MINUTES OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA
FOR MEETING HELD ON TUESDAY EVENING, APRIL 19, 2011

 

 

     The Redevelopment Agency of the City of Santa Clara met at 9:30 pm, on the above-mentioned date, for the regular scheduled meeting in the City Hall Council Chambers. The Closed Session in the Council Conference Room for a Conference with Real Property Negotiator Pursuant to Government Code Section 54956.8 Property: APN 104-43-051; APN 104-43-052; APN 104-43-030; APN 104-42-014; and APN 104-42-019; Negotiating Party(ies):  Cedar Fair and the San Francisco 49ers; Agency Negotiator:  Jennifer Sparacino, Executive Director (or her designee); Under Negotiation:  Purchase/Sale/Exchange/Lease of Real Property (provisions, price and terms of payment) was not held.  

 

 

 

     Present:  Agency Members Will Kennedy, Patrick Kolstad, Patricia M. Mahan, and Kevin Moore and Chairperson Jamie L. Matthews. Absent: Agency Members Lisa M. Gillmor (excused) and Jamie McLeod (excused).

 

 

 

     MOTION was made by Kennedy, seconded and unanimously carried (Gillmor and McLeod absent), that the Agency excuse Agency Members Gillmor and McLeod from attendance at this evening’s meeting.

 

 

 

     MOTION was made by Kennedy, seconded and unanimously carried (Gillmor and McLeod absent), that the Minutes for the meetings of March 15, 2011 and March 21, 2011 – Special Meeting be adopted as written.     

 

 

 

     As an item of Unfinished Business, earlier in the evening, the Mayor/Chairperson opened a Joint City Council/Redevelopment Agency/Joint Financing Authority meeting to consider this evening’s action as it relates to the proposed San Francisco 49ers stadium project, including the issuance of Bayshore North Redevelopment Project 2011 Tax Allocation Bonds by the Redevelopment Agency. The City Manager/Executive Director reviewed the Director of Finance/Redevelopment Agency Treasurer/Chief Financial Officer’s memo (04/13/11) and gave an electronic presentation and stated that the proposed action is consistent with the Stadium Term Sheet, which carves out a portion of available tax increment monies to pay for debt service on a new tax allocation bond issuance with net proceeds of $25 million for major refurbishment of public facilities built as part of the Bayshore North Redevelopment Project, other than the proposed San Francisco 49ers stadium project, which protects limited General Fund monies from having to be used to refurbish these facilities. To the extent that more than $25 million in net project proceeds can be generated by the bond issue, any amount over $25 million will be applied to the City’s $40 million commitment to the Stadium Project pursuant to the Term Sheet. The Director of Finance/Redevelopment Agency Treasurer/Chief Financial Officer then continued the electronic presentation by introducing the Bond Financing Team and reviewed the structure and schedule of the transaction. Charles Adams, Bond Counsel, then continued the electronic presentation by providing an executive summary of the transaction. The City Manager/Executive Director then concluded the electronic presentation by reviewing staff recommendation. Council/Agency/Joint Financing Authority questions were answered by the Director of Finance/Redevelopment Agency Treasurer/Chief Financial Officer and the City Manager/Executive Director. MOTION was made by Mahan, seconded and unanimously carried (Gillmor and McLeod absent), that the Council adopt Resolution No. 11-7841 entitled, “A RESOLUTION OF THE CITY OF SANTA CLARA, CALIFORNIA, APPROVING THE ISSUANCE OF TAX ALLOCATION BONDS BY THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA FOR THE BAYSHORE NORTH PROJECT” which approves the issuance of Bayshore North Redevelopment Project 2011 Tax Allocation Bonds by the Redevelopment Agency. MOTION was then made by Mahan, seconded and unanimously carried (Gillmor and McLeod absent), that the Agency adopt Resolution No. 11-15 (RA) entitled, “A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA, CALIFORNIA, AUTHORIZING THE ISSUANCE AND SALE OF TAX ALLOCATION BONDS FOR THE BAYSHORE NORTH PROJECT, AND APPROVING RELATED DOCUMENTS AND ACTIONS” which authorizes the issuance of Bayshore North Redevelopment Project 2011 Tax Allocation Bonds, approves form and execution of documents and authorizes certain other related actions consistent with projected economic and fiscal impact; and authorizes the Executive Director and Redevelopment Agency Treasurer to make any minor, non-substantive or routine changes and execute all necessary documents to complete the transaction. MOTION was then made by Mahan, seconded and unanimously carried (Gillmor and McLeod absent), that the Joint Financing Authority adopt Resolution No. 11-1 (JFA) entitled, “A RESOLUTION OF THE BOARD OF DIRECTORS OF THE CITY OF SANTA CLARA JOINT FINANCING AUTHORITY AUTHORIZING THE PURCHASE AND SALE OF TAX ALLOCATION BONDS FOR THE BAYSHORE NORTH PROJECT, APPROVING RELATED DOCUMENTS AND AUTHORIZING OFFICIAL ACTIONS” which authorizes the purchase of Bayshore North Redevelopment Project 2011 Tax Allocation Bonds from the Redevelopment Agency and the concurrent sale of the Bonds to the Underwriter, approves form and execution of documents and authorizes certain other related

 

 

 

actions consistent with projected economic and fiscal impact and authorizes the Executive Director and Chief Financial Officer to make any minor, non-substantive or routine changes and execute all necessary documents to complete the transaction.

 

 

 

     MOTION was made by Kennedy, seconded and unanimously carried (Gillmor and McLeod absent), that, per the Director of Human Resource’s memo (04/04/11), the Agency approve, and authorize the Executive Director to execute, Amendment No. 3 to the Legal Services Agreement with Meyers, Nave, Riback, Silver & Wilson for the continued employment of Elizabeth (Libby) Silver, Attorney at Law, for legal services related to her role as Interim Agency General Counsel, in an amount not to exceed $200,000.

 

 

 

     MOTION was made by Mahan, seconded and unanimously carried (Gillmor and McLeod absent), that, per the Housing and Community Services Division Manager’s memo (04/12/11), the Agency adopt Resolution No. 11-16 (RA) entitled, “A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA CLARA, CALIFORNIA, APPROVING A PREDEVELOPMENT LOAN AGREEMENT WITH ROEM APARTMENT COMMUNITIES, LLC AND THE CITY OF SANTA CLARA, CALIFORNIA, HOUSING AUTHORITY” which approves a Predevelopment Loan Agreement (2525-2527 El Camino Real) with Roem Apartment Communities, LLC. and the City of Santa Clara Housing Authority, making findings for the use of the Affordable Housing Set-Aside Fund, for feasibility and planning of the 2525 El Camino Real Housing Project.

 

 

 

     The Closed Session in the Council Conference Room for a Conference with Real Property Negotiator Pursuant to Government Code Section 54956.8 Property: APN 104-43-051; APN 104-43-052; APN 104-43-030; APN 104-42-014; and APN 104-42-019; Negotiating Party(ies):  Cedar Fair and the San Francisco 49ers; Agency Negotiator:  Jennifer Sparacino, Executive Director (or her designee); Under Negotiation:  Purchase/Sale/Exchange/Lease of Real Property (provisions, price and terms of payment) was not held. 

 

 

 

     MOTION was made by Mahan, seconded and unanimously carried (Gillmor and McLeod absent), that, per the Interim Agency General Counsel’s memo (04/15/11), the Agency set Tuesday, May 10, 2011 at 6:00 pm for a Closed Session in the Council Conference Room for a Conference with Real Property Negotiator pursuant to Government Code Section 54956.8; Property: APN 104-43-051; APN 104-43-052; APN 104-43-030; APN 104-42-014; and APN 104-42-019; Negotiating Party(ies): Cedar Fair and the San Francisco 49ers; Agency Negotiator: Jennifer Sparacino, Executive Director (or her designee); Under Negotiation: Purchase/Sale/Exchange/Lease of Real Property (provisions, price and terms of payment).

 

 

 

     MOTION was made by Kennedy, seconded and unanimously carried (Gillmor and McLeod absent), that there being no further business, the meeting was adjourned at 9:33 pm to Tuesday evening, May 10, 2011 at 6:00 pm for a Closed Session in the Council Conference Room and to 7:00 pm for the regular scheduled meeting in the City Hall Council Chambers.

 

 

 

 ATTEST:  ________________________

             Secretary

 

APPROVE: ________________________

            Chairperson