To: BUDGET AND FINANCE COMMISSION
From: STEPHANIE, FINANCE DIRECTOR
TITLE
title
DISCUSSION REGARDING MEASURE FP GENERAL OBLIGATION BOND ISSUANCE
end
EXECUTIVE SUMMARY
On November 5, 2024, Redondo Beach voters approved Measure FP, authorizing the City to issue up to $93,350,000 in general obligation (GO) bonds to fund the replacement and rehabilitation of the City’s Police and Fire facilities (Projects). The results of the election were certified on December 10, 2024, with 71.41% of residents voting in favor of the ballot measure.
Since voter approval, the City has completed the initial strategic planning phase for the Projects and is currently engaged in preconstruction and design development work, working towards negotiating Guaranteed Maximum Price (GMP) for the Projects. Based on the most recent estimates from the City’s project manager, staff expects that the total cost of the Projects, including preconstruction, design development, administrative oversight, project management, design, temporary relocation, environmental testing, utilities, demolition, construction, final relocation, and other costs, plus contingency, will use the full $93,350,000 authorized through voter-approved Measure FP GO Bonds.
Approval of the recommended resolution authorizes the issuance of the Measure FP GO Bonds to provide $93,350,000 in funding for the Projects, including the reimbursement to the City’s General Fund for Measure FP expenditures taking place in FY 2025-26 and the current fiscal year prior to bond issuance. In addition, a portion of bond proceeds will pay for the costs of issuing the Measure FP GO Bonds and the first interest payments. Starting in FY 2027-28, the City will pay Measure FP GO Bond debt service with property taxes levied and collected by the County.
BACKGROUND
Redondo Beach maintains a balanced budget as required by City Charter. Maintaining this balance limits the City’s ability to use its General Fund to make large investments in publ...
Click here for full text