11-02-2010 - Regular City Council Minutes of September 21, 2010 - cdc 10-05-10 (2).docM I N U T E S
REGULAR MEETING OF THE
WEST COVINA COMMUNITY DEVELOPMENT COMMISSION
October 5, 2010
Chairman Sanderson called to order the regular meeting of the Community Development Commission at 8:10 p.m. in the City Hall Council Chambers, 1444 W. Garvey Avenue, West Covina.
ROLL CALL Chairman Sanderson, Vice Chairman Herfert
Commissioners Lane, Touhey
Absent: Commissioner Hernández
Oral Communications addressed to the Community Development Commission are heard under Oral Communications on the City Council agenda, except Public Hearing comments.
CONSENT CALENDAR Approval of Minutes (receive and file)
I-A Special Meeting of September 7, 2010
Regular Meeting of September 7, 2010
I-B City Treasurer’s Report for the Month of August 2010
Recommendation is to receive and file the treasurer’s report of cash balances and investments.
CONSENT CALENDAR ACTION Motion by Lane and seconded by Touhey to approve the Consent Calendar as recommended. Motion carried 4-0.
REGULAR ITEMS
II-B Selection of Bond Financing Team
Finance Director Bachman provided a brief staff report in regards to the issuance of bonds to finance the tax increment deferral owing to Los Angeles County. Mr. Bachman presented the
City’s recommendations of the financing team for the issuance of the bonds as follows: to retain Suzanne Harrell of Harrell and Associates as the financial advisor, the firm of Fulbright
& Jaworski as bond counsel and HdL to prepare a fiscal consultant’s report and further recommended that the City use an RFP process for the selection of the underwriting firm.
Vice Chairman Herfert expressed concern that there were no cost estimates presented with the recommendations and Commissioner Touhey stated he would prefer that all four components went
through the RFP process.
Commissioner Touhey also requested information on the firms involved in the issuance of bonds in the City of Bell and requested the City not use the same advisors.
Motion by Touhey and seconded by Herfert to go through the RFP process for all component of the financing team; financial advisor, bond counsel, underwriting and fiscal consultant.
Motion carried 4-0.
ADJOURNMENT Motion by Touhey and seconded by Herfert to adjourn the meeting at 8:27 p.m. Motion carried 4-0.
Submitted by:
____________________________________
Assistant Commission Secretary Susan Rush
_______________________________________
Chairman Shelley Sanderson