To: MAYOR AND CITY COUNCIL
From: STEPHANIE MEYER, FINANCE DIRECTOR
TITLE
title
DISCUSSION AND POSSIBLE ACTION REGARDING THE CITY’S MEASURE FP GENERAL OBLIGATION BOND SALE
RECEIVE AND FILE A REPORT ON THE RESULTS OF THE SALE OF $93,350,000 OF CITY OF REDONDO BEACH GENERAL OBLIGATION BONDS (FOR MEASURE FP PUBLIC SAFETY FACILITY IMPROVEMENTS)
end
EXECUTIVE SUMMARY
In November 2024, Redondo Beach voters approved Measure FP, authorizing the City to issue up to $93,350,000 of general obligation (GO) bonds to fund the replacement and rehabilitation of the City’s Police and Fire facilities (Projects). Following the election, the City has actively pursued delivery of the Projects. On October 13, 2026, the City Council adopted a resolution approving the issuance of the Measure FP GO Bonds.
The Measure FP GO Bonds were sold on October 27, 2026 to Fidelity Capital Markets (Fidelity) in a competitive sale. The bonds were delivered on November 10, 2026. The bonds had a final true interest cost of 4.51% and a final maturity of September 1, 2056.
BACKGROUND
In 2024, the City Council reviewed various options to fund the reconstruction and renovation of critical City infrastructure and prepared a ballot measure to proceed with bond funded projects to improve the City’s police and fire facilities. On August 4, 2024, the City Council adopted Ordinance No. 3274-24 which formalized the authority and conditions under which Measure FP GO Bonds may be issued and placed Measure FP on the November 2024 ballot. On November 5, 2024, Redondo Beach voters approved Measure FP. The results of the election were certified on December 10, 2024, with 71.41% of residents voting in favor of the ballot measure.
Following the election, the City undertook efforts to plan for and to engage the necessary services to deliver the Projects. To date, the City has engaged Griffin Structures, Inc. as the City’s owner’s representative and program manager, and hired Swinerton Builders, Inc....
Click here for full text