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City Council and
<br />Municipal Improvements
<br />(w h ,, lArts& ( ion COrpOraL V11 Memorandum
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<br />TO: HONORABLE MAYOR, CITY COUNCIL, DATE: March 20, 2012
<br />AND MUNICIPAL IMPROVEMENTS
<br />CORPORATION BOARD MEMBERS ITEM NO: 2
<br />FROM: OFFICE OF THE CITY MANAGER WARD: 1
<br />FINANCE DIVISON
<br />SUBJECT: PUBLIC HEARING — APPROVAL OF A $4 MILLION CAPITAL LEASE
<br />TRANSACTION WITH PINNACLE PUBLIC FINANCE, INC. TO PROVIDE
<br />FINANCING FOR A PORTION OF RYAN BONAMINIO PARK AT THE
<br />TEQUESQUITE ARROYO — RESOLUTION
<br />ISSUE
<br />The issue before the City Council and Municipal Improvements Corporation Board is approval of the
<br />financing for a portion of the project costs for Ryan Bonaminio Park at the Tequesquite Arroyo ( "the
<br />park "). The funding will be provided through a capital lease transaction with Pinnacle Public
<br />Finance, Inc.
<br />RECOMMENDATIONS
<br />That the City Council:
<br />1. Conduct a public hearing to consider approval of a $4,000,000 capital lease with Pinnacle
<br />Public Finance, Inc. to finance a portion of the park;
<br />2. Adopt the attached resolution (Attachment "A ") authorizing proceedings to finance
<br />improvement to the park and approving related documents (Attachments "C ", "D ", and "F ")
<br />and actions; and
<br />3. Authorize the City Manager, or Finance Director, to execute all documents related to the
<br />transaction and to make minor, non - substantive changes.
<br />That the Municipal Improvements Corporation Board:
<br />1. Adopt the attached resolution (Attachment "B ") authorizing proceedings to assist the City of
<br />Riverside in financing improvements to the park and approving related documents and
<br />actions (Attachments "C ", "D" and "E "); and
<br />2. Authorize the President, Vice President, or Treasurer to execute all documents related to the
<br />transaction and to make minor, non - substantive changes.
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