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|CITY COUNCIL AGENDA ITEM NO. 16
Meeting Date: August 26, 2008
Subject/Title: Approve the creation of an ad hoc Civic Center Financing Committee and appoint Council Member Becnel and Council Member Stonebarger to serve on the Subcommittee
Prepared by: Kerry Breen, Business Services Manager
Submitted by: Pamela Ehler, City Treasurer/Director of Finance and Information Systems
Approve the creation of an ad hoc Civic Center Financing Subcommittee and appoint Council Member Becnel and Council Member Stonebarger to serve on the Subcommittee.
On February 26, 2008, LPA presented the Civic Center Milestone and Critical Decision Points presentation to review cost and no-cost decision points for City Council. At that time, a timeline was identified in which to begin the preliminary bond analysis for the Civic Center facilities (New City Hall, Civic Center Parking Facility, New Community Center, Library Relocation, Civic Center Plaza and City Park).
On May 13, 2008, by Resolution No. 2008-110, the City Council adopted a Resolution 1) declaring official intent to reimburse certain expenditures for the Brentwood Senior Activity Center, Downtown Streetscape Plan, Downtown Infrastructure, Downtown Parking Structure, New City Hall, Civic Center Parking Facility, New Community Center, Library Relocation, Civic Center Plaza and City Park projects in an amount not-to-exceed $72,000,000, from proceeds of indebtedness and 2) appointing RBC Capital Markets, Inc. as the underwriter, Orrick, Herrington & Sutcliffe LLP as the bond and disclosure counsel, Del Rio Advisors, LLC as the financial advisor and authorizing staff to undertake the proceedings of debt issuance for future Council consideration.
Staff is recommending the formation of an ad-hoc subcommittee consisting of Council Member Becnel and Council Member Stonebarger to work with City Staff to discuss the financing options for the Civic Center project. Council Members Becnel and Stonebarger are also currently serving on the Sewer and Water Rate Study Ad Hoc Subcommittee. During this time they have become familiar with the financing team who will be structuring the financing packages and the strategies for both the water surface treatment facility and the Civic Center Projects.
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