1988 02 02 RDAi^!F5
REDEVELOPMENT AGENCY
AGENDA
CITY COUNCIL CHAMBERS
78-105 Calle Estado
La Quinta, California 92253
Regular Meeting
February 2, 1988 7:30 P.M.
CALL TO ORDER
a. Roll Call
HEARINGS
BUSINESS SESSION
1. Consideration of Proposals for Consultant for Redevelopment
Project Area No. 2 and Financing of Cove Improvements.
CONSENT CALENDAR
2. Approval of Minutes of January 5, 1988.
ADJOURNMENT
DECLARATION OF POSTING
I, Saundra L. Juhola, Secretary of the La Quinta
Redevelopment Agency, do hereby certify that the foregoing
agenda for the Redevelopment Agency of January 29, 1988 was
posted on the outside entry to the Council Chambers, 78-105
Calle Estado and at the bulletin board at the La Quinta Post
Office on Friday, January 29, 1988.
SAUNDRA L. JUHOLA Secretary
La Quinta Redevelopment Agency
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i^!F5 MEMORANDUM
CITY OF LA OUINTA APP*OVF*
CONTiN*L*L) TO**
TO: RON KIEDROWSKI, CITY MANAGER'
FROM: HENRY HARVEY, FINANCE DIRE***7
DATE: JANUARY 27, 1988
SUBJECT: CONSULTANTS
The accompanying proposals for consulting services were submitted by
the team which we have gathered for implementing the new
Redevelopment Project, marketing additional bonds for Project Hi, and
for processing the assessment districts which the City has
tentatively approved or may approve in the very near future.
The Bond Council will represent the City or the agency in all it's
legal proceedings required in forming a new project and assessment
districts, and will provide the opinions for the bonds when marketed.
The financial consultant prepares estimated revenue, data, forecasts
increments, etc., from the Assessors data and provides source data
for the offering statements. Generally, the City is required to have
an independent consultant for this function.
The investment banker, markets any bonds which are authorized as the
result of district or project financing needs.
The fees requested in the proposals are at about the standard level
of fees charged for such services and usually are paid or reimbursed
to the City from the proceeds of the bond sale and are recoverable
from a future bond sale if such a sale is not eminent.
We recommend the agency approve the proposals as submitted.
rnemohh. 016
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i^!F5Fieldman, Rolapp & As8ociates
TO
AGREEMENT FOR PROFESSIONAL SERVICES
SECTION I: AGREEMENT: This Agreement is entered into between the
City of La Quinta Redevelopment Agency hereinafter referred to as *Agency*),
and Fieldman, Rolapp & Associates hereinafter referred to as *Consultant*) for the
purpose of providing financial consulting services to he performed in conjunction
with the financing or various Agency projects. It is contemplated that the Projects
will be financed with the proceeds of Bonds or other evidence of indebtedness
hereinafter *Bonds*) to be issued by the Agency.
SECTION II: SCOPE OF SERVICES: Under the direction of the Agency
Executive Director, Consultants shall provide municipal financial consulting
services relating to the structuring and marketing of Bonds required to finance
Agency Projects. Services shall include structuring or the Bond issue, maturity
schedules, funds, covenants, prior redemption schedules, and the preparation of an
official statement which will contain economic, financial, demographic and
statistical data pertaining to the proposed financing. Services shall include, but
are not limited to the following:
A. CONSULTATION/ADVICE
Attendance at meetings concerning the Project(s) when deemed
necessary; availability for consultation and advice on the timing,
phasing and structuring of the Bonds until such time as the Bonds
authorized to finance a Project have been issued, sold and delivered.
B. ATTENDANCE AT PUBLIC MEETINGS/WORKSHOPS
At the request of the Agency, meet with local property owners and
taxpayers to explain the affects of any proposed financing.
C. MUNICIPAL BOND MARKET
Furnish the Agency with information concerning current municipal
bond market conditions and refine previous recommendations as to the
technical details of the financing including maturity schedules, funds,
covenants, prior redemptions and other details which will, in our
opinion, make the proposed financing most acceptable to the prospective
purchasers and, therefore, marketable at the lowest possible interest
rate.
D. COMPETITIVE SALE
At the direction of the Agency, assist in calling for competitive bids.
2100 s.E MAIN STREET
SECOND FLOOR *
IRVINE, CA 92714
74)660-8500
FAX 714) 474-8773
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