Title
Minutes of the Special Joint City Council and SACIC Meeting Held on September 17, 2024. [SACIC] (City Clerk)
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UNAPPROVED
MINUTES OF THE JOINT MEETING OF THE CITY COUNCIL AND SUCCESSOR AGENCY TO THE COMMUNITY IMPROVEMENT COMMISSION (SACIC)
TUESDAY- -SEPTEMBER 17, 2024- -6:59 P.M.
Mayor/Chair Ezzy Ashcraft convened the meeting at 7:07 p.m. Councilmember/Commissioner Jensen led the Pledge of Allegiance.
ROLL CALL - Present: Councilmembers/Commissioners Daysog, Herrera Spencer, Jensen, Vella and Mayor/Chair Ezzy Ashcraft - 5. [Note: Councilmember/Commissioner Vella was present via teleconference from the Fairfield Inn and Suites Oklahoma City Yukon, 1520 Garth Brooks Boulevard, Yukon, Oklahoma 73099.]
Absent: None.
CONSENT CALENDAR
Councilmember/Commissioner Herrera Spencer moved approval of the Consent Calendar.
Councilmember/Commissioner Jensen seconded the motion, which carried by the following roll call vote: Councilmembers/Commissioners Daysog: Aye; Herrera Spencer: Aye; Jensen: Aye; Vella: Aye; and Mayor Ezzy Ashcraft: Ayes: 5. [Items so enacted or adopted are indicated by an asterisk preceding the paragraph number.]
(*24-013 SACIC) Minutes of the Special Joint City Council and SACIC Meeting Held on June 18, 2024. Approved.
(*24-503 CC/24-014 SACIC) Recommendation to Accept the Investment Transactions Report and Annual Investment Report for the Fiscal Year Ending June 30, 2024. Accepted.
AGENDA ITEM
(24-504 CC/24-015 SACIC) Resolution No. 16194, “Authorizing the City to Enter into a Loan Agreement with JP Morgan Chase Bank N.A. to Refund Prior Lease Revenue Bond Obligations Related to Alameda Point in an Amount Not-to-Exceed $7,200,000 and Authorizing City Officers (as Identified Herein) to Execute the Loan Agreement and Related Documents to Take Any Other Necessary Action to Effectuate the Loan.” Adopted.
The Controller gave a Power Point presentation.
Inquired whether the matter pertains to the lease revenue at Alameda Point; discussed Alameda Point lease revenue; questioned why the loan is not being paid off; expressed concern over business loans being provided when a balance is due; urged the loan be paid off with lease revenues: Shelby Sheehan.
In response to Councilmember/Commission Herrera Spencer’s inquiry related to the loan details, the Controller stated the bonds being paid off are originally from 1999 and were refinanced in 2003; staff has been unable to find the specific addresses for the bond but were able to reliably attain that the funds were used for infrastructure costs at Alameda Point.
The City Manager stated the reason the bonds have not yet been repaid is due to the low interest rate; the City has been able to use funds for other capital expenditures; instead of taking the remaining $10 million, the City is loaning funds to Rebuilding the Existing Supportive Housing at Alameda Point (RESHAP) affordable housing project; money is available in the event piers need additional work; spending remains flexible while the interest rate is favorable.
Councilmember/Commissioner Herrera Spencer moved adoption of the resolution.
Councilmember/Commissioner Vella seconded the motion, which carried by the following roll call vote: Councilmembers Daysog: Aye; Herrera Spencer: Aye; Jensen: Aye; Vella: Aye; and Mayor Ezzy Ashcraft: Aye. Ayes: 5.
ADJOURNMENT
There being no further business, Mayor/Chair Ezzy Ashcraft adjourned the meeting at 7:17 p.m.
Respectfully submitted,
Lara Weisiger, City Clerk and Secretary, SACIC
The agenda for this meeting was posted in accordance with the Sunshine Ordinance.