M-10/15/1968 (2)
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REDEVELOPMENT AGENCV
OF THE
CITY OF SANTA MONICA. CALIFORNIA
October 15. 1968
4:30P.M.
The Redevelopment Agency of the City of Santa Munica. californIa. met in
regular session in the City Council Chambers, on October 15. 1968. at
4:30 P,M.
PRESENT:
MEMBERS: J. lee Schimmer, Chairman
B. Thomas 8arnard, entered at 4:38 P.M.
L. Wayne Harding
MortImer T. RIchey
Philip E. Whiting
IIi3SENT:
MEMBERS: Clifford Connelly
Ted Fach
ALSO PRESENT:
J. O. Weaver, Jr., Vice PresIdent, Te~neco, Inc.
William Balch. Vice President, Kern County Land
Company
Jack Fox. Kern County Land Company
James Hall. Manager, Santa Monica Shores
Eugene B. Jacobs, General Coun~el
Ray Ripton. Los Angeles TImes Reporter
Arnie Friedman, Evening Outlook Reporter
Grace Thomas. Executive DIrector-Secretary
Gary G. Jones, Assistant Executive Director
May palfrey, Stenographer
~~PROVAL OF MINUTES:
The minutes of September 10, 1968 were approved
as mai led.
AP?ROVAL OF BILLS:
The Secretary reviewed the bills as follows:
Eugene B. Jacobs - Legal ServJces
for July and August, 1968 . . . . . . . . .. S462.S0
,
Shuirman-Ro~oway & Associates -
:ngineering Consulting Services
for July and August. 1968 . .
$168.75
~sick, Peeler & Garrett - Legal
Fees for 9/26/66 through 8/25/68
TOTAL BilLS. . .
. "$7,654.10
<'
$8t285.35
Mr. Harding moved, seconded by Mr. Richey, that the bills be paid as
submitted, in tne amount of $C.285.35.
Mr. Barnard entered at 4:38 P.M.
The motion carried with the follo'~ing reI; call vote:
AYES:
NOES:
ABS!'NT:
ilEt15E,~S .
MEMBERS:
t1EMBERS :
$c',if11n>"r. baiilc:ra Ha~~jng. iHc..ey, \Jniting
None
Conne Ily, ra.::1;
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Minule3 ~ 10/15/6a
Page Two
fR(1:!~CTLA~T'OI~S AND REPORTS:
project_I (a):
Fina~cjal S~a~e~ent - Tax Allocation Bard Issue
Th~ Secretary submitted to the Members a Financial Statement on the
Ta~ Allocation Bond Issue for t~e period ending June 30, 1968, prepared by
the H2rry L. Nourse Audit Company. She stated that due to the re"purchase
of one Bo~d since June, the current ba!ance was $1,205,000, rat,e. than
~I,210.000, 8SS1own in the statelJl~nt. Discussion followed. Mr. Barnard
III0Vbd, seconded by Mr. Harding, that tha Executive 0 irector-Secretary be
authorized to advise the nond Counsel handling these bonds that the Agen~,
will entertain offers to re-purchase bends in advance of maturity date and,
if necessary, a resolution to effectuate this action would be adopted by the
Members at their ~ext ~eeting. The ~~tjon carried with a unanimous voice vote.
froiecL IJa}:
~~ial St~tement On ~ol+ Gourse
The ~ecretary re-sabmitted a revised Financial Statefi~nt on the Golf
Course fOI" \.he po.-iod of July I, 1961 through June 30, 1S'6S. Sl'>e noted
that this state~snt had been prepared by Haskins & Sells, Accountants fa.
V<""'n County Land Company, a;'ld that it now conformed to the terms of the
ie'se ayreement between the Agency ~nd Kern County land Company. Sne adcl~d
+:hot sh~ had requesto,;.J Agency /'\emb.:'r Phi IIp E. Hl1iting to revIew said ...ta:'e
mert prior to its st.:bmittal to confirm that it had been done in accorG.;n,-e
,..'-. staldard d<:count!ng procedures. Mr. '/hitiI19 aclvised th;>t the statemen'
,185 in ord.,r ana acct::ptab Ie \.0 Agency ,equ i rern...nts.
frsi~CLlii!l:
;' r~C;iesS ~29r_~ b~:_ R(jdeve \oper
Tife Ch;.1i rIT'an ca 1 led 'JJ)O'1 M. . J.D. \.Jeave r, Jr _, Vi:;!"' Pres;n '9l'"'t r.t T'l"r.". ,
Inc" to report on tAe pro~ress ~f t~e develo~"ent stu~ies no~' DClng oreparec
by TennECO, Inc., and V.erl' Coun'.y Land Company_ Mr. Weaver prefaced his
-e;:.....rt by intrcJucing /-ir. Jack Fox, who has be~n retained as the develo~",ent
coo,d:l'lat~'r and naison between Tenneco, Inc., Kern County Land Comr"my ancl
the Agency. hr. ~eaver stated that on the basis cf findings to date T~n~dCo
.1S<.I aecided that i<: would be necessary..o ta'<e t:-.e three ;emainirg parcels
,f leld in Project I (a) simLlltaneously, rather t"'a., proceed to r:on~truct
-:'11 ani" InstaHment parcel at a time. He added that Tenneco had retained
the Investmen~ Pesearch Corporation of Oalius to prc:een ~ith ~ ~up~lempnt~~
,n-depth study of the Ocean Park Redevelop/1lpnt i'rojticts and the <;urrounding
A,-ea. He jncicateci thot this study should be completed by November 1st, at
.,j-;c.) t-i,ne ;el'lnecc \.muld notify the Agenr.'1' of the results. Mr. t4eElver c.oncl'Jded
bl' noting tl,at interIm results of al\ the feasibility studies nOW under'.'.dY
ware ouite favorable and that Tenneco wO'JJd $,on /;e in a pcsi~ion to maKe a
PC5"lve cccis!on. !~r. James H~;I. Manager of S~n~a ~~nica S~ores, repo.tc~
too.: \.he current ocolpancy race was at :::2~o and that ttoe gl)a I "'as 90'/; c.c T".~nGY
JV 'Ie ..:n.o of tllis Yi..- ;'. Discussio,-, 1011owed, 11 I.miel, the i'ler:;:>rs ~Jser
~upstions to Mr. Weaver reg2-di~g T~nnecvls plans. The SecrLccry ~tateri
th,>_ it ~JO...ld be des;,able .:0 h('l~ c: study sessiot, wit" t.le Tenneco and K""
~~nresErtative~ after t"~ stu~y is completaci and that, if ~~c~ssary, (he
,-,f;:wber:, ';Olli.' hold a :'ppcial m..eting any tjl1'~ Dri..... to the ,ext rJgularly
scn"dc~E''': mc:cli g. 11'(" Chclrm;:n t:lankad 1.;;. ';.-"Ve'" 4'(>, presenting his "epo,
...r~ s'"resseC: "lat tht:. F\>)el"cy wou lei give its fu; I c';JPerat;o i CJ Kern a,d
;-",..necC' in ord::r to e;'pedi',e f lrthei (kvclC':''1'1ent ;" tne Ocean Perk Proj,::cts.
:: ::oject 1 (.J.:
~~port.?.!:~lnen.1:_D?m.a~l_ocee_-Ilr;gs . 'i"!l!J:.o~e
Tr.: Sec,etal'l SUbrr.f tted '3 U:o(' t /-rem f;;r "'''' Pet:". t- Ca:-rel t,
'_,j(Jdemnatk.l CCI.Jj~;;<.;1 to, th'l ;',gE'lC:/, on >.:1, ~,"J..I;n~ C!mjr~cllt Oor""" Be.,O!>
v" 10\,,1( L, r.r :;'i~ n.... al'" ~i.1r Pr~t....... ~ '':I) ~ ...;..I1MC1...~" ;": 11"'1 ,,"': ~:...,~ Promenade..
:t w~s t""t.:~d il1 the I"'€!)I_.... +=--'=It .JUE:: ",' I.r.~ ""...oiceo Cc'L=' ~ t:KJ~e~,-..I~"", ::be:.
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Minutes - 10/15/68
Page Thr'ee
trial probably would not be held until March, 1969. Mr. Barnard suggested
that the Secretary contact Musick, Peeler & Garrett to determine the possibility
of scheduling an earlier trial date.
There being no further business to be brought before the Members,
Mr. Richey moved, seconded by Mr. Harding. that the meeting be adjourned.
The motion carried with a unanimous voice vote. The meeting adjourned at
5:20 P,M.
,L ;;t,.~
Grace Thomas
Secretary
mp