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CITY COUNCIL AGENDA ITEM NO. 19 


Meeting Date: September 11, 2001

Subject/Title: Joint Public Hearing of the City Council and the Governing Board of the Redevelopment Agency on the proposed financing through the Brentwood Infrastructure Financing Authority of public capital improvements in the City of Brentwood and in the Merged Redevelopment Project Area.

Submitted by: Pamela Ehler, Director of Finance and Information Systems

Approved by: Jon Elam, City Manager


RECOMMENDATION 
Call to order a joint meeting of the City Council and Governing Board of the Redevelopment Agency, and conduct a joint public hearing on the proposed financing through the Brentwood Infrastructure Financing Authority (see BIFA agenda and staff report for details). The Council and the Governing Board may permit interested members of the public to speak for or against the proposed financing of the improvements. 

PREVIOUS ACTION
As required by state law, a public notice was published in the Star/Ledger at least five days prior to this meeting. The notice advised the public of the date and time of this public hearing and invited the citizens of Brentwood to comment on the proposed issuance of Brentwood Infrastructure Financing Authority bonds to finance public capital improvements.

BACKGROUND
State law requires that the City Council and the Governing Board of the Redevelopment Agency hold a public hearing and approve the financing through the Brentwood Infrastructure Financing Authority prior to the issuance of bonds by the Authority for the improvements. This agenda item is to hold a joint public hearing by the Council and the Redevelopment Agency and to take public comment for and against the proposed financing. After hearing public comment, the Council and the Redevelopment Agency will have the opportunity to approve or reject the financing under separate agenda items on their respective agendas. 

The underwriter of the bonds has advised that this financing through the Brentwood Infrastructure Financing Authority will result in demonstrable savings in the effective interest rate, bond preparation, bond underwriting and bond issuance costs and thus will provide significant public benefits. 

Notice of this public hearing was published at least five days prior to the date of this hearing as required by state law.

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