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Redondo Beach Council authorizes financing steps for $93.5 million Measure FP public-safety program
Summary
Following a months‑long planning process, the City Council approved selection of municipal finance advisors and related budget actions to move forward on voter‑approved Measure FP bonds that would fund new public‑safety facilities and related capital work.
The Redondo Beach City Council on March 18 approved consultant selections and a reimbursement resolution to begin implementing Measure FP, the $93.5 million voter‑approved bond package for public safety facility projects.
City officials said the actions move the city from planning to “execution,” allowing the city to begin advancing design and procurement steps that can be reimbursed from future bond proceeds. The council voted unanimously to adopt the reimbursement resolution and to approve the next round of consultant work needed to finalize bond documents and project schedules.
At the meeting staff described a multi‑step approach: select municipal financial advisors and bond counsel, finalize disclosure counsel for bond sales, and pass a reimbursement resolution that lets the city use current funds and then repay those expenses from later bond tranches. City Treasurer Eugene Solomon and Budget & Finance Commissioner Jerry Woodham described the consultant selection process; staff said the city solicited proposals, interviewed the top firms and selected Prag (financial advisor) and an experienced disclosure counsel with prior work for the city to limit the learning curve.
Council members and staff emphasized speed and careful oversight. Councilmember Todd Lowenstein called the program a “strong message” about the city’s commitment to public safety; other council members thanked residents and staff for the work to prepare the financing plan. Staff said the city expects to issue the bond proceeds in two or three tranches depending on project timing and market conditions.
City staff also noted grant‑seeking will continue in parallel; if state or federal grants require matching local funds, the city could use bond monies as local match where rules allow, increasing leverage of state and federal funds.
Votes at a glance: the council unanimously approved the reimbursement resolution (Resolution No. CC‑2503‑017) and the associated staffing and consultant steps needed to prepare for bond issuance.
What happens next: staff will finish required disclosures, coordinate with bond counsel and municipal advisors and present bond‑sale timing and final program design to the council before any sale of securities. Council members said they expect multiple follow‑up agenda items as design and procurement choices are made.
