2024-09-17 Special CC SACIC Minutes 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
Special Joint Meeting
Alameda City Council and Successor Agency 1
to the Community Improvement Commission
September 17,2024
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
Secretary, SACIC
The agenda for this meeting was posted in accordance with the Sunshine Ordinance.
Special Joint Meeting
Alameda City Council and Successor Agency
to the Community Improvement Commission 2
September 17,2024