Adoption of Resolution Authorizing the Issuance and Sale of Taxable Tax Allocation Refunding Bonds to Refund Bonds of the Former Community Improvement Commission of the City of Alameda and Approving Related Documents and Actions. (Community Development 207)
Of taxable tax allocation. Refunding bonds to refund bonds of the former Community Improvement Commission of the City of Alameda in approving related documents and actions. Thank you. I. Do we have a presentation? Yes. Otter. Good evening. I'm Debbie Potter, the city's community development director. Tonight, staff is requesting that the successor agency authorize the issuance and sale of tax allocation refunding bonds of the former Community Improvement Commission. These bonds will refund tax allocation bonds that were sold in May of 2011, just prior to the dissolution of redevelopment agencies. The original bonds were sold to raise funds necessary to acquire the Island Motel and convert the former motel into permanent affordable housing, now known as Park Alameda. The bonds were sold in a high in a high interest rate environment due to the uncertain climate around redevelopment. State legislation governing former redevelopment agencies has strict requirements about when you can issue new bonds. New bonds can only be issued if there is a savings to the taxing entities over the life of the bonds due to the original bonds high interest rate. There will be substantial savings to the taxing entities over the next 24 years, ranging from 4.1 to $4.6 million. Annual savings could range from 165 to $200000, depending on final bond pricing. The city is a taxing entity and would realize an annual savings of 50 to $60000. This savings would come as additional redevelopment property tax trust fund moneys to the general fund. If the successor agency authorizes the issuance and sale of the bonds, staff will then seek approval from the oversight board. Following Oversight Board approval, we will then submit the request to issue bonds to the State Department of Finance. Once we have secured the office, approval, staff will prepare the official statement and other documents required for the sale of the bonds. The official statement and related documents will be presented to the successor agency prior to the issuing of the bonds. Tonight's action authorizes staff to begin the process of issuing and selling refunding bonds to provide savings to the taxing entities over the life of the bonds. I, as well as our team, is available this evening if there are any questions. That concludes my staff report. Thank you. Any questions? Answer. Do we have a do we have any speakers on this item? Any speakers? None. All right. Do we have a motion move? Approval of sales bonds. I second all those in favor. Hi. My motion carries unanimously. Thank you. Thank you. I will now adjourn the S.A. CIC special meeting and. And open the regular city council meeting. Roll call. Roll calls. Been noted. Five present. Thank you. Agenda changes. I have a question. How many speakers do we have, if any, on items? Nine, eight and nine. The.