HomeMy WebLinkAbout1992-11-10; Housing & Redevelopment Commission; 219; Village Redevelopment Project Area Tax BondsSELECTION OF A FINANCING TEAM FOR THE REFUNDING
OF ‘l-HE VILLAGE REDEVELOPh4ENT PROJECT AREA TAX
ALLOCATION BONDS, SERIES A
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r RECOMMENDED ACTION:
Adopt Resolution No. d 15 selecting Stone & Youngberg as the Commission’s financial
advisor, Jones Hall Hill & White as the Commission’s Bond Counsel, and Keyser Marston
Associates Inc. as the Commission’s fiscal consultant for the refunding of the Village
Redevelopment Project Area Tax Allocation Bonds, Series A.
ITEM EXPLANATION:
In order to take advantage of the current low interest rate market and to provide additional
funds for projects within the Redevelopment Area, staff recommends investigating the
feasibility of refunding the outstanding $11,475,000 of Tax Allocation Bonds.
To begin the process, the Commission must select a financing team to gather the
appropriate information and compile all the necessary documents. The team recommended
by Staff is as follows:
Financial Advisor Stone & Youngberg
Bond Counsel Jones Hall Hill & White
Fiscal Consultants Keyser Marston Associates, Inc.
Due to the nature of the bonds, Redevelopment law requires that the bonds be sold in a
competitive sale. In a competitive sale the Commission, with the assistance of their financial
advisor, offers the bonds ,to the underwriting community. Bids are received and the bonds
are awarded to the lowest bidder. This type of sale requires the assistance of a financial
advisor to determine the requirements and the structure of the bond refunding, prepare the
Official Statement and advise staff in all aspects of the financing. Staff recommends Stone
& Youngberg for this position. They were the financial advisors on the original issue and
are familiar with the bond issue and the Agency. In addition, they have extensive
experience with tax allocation financing. Staff has worked with them in the past and feel
they offer a very high level of expertise and service. \
The recommended bond counsel for the refunding is not the same as the counsel used in
the original issuance. The Agency has changed their counsel to Kane Balhner and Be&man;
however, this firm does not provide services for bond issuances. We did receive two
recommendations for bond counsel from Kane Balhner and Berkman. Jones, Hall-Hill &
White were one of these firms. This firm was also recommended by Stone & Youngberg and
has been approved by the City Attorney. Based on these recommendations, it is believed
that Jones Hall Hill & White would be the best qualified bond counsel for this refunding
issue. They are the most experienced firm in the State of California in the area of tax
allocation financing and have an excellent reputation not only for their quality of work but
also for their service.
The Fiscal Consultant is needed to evaluate the quantity and quality of the revenue stream
available to support the proposed bond issue. Keyser Marston Associates, Inc. (KMA) are
currently working with the Redevelopment Agency in updating the Redevelopment Master
Plan. They have also worked with the City in the past in developing the Fiscal Impact
Analysis of the General Plan. We have been very happy with the services they’ve provided.
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Page Two of Agenda Bill No. 6?, 1 9
Due to their past and current involvement with the Commission and the City, it is felt that
KMA can provide a better level of understanding of issues involved than any other firm, thus
staff is recommending their selection.
FISCAL IMPACT:
Bond counsel fees are a percentage of the principal amount of the bonds issued plus out-of-
pocket costs. The percentage fee is equal to the sum of: (a) 1% of the first $1 million
principal amounts of Bonds, plus (b) l/2 of 1% of the next $5 million principal amounts
of Bonds, plus (c) l/4 of 1% of the next $5 million principal amounts of bonds, plus (d)
l/8 of 1% of the remaining principal amount of Bonds. These fees are entirely contingent
upon the successful issuance of the bonds.
The fees for the financial advisor and the fiscal consultant are estimated at $37,500 and
$19,000, respectively, plus any out of pocket expenses. These fees are based upon the scope
of work described within each individual proposal and may change as the requirements of
the bond issuance are further defined. If the bonds are not issued, payment would be
expected to the extent services were provided by the financial advisor and the fiscal
consultant.
It is anticipated that all fees will be paid out of the proceeds of the bonds.
EXHIBITS:
1. Proposals from Stone & Youngberg, Jones Hall Hill & White, and Keyser Marston
Associates Inc.
2. Resolution No. dLEi of the Carlsbad Housing and Redevelopment Commission
authorizing the engagement of professional services in connection with proposed
issue of tax allocation bond bonds.
Proposal to:
THE CITY OF CARLSBAD
Carlsbad Housing and Redevelopment Commission
Regarding:
Financial Advisory Services
for the
STONE & YOUNGBERG
October 2,1992
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STONE 82, YOUNGBERG
MEMBERS: PACIFIC STOCK EXCHANGE
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October 2, 1992
15260 Ventura Boulevard
Suite 900
Sherman Oaks, California 91403
Telephone: (818) 906-0315
Facsimile: (818) 789-l 321
Ms. Lisa E. Hildabrand
Finance Director
City of Carlsbad
1200 Carlsbad Village Drive
Car 1 sbad, CA 92008
Dear Ms. Hi ldabrand:
On behalf of Stone & Youngberg, we are pleased to present our proposal to
provide financial advisory services for the Carlsbad Housing and Redevelopment
Conuniss ion (the “Agency”). We are confident that we can provide the expertise
and commitment necessary to structure a successful financing program which
will provide for the refunding of the Agency’s outstanding 1988 Tax Allocation Bonds and produce an effective mechanism for generating additional proceeds for the Village Redevelopment Project Area. We believe Stone & Youngberg is
especially well suited to contribute to the Agency’s financing effort. We are familiar with the Agency and the Project Area through our work as financial
advisor for the 1988 Bonds. Furthermore, both the firm and the individuals
assigned to this project offer considerable expertise in structuring tax increment based financings.
With respect to tax allocation financing, Stone & Youngberg has
consistently ranked among the State’s top investment banking firms. To date
this year, we have structured 18 tax allocation issues representing over
$600 mi 11 ion of bonds. In 1991, we underwrote on a senior managed basis 17
tax al locat ion bond issues total 1 ing over $380 mi 11 ion, representing approximately 36% of all such bonds underwritten in California and over three
times the amount of our nearest competitor. Since our last effort for the
Agency in 1988, our firm has served as financial advisor or underwritten on a senior managed basis over 60 California tax allocation bond issues worth over $1.8 billion -- more than any other firm. Wbi le we are proposing to serve as your financial advisor, we believe this breadth of investment banking experience is directly relevant to the Agency’s needs. As a senior manager or lead underwriter, Stone & Youngberg assumes prime responsibility for preparing
a bond issue for market. We are therefore actively engaged in all facets of
the financing, including the preparation of the Official Statement, due diligence, legal document review and rating agency contacts. The case studies included in Section I of this Proposal provide an indication of our work with other redevelopment agencies.
SAN FRANCISCO (415) 981-1314. SAN DIEGO (619) 452-0504
City of Carlsbad
October 2, 1992
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As a result of our extensive experience in the special ized field of redevelopment finance, our bankers can make an immediate valuable contribution
to the Agency’s efforts. Over the years, we have worked with a wide range of
redevelopment agencies and project areas. Consequently, we have dealt with
the full array of issues encountered in California redevelopment finance.
Furthermore, through our active on-going involvement in this market, we ha.ve
developed close working relationships with the credit analysts at Moody’s Investors Service, Standard & Poor’s, and al 1 the major bond insurance companies. Inasmuch as this financing represents the Agency’s only opportunity to advance refund the 1988 Bonds, we believe it is essent.ial to
develop the strongest financial package possible. It is therefore crucial to assemble the most experienced and capable team of professionals possible to
meet the Agency’s objectives.
We are prepared to begin work immediately on your program to facilitate
the Agency’s objectives. Based on our understanding of the Project Area, we
believe that the Agency could obtain a strong rating and possibly bond
insurance while providing for considerable f lexibi 1 i ty for future f inancings.
As your financial advisor, we will devote the time and energy necessary to thoroughly evaluate the Agency * s financing options and structure and
coordinate a financing designed to meet your needs.
In our view, the Agency’s financing program represents an exciting and
challenging undertaking that can provide significant public benefit. Re
appreciate the Agency’s consideration of our credentials and look fo!.s;trd to
working with you on your financing program. Please feel free to call the
undersigned if you have any questions regarding our proposal.
L. William Huck James R. Cervantes Partner Senior Associate (619) 452-0504 (818) 906-0315
Sincerely,
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TABLE OF CUWENIS
I. SrONEaYmm
Introduction
Tax Allocation Financing Case Studies
l Brea Redevelopment Agency
l Culver City Redevelopment Agency
l Ontario Redevelopment Agency
II. FINANCING TEM
III. (zmRGEs Fa? SFlzvIcES
IV. PROPOSED SIBVICES AND - Initial Organization of the Financing Team Development of a Financing Memorandum
Structuring the Financing
Post-Sales Services
v. CLImr REFmmcES
- APPBIDIX A: !tiTUNE & YtMJNfBH?C’S TAX ALUXATION UNDERWRITING ElG’f%IENcIE
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I. !STONE&YfJUN~~
Introduct iog
Since 1931, the Stone & Youngberg partnership has committed its resources
to assisting California local governments achieve their economic development and capital financing goals. The firm has structured over $10.1 billion of
the local agency debt since 1986 to finance projects throughout Southern and
Northern California. Serving as fi.nancial advisor, Stone & Youngberg has
structured financings amounting to $41,575,240, $34,544,691, and $159,458,656 in 1991, 1990, and 1989, respectively. To date in 1992, Stone & Youngberg has
served as financial advisor on $50,965,000 of California I oca 1 agency
financings.
Stone & Youngberg is actively engaged in all aspects of the California
municipal bond market, including investment banking. underwriting, and trading
California municipal bonds. Through our active and on-going involvement in
this specialized market, Stone & Youngberg offers our municipal clients a
level of banking expertise unmatched by any other firm. With this range of capabi I ities, we also provide a level of sensitivity to the credit markets
that other financial advisors may lack. The individuals eagaged in the
Agency’s efforts will have ready access t.o Stone & Youngberg’s Trading Desk
and will therefore be able to ensure the most marketable structure for the Agency’s financing program. We believe the following points help to
characterize and distinguish Stone & Youngberg:
l One of a handful of investment banking firms to remain organized as a
partnership. The firm is owned and operated by its day-to-day management,
all of whom live and work in California. All commitments are made and met
local ly.
l Stone & Youngberg specializes in California municipal finance, not
corpora.te I everaged buyouts , insurance or real est.ate trusts. We are
engaged in al 1 aspects of California municipal finance from the State and
Federal legislative processes, to the structuring of financings and the
sale of municipal bonds to investors.
l The firm maintains a local presence. Our senior banker for this financing effort is based in our San Diego office with the other member of our
banking team based in Los Angeles. We have served as investment bankers
on a wide variety of redevelopment-oriented financings for agencies
throughout Southern California. We are also familiar with Carlsbad as an
investment banking firm -- both Bill Huck and Jim Cervantes worked with staff on the Agency’s 1988 Bonds and on the 1989 Encina Financing Joint Powers Authority issue. Bill Huck has been engaged in an on-going effort with the City for the Ranch0 Santa Fe Road Assessment District.
l The firm is mall enousth to provide the personalized, knowledgeable service of senior bankers to each client. We be1 ieve we have been successful for over 60 years by emphasizing the importance of solid banking relationships -- our goal is to succeed through a better understanding of our clients’ financing objectives, resources and constraints. ..= .- (. /.
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l The firm is big enough to be enormously effecti;re. According to
Securities Data Co., in each of the last five years the firm led all
others in the number of California municipal issues underwritten. In a
recent article, the industry’s daily journal, The Bo d Buv called Stone
& Youngberg “. . . far and away the dominant Californra-basti’regional firm
in public finance.”
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a Stone & Youngberg’s bankers offer hands-on exuerience in structuring tax
increment related financing orxgrms. According to Securities Data
Company I Stone & Youngberg has been a consistent leader in the
underwriting of California tax allocation bonds:
Full Credit to Lead MB
Year
Do1 lar Number
ofIssam
1992 (1st X)* 1 $376.7 9
1991 1 352.9 18
1990 1 183.4 6
1989 2 374.0 9
1988 2 115.0 6
Source: Securities Data Company
* Most current industry-wide information available
We have structured major tax increment based financing programs for a wide variety of local agencies. In 1988, for example, we acted as the financial advisor for that year’s largest issue, a $92.5 million financing for the Anaheim Redevelopment Agency that is not included in the underwr i t ing figures above. In 1989, we underwrote the largest tax allocation issue that year, a $150 million effort for the Culver City Redevelopment Agency. In 1991, Stone & Youngberg completed a major effort
for the Brea Redevelopment Agency encompassing approximately $175 million
of tax-exempt and taxable bonds. Tllis year, the firm structured and lead-managed a complex $135 mi 1 lion refunding program for the Anaheim Refunding Agency that featured the first use of an “inverse floater” for a tax allocation financing. The members of the Carlsbad banking team hi;ve been actively engaged in each of these financing projects. The 1 ist ing in
Appendix A and the following case studies provide examples sf our
experience.
Tax Allocation Financing Case Studies
The following are case studies of recent tax allocation financings underwritten and structured by Stone & Youngberg.
Background
l Large (2,200 acres) Project Area
l Three outstanding bond issues
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l Significant moneys required for a major downtown revitalization
program
l Need for flexibility with respect to housing proceeds and “private use” projects.
Stone & Youngberg’s Role
l Developed a financing program to maximize bond proceeds through a
Senior/Juaior Bond structure.
0 Structured a 32 year term “wrap-around” tax-exempt issue around a short term parity taxable bond to lower the Agency’s aggregate
interest costs.
l Organized rating presentations and investor meetings in New York,
Boston and Chicago. Obtained an MBIA insurance commitment.
$152,961 J47.20 Brea Public Financing Authority I991 Tax Allocation Revenue Bonds, Series A (August, 1991)
l $6 million present value savings
l Senior lien issue, refunded outstanding bonds
l “Wrapped Around” parity Series B
l Used an MBIA Reserve Surety to maximize proceeds
l Use of CABS in debt structure
l $22.6 million of new cash proceeds
l $31 million escrow of bond proceeds
$11,33O,OOO B rea Public Financing Authority 1991 Tax Allocation Revenue Bonds, Series B (August, 1991)
l Taxable issue on a parity with Series A, aggregate level debt service
in combination with Series A
l Short term bond designed to lower interest costs
l Proceeds Linked to Series A Loan Fund to ensure that Housing Set-Aside can continue lo be applied to Series A and Series B debt service
$12,000,000 Brea Public Financing Authority .I991 Tax Allocation Revenue Bonds, Series C (August, 1991)
l Subordinate bonds
l Deposited proceeds i.n the Series A Refunding escrows in order to maximize aggregate new bond proceeds
Stone & Youngberg Bankers
l Jim Cervantes and Bill Huck
CUIMB CITY REDJZVEW AGIXY
Background
l Three Redevelopment Project Areas
l Four prior outstanding bond issues
l Major Agency/City capital projects pending (including a new $20 million Civic Center)
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Stone & Youngberg’s Role
l Executed considerable refunding analyses resulting in the elimination
of transferred proceeds.
l Developed a financing structure to maximize new cash proceeds while providing a low overal 1 cos I of funds.
l Organized rating presentations, obtained an AMBAC commitment for
Senior Bonds.
Stone & Youngberg’s Bankers
l Bill Huck and Jim Cervantes
ONTARIO W ACfWCY
Background
l $62 million refunding and new money issue.
l Marks-Roos Joint Powers Authority (JPA) encompassing fcur distinct
credits: three redevelopment project areas and a general fund
secured lease agreement.
l Refunding of five outstanding bond issues.
l Raised $5.2 million in new capital, including $690,000 in proceeds
escrowed for release in the future.
l Homogenized varying credit qualities through use of bond insurance. By issuing through JPA was able to secure bond insurance on small project areas.
l Defeased all outstanding tax allocation bonds and issued new debt under JPA indenture.
Stone & Youngberg’s Role
l Developed JPA financing structure.
l Review new JPA indenture to ensure future financing flexibility.
l On the pricing date simultaneously structured five open market
escrows in lieu of SLGS, providing substantial savings to the Agency.
l Organized rating agency and bond insurance presentations in New York.
l Obtained MBIA commitment for bond insurance and reserve fund surety
pol icies.
Stone & Youngberg Bankers
l Bill Huck
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II. FTNANCINC TEAlI
The following provides brief resumes for Stone & Youngberg’s proposed
team. Bill Huck will serve as our lead banker for this assignment with
day-to-day support from Jim Cervantes. Jim will provide logistical support
and will assume responsibility for the production of the Official Statement, due diligence, quantitative analysis and rating agency/bond insurance contacts.
L. William Huck, Partner, Member Executive Committee
Stone & Youngberg
4350 La Jolla Village Drive, Suite 840
San Diego, CA 92122 (619) 981-1314
Bill is responsible for coordinating Stone & Youngberg’s public finance activity in Southern California. Si.nce joining the firm in 1981, Bi 11 has
assisted more than one hundred different California public agencies on capi ta1 improvement projects with total funding requirements of several billion
do1 lars. Bill managed the firm’s efforts on the $150 million Culver City Redevelopment Agency financing and served on Stone & Youngberg’s team for the $175 million Brea Public Financing Authority program. Bill also served as
banker in the firm’s lead managed $256 million tax allocation refunding for
the San Jose Redevelopment Agency. His clients include the redevelopment
agencies of Torrance, Ontario, Coronado and Fairfield.
Bill received both a Bachelor’s Degree (Economics) and Masters Degree (Business Administration) from Stanford University. Between terms of study at Stanford, he served seven years as a U.S. Navy pilot.
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James R. Cervantes
Stone & Youngberg
15260 Ventura Blvd., Suite 900
Sherman Oaks, CA 91403
(818) 906-0315
Jim Cervantes received his M.B.A. with a concentration in finance and public management from the Stanford Graduate School of Business. After graduating with honors from Harvard University, he was awarded a fellowship in public affairs with the Coro Foundation and participated in the Claremont Graduate School’s Public Policy Analysis program. Prior to his work with Stone & Youngberg, he was active for several years in developing affordable housing with a non-profit housing development corporation in San Francisco’s Mission District. Jim assisted Stone & Youngberg’s structuring of a taxable tax allocation bond issue in 1987 for the Rosemead Redevelopment Agency. He also provided all the quantitative analyses and assisted in structuring tax al locat ion f inancings for the redevelopment agencies of Santa Fe Springs, Commerce, Tustin, Carlsbad, Anaheim, Oxnard, Orange County, and a series of issues for the Riverside Redevelopment Agency. Jim was also responsible for the quant j tat ive analysis, document preparation, and rating agency/bond insurance company liaison for the Culver City Redevelopment Agency’s $150 million financing in 1989, the Brea Redevelopment Agency’s $175 million
financing program in 1991, and the Anaheim Redevelopment Agency’s recent $135
million financing.
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Inasmuch as the actual scope of work relating to the Agency’s financial
advisory assignment is preliminary, the following fee schedule represents our
“not to exceed” amount. We recommend that fees be negotiated between the
Agency and its advisory team wi. th a cap on such fees once the specific scope of the project is determined and the work product is defined. The cost for
the preparation of the financing plan as discussed in Section IV would be
included in the overall fee relating to the proposed bond issue.
Preparation and Execution of a Financing:
. $37,500
Out-of-pocket expenses for any out-of-Sta.te travel, computer time, express
de1 ivery, official statement production, etc., are reimbursed on an actual
cost basis. Any rating agency fees or bond insurance costs would be paid directly by the Agency.
State law now requires that bond underwriting firms engaged as a financial
advisor for a particular issue of bonds must receive consent from the issuer
prior to bidding on such issue. Stone & Youngberg believes it would be in the Agency’s best interest to attract as many bids as possible on any public sale
and, therefore, would request the Agency’s consent to submit a bid to purcha.se any securities the Agency elects to sell its Bonds in this manner.
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IV. mmED sEHvICEs AND SmEDuLE
As f inane
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the Agency’s financial advisor ) we are prepared to begin a cooperative
ing effort with staff and the other members of the financing team. The ing steps out1 ine a schemilt ic of the services for this engagement.
this list is not all-inclusive, we feel it provides an indication of the
process we envision for this financing effort.
Initial Organization of the Financiw Team
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l Review Agency objectives, opinions and timing, as we1 1 as any policy directions that would affect the range of financing options.
l Discuss avai lahle and projected tax revenues and applicable 5ond and t.ax revenue limits.
l Review specific structural and cash flow requirements.
l Review advantages, risks and legal requirements of various financing
alternatives.
0 Review significant potential credit concerns of rating analysts and investors.
l Prepare a critical path of the steps involved in the financing program to
facilitate coordination and planning among all parties.
Develoment of a Financinrr YIemorandum
l Prepare a spreadsheet model of the Agency’s projected tax revenues and financing options. Provide a sensitivity analysis for critical variables such as interest rates, costs, timing.
l Review advantages and disadvantages of available legal vehicles. Evaluate and make recommendations regarding financing alternatives and options.
l Review the Agency’s alternatives with respect to th.e management of the
investment of bond proceeds so as to minimize arbitrage/rebate
cons iderat ions.
l Based on our analysis and staff review, a Financing Memorandum would
provide a summary of the Agency’s alternatives with our recommendations
and a timetable for the project.
l We would be available for any staff or Council workshops or meetings as appropriate. In such sessions we would prepare display graphics to make the information clear to all parties.
$&mct rin u
l We wi I1 perform the work required to execute a financing, including t.he
preparation of the Official Statement.
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l If requested, we will assist staff in selecting the Trustee and printer.
l Stone & Youngberg will work with staff in preparing or coordinating any required informat ion for the Rating Agencies and Bond Insurance
companies. We will also orgaaize site visits by these parties or New York
rating meetings, if appropriate.
8 t-Sale Services
l Stone & Youngberg will coordinate the closing with staff and Bond Counsel
beginning with the preparation of a Closing Memorandum summarizing the
details of the Closing.
0 We will also assist staff in structuring an investment program for available bond proceeds, if requested. Furthermore, we will also work with staff in establishing a program to manage arbitrage calculations.
Our commitment on any given assignment is to work with Agenc_v staff t.o assure that the financing is consistent with the Agency’s policies and
compatible with the standards and requirements of the investment community.
The scope of our services is intended to be broad enough to accomplish these goals.
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V . CLlENT REFWWES
Coumity Development Agency of the City of Coronado 1825 Slrand Way
Coronado, CA 92118
Homer Bludau
City Manager Pamela Willis Deputy Executive Director
Brea Redevelopment Agency
Civic and Cultural Center Circle
Number One Civic Center Circle
Brea, CA 92621 Susan Georgino
Redevelopment Services Director
Larry Hurst
Financial Services Director
Torrauce Redevelopment Agency 3031 Torrance Boulevard
Torrance , CA 90503
Mary Giordano-Specht
Finance Director
Tustin Community Development Agency
300 Centennial Way
Tust in, CA 92680 Ronald Nault Finance Director
Culver City Redevelopment Agency 9696 Culver Blvd., Suite 308
Culver City, CA 90232 Jody Hal I-Esser
Executive Director
Ontario Redevelopment Agency Civic Center 303 East “B” Street
Ontario, CA 91764 Norman J. Priest Community Economic Development Director
Santa Fe Springs Redevelopment Agency
11710 Te legraph Road Santa Fe Springs. CA 90670 Dona Id M. Nuttall
D irector of Finance
(619) 522-7335
(619) 522-7335
(714) 671-4423
(714) 990-7675
(310) 618-5855
(714) 544-8890
(310) 202-5775
(714) 391-2515
(31Oj 86%0511
STONE & YOUNGBERG
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APPBDIX A
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SI-ONE h YOUNQV3WS TAX ALLOC’ATIOJN UNMBWRITPNG EXI%iRIma
STONE & YOUNGBERG
NAME OF ISSUE
lndlan Wells RDA
Plnok RDA Serbs 1992A
Plnok RDA Serbs 19928 (Taxable)
Hanford Communlty RDA
Orange County Flnanclng Auth (Taxable)
Fontana RDA
Orange County Financing Agency
Contra Costa County PFA
Walnut PFA
Huntlngton Beach PFA
Torrance RDA
Mountain View Capital Imp Fln Agency
Oakdale PFA
Anahelm PFA
Falrfkld PFA
Escondldo JPA
Ontarlo RDA
Santa Fe Sprfngs RDA
Fontana PFA
Rosemead RDA
City of San Carbs
Westminster RDA Project 1
Brea RDA Series A
Brea RDA Series B Taxable
Brea RDA Serks C
Tustln Comm. RDA
Clty of Rlvenlde PFA
Clty of Commerce JPFA
City of Commerce RDA
Ranch0 Mirage JPFA
Clty of Rohnert Park
Fontana PFA
Slml Valley PFA
El Cerrlto RDA
Fontana PFA
Coronado Communlty Dev. Agency
Ranch0 Cucamonga RDA
Yorba Linda Redevelopment Agency
San Jose Redevelopment Agency
Culver Clty Redev Fln Auth Ser B
Culver Clty Redev Fln Auth Ser A
Torrance Redevelopment Agency
Oakdale PFA
Clty and County of San Francisco
LGFA - San Franckco
LGFA - Escondkb
Orange County Development Agency
Covlna RDA
Clty of Norco RDA
Palmdak CMc Authorlty
Clty of Falrfleld PFA
Oxnard Redev. Agy.
Walnut Improvement Agency
Clty of Fontana RDA, Jurupa HUk
Clty of Slml Valley Communlty RDA
Cfty of Rlverskle RDA
City of Rlverslde RDA
Clty of Emeryvllk PFA
Fontana RDA (North Fontana)
Concord RDA (Central Concord)
Clty of Needles Redev. Agency
Carkbad Redev and Housing Comm.
City of Commerce RDA Project 1
Sap-92
Aug-92
Aug-92
Jul-92
Jul-92
Jun-92
May-92
May-92
May-92
May-92
May-92
Apr-92
Apr-92
Mar-92
Jan-92
Jan-92
Jan-92
Jan-92
Cot-91
Sep91
Aug-91
Jul-91
Jul-91
Jul-91
Jul-91
Jul-91
Jun-91
Jun-91
Jun-91
Jun-91
May-91
Mar-91
Nov-90
Nov-90
Jul-90
Mar-90
Feb-90
Nov-89
Ccl-89
OH-89
Cct-89
Sep-89
SW-@ Jut-89
Jul-89
Jul-89
Jun-89
Apr-89
Mar-69
Mar-69
Feb-69
Jan-89
Deo-88
Nov-88
Cct-88
act-68
SW-@ W’4’8 Jun-88
May-88
May-88
Apr-88
Jan-88
TYPE
Tax Allocatbn
Tax Allocation
Tax Allocatbn
Tax Allocation
Tax Allocation
Tax Albcatbn
Tax Albcatbn
Tax Allocation
Tax Albcatbn
Tax Allocation
Tax Allocation
Tax Allocation
Tax Allocation
Tax Allocatbn
Tax Allocation
Tax Albcatbn
Tax Allocation
Tax Albcatbn
Tax Allocation
Tax Allocation
Tax Allocation
Tax Allocation
Tax Albcatlon
Tax Albcatbn
Tax Allocation
Tax Albcatlon
Tax Allocation
Tax Albcatbn
Tax Allocation
Tax Allocation
Tax Allocation
Tax Allocation
Tax Allocation
Tax Albcatlon
Tax Albcatlon
Tax Albcatbn
Tax Allocatlon
Tax Allocation
Tax Allocation
Tax Allocatbn
Tax Allocatbn
Tax Allocatlon
Tax Allocation
Tax Allocation
Tax Allocatlon
Tax Allocation
Tax Allocation
Tax Albcatlon
Tax Allocation
Tax Allocatbn
Tax Allocatbn
Tax Allocatbn
Tax Allocatlon
Tax Allocatlon
Tax Allocatlon
Tax Allocatbn
Tax Allocation
Tax Albcatbn
Tax Allocatlon
Tax Albcatlon
Tax Albc. Notes
Tax Allocatlon
Tax Allocation
PAR VALE
$14,800,000
11,860,000
7,340,OOo
2,385,OOO
3,185,OOO
37,785,OOO
26,081,666
29315,000
37905,655
32,515,OOO
9,670,OOO
56,477,772
1,395,ooo
134433,053
12,875,OOO
35,966,152
61,191,823
65,000,OOO
12,670,OOO
11,725,240
6,700,OOO
26,475,OOO
152,961,147
11330,000
12,000,000
13,100,000
13,285,OOO
20,770,000
16,069,113
15,620,OOO
13,100,000
45,270,OOO
14,389,891
3,025,OOO
50,000,000
11,550,000
107,788,OOO
39,875,OOO
45600,000
40600,000
109,995,467
32600,000
3,400,ooo
18900,000
22299,217
23,800,OOO
13600,000
4900,000
22600,000
17,600,OOO
50,945,000
10,400,000
25,500,OOO
28,700,OOO
7,185,ooo
ll,175,000
4900,000
20,245,OOo
35900,000
91,422,663
1900,000
12900,000
44,840,000
FINANCEQ
Refunding; Cons. Whltewater Proj Area
Plnole Vkta Redev Project
Plnole Vkta Redev Project
Hanford Mall Improvements
Nelghborhood Dev and Preservation Proj
Jurupa Hills Project Area refundlng
Nelghborhood Dev 8 Preserv Proj; refunding
Four loans; refunding
Refunding and new money
Four separate loans; refunding
Downtown Redev Project, refundlng
Refunding of lease and tax albc bonds
Housing Increment loan - senior houslng
Redevelopment Project Alpha
City Center, Highway 12, Cordella loans
Refunding
City Center Imps, refunding of 5 Issues
Consolidated Project Area; refunding
Downtown Redev Project; refundlng
Street Improvements
Downtown beautlflcatlon
Refunding, Project Area 1
Redev Project loans; refundlng
Redev Project bans; mfundlng
Redev Project loans; refundlng
Redev Project, Town Center Area
Multiple project bans
Multiple project loans
Multiple project bans
Civic Center
Refunding
North Fontana Redevelopment Project
Tapo Canyon and West End Project Areas
Property acqukltton for multl-famlly
Refunding
School facllitks
Fire, recreation, Ilbrary, ref
Yorba Llnda Redev Proj Area, ref
Merged Project Area
Refunding; loans to 3 project areas
Refunding; loans to 3 project areas
Refunding
Refundlng, Central Clty project
SF housing projects, Infrastructure
Refunding
Refunding
Public works, housing stock
Redev. Proj No 1 - various facllltks
Redev. Proj No 1 - varlous facllltles
Redev. Proj No 4 - various facllltles
Refunding, four new bans
RefundIngparkIng, land acqukltbn
Refunding
Refunding
West End project - various faclllties
Refundlng - Downtown Mlk Square
Public parking
City hall, street Improvements
North Fontana - regional facllltks
Central Concord project
Varlous facllltles
Village Redevelopment project
Refunding
ROLE OF
Sole UW
Sole W
Sole uw
Sole WV
Sole W
Sole UW
Sole UW
Lead Mgr
Sole UW
h&v Sole UW
Sole UW
sole uw
Lead Mgr
sole uw
Sole UW
Sole UW
Sole UW
Sole UW
FA
FA
Sole UW
Sole UW
sole uw
Sole UW
FA
Sole UW
Sole UW
Sole UW
Sole UW
Sole UW
Sole UW
FA
sole uw
Sole UW
Sole UW
sole uw
sole uw
FA
sole uw
Sole UW
Sole UW
Sole UW
FA
FA
Sole UW
FA
FA
sole uw
Lead Mgr
Sole UW
FA
Sole UW
Sole UW
FA
sole uw
Sole uw
Sole UW
FA
Co Mgr
FA/Sole UW
FA
Sole UW
I TOTAL PAR AMOUNT: $1,897,891,661 NUMBER OF ISSUES: 63
JON
CHARLES F. ADAMS
STEPHEN R. CASALEC+~IO
MICHAEL D. CASTELLI
THOMAS A. DOWNEY
ANDREW G. HALL, CR.
OREO HAREIN0TON
KENNETH I. JONES
WILLIAM H. MADISON
E. WADE NORRIS’
DAVID CT. OSTER
BRIAN D. QUINT
PA7JL J. THIMWG
DAVID A. WALTON
SHARON STANTON WHITE
HALL HILL&
!OFESSIONAL LAW CORPORA
ATTORNEYS AT LAW
WH
.TION
(015) 381-5780
FACSIMILE
(415) 381-5784
(415) 381-5785
(415) 258-8308
October 2, 1992
ROBERT .S. HILL (1822-1988)
* *DWlTTBD TO oeoaer* BASZ ONIX
Lisa Hildabrand
Finance Director
City of Carlsbad
Finance Department
1200 Carlsbad Village Drive Carlsbad, California 92008-1989
Re: Pronosed Tax Allocation Bond Issue
Dear Lisa:
Following up on yesterday’s telephone conversation, it is our pleasure to present this proposal to the Carlsbad Housing and Redevelopment Commission (the “Commission”) to act as bond counsel in connection with a proposed issue of tax allocation bonds (the “Bonds”) to refund the Commission’s outstanding Village Redevelopment Project Area 1988 Tax Allocation Bonds, Series A, and raise additional funds for new projects of the Commission.
Our services as bond counsel would include all of the following:
(a) Consultation and cooperation with the Commission, the City of Carlsbad and
their respective counsel, officers and employees, with the financial advisor, underwriter and other professional firms engaged by the Commission with respect to the issuance of the Bonds and assisting such persons in the formulation of a coordinated financial and legal refunding from the proceeds of the Bonds.
(b) Preparation of all legal proceedings deemed necessary or advisable by us for the authorization, issuance and delivery of the Bonds; including preparation of (i) any documentation required for the issuance of the Bonds by the Commission, including an indenture of trust or resolution authorizing the issuance of the Bonds, resolution authorizing and directing the sale of the Bonds, all required notices of sale (including supervising the publication of such notices as required by law), resolution awarding the sale of the Bonds to the purchaser thereof, all documentation required to be executed by the Commission in connection with the delivery of the Bonds to the underwriter, and all
agreements providing collateral security for the Bonds, (ii) all necessary California Debt
Advisory Commission filings and other reports and documents required to be filed by the
Lisa Hildabrand City of Carlsbad October 2, 1992 Page 2
Commission in connection with the issuance of the Bonds, (iii) all certificates, deeds,
requisitions, receipts and other documents required in connection with the delivery of the
Bonds to the original purchaser thereof, and (iv) all other proceedings of the Commission incidental to or in connection with the issuance, sale and delivery of the Bonds.
(c) Advising the Commission as to the need to register the Bonds under applicable federal securities laws or to obtain a permit to issue the Bonds under applicable State of California securities laws, or to obtain no-action letters or similar determinations from the
Securities Exchange Commission or California Corporations Commission.
(d) Subject to the satisfactory completion of proceedings, providing a legal opinion (i) unqualifiedly approving in all respects the legality of all proceedings of the Commission for the authorization, issuance and delivery of the Bonds and any related agreements to which the Commission are a party, and (ii) stating that interest on the Bonds is excluded from gross income for federal income tax purposes and is exempt from State of California personal income taxation. Such opinion shall be addressed to the Commission; provided, however, that such opinion shall inure to the benefit of the owners of the Bonds and we
will execute letters to other interested parties entitling such parties to rely upon such
opinion. In addition, subject to the satisfactory completion of proceedings, we will provide
such additional legal opinions to the Commission, the original purchaser of the Bonds and other interested parties as may be appropriate.
(e) Any and all legal consultation requested by the Commission concerning the Bonds and any resolutions, certificates, agreements and other documents relating to the authorization, issuance and delivery of the Bonds at any time following issuance of the Bonds.
(f) We will examine any such official statement or other offering document as to
the description of the Bonds and related financial agreements and as to matters within our
knowledge (without undertaking any independent investigation thereof).
(g) We will perform such other and further services as are customarily performed by bond counsel on similar tax-exempt fiiancings.
For the services listed above, we would propose being paid a percentage fee equal to the
sum of: (a) 1% of the first $1 million principal amount of Bonds, plus (b) l/2 of 1% of the next $5
million principal amount of Bonds, plus (c) l/4 of 1% of the next $5 million principal amount of
Bonds, plus (d) l/8 of 1% of the remaining principal amount of Bonds. In addition, we would
request reimbursement for all out-of pocket costs and expenses incurred by us in connection with
our services for messenger and delivery services, photocopying, legal publication, out-of-state travel, and the cost of preparing transcripts of the proceedings for closing purposes. We do not request reimbursement for travel within California.
Payment of said compensation will be entirely contingent upon the successful issuance of the Bonds, and will be payable solely from the proceeds of the Bonds and from no other funds of the Commission or the City of Carlsbad.
I will be the responsible attorney assigned to this project, with back-up assistance being
provided by Andy Hall. In addition, it is our practice to assign one of the two attorneys in the office who specialize in federal tax law to each project; and as we approach the time set for the sale
Lisa Hildabrand City of Carlsbad October 2, 1992 Page 3
of the bonds, we will assign a para-professional from our Closing Department to oversee the administrative responsibilities in connection with closing the bond issue.
Although you haven’t asked for it, I am sending along a listing of all tax allocation bond issues for which the firm has acted as bond counsel since 1990, which demonstrates that we are the most experienced firm in the State of California in the area of tax allocation financing. I am currently working on a tax allocation bond for the Morgan Hill Redevelopment Agency, which
involves the refunding of two prior bond issues. Since January 1, 1991, I have personally acted
as bond counsel on 11 tax allocation bond issues aggregating $430 million in principal amount; the
majority of these have been refundings.
I have also prepared a rough resolution which approves engaging us, Stone & Youngberg and Keyser Marsten. Please feel free to make any changes to suit your format, or in any other respect for that matter.
If I can answer any questions about this proposal, please give me a call. I appreciate the opportunity to make this proposal, and hope we have the chance to be of service to the Commission on the financing.
yours,
Adams
JONES HALL HILLY& WHITE AS BOND COUNSEL
Name of Bonds Underwriter
La Mirada Redevelopment Agency Stone & Youngberg Industrial/Commercial Redevelopment Project 1991 Housing Tax Allocation Bonds
Series A (I/l 5)
Princiaal Amount
$5,565,000
Lake Elsinore Public Financing Authority 1992 First California Capital Markets
Series A Tax Allocation Revenue Bonds Group, Inc.
I:/;:) Elsinore Redevelopment Projects)
$18,000,000
Ontario Redevelopment Agency 1992 Tax Stone & Youngberg Allocation Bonds (Ontario Redevelopment Project No. 1) (2/6)
$44,328,567.75
Ontario Redevelopment Agency 1992 Tax Allocation Bonds (Center City
Redevelopment Project) (216)
Stone & Youngberg $9,998,426.10
Ontario Redevelopment Agency 1992 Tax
Allocation Bonds (Cimarron Redevelopment Project) (2/6)
Stone & Youngberg $3,697,539.15
Lake Elsinore Public Financina Authority 1992 First California Capital Markets $4,200,000 Series B Taxable Tax Allocation Revenue Bonds (Lake Elsinore Redevelopment
Projects) (2/21)
Group, Inc. ’
Santa Fe Springs, Redevelopment Agency of
the City of, Consolidated Redevelopment Project Tax Allocation Bonds, 1992 Series A (2/21)
La Habra Civic Improvement Authority 1992 Tax Allocation Bonds (2/25)
Industry Urban-Development Agency Transportation-Distribution-Industrial Redevelopment Project No. 3 1992 Tax Allocation Refunding Bonds (2/27)
Stone & Youngberg
Seidler-Fitzgerald Public Finance
Smith Barney, Harris Upham &
Co. Incorporated
Lake Elsinore Public Financing Authority 1992 First California Capital Markets Series C Tax Allocation Revenue Bonds Group, Inc. [h&k; Elsinore Redevelopment Projects)
$85,000,000
$5,700,000
$33,615,000
$24,000,000
Summary - Page 1
Lake Elsinore Public Financing Authority 1992 First California Capoital Series C Tax Allocation Revenue Bonds Markets Group, Inc.
[:I-?) Elsinore Redevelopment Proejcts)
Industry Urban-Developemnt Agency Transportation-Distribution-Industrial Redevelopemtn Preojct No. 2 1992 Tax Allocation Refunding Bonds (3/31)
Bank of America NT & S A
La Mirada Redevelopment Agency Industrial- Prudential Securities, Inc. Commercial Redevelopment Project Tax
Allocation Bonds, 1992 Series A (4/8)
La Mirada Redevelopment Agency Industrial- Kemper Securities Inc. Commercial Redevelopment Project Tax Allocation Bonds, 1992 Series B (4/8)
Thousand Oaks Redevelopment Agency Newbury Road Redevelopment Projec t1992 Tax Allocation Bonds (4/9)
Stone & Youngberg
Anaheim Public Financing Authority 1992 Tax Stone & Youngberg and Allocation Revenue Bonds (Redevelopment Merrill Lynch & Co. Project Alpha ) (4/l 4)
Azusa, Redevelopment Agency of the City of, Dean Witter Reynolds, Inc. Merged Proiect Area Tax Allocation Bonds, 1992 Sereis A (5/27)
Walnut Public Financing Authority 1992 Tax Allocation Revenue Bonds (Walnut
lmprovmenet Projet) (619)
Marysville Community Development Agency
(Marysville Plaza Project) 1992 Tax Allocation Refunding Bonds (6/l 1)
Contra Costa, County of, Public Financig Authority 1992 Tax Allocation Revenue Bonds, Series A (Pleasant Hill, North Richmond, West Pittsburg and Oakley Redevelopment Project Areas) (6/l 7)
Parlier Redevelopment Agency, Parlier Redevelopment Proejct Tax Allocation Bonds 1992 Series A (8/4)
Fairfield, Redevelopment Agency of the City of, 1992 Remarketing of 1985 Series Tax Allocation Bonds (Highway 12 Project Area) (8/6)
Stone & Youngberg $37,005,654.65
George K. Baum & Company
Stone & Youngberg, Artemis Capital Group, Inc.
Sutro & Co., Inc.
$24,000,000
$26,525,000
$11,200,000
$7,020,000
$2,450,000
$134,433,052.80
$6,065,000
$1,500,000
$29,315,000
$4,880,000
Summary - Page 2
1991 SUMMARY OF TAX ALLOCATION BOND ISSUES JONES HALL HILL & WHITE AS BOND COUNSEL
Name of Ron&i . . rnctpal Amount
Santa Barbara, Redevelopment Agency of the Seidler-Fitzgerald Public City of, Central City Redevelopment Project, Finance 1991 Tax Allocation Refunding Bonds (01/l 1)
$38,685,000
Rio Vista, Redevelopment Agency of the City Stone & Youngberg
of, Project A 1991 Tax Allocation Bonds
(05/08)
$920,000
Rohnert Park, City of, 1991 Tax Allocation
Refunding Bonds (05/30)
Stone & Youngberg $13,099,895.20
Pleasant Hill Redevelopment Agency, Pleasant Hill Commons Redevelopment Project, Tax Allocation Refunding Bonds, Series 1991 (06/04)
Sutro & Co., Inc. $9,825,000
Lincoln, City of, Redevelopment Agency Sutro & Co., Inc.
(Lincoln Redevelopment Project) 1991 Tax
Allocation Bonds (07/l 6)
$5,000,000
Brea Public Financing Authority 1991 Tax
Allocation Revenue Bonds, Series A
(Redevelopment Project AB) (08/08)
Stone & Youngberg $152,961,147.20
Brea Public Financing Authority 1991 Stone & Youngberg Subordinate Tax Allocation Revenue Bonds, Series C (Redevelopment Project AB) (08/08)
$12,000,000
Paramount Redevelopment Agency Chilton & O’Connor, Inc.
Redevelopment Project Area No. 1 Subordinate Tax Allocation Bonds, Issue of 1991 (08/l 3)
$34,640,000
San Carlos Redevelopment Agency (San Dean Witter Reynolds Inc. Carlos Redevelopment Project) 1991 Tax Allocation Bonds, Series A (09/04)
$8,710,000
Brea Public Financing Authority 1991 Taxable Stone & Youngberg Tax Allocation Revenue Bonds, Series B $11,330,000
(Redevelopment Project AB) (09/l 0)
Summary - Page 3
City and County of San Francisco Goldman, Sachs & Co. and
Redevelopment Financing Authority 1991 Pryor, McClendon, Counts &
Series B Taxable Tax Allocation Revenue Co., Inc.
Bonds (San Francisco Redevelopment Projects) (1 O/09)
Seal Beach, Redevelopment Agency of the Stone & Youngberg City of (Riverfront Redevelopment Project) 1991 Subordinate Lien Tax Allocation Bonds, Series A (11/07)
Fontana Public Financing Authority 1991 Tax Stone & Youngberg
Allocation Revenue Bonds (Downtown Redevelopment Project) (11 /14)
El Cerrito Redevelopment Agency, El Cerrito Altura, Nelson & Co.
Redevelopment Project Area Refunding
Tax Allocation Bonds, Series 1991 A (12/12)
$2,085,000
$4,990,000
$12,670,000
$7,185,000
Summary - Page 4
1990 SUMMARY OF TAX ALLOCATION BOND ISSUES JONES HALL HILL & WHITE AS BOND
of Bonds
Santa Fe Springs, Redevelopment Agency of the City of, Tax Allocation Bonds, 1990 Series A (2/l)
Pomona, Redevelopment Agency of the City of, West Holt Redevelopment Project 1990 Tax Allocation Refunding Bonds (2/15)
Antioch Development Agency Antioch Project, 1990 Tax Allocation Refunding Bonds (3/21)
West Covina, Redevelopment Agency of the
City of, Remarketing of Central Business
District Redevelopment Project Tax Allocation Refunding Bonds, 1986 Series A
Pm
West Covina, Redevelopment Agency of the City of, Remarketing of Eastland Redevelopment Project Tax Allocation Refunding Bonds, 1986 Series B (4/2)
Suisun City, Redevelopment Agency of the
City of, Suisun City Redevelopment Project
1990 Tax Allocation Bonds (4/l 1)
Thousand Oaks Redevelopment Agency 1990 Tax Allocation Refunding Bonds (Thousand Oaks Boulevard Redevelopment Project)
(5/24)
San Ramon Public Financing Authority 1990 Tax Allocation Revenue Bonds, Series A (5/25)
Lake Elsinore, Redevelopment Agency of the City of, Ranch0 Laguna Redevelopment Project Area No. 1 1990 Tax Allocation Refunding Bonds (6/l 4)
Lake Elsinore, Redevelopment Agency of the
City of, Ranch0 Laguna Redevelopment Project Area No. 1 1990 Tax Allocation Bonds (7/l 2)
COUNSEL
derwriter
Security Pacific Merchant
Bank
Miller & Schroeder Financial,
Inc.
Stone & Youngberg
Donaldson, Lufkin & Jenrette
Securities Corporation
Donaldson, Lufkin & Jenrette Securities Corporation
Sutro & Co. Inc.
Seidler-Fitzgerald Public Finance
Altura, Nelson & Co., Inc.
First California Capital Markets Group
First California Capital Markets Group, Inc.
. . rncrpal Amount
$ 5,000,000
$ 5,665,OOO
$ 2,600,OOO
$ 15,775,ooo
$ 3,975,ooo
$ 26,415,OOO
$ 40,000,000
$ 8,545,OOO
$ 5,500,000
$5,500,000
Summary - Page 5
Napa Community Redevelopment Agency of Sutro & Co. the City of Napa Parkway Plaza Redevelopment Project Tax Allocation
Bonds, Issue of 1990 (7/12)
Mendota Redevelopment Agency (Redevelopment Project Area No. 1) Tax Allocation Revenue Bonds, Series 1990 (7/l 7)
Central San Joaquin Financing Authority
Clovis Community Development Agency
Clovis Community Development Project
1990 Tax Allocation Bonds (7/31)
Prudential-Bathe Capital Funding
Vallejo Public Financing Authority Revenue (Tax Allocation) Bonds, 1990 Series A (8/30)
Smith Barney, Harris Upham & Co.
Vallejo Public Financing Authority Revenue Chilton & O’Connor, Inc. (Tax Allocation) Notes, 1990 Series B (9/6)
El Cerrito Redevelopment Agency El Cerrito Stone & Youngberg Redevelopment Project Area Tax Allocation Bonds, Series 1990A (11/13)
Glendale Redevelopment Agency (Central Glendale Redevelopment Project) 1990 Tax Allocation Bonds (1 l/14)
Bear, Stearns & Co. Inc. $65,785,000
Pomona, Redvelopment Agency of the City of, Miller & Schroeder Financial, Mountain Meadows Redevelopment Project Inc. 1990 Tax Allocation Refunding Bonds
(1 l/28)
San Francisco, City and County of, Goldman Sachs & Co.
Redevelopment Financing Authority 1990 Tax Allocation Revenue Bonds (San Francisco Redevelopment Projects) (12/6)
Downey, Community Development Commission of the City of, Downey Redevelopment Project 1990 Tax Allocation Bonds (12/l 8)
Smith Barney, Harris Upham &
Co., Inc.
San Pablo, Redevelopment Agency of the Clty Sutro & Co., Inc. of, Merged Project Area 1990 Tax Allocation Refunding Bonds (12/20)
$4,015,000
$2,500,000
$8,000,000
$5,235,000
$5,105,000
$3,025,000
$3,930,000
$22,995,819.10
$5,000,000
$10,545,000
Summary - Page 6
,-
.
KeyserMarstonAssociatesInc.
Heinz A. Schilling
LOS ANGELES 213/622-8095
Richard L. Botti
Calvin E. Hollis, II
Kathleen H. Head
7690 El Camino Real, Suite 202
Carlsbad, California 92009
619/942-0380 Fax 619/942-3012
SAN FRANCISCO 415/398-3050
Timothy C. Kelly
A. Jerry Keyser
Kate Earle Funk
Robert J. Wetmore
Michael Conlon
Denise E. Conley
September 30, 1992
Ms. Debbie Fountain
Senior Management Analyst .
Housing & Redevelopment Commission
City of Carlsbad
2965 Roosevelt Street
Carlsbad, California 92008
Re: Proposal for Fiscal Consultant Services
Dear Ms. Fountain:
Keyser Marston Associates (KMA) is pleased to present this proposal to provide fiscal
consulting services for the Housing & Redevelopment Commission of the City of
Carlsbad. As we understand it at this time, the Commission desires to refund a mid-
1980’s tax allocation bond issue with a new issue to take advantage of today’s favorable
financing market. A Fiscal Consultant’s Report is needed to evaluate the quantity and
quality of the revenue stream available to support the proposed bond issue.
In our firm’s 20 year history we have provided development and financial advise to a
broad selection of redevelopment agencies throughout the West. We bring a combined
expertise in fiscal consultation and an understanding of the development environment
which makes KMA uniquely qualified to assist you in this effort.
This proposal provides a comprehensive scope of services based on our current under-
standing of your needs. This scope is intended to provide the full range of services
required for the fiscal consultant’s report to be contained in the Official Statement (OS)
for the new bond issue. It is not our practice to charge an additional fee for materials
used in an OS. We remain open to revising this scope if it does not fully meet your
needs.
RealEstatePredevelopment&EvaluationServices
.
Ms. Debbie Fountain September 30, 1992
Proposal for Fiscal Consultant Services Page 2
For this assignment, we have committed a team of experienced senior level personnel.
Cal Hollis will act as Principal in Charge of this assignment. Mr. Hollis has provided
fiscal consulting and real estate consulting services for California redevelopment agencies
since 1973. A recognized authority in tax allocation procedures, redevelopment fiscal
management, and project implementation, Mr. Hollis will be responsible for the overall
assignment. A senior principal and co-manager of the firm’s Los Angeles office, Mr.
Hollis has been with KMA since 1982.
Mr. Hollis was a former founding principal of Katz Hollis Coren & Associates. Until
January 1, 1991, Mr. Hollis continued to direct services provided by that firm as well as
the services provided by KMA. While with Katz Hollis, he was responsible for fiscal
consultant services in support of tax increment financing exceeding $1 billion for agencies
throughout California, as well as the initial tax increment financing in the states of Utah
and Montana. Under his direction, KMA has recently been selected to provide fiscal
consultation for the Long Beach Redevelopment Agency.
Heinz A. Schilling will serve as consulting principal. Mr. Schilling has advised clients on
real estate and economic development assignments since 1962. A Senior Principal and
Manager of the Carlsbad office, Mr. Schilling has worked for numerous Cities and
Redevelopment Agencies in San Diego County over the past 15 years. He will provide
up-to-date knowledge of market area conditions for this assignment.
Mr. Greg Soo-Hoo, an associate of KMA, will assist in this assignment. Mr. Soo-Hoo
has over thirteen years of experience in redevelopment and public finance. Prior to
joining KMA, Mr. Soo-Hoo was a senior associate at Katz Hollis Coren & Associates,
Inc., providing financial and fiscal consulting services to various redevelopment agencies
throughout California. Mr. Soo-Hoo has participated as fiscal consultant in over 30 bond
issuances totalling nearly $750 million, including the Carlsbad issue which may now be
refunded.
KMA proposes that the Fiscal Consultant Report be prepared in four tasks, as detailed
in the enclosed proposal:
(1) Review of Project Area assessed values;
(2) Review of the County tax allocation procedures and legislative impacts;
(3) Review of existing Commission obligations and Plan limits, including
housing and set aside obligations; and
Ms. Debbie Fountain September 30, 1992
Proposal for Fiscal Consultant Services Page 3
(4) Projection of taxable values and tax increment revenues.
In addition, we are open to discussing any possible need for additional services. For
instance, the development activity included in a tax increment projection appropriate for
an OS should be limited to highly probable events, as demonstrated by building permit
activity or other concrete indicators. However KMA is well aware of the current state of
disarray of real estate markets in the San Diego area and throughout the nation, and the
resultant difficulty of projecting development activity. It may be useful to the Commis-
sion to have alternative increment projections which allow “what if’ testing, which would
then be a separate document from the OS.
The fiscal consultant services described in the attached proposal will be provided for a
fee of $19,000 plus such directly related job expenses as having to meet with rating
agencies.
We are confident that KMA has the experience and knowledge to provide the analysis
that meets the needs of the Commission, insurers, and the rating agencies. We look
forward to meeting with you to understanding your needs more fully, and are open to
discussing revisions to our approach. If you have any questions, please do not hesitate to
call Heinz Schilling at (619) 942-0380.
Sincerely,
KEYSER MARSTON ASSOCIATES INC.
Heinz A Schilling
iz_&JJ@&j _ ‘F
Calvin E. Hollis
enclosures
carlskma.pro
PROPOSAL FOR
FISCAL CONSULTING SERVICES
FOR THE
HOUSING AND REDEVELOPMENT COMMISSION
OF THE CITY OF CARLSBAD
PREPARED BY
KEYSER MARSTON ASSOCIATES INC.
SEPTEMBER 30, 1992
KeyserMarstonAssociatesInc.
PROPOSAL FOR FISCAL CONSULTING SERVICES
HOUSING AND REDEVELOPMENT COMMISSION
CITY OF CARLSBAD
TABLE OF CONTENTS
I. INTRODUCTION
A. Outline of the Proposed Scope of Services
B. Overview of KMA
II. QUALIFICATIONS
A.
B.
Expertise in Real Estate and County Fiscal Systems
Financial Planning and Tax Increment Analysis
San Leandro Redevelopment Agency
Glendale Redevelopment Agency
C. Fiscal Consultant Reports
Long Beach Redevelopment Agency
Santa Clara Redevelopment Agency
Santa Monica Redevelopment Agency
Brea Redeveopment Agency
Pomona Redeveloment Agency
D. References 6
III. SCOPE OF SERVICES
A. Review of Project Area Assessed Values 8
Identification of historic Assessed Values
Verification of 1992-93 Project Values
Identification of Ten Largest Taxpayers
Review of Assessment Appeals
B. Review of the County Tax
Overview of County Tax Allocation Procedures
Estimate of Deliquency Factors
Analysis of Legislation
C. Review of Existing Agency Obligations and Limits
1
2
3
3
4
4
8
9
9
9
9
Review of Housing Set Aside Requirements 9
Analysis of Commission Obligations 9
Review of Redevelopment Plan Limits 10
D. Projection of Taxable Values and Tax Increment Revenues
Projection of New Development
Projection of Tax Increment Revenues
IV. PROPOSED FEE
10
10
10
11
APPENDIX A
PROPOSAL FOR FISCAL CONSULTING SERVICES
CARLSBAD HOUSING AND REDEVELOPMENT COMMISSION
SEPTEMBER 30, 1992
I. INTRODUCTION
This proposal outlines the scope of fiscal consulting services by Keyser Marston Associ-
ates Inc. (KMA) for the anticipated refunding of tax allocation bonds for the Village
Area Redevelopment Project. Our understanding of the Commission’s needs and an
overview of ISMA’s experience is discussed below. Brochures discussing our firm are
attached.
A. OUTLINE OF THE PROPOSED SCOPE OF SERVICES
The Commission is seeking a fiscal consultant to conduct historic and current year
property tax and tax increment revenue research pertaining to the subject Rede-
velopment Project Area. The role of the Fiscal Consultant will include verifica-
tion of Project Area taxable values, analysis of tax sharing agreements (including,
if applicable, agreements with taxing entities, owner participation agreements and
disposition and development agreements), estimation of new development value,
tax receipts and delinquencies analysis and an analysis of existing and pending legislation. A ten-year projection of future tax increment revenues for the Project
Area will be created as a result of these analyses. The findings of this research
and the basis of the revenue projection will be incorporated into a Fiscal Consul-
tant Report.
The proposed Scope of Services to be provided by KMA is outlined below. A
task by task explanation of the proposed Scope of Services is discussed in Section
III.
1. Review of Proiect Area Assessed Values
ii:
C.
C.
Identification of Historic Assessed Values
Verification of 1992-1993 Project Area Taxable Values
Identification of the Ten Largest Taxpayers
Review of Assessment Appeals
2. Review of the Countv Tax Allocation Procedures and Legislative
Impacts
;:
C.
Overview of County Tax Allocation Procedures
Estimate of Delinquency Factors
Analysis of Legislation
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3. Review of Existing Commission Obliaations and Limits
E:
C.
Review of Housing Set Aside Requirements
Analysis of Commission Obligations
Review of Redevelopment Plan Limits
4. Proiection of Taxable Values and Tax Increment Revenues
Projection of New Developments
Projection of Tax Increment Revenues
B. OVERVIEW OF KMA
KMA provides consulting services in the areas of predevelopment, real estate,
fiscal impact, affordable housing and financial analysis. KMA presently has 23
professional staff located at offices in San Francisco, Los Angeles, and Carlsbad.
The financial services of KMA encompass a comprehensive array of redevelop-
ment financial analyses necessary for the completion of a Fiscal Consultant
Report, including:
0 property tax research and verification
0 real estate market analysis
0 tax revenue projections and cash flow analysis
0 low/moderate income housing fund research and analysis
Our experience in property tax analysis, together with our experience in real
estate economics and familiarity with San Diego County assessment and revenue
allocation procedures allows KMA to produce a thorough and comprehensive
property tax revenue analysis and tax increment revenue projection.
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II OUALIFICATIONS_
The Agency is seeking a fiscal consultant with experience in the projection of redevelop-
ment project assessed valuations, tax increment revenue analysis and familiarity with tax allocation refunding bonds. The following sections describe KMA’s technical and
experiential qualifications in the areas of financial planning, tax increment analysis, and
Fiscal Consultant Reports.
A. EXPERTISE IN REAL ESTATE AND COUNTY FISCAL SYSTEMS
Since 1973, KMA has been known for providing predevelopment and real estate
consulting and financial services assistance to the cities and redevelopment
agencies throughout California. The current slowdown in the real estate market
has potentially far reaching fiscal and development activity effects on local
jurisdictions. Tax revenue flow to cities and redevelopment agencies has been
impacted by numerous factors, including severely limited capital availability for
new development projects, and an increasing number of assessment appeals,
particularly on commercial and hotel developments.
KMA is also familiar with San Diego County systems for the assessment of real
property valuations, the procedures for aggregating redevelopment project taxable
values, and the allocation procedures for the distribution of tax increment reve-
nues to redevelopment agencies.
Given KMA’s combined knowledge and expertise in these two areas, we can
provide tax increment revenue projections which are both specific to local real
estate market conditions and reflective of the current assessment policies and
practices of the County. The resulting tax increment projection is then appropri-
ate for use in project cash flow and tax allocation bond analyses.
B. FINANCIAL PLANNING AND TAX INCREMENT ANALYSIS
KMA has served as financial consultant to various cities and redevelopment
agencies for the review and the preparation of long range fiscal forecasting. KMA
has developed a financial analysis model capable of creating alternative cash flow
iterations reflecting the impact of alternative development or financing scenarios.
The model is also capable of segregating sources and uses of special funds includ-
ing bond proceeds funds and housing set aside funds.
KMA has also assisted redevelopment agencies in analysis of housing set aside
fund activities, including preparation of an affordable housing strategy and
identification of “excess” housing set aside funds.
S Leandro Redevelopment Agency
P%ect Cash flow and Financing: Stratew
KMA served as financial consultant to the San Leandro Redevelopment
Agency to provide a long range cash flow analysis and to recommend a
strategy for the management of Agency resources to meet current and
future Agency obligations. In the process of this analysis, recommenda-
tions were also made pertaining to compliance with current Housing Set
Aside requirements and the analysis of certain tax sharing agreements.
Glendale Redevelopment Agency
Proiect Cash Flow
KMA prepared a long range financial analysis for the Glendale Redevelop-
ment Agency which included a revenue projection and review of the
Agency’s expenditure program. The direct involvement of Agency staff
with KMA resulted in a comprehensive cash flow analysis which identified
sources of discretionary revenues to finance additional programs desired by
the Agency.
C. FISCAL CONSULTANT REPORTS
As a Fiscal Consultant, KMA has worked with redevelopment agencies in the
preparation and presentation of Fiscal Consultant Reports. In this role, KMA was
responsible for completion of taxable value verifications, delinquency analyses, tax
sharing and housing set aside obligations and the projection of tax increment
revenues.
KMA is also experienced with assisting Commission staff in structuring of the
financing to ensure that the proposed financing is consistent with the timing of the
Commission’s receipt of revenues under the Community Redevelopment Law.
Upon Carlsbad’s direction, additional services can also be provided by KMA,
which may include attendance at due diligence meetings, review and comment on
bond offering documents or presentations to rating agencies, bond insurance
companies and bond purchasers.
Lone Beach Redevelonment Agencv
Prooosed Refunding Tax Allocation Bonds Series 1992 Downtown Redeveloument Project
KMA is Fiscal Consultant to the Long Beach Redevelopment Agency in
the Agency’s proposed issuance of Refunding Tax Allocation Bonds, Series
1992. The Fiscal Consultant Report includes KMA’s findings of historic
valuation trends, taxable value verification, tax delinquencies, major tax
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payers, assessment appeals and ten year tax increment revenue projection.
Due to a significant concentration of major tax payers in the Project Area,
KMA provided additional research on each tax payer, including appeals
outstanding, unpaid taxes, office vacancy rates and bankruptcy filings.
Lone Beach Redevelonment Arrene
Prouosed Tax Allocation Bonds
West Long Beach Industrial Redevelonment Project
KMA is Fiscal Consultant to the Long Beach Redevelopment Agency in
the Agency’s proposed issuance of Tax Allocation Bonds. In addition to
the research generally undertaken in a Fiscal Consultant Report, a major
component of this research involved a review of the possessory interest
taxable value impacts generated from the historic and future acquisition
and leasing activities of the Port of Long Beach. The Port’s previous
activities in the Project Area had the concurrent effect of increasing Project
Area values on the Possessory Interest tax roll and eliminating taxable
values on the Real Property tax roll as properties were being acquired by
the Port. The tax increment projection incorporated these concurrent
impacts using information provided by the Port.
Santa Clara Redevelonment Arzencl(
1992 Tax Allocation Refunding Bonds
Bavshore North Redevelonment Proiect
KMA served as Fiscal Consultant to the Santa Clara Redevelopment
Agency in the Agency’s issuance of 1992 Tax allocation Refunding Bonds.
A Fiscal Consultant Report was prepared containing a historic review of
taxable values, taxable value verification, assessment appeals analysis and
tax increment projection. Due to a significant concentration of major tax
payers in the Project Area, KMA provided additional research on each tax
payer, including recent ownership transfers, appeals outstanding, unpaid
taxes and bankruptcy filings.
Santa Monica Redevelonment Agency
Pronosed Tax Allocation Refunding Bonds
Ocean Park Redevelonment Proiects 1A and 1B
KMA is Fiscal Consultant to the Santa Monica Redevelopment Agency in
the Agency’s proposed issuance of Refunding Tax Allocation Bonds. The
research involved in the preparation of the Fiscal Consultant Report will
include KMA’s findings of historic valuation trends, taxable value verifica-
tion, tax delinquencies, major tax payers, assessment appeals and ten-year
tax increment revenue projection. Additional research will involve a
5
D.
historic and anticipated residential resale trend for the respective Project
Areas due to the exclusively residential nature of each Project.
Brea Redevelonment Anencv
1992 Tax allocation Bonds Series A and B
KMA served as Fiscal Consultant to the Brea Redevelopment Agency in
the Agency’s issuance of $164,000,000 1992 Tax Allocation Revenue Bonds,
Series A and B. The report included KMA’s findings of historic valuation
trends, tax delinquencies, major tax payers, assessment appeals and ten-
year tax increment revenue and tax sharing projections. KMA also served
as Independent Redevelopment Consultant to determine the amount of
escrowed bond proceeds to be released in the current 1992-92 fiscal year.
KMA was responsible for presentations to rating agencies, insurers, and
potential bond purchasers.
Pomona Redevelonment Agencv
1991 Revenue Bonds Series K
KMA assisted the Pomona Redevelopment Agency as a Fiscal Consultant
in the issuance of $51,500,000 1991 Revenue Bonds, Series K. One com-
ponent of this research involved a review of the conditions affecting the
market value of single family residences in the Project Area. To the extent
residential value was impacted and would have an adverse affect on project
area values, the resulting tax increment revenue projections would also
reflect such conditions.
REFERENCES
Ms. June Catalan0
Development Services Director
San Leandro Redevelopment Agency
Project Cash Flow and Financing Strategy
Ms. Jeanne Armstrong
Director of Redevelopment
Glendale Redevelopment Agency
Project Cash Flow
Ms. Susan Georgino
Redevelopment Services Director
Brea Redevelopment Agency
Fiscal Consultant Report
5 10-577-3374
8 18-548-2005
714-671-4421
6
:
Ms. Julio Fuentes
City Administrator
Pomona Redevelopment Agency
Fiscal Consultant Report
714-620-2194
III. SCOPE OF SERVICES
A. REVIEW OF PROJECT AREA ASSESSED VALUES
The review of the Project Area assessed values includes the proposed tasks
discussed below. the completion of the tasks assumes the availability of records
provided by San Diego County. The following tasks are included in this review.
Identification of Historic Assessed Values
A review of historic assessed values of the Project Area will include the
locally assessed reported taxable values from fiscal year 1987-88 to 1992-93.
The result of this analysis will be a determination of valuation patterns
experienced in the Project Area.
Verification of 1992-93 Proiect Area Values
A parcel by parcel review and verification of the 1992-93 locally assessed
secured taxable values will be conducted for the Project Area. The aggre-
gated taxable values will then be compared against the County reported
valuations to determine any discrepancies. Property assessments which
have been incorrectly encoded inside or outside of the Project Area will
then be identified for the Commission’s use in notifying the County Asses-
sor.
Identification of the Ten Largest Taxuavers
The ten largest secured property taxpayers in the Project Area will be
identified based upon the 1992-93 local secured tax roll. The listing will
include assessee name, aggregate taxable value and property use, if avail-
able.
Review of Assessment Appeals
A listing of properties which have an outstanding assessment appeal in the
Project Area will be prepared and its impact identified, to the extent
appeals records are available from the County Assessment Appeals Board.
B. REVIEW OF THE COUNTY TAX
A review of the County tax allocation systems and an overview of legislation
affecting tax increment revenues will be presented in the Fiscal Consultant
Report. The following tasks are included in this review.
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Overview of Counts Tax allocation Procedures
An analysis of tax allocation procedures employed by the County Auditor-
Controller for redevelopment agencies will be conducted based upon
discussions with County staff.
Estimate of Delinauencv Factors
An estimate of historic Project Area delinquency factors will be prepared
for 5 fiscal years based upon an analysis of actual tax receipts to computed
levy. Historic tax receipt data will be provided by the Commission for use
in this analysis. To the extent the County continues to allocate taxes on a
gross levy basis, this analysis may prove unnecessary.
Analvsis of Legislation
Legislation affecting property assessments or the allocation and disburse-
ment of tax increment revenues to redevelopment agencies will be pre-
pared and included in the Fiscal Consultant Report, when every applicable
to the Project Area.
C. REVIEW OF EXISTING AGENCY OBLIGATIONS AND LIMITS
KMA will review the Redevelopment Plan of the Project Area and analyze
Commission obligations which could have a senior lien on the proposed bond
issue, including existing indebtedness, housing set aside requirements, tax sharing
agreements and development agreements. The following tasks are included in
this review.
Review of Housing Set Aside Reauirements
The Housing Set Aside requirements of the Commission will be reviewed
and its impact included in the tax increment revenue projection.
Analvsis of Commission Obligations
To the extent required, an analysis will be prepared to identify Commission
obligations which are not subordinated to the proposed bond issue. This
includes obligations such as tax sharing agreements, development agree-
ments or other loans and indebtedness incurred by the Project Area.
Review of Redevelonment Plan Limits
A review of the Redevelopment Plan of the Project Area will be used to
identify tax increment and bonded indebtedness limits and other limitations
of the Project Area.
D. PROJECTION OF TAXABLE VALUES AND TAX INCREMENT
REVENUES
A ten-year projection of tax increment revenues anticipated for the project Area
will be prepared. The following tasks are included in this projection.
Projection of New Development
New development activities anticipated for the Project Area and identifica-
tion by Commission staff will be reviewed for inclusion in the projection of
tax increment revenues. Discussions with project developers and compar-
ison with real estate comparables will be included.
Proiection of Tax Increment Revenues
A projection of Project Area tax increment revenues will be provided
which incorporates the projection of new developments, the 1992-93
assessed valuation of the Project Area, trended valuation assumptions and
valuation decreases resulting from the acquisition of property by public
agencies. Identified Commission obligations, if any, which are not subordi-
nated to the proposed bond issue could also be incorporated in the projec-
tion.
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IV. PROPOSED FEE
The total fee for the proposed Scope of Services is $19,000 plus directly related job
expenses.* The proposed fee includes up to 16 hours of KMA meeting time with
Commission staff and consultants.
Additional services, if authorized, will be billed on an hourly rate and expense basis, and
include:
1. Attendance at additional meetings with commission or city staff in excess
of 16 hours;
2. Participation in due diligence review and comment on bond offering
documents;
3. Assistance in rating agency or insurance company presentations;
4. Analysis of Project cash flow; and
5. Other services requested by the Commission which are not included in the
proposed Scope of Services.
KMA hourly rates are as follows:
Senior Principal
Principal
Senior Associate
Associate
Senior Analyst
Analyst
Technical Staff
Administrative Staff
$145.00 per hour
$140.00 per hour
$120.00 per hour
$105.00 per hour
$ 90.00 per hour
$ 80.00 per hour
$ 50.00 per hour
$ 45.00 per hour
* Directly related job expenses not included in the proposed fee or hourly rates
include: auto mileage, air fares, hotel or motel expenses, meals, car rentals,
taxies, telephone calls, delivery charges, electronic data processing, graphics or
printing. Directly related job expenses will be billed at 110% of cost.
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APPENDIX A
REDEVELOPMENT BOND ISSUES
FISCAL CONSULTANT SERVICES
KMA STAFF EXPERIENCE
Redeveloument Agency & Issuance Princioal Amount
Alhambra Redevelopment Agency
Industrial RP TA Bond Refunding $20,000,000
Anaheim Redevelopment Agency
Project Alpha TA Series B
Project Alpha Series C
Project Alpha Refunding Series D
1 o,ooo,ooo
20,000,000
64,000,OOO
Avalon Community Improvement Agency
Community Improvement Tax Allocation Bonds Series 1991A 11,500,000
Bakersfield Redevelopment Agency
Downtown Tax Allocation Bonds 1983 6,130,OOO
Billings, Montana
Tax Increment Urban Renewal Bonds Series 1979 2,050,OOO
Brea Redevelopment Agency
Project AB 1991 TA Bonds Series A and B 164,000,OOO
Campbell Redevelopment Agency
Civic Center Certificates of Participation Series 1991 30,245,OOO
City of Carlsbad
Village Area RP, TA Bond Series A 12,000,000
Commerce Redevelopment Agency
Redevelopment Project #l, Series 1988A 4 1,850,OOO
Concord Redevelopment Agency
Central Concord Project TA Series B 11,850,OOO
Costa Mesa Redevelopment Agency
Downtown Project TA Series 1984 4,7 15,000
APPENDIX A
REDEVELOPMENT BOND ISSUES
FISCAL CONSULTANT SERVICES
KMA STAFF EXPERIENCE
(CONT’D.)
Culver City Redevelopment Agency
Slauson-Sepulveda # 1, Refunding Series 1981
Washington-Culver #3 TA Bonds 1982
Slauson-Sepulveda #l, Refunding Series 1983
Project #1 Refunding 1985
Project #2 Refunding 1985
Project #3 Parity 1985
Fairfield Redevelopment, Agency
Highway 12 TA Series 1984
City Center, TA Series 1984
Fontana Redevelopment Agency
North Fontana, TA Bond Refunding
Glendale Redevelopment Agency
Capital Improvement Notes 1981 Series A
Lakewood Redevelopment Agency
Town Center Series 1987
Long Beach Redevelopment Agency
Downtown, Refunding TA Bonds 1992
West Long Beach Industrial, TA Bonds 1992
Los Angeles Redevelopment Agency
N. Hollywood, TA Series b 1985
Lynwood Redevelopment Agency
Project Area “A”, TA Bond Series 1986
Montclair Redevelopment Agency
Project Area III, TA Refunding
Monrovia Redevelopment Agency
Central Project TA Jr. Lien Bonds
$ 14,955,ooo
15,000,000
15,725,OOO
34,7 15,000
14,800,OOO
16,655,OOO
3,875,OOO
2,300,OOO
50,000,000
6,220,OOO
8,650,OOO
Pending
Pending
16,500,OOO
3,750,ooo
10,3 10,000
$ 9,170,000
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APPENDIX A
REDEVELOPMENT BOND ISSUES
FISCAL CONSULTANT SERVICES
KMA STAFF EXPERIENCE
(CONTD,)
Oakland Redevelopment Agency
Central District Project Series A
Central District Project Series B
Central District TA Bond Refunding
Odgen (Utah) Neighborhood Development Agency
Central Business Mall
Orange Redevelopment Agency
Tustin Street TA Bond
Southwest TA Bond
Oxnard Redevelopment Agency
Central City Project TA Refunding 1985
Pomona Redevelopment Agency
Southwest Industrial 1991 Revenue Bonds Series K
Port Hueneme Redevelopment Agency
Central Comm. RP Refunding, 1986 Series A
Provo City (Utah) Redevelopment Agency
CBD Neighborhood TA Bond Series 1981
Redlands Redevelopment Agency
Subordinated TA Bonds Multiple Uses
City of Richmond
Harbour Project, TA and Refunding
Riverside Redevelopment Agency
Airport Industrial Series B
Downtown Mile Square Series A
Downtown Mile Square Subordinated TA Series 1985
33,000,000
50,000,000
9 1,555,ooo
8,795,OOO
4,000,000
16,500,OOO
8,400,OOO
5 1,500,000
15,285,OOO
1,230,OOO
9,385,OOO
11,530,000
$ 1,100,000
5,100,000
4,000,000
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APPENDIX A
REDEVELOPMENT BOND ISSUES
FISCAL CONSULTANT SERVICES
KMA STAFF EXPERIENCE
(CONT’D,)
Salinas Redevelopment Agency
Central City Refunding, Series A 1983
San Bernardino Redevelopment Agency
Central City Project, TA Refunding
Southeast Industrial Park TA Series 1985
Golf Course Certificates of Participation Refunding
San Diego Redevelopment Agency
Marina RP, TA Bond Refunding, 1987
Columbia RP, Refunding, 1987
San Jose Redevelopment Agency
Merged Area Redevelopment 1984 Series A
Merged Area Project Series A
San Mateo Redevelopment Agency
Shoreline RP (Bridge & Water Pumping Station Facilities)
Santa Ana Redevelopment Agency
South Main TA Bond
South Main TA Bond Refunding
Santa Barbara Redevelopment Agency
Central City, TA Series B 1985
Santa Clara Redevelopment Agency
Bayshore North, 1992 TA Refunding Bonds
Santa Monica Redevelopment Agency
Ocean Park 1A 1992 TA Refunding Bonds
Ocean Park lB, 1992 TA Refunding Bonds
Torrance Redevelopment Agency
Downtown Project, TA Series 1985
7,250,OOO
21,000,000
2,000,000
3,800,OOO
19,500,000
19,600,OOO
50,000,000
90,000,000
15,200,OOO
19,000,000
23,375,OOO
19,830,OOO
75,515,ooo
Pending
Pending
4,080,OOO
4
APPENDIX A
REDEVELOPMENT BOND ISSUES
FISCAL CONSULTANT SERVICES
KMA STAFF EXPERIENCE
(CONT’D.)
Torrance Redevelopment Agency
Downtown Project, TA Series 1985
Industrial TA Bond Series 1986
Tustin Redevelopment Agency
Town Center Refunding Series 1987
Total Amount of Issues
4,080,OOO
17,860,OOO
8.060.000
$1,328,415,000
carlskma.pn,
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RESOLUTION NO. 215
RESOLUTION OF THE CARLSBAD HOUSING AND
REDEVELOPMENT COMMISSION AUTHORZING
THE ENGAGEMENT OF PROFESSIONAL SERVICES
IN CONNECTION WITH PROPOSED ISSUE OF TAX
ALLOCATION BONDS
WHEREAS, the Carlsbad Housing and Redevelopment Commission
(the “Commission”) has previously issued its Village Redevelopment Project
Area Tax Allocation Bonds, Series A in the aggregate principal amount of
$12,000,000, dated as of April 1, 1988 (the “1988 Bonds”); and
WHEREAS, the Commission wishes to undertake to determine
whether it is feasible to refund the 1988 Bonds at this time, and whether to
raise funds for additional projects, programs and activities of the
Commission, to be funded from the proceeds of a new issue of tax allocation
bonds of the Commission (the “Bonds”); and
WHEREAS, in order to make such determination it is advisable at
this time to engage professional services for bond counsel, financial advisor
and fiscal consultant, and the Finance Director has received proposals from
firms who are qualified to provide such services.
NOW, THEREFORE, BE IT RESOLVED by the Carlsbad Housing
and Redevelopment Commission as follows; the firm of Jones Hall Hill &
White, A Professional Law Corporation, is hereby engaged as bond counsel
to the Commission in connection with the issuance of the Bonds, and the
firm of Stone & Youngberg is hereby engaged as financial advisor to the
Commission in connection with the issuance of the bonds, and the firm of
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Keyser Marsten is hereby engaged as fiscal consultant to the Commission in
connection with the issuance of the Bonds. The Finance Director is hereby
authorized and directed to accept the respective proposals from each of said
firms.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Carlsbad Housing and Redevelopment Commission on the 10th day of
November, 1992, by the following vote, to wit:
AYES: Council Members Lewis, Kulchin, Larson, Stanton, Nygaard
NOES: None
ABSENT: None
ATTEST:
(So)