MEASURE FP
IMPLEMENTATION UPDATE
C I T Y C O U N C I L
D E C E M B E R 1 7 , 2 0 2 4
OVERVIEW
Measure FP Approved on November 5, 2024
• 71.4% of Redondo Beach Voters
• $93,350,000 General Obligation Bond Measure
• Replace
• Fire Station #1
• Fire Station #2
• Main Police Station
• Renovate
• Police Annex
IMMEDIATE NEXT STEPS
1. RFI/RFQ for a Financial Advisor
2. RFI/RFQ for a Project/Construction Management Firm
3. Select Bond Counsel
4. Consider establishing a Special Project Manager Position
5. Approve a Reimbursement Resolution
BUILDING A FINANCIAL TEAM
• Secure Expert Partners in Multiple Areas
• Financial Advisor
• Underwriter(s)
• Bond Counsel
• Disclosure Counsel
• Trustee and/or Fiscal Agent
PROJECT PLANNING AND DELIVERY
• Internal Staff and Outside Consultants
• Multiple Departments
• Project/Construction Management Firm
• Serve as City’s Bond Program Manager
• Considering Additional Staffing
• Internal Resource dedicated to Measure FP Implementation • Serve as the day-to-day Owner’s Representative
• Single point of contact for City Staff and Outside Firms
ADDITIONAL CONSIDERATIONS
• Establish a Reimbursement Resolution
• Approve the tracking of Measure FP Related expenses incurred prior to Bond Issuance
• Temporary Facilities
• Ensure the continuity of service for Fire and Police Departments • Work with experts to determine optimal sites
• Bond Oversight Committee
• Appointed by Mayor and Council
• Focus exclusively on expenditure of funds
STAFF RECOMMENDATION
• Receive and File the Report from Staff
• Provide Input to Staff regarding the initial phase of Measure FP Implementation
MEASURE FP IMPLEMENTATION
NEXT STEPS
C I T Y C O U N C I L
D E C E M B E R 1 7 , 2 0 2 4