HomeMy WebLinkAbout2018-04-16 City Council Summary MinutesBOARD OF DIRECTORS
PALO ALTO PUBLIC IMPROVEMENT CORPORATION
FINAL SENSE MINUTES
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Special Meeting
April 16, 2018
The Public Improvement Corporation Board of the City of Palo Alto met on
this date in the Council Chambers at 10:54 P.M.
Present: DuBois, Fine, Holman, Kniss, Kou, Scharff, Tanaka, Wolbach
Absent: Filseth
Oral Communications
None.
Action Items
1. Resolution 9754 Entitled, “Resolution of the Council of the City of Palo
Alto Approving, Authorizing, and Directing Execution of Certain Lease
Financing Documents and Authorizing and Directing Certain Actions
with Respect Thereto.”
Mayor Kniss said there was one item on the Agenda, which was the Golf
Course Reconstruction Project and a refinancing of the City’s 2002
Certificates of Participation, which financed the construction of a two-story
building adjacent to Bryant Street and Lytton Avenue Parking Garage.
Stephanie Muñoz did not agree with giving money to a private corporation in
the hopes of receiving more revenue to produce business.
Mayor Kniss asked if there were any comments.
MOTION: Board Member Fine moved, seconded by Board Member Holman
to adopt a Resolution approving, authorizing, and directing execution of
certain lease financing documents and authorizing and directing certain
actions with respect thereto.
Council Member Tanaka inquired about the purpose of the Public
Improvement Corporation.
Chris Lynch, Johns Hall Law Firm replied that in California, cities, counties
and school districts did not have the constitutional power to issue debt
payable from the General Fund without a two-thirds vote of the qualified
electors. They were authorized to do lease financings. In order to have a
FINAL SENSE MINUTES
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Palo Alto Public Improvement Corporation Meeting
Final Sense Minutes: 4/16/18
valid lease there needed to be a second party to that lease, which was the
role the Public Improvement Corporation served.
MOTION PASSED: 8-0 Filseth absent
Adjournment: The meeting was adjourned at 10:58 P.M.