Redondo Beach finance director outlines next steps for $93.35M Measure FP bond

Finance Director Stephanie Meyer told the Redondo Beach Budget and Finance Commission on Jan. 9 that the city is moving quickly to implement Measure FP, the $93.35 million general obligation bond voters approved Nov. 5, 71.4% to 28.6%.

Meyer said the bond is intended to replace Fire Stations 1 and 2, replace the main police station and renovate a police annex. She outlined immediate steps staff is pursuing: issue competitive requests for a financial adviser and for construction‑management advisers, work with bond counsel to adopt a reimbursement resolution, select a trustee or fiscal agent to manage payments, and create a bond‑project manager position funded by bond proceeds to coordinate city staff and stakeholders.

"This really expresses the Redondo Beach residents' strong value for our public safety and strong confidence in the city government to spend this effectively," Meyer said. "It's a $93,350,000 general obligation bond measure." She also said the city has already issued an RFI/RFQ for a financial adviser and plans to have advisers and bond counsel on board in February, with a tentative plan to issue bonds in the summer, subject to market conditions and sequencing decisions by advisers.

Commissioners asked detailed questions about costs and procurement. One commissioner asked whether Cosmont Consulting — the adviser used on a prior bond issue — remains involved. Meyer said Cosmont has been asked to participate but the city is running a competitive process. On how staff produced a $93.35 million figure without final designs, Meyer said the city hired a cost‑estimating firm and built contingencies into the total; council added roughly a 5% buffer.

Commissioners also raised the risk that regional events could drive up construction costs and labor shortages. Meyer said the financial adviser will help the city consider tranching bond issuance — issuing an initial tranche for design and delaying larger construction tranches if market pressures require it.

Meyer described planning for temporary facilities to maintain public safety services during construction and recommended forming a bond oversight committee (a provision in the bond language) to be appointed by the mayor and city council. "They won't be making decisions on design or operations," she said; "they will focus exclusively on expenditure of funds as required in the bond resolution."

The commission was asked to select a member to participate on panels that will review financing‑team proposals; commissioners nominated and approved Commissioner Whittam as the commission's designee to serve on review panels.

The next steps Meyer listed included finalizing contracts with a financial adviser and bond counsel, preparing a reimbursement resolution, and developing a timing plan for issuance with the advisers. Meyer told commissioners staff will return with more detailed schedules and said the work will involve external advisers, the city attorney's office and coordination with police, fire and public works.