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City outlines $93.35 million Measure FP plan; commission names reviewer for financing team
Summary
Staff presented a high-level implementation plan for Measure FP, a $93.35 million general obligation bond to replace two fire stations and the main police station; the commission selected a designee to serve on panels that will review the city’s financing team.
City staff presented a high-level timeline and staffing plan Jan. 9 for implementing Measure FP, a general obligation bond approved by Redondo Beach voters to fund public safety facility projects.
Director of Finance Stephanie Meyer summarized immediate next steps: issue a competitive RFQ/RFP for a financial adviser to act as the city’s fiduciary in structuring and managing the bond; select bond counsel and disclosure counsel; engage construction- or project-management advisers; evaluate sequencing of work and potential temporary facilities during construction; and create a bond oversight committee to monitor expenditures against the bond resolution.
"It is 93,350,000, general obligation bond measure," Director Meyer said during her presentation, noting that the figure includes contingency and that council had added additional contingency. Staff described the scope as replacing Fire Stations 1 and 2, replacing the main police station and renovating a police annex.
Staff told the commission it had already issued an RFQ/RFP for a financial adviser and planned similar competitive procurements for construction management and bond counsel. They proposed establishing a dedicated project manager position, paid from bond proceeds, to act as the city's owner's representative and to coordinate police, fire, public works, consultants and contractors.
Staff also outlined timing: prioritize selecting a financial adviser and bond counsel in February, with a tentative plan to issue bonds in the summer; actual timing would be set with advice from the financial adviser and bond counsel and may include issuing in multiple tranches to manage market timing and cost pressures.
The commission voted to designate a commissioner to serve on review panels for the financing team. Commissioner Whittum was nominated and, after a roll-call vote, approved as the commission’s designee to participate on review panels for the financing team and related selections.
Staff emphasized that the oversight committee would be limited to monitoring expenditures under the bond resolution and would not make design or construction contract decisions. The presentation and staff recommendations were received and filed by the commission; no construction contracts or bond issuance occurred at the meeting.
Staff listed immediate tasks: complete the competitive selection of a financial adviser and bond counsel, draft a reimbursement resolution with bond counsel, evaluate temporary facility needs, and return to the commission with more detailed sequencing and cost-control plans.
