corridor Redevelopment Project
I. Mt. Vernon 5th Street to 9th Street
a. Land acquisition -
b. Relocation and clearance -
c. Infrastructure improvements including new street lighting,
landscaping and curb, gutter and sidewalk replacement
(as necessary) -
Subtotal
2. Railroad Depot Planning Area
a. Land acquisition -
b. Relocation and Clearance -
c. Infrastructure improvements including street realignment -
Subtotal
TOTAL
ENVIRONMENTAL
$300,000
$500,000
$1.000,000
$1,800,000
$100,000
$1,000,000
$2.500,000
$3,600,000
$5,400,000
The action requested is "exempt" under the California Environmental Quality Act (CEQA)
FISCAL IMPACT
Approving a priority list of potential proj ects to be funded with the proceeds of certain proposed
bond refinancings will have no fiscal impact on the Agency.
RECOMMENDATION
That the Community Development Commission approve staff recommendations for the
prioritization of the use of bond proceeds for the proposed Forward Current/Advance Refunding
of the 1995 eries A Allocation Bonds and the proposed bond fmancing for the Mount
Verno e evelo 'I1en7ect.
vt:f/4 /
G~~:~ Os del
EX7tive Director
GVO:lag:ll,05-0l Bondsl
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COMMISSION MEETING AGENDA
Meeting Date: 11/05/2001
Agenda Item Nnmber: m-