To: MAYOR AND CITY COUNCIL
From: LUKE SMUDE, ASSISTANT TO THE CITY MANAGER;
STEPHANIE MEYER, FINANCE DIRECTOR
TITLE
title
DISCUSSION AND POSSIBLE ACTION ON THE APPROVAL OF THE ISSUANCE OF THE CITY OF REDONDO BEACH GENERAL OBLIGATION BONDS (MEASURE FP) SERIES 2026 IN AN AMOUNT NOT TO EXCEED $93,350,000
ADOPT BY TITLE ONLY RESOLUTION NO. CC-2610-086 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF REDONDO BEACH AUTHORIZING AND DIRECTING THE ISSUANCE AND SALE OF AN AGGREGATE PRINCIPAL AMOUNT NOT TO EXCEED $93,350,000 OF CITY OF REDONDO BEACH, CALIFORNIA GENERAL OBLIGATION BONDS (MEASURE FP PUBLIC SAFETY IMPROVEMENTS), SERIES 2026, AND APPROVING OTHER RELATED ACTIONS IN CONNECTION THEREWITH
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. Based on the most recent estimates, 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 proposed Resolution would authorize 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 certain Measure FP expenditures that occurred prior to bond issuance. In addition, a portion of bond proc...
Click here for full text