JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Discuss and Provide Direction to the City Manager/Executive Director Regarding Issuance of a Proposed Tax Allocation Bond. City of Culver City California Agenda Item Report Meeting Date: 11/01/10 JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Discuss and Provide Direction to the City Manager/Executive Director Regarding Issuance of a Proposed Tax Allocation Bond. Contact Person/Dept.: Glenn Heald/CDD Todd Tipton/CDD Nick Kimball/Finance Fiscal Impact: Yes X No Phone Number: (310) 253 5752 (310) 253 5783 (310) 253 6013 General Fund: Yes No X Item Number: J 3 Public Hearing: Action Item: X Attachments: X Commission Action Required: Yes No X Date: _______________ Public Notification: (E Mail) Meetings and Agendas City Council (10/27/10) Meetings and Agendas Redevelopment Agency (10/27/10). Department Approval: Sol Blumenfeld (10/25/10) Jeff Muir (10/27/10) City Attorney Approval: Carol Schwab (by H. Baker) (10/27/10) Agency General Counsel Approval: Murray Kane (10/21/10) City Manager/Executive Director Approval: John M. Nachbar (10/27/10) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (10/27/10) RECOMMENDATION: Staff recommends the City Council and Redevelopment Agency Board (Agency Board) discuss and provide direction regarding the proposal to issue a tax allocation bond. BACKGROUND: Over the years the Agency has issued tax allocation bonds to finance various redevelopment activities. California Redevelopment Law allows redevelopment agencies to pledge property tax increment to repay bonded indebtedness. Proceeds from the bond issuance are used to further redevelopment activities. The deadline for issuing debt for Component Areas 1 and 2 occurs in 2014. After this date the Agency can generally no longer pledge tax increment from those Component Areas to repay new debt. After 2014 tax increment will only be received from those areas to repay tax increment debt that existed on or before...
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