HomeMy WebLinkAbout111803 TPFA Minutes
I
I
I
MINUTES OF A REGULAR MEETING
OF THE TEMECULA PUBLIC FINANCING AUTHORITY
NOVEMBER 18, 2003
A regular meeting of the City of Temecula Public Financing Authority was called to order at
7:31 P.M., in the City Council Chambers, 43200 Business Park Drive, Temecula.
ROLL CALL
PRESENT:
4
AGENCY MEMBERS:
Comerchero, Pratt, Roberts, and
Stone
ABSENT:
AGENCY MEMBER:
Naggar
Also present were Executive Director Nelson, City Attorney Thorson, and City Clerk Jones.
PUBLIC COMMENTS
No input.
CONSENT CALENDAR
Minutes
RECOMMENDATION:
1.1
Approve the minutes of October 22, 2003.
.MQ!!.Q!f: Agency Member Comerchero moved to approve Consent Calendar Item No.1. The
motion was second by Agency Member Pratt and voice vote reflected approval with the exception
of Agency Member Naggar who was absent.
AUTHORITY BUSINESS
2
Community Facilities Districts Overview
(At the request of Mayor Pro Tern Naggar)
RECOMMENDATION:
2.1
Receive and file.
By way of a PowerPoint presentation, Mr. Jim Fabian of Fieldman, Rolapp & Associates (City's
Financial Advisor) introduced the City's financing team and addressed and provided clarification
with regard to the formation of Community Facilities Districts.
In response to questions by the Agency Members, the Financing Team responded as follows:
. That when establishing bonding capacity for each District, the same criteria is used
. That price point studies were completed for the various Districts within the City and that
the same methodology was used for each District formed
R:minutes.tpfa\102803
I
I
I
. That the developer and the merchant builder have a different perspective with regard to
bonding
. That for the Roripaugh Ranch CFD, three different price point studies were conducted
over the last nine months
. That the Team has been available to the Roripaugh Ranch developer for meetings and
conference calls
. That the Team has been pursuing with the Roripaugh Ranch developer bifurcating the
district into two improvement areas (Phase I and II), operating almost as two separate
Districts except that they are linked in the form as to what improvements are being
financed.
Mr. Paul Thimmig, bond counsel, advised that if Roripaugh Ranch were to file a petition, the City
would have 60 days to respond to either form a District or not.
City Attorney Thorson noted that the Development Agreement and the conditions of approval
require that before building permits are issued, the CFD must be in place and improvements
must be financed -- a process which is consistent with all City projects.
There being no objection of those present, the information was received and filed.
3
Issuance of Bonds for Temecula Public Financinq Authoritv Community Facilities
District No. 03-03 (Wolf Creek)
RECOMMENDATION:
3.1
Adopt a resolution entitled:
RESOLUTION NO. TPFA 03-26
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY AUTHORIZING
THE ISSUANCE OF SPECIAL TAX BONDS OF THE
TEMECULA PUBLIC FINANCING AUTHORITY FOR
TEMECULA PUBLIC FINANCING AUTHORITY COMMUNITY
FACILITIES DISTRICT NO. 03-03 (WOLF CREEK) APPROVING
AND DIRECTING THE EXECUTION OF A FISCAL AGENT
AGREEMENT AND APPROVING OTHER RELATED
DOCUMENTS AND ACTIONS
Director of Finance Roberts presented the staff report (as per agenda material).
.MQ!!.Q!f: Agency Member Comerchero moved to adopt Resolution No. TPFA 03-26. The
motion was seconded by Agency Member Roberts and voice vote reflected approval with the
exception of Agency Member Naggar who was absent.
4
Second Readinq of Ordinance No. TPFA 03-02 (Wolf Creek)
RECOMMENDATION:
4.1
Adopt an ordinance entitled:
R:minutes.tpfa\102803
I
ORDINANCE NO. TPFA 03-02
AN ORDINANCE OF THE TEMECULA PUBLIC FINANCING
AUTHORITY LEVYING SPECIAL TAXES WITHIN TEMECULA
PUBLIC FINANCING AUTHORITY COMMUNITY FACILITIES
DISTRICT NO. 03-03 (WOLF CREEK)
MOTION: Agency Member Roberts moved to adopt Ordinance No. TPFA 03-02. The motion
was seconded by Agency Member Comerchero and voice vote reflected approval with the
exception of Agency Member Naggar who was absent.
EXECUTIVE DIRECTOR'S REPORT
Thanking the Financing Team for its professional legal and consulting advise, Executive Director
Nelson extended his appreciation for their informed PowerPoint presentation.
BOARD OF DIRECTORS' REPORTS
No comments.
ADJOURNMENT
At 7:58 P.M., the Temecula Public Financing Authority meeting was formally adjourned.
I
"-
.~
~~an
/ ATTEST:
~
I
R:minutes.tpfa\ 102803