TITLE
Adopt resolution approving a Master Senior Trust Indenture and related bond documents; and authorize City Manager to execute documents for the issuance of Senior Airport Revenue Bonds in an amount not to exceed $65,000,000 for the financing of the parking structure project, refinance of the design costs financed with commercial paper, refund the Airport Certificates of Participation Series 1993, and finance the costs of bond issuance; and
Increase appropriation by $950,000 in the Airport Enterprise Fund
(EF 320) in the Airport Department (AP) to pay the first debt service payment in FY10. (District 5)
DISCUSSION
Parking Structure Construction Contracts
On February 18, 2003, the City Council authorized the execution of Design-Build Contract No.
28388 with ARB, Inc., for the design and construction of a parking structure (Structure) in the
amount of $32.2 million. The City Council limited authority for only the initial phase of the Structure, requiring further City Council approval for any additional phases. The initial phase of the Structure consists of design, engineering and preparation of construction documents.
Concurrently, the City Council authorized a contract with BonTerra for the completion of an Environmental Impact Report (EIR) for the Airport Terminal Improvement Project, which includes the Structure. From February 2003 through June 2006, the City conducted the EIR process culminating in City Council certification of the EIR on June 20, 2006. Although a preliminary site plan of the Structure was created for use in the EIR, a concerted effort commenced on the final Structure site plan following City Council certification of the EIR. On January 3, 2008, the Planning Commission approved the site plan for a 3,200-space Structure at the Long Beach Airport (see Exhibit "A") and work continued on engineering and preparation of the construction documents. On May 20, 2008, the City Council authorized the use of Airport Commercial Paper in the amo...
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