HomeMy WebLinkAboutRDA Min 1996-12-09
11-25-96 I 12-9-96
Seal Beach, California
November 25, 1996
The regular meeting of November 25th was
~itY council due to the Thank..ivin.
canceled by order of
holiday.
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Seal Beach, California
December 9, 1996
The Redevelopment Agency of the City of Seal Beach met in
special session at 6:58 p.m. with Chairman Brown calling the
meeting to order with the Salute to the Flag.
ROLL CALL
Present:
Chairman Brown
Agencymembers Campbell, Forsythe, Fulton,
Hastings
Absent:
None
Also present: Mr. Till, Executive Director
Mr. Barrow, City Attorney
Mrs. Yeo, Secretary
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Chairman Brown read the Notice of Special Meeting for the
record as follows:
"George Brown, 1710 Tam O'Shanter Road, 23-H, Seal Beach
Patricia Campbell, 4433 Ironwood Avenue, Seal Beach
Gwen Forsythe, 523 Riviera Drive, Seal Beach
Harry R. Fulton, 13250 Fairfield Lane, 173-E, Seal Beach
Marilyn Bruce Hastings, 121 - 12th Street, Seal Beach
NOTICE IS HEREBY GIVEN that George Brown as presiding
officer of the Redevelopment Agency of the city of Seal
Beach hereby calls and gives notice of a special meeting
of the Redevelopment Agency to be held on Monday,
December 9th, 1996 at 6:45 p.m. in the City Council
Chambers, 211 - 8th Street, Seal Beach, California, for
the purpose of:
**
Consideration of a resolution of the Redevelopment
Agency authorizing the execution and delivery of an
asset purchase agreement, redemption of all its
outstanding Single Family Subordinate Mortgage
Revenue Bonds, Issue 1994, approving a supplemental
indenture, appointing financial advisor and special
counsel, delivery of all necessary and related
documents in connection with the foregoing actions;
and any further discussion or action related
directly thereto.
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12-9-96
I
DATED5f:IS :th ?f of November, 1996.
GeO~E~r~n
Seal Bea~Redevelopment Agency
br-l &2
~f1,ud (>
J ne Yeo, 1 Clerk/Secretary
C y of Seal Beach/Redevelopment Agency"
APPROVAL OF AGENDA
Forsythe moved, second by Hastings, to approve the order of
the agenda as presented.
AYES:
NOES:
Brown, Campbell, Forsythe, Fulton, Hastings
None Motion carried
WAIVER OF FULL READING
Forsythe moved, second by Campbell, to approve the waiver of
reading of all resolutions and that consent to the waiver of
reading shall be deemed to be given by all Councilmembers
unless specific request is made at that time for the reading
of such resolution.
AYES:
NOES:
Brown, Campbell, Forsythe, Fulton, Hastings
None Motion carried
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ORAL COMMUNICATIONS
There were no Oral Communications.
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RESOLUTION NUMBER 96-2 - 1984 MORTGAGE REVENUE BONDS -
RED:!o'MPTION
Resolution Number 96-2 was presented to the Agency entitled "A
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SEAL
BEACH AUTHORIZING THE EXECUTION AND DELIVERY OF AN ASSET
PURCHASE AGREEMENT, REDEMPTION OF ALL ITS OUTSTANDING SINGLE
FAMILY SUBORDINATE MORTGAGE REVENUE BONDS, ISSUE OF 1984 (THE
BONDS) AND APPROVING A SUPPLEMENTAL INDENTURE, APPOINTING A
FINANCIAL ADVISOR AND SPECIAL COUNSEL, AND DELIVERY OF ALL
NECESSARY AND RELATED DOCUMENTS IN CONNECTION WITH THE
FOREGOING ACTIONS." By unanimous consent, full reading of
Resolution Number 96-2 was waived. The Executive Director
presented the staff report relating to the potential
defeasance and sale of mortgages relating to the Single Family
Mortgage Revenue Bond Issue of 1984 which initially consisted
of senior bonds in the amount of $15,655,760 and $450,000
subordinated bonds, at this point all senior bonds have been
redeemed, only the subordinated bonds remain. He explained
that there is no fiscal impact on the City or the
Redevelopment Agency, the defeasance will allow the owners of
the subordinated issue to redeem their bonds, a transaction
that will require approval by all of those bond holders, which
in turn will curtail further losses to the bond holders, their
return dependant upon the sale of the outstanding mortgage at
current rate. He noted that there will be no financial
involvement by the City or the Agency to accomplish the
defeasance. Chairman Brown stated his understanding is that
by taking this action an approximate $450,000 debt obligation
will be relieved, the risk to the Agency is nil, unless the
bondholders choose to not support such action. The Director
confirmed that the $450,000 is not a liability of the Agency
or City, rather an amount was meant to be held in a trust
account for the purpose debt service. Mr. Gordon Shanks, Surf
Place, questioned if these Revenue Bonds had been for the
12-9-96 I 12-23-96 I 1-27-97
development of the Riverbeach Townhomes, and cautioned, as he
has done in the past, that doing business through the
Redevelopment Agency always has the potential of becoming a
liability.
Hastings moved, second by FUlton, to adopt Resolution Number
96-2 as presented.
AYES:
NOES:
Brown, Campbell, Forsythe, Fulton, Hastings
None Motion carried
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AGENCY CONCERNS
No Agency concerns were presented.
ADJOURN
By unanimous consent, the Agency meeting was adjourned at 7:08
p.m.
Ch
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Seal Beach, California
December 23, 1996
The regular meeting of December 23rd was canceled by direction
of the City Council due to the Christmas holiday.
Seal Beach, California
January 27, 1997
The Seal Beach Redevelopment Agency met in regular sessron at
6:52 p.m. with Chairman Brown calling the meeting to order
with the Salute to the Flag.
ROLL CALL
Present:
Chairman Brown
Agencymembers Campbell, Forsythe, Fulton
Agencymember Hastings
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Absent:
Brown moved, second by Forsythe, to excuse the absence of
Agencymember Hastings from this meeting.
AYES:
NOES:
ABSENT:
Brown, Campbell, Forsythe, Fulton
None
Hastings Motion carried