M-1/27/1970 (2)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
January 27, 1970
4;30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met In
regular session In the CIty Council Chambers, on January 27. 1970, at
4;30 P.M.
PRESENT;
MEMBERS: B. Thomas Barnard, Chairman
Clifford Connelly
Ted Faeh
L. Wayne Harding
Mortimer T. Richey
J. lee Schimmer
Philip E. Whiting
ABSENT:
MEMBERS: None
ALSO PRESENT:
Arnie Friedman, Evening Outlook Reporter
Ray Rlpton, Los Angeles TImes Reporter
Gary G. Jones, Acting Executive DIrector-Secretary
Kay Palfrey, Stenographer
Presentation to J. lee Schlmmer
The Chairman paid tribute to the former Agency Chairman, Mr. J. lee
Sehimmer, for his immeasurable contribution to the Ocean Park Redevelop-
ment Program. On behalf of the Agency, the Chairman presented Mr. Schiwruer
with a plaque and gavel which read: "In AppreciatIon tn J. Lee (Bud) Schimmer, Jr.,
Chairman, Redevelopment Agency - September, 1958 - January, 1970 - For Out-
standing and Dedicated Service". He then introduced Resolution No. 284
(R.A.S.) for approval. Mr. Harding moved, seconded by Mr. Fach, that
Resolution No. 284 (R.A.S.), "A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA MONICA, CALIFORNIA, EXPRESSING GRATITUDE AND AP-
r~ECIATION TO THE HONORABLE J. LEE SCHIMMER, JR" FOR HIS DEDICATED
SERVICE AS CHAIRfolAN OF THE REDEVELOPMENT AGENCY", be adopted as read.
The motion carried with a unanimous voice vote.
~PPROVAL OF MINUTES:
The minutes of January 13, 1970 were approved
as mai led.
APPROVAL OF BILLS:
The Acting Secretary reviewed the bills as
follows:
Harry L. Nourse Audit Company
. . $ I , 040.00
. ,H.045.00
Eugene B. Jacobs
TOTAL BILLS
. . .S2,085.00
Mr. Schimmer moved, seconded by Mr. Connelly. that the bll Is be paid
as submitted, In the amount of $2,085.00. The motion carried with the
following roll call vote:
AYES: MEMBERS:
NOES: MEMBERS:
ABSENT: MEM3ERS:
Barnard, Connelly, Faeh, Harding, Richey, Schimmer, Whiting
None
None
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January 27, 1970
Page Two
PROJECT ACTIONS AND REPORTS;
Project I(a):
Semiannual Financial and Budget Statements
The Acting Secretary submitted to the Members the semiannual State-
ment of Assets and Costs - Liabilities, Land Sales and Grants and the
Project Expenditures Budget for the period ending December 31, 1969.
He stated that these reports had also been submitted to the Dept. of
Housing and Urban Development, as required. Oiscusslon followed, in
which the Members reviewed each item in the reports. The Chairman
requested that the Acting S~cre~ry check on the most recent requirements
of the Federal Government for the submission of an Amendatory Appl ication
to the Loan and Grant Contract and, In addition, prepare an analysis
showing how the Agency has been affected by the increasing interest
rates on the outstanding Project loan.
Project I(b):
Semiannual Financial and Budget Statements
The Acting Secretary submitted to the Members the semiannual State-
ment of Assets and Costs - Liabilities, Land Sales and Grants and the
Project Expenditures Budget for the period ending December 31, 1969.
Review and discussion of the budget statements followed. The critical
financial status of Project T(b) was discussed in detail by the Members.
The Acting Secretary stated that an Amendatory Application for additional
funds was sOOn to be prepared and submitted to the Dept. of Housing and
Urban Development. A general discussion of Agency finances ensued, in
which the Agency took the following actions;
(I) Requested a preliminary Audit Report from the Harry L. Nourse
Audit Company, pending the outcome of Agency claims with Aetna
Bonding Company and Bank of America.
(2) Directed the Acting Secretary to prepare a report on Agency
bank accounts s~owing the function of each account and the
disposition of all funds.
(3) Instructed the Acting Secretary to verify a pooling credit
procedure whereby tax revenues could be used for overpayment
of the local share in one project, creating a credit to be
applied to a second Project.
GENERAL:
Amended Land Oisposition Agreement Extension
The Acting Secretary reported that a meeting was held with
Crescent Bay Properties and members of the Agency's Negotiating Committee
to discuss an extension of time on the Amended Land Disposition Agreement.
He stated that the Oeveloper had agreed to an interim extension to
February 24, at which time they would consider an extension until
March 15. Mr. Harding moved, seconded by Mr. Connelly, that the Agency
agree to an extension of time to February 24, 1970 on the Amended Land
DIsposition Agreenent. The motion carried with a unanimous voice vote.
Semiannual Ad~inistrative Budget Report
Upon the Chairman's suggestion, the Members agreed to set the
Administrative eudget Report over until the next regular meeting and
requested that the Acting Secretary provide a more detailed breakdown
of the budget line items.
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Minutes - 1/27170
Page Three
COMMITTEE REPORTS;
Personnel Committee
Mr. Connelly reported that an advertisement for the position of
Executive Director had been submitted to the Journal of Housin~. to
appear in the February issue, and that ads would be placed concurrently
in the Evening Outlook, Los Angeles Times. and Wall Street Journal. He
stated that the Agency had obtained a post office box for the purpose
of receiving the applications.
Negotiatihg Committee
Mr. Barnard reported that at the meeting held with the Developer
on January 26, they had discussed the possibility of taking down Pro-
ject I(b) first and that Crescent Say Properties would possibly entertain
other changes in the Amended Land Disposition Agreement. He stated that
the Developer would report to the Negotiating Committee prior to February 24.
There being no further business to be brought before the Members,
Mr. Richey moved, seconded by Mr. Connelly, that the meeting be adjourned.
The motion carried with a unanimous voice vote. The meeting adjourned at
5:40 P.M.
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