Mary Bradley, Agency Treasurer, and Brice McQueen, Redevelopment Manager, presented the staff report. Agency Treasurer Bradley presented a brief history and noted staff’s recommendation that the Redevelopment Agency authorize staff to proceed with the issuance of Tax Allocation Bonds to refund the Agency’s outstanding Tax Allocation Bonds, Series 1992, and to utilize a portion of the savings to fund needed Agency projects. The three recommended projects are: a Redevelopment Plan Amendment, a Downtown Development Economic Analysis, and a Redevelopment Implementation Plan. She noted staff is proposing the two firms of E.J. De La Rosa & Company, Inc., as underwriter, and Jones Hall as bond counsel.

In response to Agency Member Fowler, Agency Treasurer Bradley stated they were not changing the capital amount of the bonds, but there is a cost of issuance.

Agency Member Fowler inquired if staff is asking for approval of the three special projects in the staff report. Agency Treasurer Bradley responded they are, and can bring back the special project forms at the next meeting.

Agency Member Fowler inquired if staff would be returning to Council for approval of the contracts. Mr. McQueen responded they would not as they are under the minimum dollar requirement.

Agency Member Fowler requested that staff provide the Agency with the project sheets at the next meeting and before awarding any contracts. Agency Treasurer Bradley stated staff would bring back the contracts at the August 12 Council meeting.

Agency Chair Miller opened the Public Hearing at 8:48 p.m. and, there being no public comments, closed the Public Hearing.

Agency Member Howe moved, and Agency Vice Chair Risch seconded, to authorize staff to proceed with working with the financing team to issue the Tax Allocation Refunding Bonds, Series 2003, and approve Budget Modification No. 5. The motion carried unanimously.

There were no comments.

Agency Chair Miller announced the City Council will take a two week recess with the next regular Council meeting scheduled for August 12^th. She also announced a Special Meeting on August 6^th at 5:00 p.m. to discuss ballot initiatives on increasing the transient occupancy tax and the business license tax.

There were no comments.

Agency Chair Miller declared the meeting adjourned at 8:50 p.m.

Respectfully submitted,
Cathleen McKay, Interim Agency Clerk