HomeMy WebLinkAbout07-07 RDA Resolution
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RESOLUTION NO. RDA 07-07
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE TEMECULA REDEVELOPMENT AGENCY OF THE
CITY OF TEMECULA DESIGNATING CONSULTANTS IN
CONNECTION WITH THE PROPOSED ISSUANCE OF
TAX ALLOCATION BONDS FOR PARKING FACILITIES
AND AUTHORIZING AND DIRECTING CERTAIN
ACTIONS WITH RESPECT THERETO
THE BOARD OF DIRECTORS OF THE TEMECULA REDEVELOPMENT
AGENCY OF THE CITY OF TEMECULA DOES HEREBY RESOLVE AS FOLLOWS:
Section 1. In connection with the activities of the Redevelopment Agency of
the City of Temecula (the "Agency") related to its Temecula Redevelopment Project No.
1 (the "Redevelopment Project"), the Agency is considering entering into an Owner
Participation Agreement (the "OPA"), as well as a Promenade Mall Ring Road
Enhancement Agreement, and a Ground Lease for Promenade Mall East Parking
Facility, with Temecula Towne Center Associate, L.P., a California limited partnership
(the "Developer"), in connection with various improvements to the Temecula
Promenade Mall.
Section 2. The improvements to be made include the construction by the
Developer of an East Parking Facility, and the contribution by the Agency of
$11,000,000 (the "Agency Contribution") towards the costs of the East Parking Facility,
all as more specifically described in the OPA.
Section 3. In order to finance the Agency contribution, the Agency expects to
issue its Redevelopment Agency of the City of Temecula, Temecula Redevelopment
Project No.1, 2007 Tax Allocation Bonds (the "Bonds"), the principal of and interest on
which will be payable from tax increment revenues received by the Agency from the
Redevelopment Project.
Section 4. Officers and officials of the Agency are hereby authorized to
proceed with the preparation of documents necessary to provide for the issuance and
sale of the Bonds. All such documents to which the Agency will be a party shall be
subject to the final approval thereof by the Agency at a subsequent Agency meeting.
Section 5. Fieldman, Rolapp & Associates is hereby designated as financial
advisor to the Agency, and HdL Companies is hereby designated as fiscal consultant to
the Agency, in connection with the issuance and sale of the Bonds. The Executive
Director is hereby authorized and directed to execute agreements with said firms, or
amendments to or a direction to provide additional services under, any existing
agreement between the Agency and one or both of said firms, for their services with
respect to the Bonds, in forms acceptable to the Executive Director and Agency
Counsel.
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Section 6. Quint & Thimmig LLP is hereby designated as bond counsel to the
Agency, and McFarlin & Anderson LLP is hereby designated as disclosure counsel to
the Agency, in connection with the issuance and sale of the Bonds. The Executive
Director is hereby authorized and directed to execute agreements for legal services with
such firms, in forms acceptable to the Executive Director and Agency Counsel; provided
that any and all compensation payable to such firms shall be contingent upon the sale
and issuance of the Bonds.
Section 7. Stone & Youngberg LLC, is hereby designated as underwriter to
the Agency in connection with the issuance and sale of the Bonds.
Section 8. The Chairperson, the Vice Chairperson, the Executive Director, the
Treasurer, Agency Counsel, the Secretary and all other appropriate officials of the
Agency are hereby authorized and directed to execute such other agreements,
documents and certificates as may be necessary to effect the purposes of this
Resolution and the financing herein authorized.
Section 9. This Resolution shall take effect upon its adoption.
PASSED, APPROVED, AND ADOPTED by the Board of Directors of the Temecula
Redevelopment Agency of the City of Temecula this 24th day of July, 2007.
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R:/RDA Resas 2007/RDA 07-07
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STATE OF CALIFORNIA )
COUNTY OF RIVERSIDE ) ss
CITY OF TEMECULA )
I, Susan W. Jones, MMC, City Clerk/Board Secretary of the Temecula
Redevelopment Agency of the City of Temecula, do hereby certify that the foregoing
Resolution No. RDA 07-07 was duly and regularly adopted by the Board of Directors of the
Temecula Redevelopment Agency of the City of Temecula at a meeting thereof held on
the 24th day of July, 2007, by the following vote:
AYES: 5
BOARD MEMBERS:
NOES: 0
BOARD MEMBERS:
ABSENT: 0
BOARD MEMBERS:
ABSTAIN: 0
BOARD MEMBERS:
R:/RDA Resas 2007/RDA 07-07
Comerchero, Naggar, Roberts,
Washington, Edwards
None
None
None
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