The Twentynine Palms City Council covered a wide range of topics in its meeting last night. Dan Stork broke his report into three parts. Today: Status of Project Phoenix bonds and storm damage…
Bond status: The Twentynine Palms City Council began its meeting with a presentation on the status of the bonds issued in 2011 in an effort to save RDA funds from state appropriation. Interim Development Director Matt McCleary said that it is extremely unlikely that the investors will agree to have the bonds retired before 10 years, so the city should expect to continue making payments to them, whether or not bond proceeds can be used for Project Phoenix. City Attorney Patrick Munoz reviewed the legal positions of the City and the state Department of Finance on whether bond proceeds can be used on the development project, and the cost of litigation so far. Munoz noted that the state has allocated substantial funds for the city’s use toward for its legal costs.
Storm damage: Public Works Supervisor Jose Nieves showed many photos of storm damage. He said there was no structural damage in the city, just lots of dirt needs to be replaced, and some sidewalks and concrete drainage elements were undermined.
