HomeMy WebLinkAbout1992-03-02MINUTES
-� HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
Council Chamber, City Hall
Huntington Beach, California
Monday, March 2, 1992
A videotape recording of this meeting
is on file in the City Clerk's Office.
Chairman Silva called the Special meeting of the Huntington Beach Public Financing Authority to
order at 7 p.m.
PUBLIC FINANCING AUTHORITY ROLL CALL
PRESENT: Robitaille, Moulton -Patterson, Winchell, Silva, Green, MacAllister, Kelly
ABSENT: None
JOINT MEETING - COUNCIUREDEVELOPMENT AGENCY - PUBLIC FINANCING AUTHORITY
Chairman Silva announced that a joint meeting of the City Council/Redevelop-
ment Agency and the Huntington Beach Public Financing Authority had been called.
The Secretary was directed to read the Call for Special Meeting.
CALL FOR SPECIAL MEETING
OF
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
Jim Silva, Chairman
Earle Robitaille, Director
Linda Moulton -Patterson, Director
Grace Winchell, Director
Peter Green, Director
Don MacAllister, Director
Jack Kelly, Director
You are hereby notified that a Special Meeting of the Huntington Beach Public Financing
Authority Board of Directors of the City of Huntington Beach, California, is called for and will be
held in the Council Chamber of the Civic Center, at the hour of 7 p.m. or as soon thereafter as
possible on Monday, March 2, 1992, for the purpose of considering refinancing 1988
Redevelopment Agency bonds and discharge of debt to developer of Waterfront Hilton.
Dated: February 24, 1992
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
/s/ Jim Silva
Page 2 - HBPFA Minutes - 3/2/92
ATTEST:
CONNIE BROCKWAY, CITY CLERK
/s/ Connie Brockway
Secretary
I hereby certify that I received the above notice, "Call for Special Meeting of the Huntington Beach
Financing Authority", prior to 7 p.m. Sunday, March 1, 1992.
/s/ Jim Silva
Chairman
REFINANCING 1988 REDEVELOPMENT AGENCY BONDS & DISCHARGE OF DEBT TO
DEVELOPER OF WATERFRONT HILTON - AGENCY RESOLUTION NO 222 - ADOPTED -
PUBLIC FINANCING AUTHORITY RESOLUTION NO 5 - ADOPTED
The Clerk presented a communication from Deputy City Administrator Robert Franz regarding
refinancing 1988 Redevelopment Agency Bonds and discharge of debt to developer of Waterfront
Hilton.
The Clerk presented Resolution No. 222 for Agency adoption - "A RESOLUTION OF THE
REDEVELOPMENT AGENCY OF THE CITY OF HUNTINGTON BEACH AUTHORIZING THE
BORROWING OF FUNDS FROM THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
IN THE AGGREGATE PRINCIPAL AMOUNT OF NOT TO EXCEED $37,000,000 RELATING TO
THE HUNTINGTON CENTER COMMERCIAL DISTRICT REDEVELOPMENT PROJECT AREA,
THE MAIN -PIER REDEVELOPMENT PROJECT AREA, THE OAKVIEW REDEVELOPMENT
PROJECT AREA AND THE TALBERT-BEACH REDEVELOPMENT PROJECT AREA,
AUTHORIZING AND DIRECTING EXECUTION OF RELATED LOAN AGREEMENTS,
APPROVING SALE OF BONDS BY SAID AUTHORITY, APPROVING OFFICIAL STATEMENT
AND AUTHORIZING OFFICIAL ACTIONS."
The Secretary presented Public Financing Authority Resolution No. 5 - "A RESOLUTION OF THE
BOARD OF DIRECTORS OF THE HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
AUTHORIZING THE ISSUANCE OF REVENUE BONDS IN THE AGGREGATE PRINCIPAL
AMOUNT OF NOT TO EXCEED $37,000,000 TO MAKE LOANS TO THE REDEVELOPMENT
AGENCY IN CONNECTION WITH THE HUNTINGTON CENTER COMMERCIAL DISTRICT
REDEVELOPMENT PROJECT AREA, THE MAIN -PIER REDEVELOPMENT PROJECT AREA,
THE OAKVIEW REDEVELOPMENT PROJECT AREA AND THE TALBERT-BEACH
REDEVELOPMENT PROJECT AREA, AUTHORIZING AND DIRECTING EXECUTION OF
RELATED INDENTURE OF TRUST AND LOAN AGREEMENTS, AUTHORIZING SALE OF
BONDS, APPROVING OFFICIAL STATEMENT AND AUTHORIZING OFFICIAL ACTIONS."
The City Administrator reviewed the Refinancing of 1988 Debt for Redevelopment Agency using a
slide.
Discussion was held between the Council and Bob Franz, Deputy City
Administrator/Administrative Services.
Page 3 HBPFA Minutes - 3/2/92
The City Administrator presented a slide report on the discharge of debt.
Harrison McClain questioned whether or not Kirwood was considered for the mobilhome
relocation.
Discussion, pertaining to financing, was held between the City Administrator, Bob Franz, Deputy
City Administrator/Administrative Services, and Barbara Kaiser, Deputy City
Administrator/Economic Services.
A motion was made MacAllister, seconded by Green, to:
1. Adopt Agency Resolution No. 222 authorizing the borrowing of funds by the Redevelopment
Agency in an amount not to exceed $37,000,000 for the purpose of refinancing 1988 loan
agreements between the Agency and the Huntington Beach Public Financing Authority and to
finance obligations of the Agency to the Waterfront Hotel Project, and
2. Adopt Public Financing Authority Resolution No. 5 authorizing the issuance of Huntington
Beach Public Financing Authority Revenue Bonds in an amount not to exceed $37,000,000 for
the purpose of refinancing the Huntington Beach Public Financing Authority 1988 Revenue bonds
and financing obligations to the Waterfront Hotel Project, and
3. Instruct the City Administrator to approve a purchase agreement for the sale of the refinancing
portion of the bonds only if the annual debt service savings is at least $100,000 per year, or
$900,000 total present value savings over the life of the issue; and
4. Instruct the City Administrator to approve a purchase agreement including the additional Bonds
for discharge of the debt to the developer of the Waterfront Hilton only upon approval of a formal
amendment to the Disposition and Development Agreement between the Redevelopment Agency
and the Robert L. Mayer Corporation (currently scheduled for March 16, 1992).
The motion carried by the following roll call vote:
AYES: Robitaille, Moulton -Patterson, Winchell, Silva, Green, MacAllister, Kelly
NOES: None
ABSENT: None
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY -ADJOURNMENT
The Chairman adjourned the regular meeting of the Parkin Authority.
roms
Secretary
ATTEST:
Secretary hairman
CITY OF HUNTINGTON BEACH °
2000 MAIN STREET
OFFICE OF THE CITY CLERK
CONNIE BROCKWAY
CITY CLERK
CALL FOR SPECIAL MEETING
OF
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
Jim Silva, Chairman
Linda Moulton -Patterson, Director
Don MacAllister, Director
Peter Green, Director
Earle Robitaiile, Director
Grace Winchell, Director
Jack Kelly, Director
CALIFORNIA 92648
You are hereby notified that a Special Meeting of the Huntington Beach Public
Financing Authority Board of Directors of the City of Huntington Beach,
California, is called for and will be held in the Council Chamber of the Civic
Center, at the hour of 7 p.m. or as soon thereafter as possible on Monday,
March 2, 1992, for the purpose of considering refinancing 1988 Redevelopment
Agency bonds and discharge of debt to developer of Waterfront Hilton.
Dated: February 24, 1992
ATTEST:
HUNTINGTON BEACH PUBLIC FINANCING AUTHORITY
w
Chairman
CONNIE BROCKWAY, CITY CLERK
Secretary
I hereby certify that I received the above notice, "Call for Special Meeting
of the Huntington Beach Financing Authority", prior to 7 p.m. Sunday March 1, 1992.
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Chairman (Telephone: 714-536-5227)
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