DISCUSSION ITEM
FROM: Teniade Broughton, Chairperson
SUBJECT:
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2017 AND 2019 REDEVELOPMENT BOND PRIORITIES
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SUMMARY:
In 2017, the Community Redevelopment Agency (CRA) and City Council authorized the issuance of redevelopment bonds to carry out projects within the Urban Core, Eastside and Westside Redevelopment districts. In 2019, an additional bond issue was approved for the Urban Core district.
Changes in project priorities and market conditions warrant a review of priorities for the use of the remaining 2017 and 2019 bonds. In establishing priorities for both bond issues, the CRA should consider projects that can be completed expeditiously due to financial and legal requirements associated with redevelopment bonds. Also, the use of bond funds are limited to eligible types of expenses.
It is requested that the CRA discuss its project priorities for use of this bond funding.
PRIOR ACTION:
August 7, 2017 - The CRA adopted Supplemental Budget Resolution No. 2017-9 and Supplemental Budget Resolution No. 2017-11, appropriating funding in connection with the Westside and Eastside Redevelopment Revenue Bonds.
August 10, 2017 - City Council adopted Supplemental Budget Resolution No. 17-39 and Supplemental Budget Resolution No. 17-44, appropriating funding in connection with the Westside and Eastside Redevelopment Revenue Bonds.
November 6, 2017 - The CRA adopted Supplemental Budget Resolution No. 2017-19 CRA, appropriating funding in connection with the Urban Core Redevelopment Revenue Bonds, Series 2017.
November 9, 2017 - City Council adopted Supplemental Budget Resolution No. 17-79, appropriating funding in connection with the Urban Core Redevelopment Bonds, Series 2017.
July 15, 2019 - The CRA adopted Supplemental Budget Resolution No. 2019-05 CRA, appropriating funding in connection with the Urban Core Redevelopment Refunding and Improvement Revenue Bond, Series 2019.
July 18, 2019 - City Council adopted Supplemental Budget Resolution No. 2019-32, appropriating funding in connection with the Urban Core Redevelopment Refunding and Improvement Revenue Bond, Series 2019.
February 3, 2010 - The CRA held a workshop for the purpose of reviewing projects for funding through the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
February 10, 2020 - The CRA approved the “Hashtag” Waterfront Connector improvements, Bruce Beach improvements, Community Maritime Park Day Marina and the Jefferson Road Diet/sidewalk repair improvements (aka “East Garden District”) projects in accordance with the 2010 Urban Core Community Redevelopment Plan for funding through the Urban Core Redevelopment Refunding and Improvement Revenue Bonds, Series 2019.
STAFF CONTACT:
David Forte, Deputy City Administrator - Community Development
Sherry Morris, Development Services Director
Victoria D’Angelo, CRA Assistant Manager
Amy Lovoy, Chief Financial Officer
ATTACHMENTS:
1) 2017 and 2019 Series Bond Allocations - As of 08/29/22
PRESENTATION: No