HomeMy WebLinkAbout011696AM-rda_CCv0001.pdf MINUTES of a special meeting of the Board of Directors of the Redevelopment Agency of
the City UfRedlands held iDthe City Council Chambers, Civic Center, 35Cajon
8tneet, oLg:50A.K8. on January 16, 1996.
PRESENT 8vvenLarson, Chairman
Pat Gilbreath, Vice Chairman
William E. Cunningham, Member
Gilberto Gi|, Member
GeniA. 8. Banda, Member
Gary M. Luebbern. Executive Director
Daniel J. McHugh, Agency Attorney
LorriePoyzer. Agency Secretary
Gu|ipeaLuque, The Sun
ABSENT None
NEW BUSINESS
The Board of Directors of the Redevelopment Agency held a joint meeting with
the City Council of the City of Redlands. Chairman Larson oo||ed the meeting
to order.
RDA Bond Refunding - Finance Oin8CtVr Chapman reported he has been
actively involved with YWi||8r & Schroeder Financial since October, 1995. when
the bond market's long-term fixed rates began moving downward, in pursuing a
bond refunding strategy. AComprehenoive Financing Plan dated November
15. 1995, has been distributed t0Board members and provided Gnanalysis Of
present value and ouoh flow savings for each variable rated bond issues. Mr.
Chapman reviewed the advantages and disadvantages Ofrefunding the bonds
and recommended use ofthe fixed rate. Board members discussed whether or
not to continue using K8i||8r & Schroeder Financial as the Agency's financial
advisor and underwriter. Mrs. Gilbreath moved to approve Miller & 8hn}8dBr
Financial, Inc. as the financial advisor and underwriter for the Redevelopment
Agency bond refundings (1904 Subordinated Tax Allocation Bonds and the
1987 Tax Allocation Bonds) except the 1994 Parking Lease Revenue Bonds.
Motion seconded by Mr. [8rSOn and following diSCUSSiOn. the motion failed by
the following vote:
AYES: Member Gilbreath
NOES: Members Cunningham, Gil, Banda; Chairman Larson
Staff will solicit bond refunding pnDp0G8|s from at |8RGt two other public finance
firms and report back tothe Board ofDirectors.
Redevelopment Agency-Special Meeting
January 16, 1906
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ADJOURNMENT
There being no further business, the Board of Directors' meeting of the
Redevelopment Agency adjourned at1O:5OP.M. The next regular meeting will
be held on January 16, 1996, at 3:00 P.M. or as soon thereafter as City Council
business permits.
Secretary
Redevelopment Agency-Special Meeting
January 16. 19Q6
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