HomeMy WebLinkAbout2011 CC RESO 2011-26 CDCRESOLUTION 2011 — 26
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION
OF THE CITY OF NATIONAL CITY ("CDC") ACCEPTING THE REPORT OF
THE EVALUATION COMMITTEE FOR POTENTIAL CDC BOND ADVISORS
PROVIDING A RECOMMENDATION FOR BOND COUNSEL (JONES HALL),
DISCLOSURE COUNSEL (BEST, BEST & KRIEGER), AND
UNDERWRITER(S) (DE LA ROSA AND STONE & YOUNGBERG); APPROVING
THE SELECTION OF BOND COUNSEL, DISCLOSURE COUNSEL,
AND UNDERWRITER(S); AND AUTHORIZING THE HIRING OF
BOND COUNSEL, DISCLOSURE COUNSEL, AND UNDERWRITER(S),
INCLUDING AUTHORIZING EXECUTION OF SAID AGREEMENTS
ALL RELATED TO A POTENTIAL BOND ISSUANCE FOR THE CDC
WHEREAS, since 2009, the City of National City and the Community
Development Commission of the City of National City ("CDC") have been working to identify
community needs in the areas of housing, infrastructure and economic development; and
WHEREAS, an amendment to the Redevelopment Plan (the "Plan") is being
developed that would, in part, extend the life of the Plan which would allow for an increase in the
annual tax increment limit, the amount of bonded indebtedness, and result in an increase to the
low -moderate housing fund set aside from 20% to 30%; and
WHEREAS, concurrently with the development of an amendment to the
Redevelopment Plan, City staff is in the process of updating the General Plan, which would
provide the framework for future development. In conjunction with the General Plan Update, the
Land Use Code is being updated, and a five-year Capital Improvement Program is being
developed; and
WHEREAS, current needs and market conditions require the CDC staff to
accelerate the time frame for a bond issuance; and
WHEREAS, on January 20, 2011, the CDC sent a Request for Proposal to
interested underwriters in connection with the CDC's potential Tax Allocation Bond ("TAB") in an
amount between $20 Million to $30 Million; and
WHEREAS, potential uses of the TAB funds would include the capital
improvement program or other eligible projects such as housing, public facilities, infrastructure
improvements, and economic development projects within legal boundaries of the
redevelopment area of National City; and
WHEREAS, on February 1, 2011, an Evaluation Committee For Potential CDC
Bond Advisors (the "Committee") was created which consisted of two members of the City
Council, legal, financial, and the City Manager's Office; and
WHEREAS, on February 3, 2011, the Committee interviewed and evaluated four
underwriting and five bond/disclosure counsel firms who responded to the RFP; and
WHEREAS, after reading and considering each proposal, and interviewing each
firm, the Committee recommends Jones Hall to serve as Bond Counsel and the law firm of Best,
Best & Krieger to serve as Disclosure Counsel, De La Rosa & Company to serve as Senior
Underwriter, and Stone & Youngberg to serve as Co -Manager to the CDC; and
Resolution No. 2011-26
Page 2
WHEREAS, the fees for the legal and underwriting services are contingent upon
a successful bond issuance, thus no funds are to be encumbered at this time.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby accepts the report of the Evaluation Committee
for Potential CDC Bond Advisors recommending Jones Hall to serve as Bond Counsel, Best,
Best & Krieger to serve as Disclosure Counsel, De La Rosa & Company to serve as Senior
Underwriter, and Stone & Youngberg to serve as Co -Manager to the CDC for the potential bond
issuance.
BE IT FURTHER RESOLVED that the CDC hereby authorizes the hiring of said
recommended firms.
BE IT FURTHER RESOLVED that the CDC hereby authorizes the execution of
Agreements with each firm related to a potential bond issuance for the CDC.
PASSED and ADOPTED this 8th day of February,2Q11.
on Morrison, Chairman
ATTEST:
Bra :1""• , Secretary
A ROVED S TO FORM:
dia G;: Silva
CDC General Co nsel
3
Passed and adopted by the Community Development Commission of the City of
National City, California, on February 8, 2011, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Rios, Sotelo-Solis, Zarate.
Nays: None.
Absent: None.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
Secret
ityy = •pment Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2011-26 of the Community Development Commission of the City of
National City, California, passed and adopted on February 8, 2011.
Secretary, Community Development Commission
By:
Deputy