City of Menlo Park 701 Laurel St., Menlo Park, CA 94025 tel 650-330-6600 www.menlopark.org City Council
REGULAR MEETING MINUTES
Date: 4/12/2022
Time: 6:00 p.m.
Location: Zoom
Regular Session
A. Call To Order
Mayor Nash called the meeting to order at 6:06 p.m.
B. Roll Call
Present: Combs, Mueller, Nash, Taylor, Wolosin
Absent: None
Staff: Interim City Manager Justin I.C. Murphy, City Attorney Nira F. Doherty, City Clerk Judi A. Herren
C. Agenda Review
None.
D. Presentations and Proclamations
D1. Proclamation: April as National Poetry Month (Attachment) Mayor Nash read the proclamation (Attachment).
San Mateo County Poet Laureate Aileen Cassinetto accepted the proclamation.
E. Closed Session
E1. CONFERENCE WITH LEGAL COUNSEL - EXISTING LITIGATION (Government Code § 54956.9) Michael Zeleny v. Rob Bonta, et al (Case No. 17-cv-07357-RS) Claimant: Michael Zeleny
E2. CONFERENCE WITH LEGAL COUNSEL—ANTICIPATED LITIGATION Initiation of litigation pursuant to paragraph (4) of subdivision (d) of Section 54956.9 of the Government Code: (one potential case)
E3. CONFERENCE WITH LEGAL COUNSEL—EXISTING LITIGATION
(Paragraph (1) of subdivision (d) of Section 54956.9)
Name of case: David Fogel et al. v. City of Menlo Park, Case No. 21-CIV-06674 Mayor Nash adjourned to the closed session at 6:14 p.m.
Mayor Nash reconvened the regular meeting at 6:52 p.m.
City of Menlo Park 701 Laurel St., Menlo Park, CA 94025 tel 650-330-6600 www.menlopark.org F. Report from Closed Session
No reportable actions.
G. Study Session
G1. Provide direction on developing a partnership agreement with BlocPower to support implementation of the 2030 Climate Action Plan through a voluntarily building electrification program (Staff Report #22-060-CC)
Sustainability Manager Rebecca Lucky and BlocPower representatives Donnel Baird, Roopak Kandasamy, and Grace Park-Bradbury made the presentation (Attachment). • Angela Evans spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
• Bruce Karney spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
• Catharina Clark spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
• Adina Levin spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
• Karen Grove spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
• Tom Kabat spoke in support of an agreement with BlocPower to support implementation of the 2030 Climate Action Plan.
The City Council discussed various aspects of a potential public-private partnership with BlocPower, including the types of resources and funding needed, better understanding the BlocPower model as a platform between customers and existing local businesses offering relevant services, customer buyout/upgrade options after the conclusion of the 15-year lease, recourse for residents if they encounter a negative experience with BlocPower, consider trial period with exit language and how any raised capital would be handled as result, desire to have quarterly report requirements for the City Council in addition to the sustainability division, track rental pricing changes after decarbonization projects are completed and survey customers in general, and public transparency around all local vendors involved in BlocPower’s retrofit work.
The City Council received clarification on the necessity of a partnership with the city for a voluntary building electrification program with a private company, the requirements for a procurement process, the use of data gathered by BlocPower, maintenance guarantees, regulations related to climate action plan (CAP) goals for 2030, utility rate savings, and termination of the agreement.
H. Public Comment
• Adina Levin spoke in support of federal funding for major projects.
I. Consent Calendar
I1. Accept the City Council meeting minutes for March 2, 2022 (Attachment) I2. Adopt a resolution to continue conducting the City’s Council and advisory body meetings remotely due to health and safety concerns for the public and to authorize the use of hybrid meetings City Council Regular Meeting Minutes
April 12, 2022
City of Menlo Park 701 Laurel St., Menlo Park, CA 94025 tel 650-330-6600 www.menlopark.org (Staff Report #22-061-CC)
I3. Approve increased compensation for interim city manager services (Staff Report #22-062-CC) I4. Authorize the Mayor to Join the Race to Zero (Staff Report #22-063-CC) I5. Authorize the city manager to enter into a contract with Dudek to prepare an environmental impact report and housing needs assessment for the proposed life science project at 1005 O’Brien Drive and 1320 Willow Road for the amount of $244,863 and future augments as may be necessary to complete the environmental review and housing needs assessment for the proposed project (Staff Report #22-064-CC)
I6. Adopt a resolution accepting and appropriating a San Mateo County Summer 2022 Enrichment Grant in the total amount of $33,152 to support and expand summer camp enrichment programs for children at the Belle Haven Youth Center (Staff Report #22-065-CC) I7. Receive and file 2021 priorities, work plan quarterly report as of March 31, 2022, and advisory body work plan update (Staff Report #22-066-CC)
ACTION: Motion and second (Wolosin/ Combs), to approve the consent calendar, passed unanimously.
J. Regular Business
J1. Receive and file report on labor relations and receive public input on upcoming labor negotiations with Menlo Park Police Sergeant’s Association (Staff Report #22-059-CC) Interim Human Resources Director Kristen Strubbe introduced the item.
ACTION: Motion and second (Combs/ Wolosin), to receive and file report on employee compensation and receive public input on upcoming labor negotiations with Menlo Park Police Sergeant’s Association, passed unanimously.
J2. Adopt resolutions authorizing the issuance of 2022 General Obligation Refunding Bonds and 2022 General Obligation Bonds for the purpose of renovating and expanding the City’s parks and recreation facilities and approving related documents (Staff Report #22-067-CC) Interim Finance Director Marvin Davis introduced the item and Urban Futures Inc. representative Wing-See Fox and Jones Hall representative Chris Lynch made the presentation (Attachment). • Pam Jones spoke in opposition of higher taxes but in support of the Parks and Recreation master plan.
The City Council discussed Measure T bonds uses, deadline/timelines, limiting the withdrawal to the needed $8 million, and bifurcating the resolutions.
The City Council received clarification on impact to residents’ taxes, terms of the bonds, the amount being requested, and associated costs of postponing withdrawing the full Measure T amount.
ACTION: Motion and second (Combs/ Nash), to adopt a resolution authorizing the issuance of 2022 General Obligation Refunding Bonds and related documents and actions for the purpose of refinancing the City’s 2012 General Obligation Refunding Bonds in order to realize debt service savings for taxpayers in the City including the addition of a new sentence at the end of the first paragraph of Section 3: “The Refunding City Council Regular Meeting Minutes
April 12, 2022
City of Menlo Park 701 Laurel St., Menlo Park, CA 94025 tel 650-330-6600 www.menlopark.org Bonds may be sold as federally tax-exempt bonds or federally taxable bonds" and adopt a resolution authorizing the issuance of 2022 General Obligation Bonds and related documents and actions for the purpose of renovating and expanding the City’s parks and recreation facilities, as approved by City voters in 2001, passed 4-1 (Mueller dissenting).
The City Council took a recess at 9:36 p.m.
The City Council reconvened at 9:50 p.m.
J3. Discussion on and direction to staff regarding potential residential zoning changes (Staff Report #22-068-CC)
Assistant Community Development Director Deanna Chow and M-Group representative Geoff Bradley introduced the item.
• David Bohannon spoke about the ConnectMenlo process and creating a live/work/play ecosystem and in opposition of downzoning in the R-MU district of the Bayfront Area, concerns of meeting Housing Element RHNA (regional housing need allocation) goals, expressed support for more housing in West Menlo and concerns about potential housing sites on other properties near Marsh Road they own would not be financially infeasible at 30 dwelling units/acre. • Ali Sapirman spoke about the severe housing shortage, housing affordability, need to meet housing at all income levels and the RHNA targets, bolstering housing, equitably, and in opposition of downzoning as a mechanism to create equitable outcomes. • Michal Bortnik noted that downzoning is complicated, expressed support for finding a way to do something about even if the process is complicated, and expressed concerns about potential housing opportunity sites.
• Adina Levin spoke in support of upzoning areas in downtown and central area of the city near services and transit to have at least the same zoning as Bayfront Area, which would help meet Housing Element goals, and expressed concerns about moving capacity from known sites to new sites.
• Karen Grove spoke in support of maximizing the use of all neighborhoods to meet housing goals and increased density in District 5.
• Brittani Baxter spoke in support of an even share of the growth of homes and resources across the City, including in District 3, and spoke on the need to find suitable housing sites on the West side of Highway 101.
• Katie Behroozi spoke in support of increased housing across the City. • Pam Jones spoke in support of directing staff to initiate the downzoning changes in R-MU zoning district and increase elsewhere so they could research and provide information for further discussion and commented that building in District 1 is greater than other areas of the City.
The City Council discussed impacts of projects in District 1 throughout the City, the increase of housing in District 1, studying impacts to reduce density and removing the bonus level, the California Department of Housing and Community Development (HCD) regulations and timing of including extremely low income (ELI) housing.
The City Council received clarification on shifting units from District 1 to another District, communications with current parcel owners, current Regional Housing Need Allocation (RHNA) numbers, density bonus offsetting, affordable housing overlays, and R-MU amenities.
City Council Regular Meeting Minutes
April 12, 2022
City of Menlo Park 701 Laurel St., Menlo Park, CA 94025 tel 650-330-6600 www.menlopark.org ACTION: By acclamation, the City Council continued the meeting past 11 p.m.
The City Council directed staff to include ELI in the housing element.
K. Informational Items
K1. City Council agenda topics: April – May 10, 2022 (Staff Report #22-069-CC) K2. Menlo Park Community Campus draft operation plan milestones (Staff Report #22-070-CC) K3. Gymnastics program reactivation capacity and timeline update (Staff Report #22-071-CC) L. City Manager's Report
Interim City Manager Justin Murphy reported on the Willow Village environmental impact report (EIR), advisory body recruitment, reimaging public safety meeting in District 3, and the Independent Redistrict Commission meeting.
M. City Councilmember Reports
Vice Mayor Wolosin reported out on meeting with the Transportation Authority funding group related to grade separation and that CalTrain is offering 50 percent off to riders in the month of April.
Mayor Nash reported on Menlo Spark expressing interest in an ICLEI (International Council for Local Environmental Initiatives) grant, Mayor Nash and City Councilmember Taylor attended a PG&E live action drill for joint gas emergency response, and Mayor Nash and City Councilmember Taylor had convened an informal working group related to the Menlo Park Community Campus.
N. Adjournment
Mayor Nash adjourned the meeting at 11:36 p.m.
Judi A. Herren, City Clerk
These minutes were approved at the City Council meeting of May 10, 2022.
City Council Regular Meeting Minutes
April 12, 2022
AGENDA ITEM D-1 Page D-1.1 City Council Regular Meeting Minutes April 12, 2022
BlocPower + Menlo Park
Greener, Smarter, Healthier Buildings for All Since 2014 April 12, 2022
1 G1-PRESENTATION City Council Regular Meeting Minutes
April 12, 2022
2 About BlocPower
City Council Regular Meeting Minutes
April 12, 2022
Smarter, Greener, Healthier Buildings for All
3 Our software platform
streamlines energy project
identification, design, and
install, cutting down the time
and cost of completion.
BlocPower financing enables
building owners to get
much-needed energy-saving
improvements with no money
upfront and projects can be
profitable day one.
BlocPower Wi-Fi connects
community members without
internet access through
affordable mesh networks
Focus on workforce training
and community engagement
● BlocPower is a Black-owned climate tech
company founded in 2014, focused on
greening and modernizing residential and
small commercial buildings. Over 1200
projects completed to date.
● BlocPower develops, implements, and
finances energy efficiency and clean energy
projects for building owners in dense, often
LMI urban areas in the United States.
BLOCPOWER
City Council Regular Meeting Minutes
April 12, 2022
BlocMaps, a one-stop planning
tool to electrify buildings,
neighborhoods, and cities
Turnkey Building Electrification Program & Projects
BLOCPOWER / CONFIDENTIAL 4
Data & Technology Financing Community Driven Enablers
Job creation through Workforce
Development to upskill and hire
underrepresented workers into a
Just Transition
Community connectivity through
Wifi low-cost, high speed internet
access to neighborhoods in need
Full stack responsible financing
that bridges capital + incentives
City Council Regular Meeting Minutes
April 12, 2022
Menlo Park
Greener,
Smarter,
Healthier
buildings in
Menlo Park, CA
Local
Contractors &
Community
Government
Local
Engagement
Private Capital
Providers
Companies &
Fortune 500
Foundations
Raise Private
Capital
BlocPower raises project
development capital from
institutional investors to fund
cleantech infrastructure
improvements
Additional
Stakeholders
Tap Into Network of
Private Partners
BlocPower secures buy-in from
network of Fortune 500
companies and foundations.
Receive cash support for
program management and to
buy down project costs
Deliver Additional Value
Wi-Fi / Digital divide partnerships +
Healthcare organizations + schools and
others who see value
Local Government
Support
Public Private Partnership Vision
Menlo Park provides BlocPower with
select support in the forms of outreach,
data, and limited staff activities.
Retrofit Buildings
Sell subsidized energy efficiency
retrofits to building owners based
on need. Utilize local workforce to
implement projects.
5 City Council Regular Meeting Minutes
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6 BlocPower’s
Services for
Building Owners
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The one-stop shop for building owners to get started with Building Electrification Streamlined path of project scoping, design and
pricing and connection to BlocPower’s Team Accessible, intuitive starting point for building owners to learn about the benefits and cost of electrification and energy efficiency upgrades for their building
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BLOCPOWER 8
Property Owner BlocPower
Engineering
Construction Contractor
Equipment Purchase
Lender / Investor
Utility Incentive + Permit
Government Incentive + Permit
Software streamlines
project management
and keeps costs low
Financial offering
eliminates upfront cost &
structures payments to
match savings
BlocPower simplifies the end-to-end customer experience, increasing participation and lowering costs
Customer-Centric Building Electrification Solution
City Council Regular Meeting Minutes
April 12, 2022
BlocPower Delivers Comprehensive Projects
An “all of the above” suite of electrification services allows building owners to pursue what’s best for them while streamlining their experience Air source and ground
source heat pumps;
High SEER AC units
Heat pump hot water
Monitoring and control
systems
Incentive sourcing &
financing to make it
accessible
Remediation:
Lead, mold, asbestos
Local Solar or
Community Solar
Project planning to put it
all together
LED lighting, insulation,
air sealing, water
measures
Battery Storage
Home appliances, +
panel upgrades
Fragmented datasets and
communication prevent
efficient project
assessment and
collaboration
This drives up costs,
reduces profitability, and
prevents 5 million
SMEs from upgrading.
80%
Project Cost Increase
Potential
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10 BLOCPOWER / FOR DISCUSSION
Materials
& Labor
Soft
costs
Customer
Lease
Payments
“I’m trying to electrify my home in Santa Barbara… The
time it takes to get permits to change my house is
about a year.
I’m still burning gas in my house for that year. Now
we’re going back and forth about what kind of heat
pump I can use.
None of the system is oriented about climate being the
most important thing”
Leah Stokes, UCSB energy, climate and environmental
politics Asst. professor
Source:
https://www.nytimes.com/2022/03/13/opinion/berkeley-enrollment-clim ate-crisis.html
Electrification is complex & time-consuming
“I knew I wanted to be energy efficient, just didn't
know where to start. Working with the Revalue.io
team and Blocpower, made the process seamless and
easy."
Oakland homeowner / BlocPower Customer
Climate / energy expert LMI Homeowner
City Council Regular Meeting Minutes
April 12, 2022
Electrification
● 15-year contract
● Customer payments targeted to savings
● Low 1% annual escalation in payment
● Full guarantee on equipment and
service
● Maintenance costs included for 15 years
● Purchase, renew or remove options at
end of term
● No lien on underlying property
Features:
as a Service
Benefits:
11 ● No upfront capital needed to take action
● Easy entry to learn about unfamiliar
technology
● System guaranteed to function for
customer
● Significant savings compared to oil
BLOCPOWER
City Council Regular Meeting Minutes
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Case Studies: Completed Projects
Multi-family Oakland,CA Apartment building
Issues: "Leaky" building w/ Old, inefficient and
unhealthy heating and cooling system
BlocPower Solution:
● Mini-split heat pump and smart
thermostat
● Electric hot water heater
● Weather-proofing insulation
Single Family Residential Multi Family Residential House of Worship Historic Church built in 1928.
Issues: Wintertime loss of heat, No
cooling system for summer
BlocPower Solution:
● Variable refrigerant flow (VRF)
heating & cooling system — 5X
more efficient than their previous
system
Single Family White Plains, NY Home
Issues: Uncomfortable paying up-front for
replacement
BlocPower Solution:
● 7 zone air source heat pump
system installation
● No money down lease on
equipment and installation
City Council Regular Meeting Minutes
April 12, 2022
13 From Projects to
Large Scale
Programs
City Council Regular Meeting Minutes
April 12, 2022
14 BLOCPOWER / FOR DISCUSSION
Materials
& Labor
Soft
costs
Customer
Lease
Payments
Existing
Incentives
Type without BlocPower with BlocPower with BlocPower & public funds Market Rate
Household
LOTS OF TIME, COMPLEXITY,
TRUST ISSUES
● Research & hire contractor that
knows electrification
● Apply for energy audit
● Engineering costs
● Apply & manage permitting
● Apply for incentives
TURNKEY ELECTRIFICATION
● Contractor specialized in full
electrification
● Bulk purchasing discounts
● Engineering / Incentive applications
handled by BlocPower
● Customer Success: Post installation
Operations & Maintenance plan
GREATER ADOPTION
● Lower financing costs further
● Official program backing builds
community trust & adoption
LMI Household
DOESN’T GET DONE
● Lack of capital + larger scope of work
(remediation / updated maintenance
required)
GETS DONE
● Project enablement through affordable
responsible financing: no lien on
household, equipment only
GREATER AFFORDABILITY
● Further affordability, potentially
savings
BlocPower partnership delivers scale and affordability
City Council Regular Meeting Minutes
April 12, 2022
15 BLOCPOWER / FOR DISCUSSION
Soft
costs
Customer
Lease
Payments
Experience shows homeowners need new and under-use
existing levers to drive down project costs
-Bulk equipment
purchase
discounts drive
customer savings
-Process
improvements at
scale drive cost
savings
- Existing BayREN
HPHW, ASHP
incentives
- Requires energy
audit to capture
BlocPower Impact on Economics: Low-Moderate Income Single Family Residence (LMI SFR) City Council Regular Meeting Minutes
April 12, 2022
Existing
Incentives
Current and Potential Cost
Savings
-Improved project modeling
-Increased installation efficiency
16 BLOCPOWER / FOR DISCUSSION
Materials
& Labor
Soft
costs
LMI projects have higher project costs due to larger scopes of work; greater potential for cost savings
Project Costs:
- Air Source Heat Pump
- Electrical Panel Upgrades
- Hot Water Heat Pump
- Induction Stove
- Main Panel Upgrades
Wall, Ceiling Insulation
Windows / Air Sealing
Remediation
-Environmental (Asbestos /
Mold, Lead paint)
Foundation repair
Views into the same project Illustrative
City Council Regular Meeting Minutes
April 12, 2022
17 Workforce
Development
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April 12, 2022
● BlocPower focuses on training individuals in
disinvested communities to expand, diversify, and
strengthen the clean energy workforce.
● Multi-million workforce contract with the NYC Mayor’s Office of Criminal Justice. The majority of funds go
directly to participants through a 6-months paid
training and apprenticeship.
● Participants have installed Wi-Fi in public housing, EV charging stations and solar on roofs. They have trained and worked on HVAC conversions and air quality
monitoring.
BLOCPOWER 18
Vice President Harris and DOE Secretary
Granholm with BlocPower CEO Donnel
Baird and CCC participant Joshua Krupa
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19 TECHNICAL TRAINING FOR CAREERS IN THE GREEN ECONOMY
➔ Basic Construction
➔ OSHA 40 (includes SST
certification)
➔ EPA 608, ELI certifications
FOUNDATIONAL TRAINING ➔ HVAC Systems/heat pumps
➔ Energy Auditing
➔ Community WiFi Installation
➔ Electrical Work
➔ Solar installation
➔ EV chargers
➔ Coding and software development
➔ Drone operations for building
mapping
SPECIALIZATION
➔ Work opportunities and
experience with ASHPs,
power tools, charging
stations, etc.
ON-SITE TRAINING
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April 12, 2022
20 WRAPAROUND SERVICES
THAT SET PARTICIPANTS
UP FOR LONG TERM
SUCCESS
Career Readiness Training
Resume
Workshops
Interview Prep
Financial
Literacy
Digital Literacy
Business
Communications
Logistics &
Supplies
Counseling &
Social Work
Resources
Childcare
Support
Transportation
Violence
Interruption &
Trauma-Based
Personal Case Management Healing
We take a whole-of-person
approach to workforce
development, because we know
there can be structural barriers
that limit success of even the
most talented and dedicated
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April 12, 2022
21 Next Steps
City Council Regular Meeting Minutes
April 12, 2022
The time to act is now
Menlo Park Plan
Menlo Park has committed to a strong Climate Action plan ● Committed to Net Zero by 2030, 95% of existing buildings decarbonized/electrified - Must start now
Significant opportunity to address environmental injustice - Approx 1500 LMI residential buildings primarily in Belle Haven
● Digital Divide–need for Wi-Fi coverage to access education and jobs ● Concerns about flooding in Belle Haven
Vision and ability to execute transformative public-private partnership ● Commissioner Angela Evans, Menlo Spark & leaders, have committed to supporting this scaled partnership including joint pursuit of state and federal funding as well as philanthropic commitments
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April 12, 2022
Potential plan could scale to meet the moment…
Proposed Operating Plan
2022
Phase 1
- First 15 buildings
- Begin & expand
Contractor Ecosystem
Phase 2
- 100 buildings (50 Single
family / 50 multi family
- Established relationships
built with contractors
2023
- Next 1000 homes 1,115 buildings
TOTAL
Phase 3
2024
-25
… to electrify all 12K Menlo Park buildings
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April 12, 2022
Thank you
24 BLOCPOWER
[email protected]
[email protected]
[email protected]
City Council Regular Meeting Minutes
April 12, 2022
2022 GENERAL OBLIGATION BONDS
AND 2022 GENERAL OBLIGATION
REFUNDING BONDS (2001 ELECTION)
J2-PRESENTATION City Council Regular Meeting Minutes
April 12, 2022
Adopt a resolution approving the issuance of 2022 General Obligation Refunding Bonds and related documents and actions to refund outstanding 2012 General Obligation Refunding Bonds – Will result in debt service savings and lower property tax payments in the City related to the 2012 General Obligation Refunding Bonds
– Amend the Resolution to add a new sentence at the end of the first paragraph of Section 3: “The Refunding Bonds may be sold as federally tax-exempt bonds or federally taxable bonds.
Adopt a resolution approving the issuance of 2022 General Obligation Bonds and related documents and actions
– Will provide funds to finance parks and recreation facilities in furtherance of Measure T
RECOMMENDATION
2 City Council Regular Meeting Minutes
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Measure T authorized the issuance of $38 million in General Obligation Bonds to renovate and expand the City’s parks and recreation facilities
– Highest tax rate required to service all bonds shall not exceed $14 per $100,000 in assessed value
2002 Bonds; 2012 Refunding Bonds
– $13,245,000 issued in 2002
– 2012 Bonds refunded 2002 Bonds
2009 Bonds; 2019 Refunding Bonds
– $10,440,000 issued in 2009
– 2019 Bonds refunded 2009 Bonds
City has $14,315,000 of remaining new money bonding capacity under Measure T
MEASURE T GENERAL OBLIGATION
BONDS
3 City Council Regular Meeting Minutes
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Capital One, owner of the 2012 Refunding Bonds, has agreed to accelerate refunding of the 2012 Refunding Bonds
– Offered to purchase 2022 General Obligation Refunding Bonds to refund 2012 Refunding Bonds at a lower interest rate and at a premium (old rate of 3.75% vs. new rate of 2.715%)
– Approximately $358,000 in NPV savings, or 6% of refunded par – Savings are net of all professional fees
Resolution approves
– Paying Agent Agreement
– Irrevocable Refunding Instructions
– Financing Team
2022 GENERAL OBLIGATION REFUNDING
BONDS
4 City Council Regular Meeting Minutes
April 12, 2022
Issue remaining authorization of $14,315,000 to finance construction, acquisition, and improvement of parks and recreation facilities
– Menlo Park Community Camps, Willow Oaks Park, Burgess Park Recommended bond structure
– Final maturity in 2039 (17 years) to match final maturity of outstanding bonds – Level debt service to lower the overall interest expense – Estimated True Interest Cost of 3.35% and total payment through maturity of $22.15 million
Estimated tax rates 2023-2039
– Average: $6.69 per $100K AV
– Min: $5.13 per $100K AV
– Max: $8.58 per $100K AV
2022 GENERAL OBLIGATION BONDS
5 City Council Regular Meeting Minutes
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Resolution approves financing team
– Urban Futures, Inc. as Municipal Advisor
– Jones Hall, A Professional Law Corporation as Bond and Disclosure Counsel – The Bank of New York Mellon Trust Company, N.A. as Paying Agent – BofA Securities as Underwriter (through approval of Bond Purchase Agreement) Resolution approves following documents
– Paying Agent Agreement
– Costs of Issuance Custody Agreement
– Project Fund Custody Agreement
– Bond Purchase Agreement
– Preliminary Official Statement
– Continuing Disclosure Certificate
2022 GENERAL OBLIGATION BONDS
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April 14: Rating agency presentation and close refunding April 20: Receive rating
April 21: Post Preliminary Official Statement
Week of April 25: Bond Pricing
Week of May 9: Close bond transaction and deliver project funds *Preliminary, subject to change
NEXT STEPS*
7 City Council Regular Meeting Minutes
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THANK YOU
City Council Regular Meeting Minutes
April 12, 2022