M-1/27/1970 (3)
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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 Fac.h
l. Wayne Harding
Mortimer T. Richey
J. lee Schlmmer
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
May Palfrey, Stenographer
Presentation to J. lee 5chlmmer
The Chairman paid tribQte to the former Agency Chairman, Mr. J. lee
Schimmer, for his Immeasurable contribution to the Ocean Park Redevelop-
ment Program. On behalf of the Agency, the Chairman presented Mr. Schlmmer
with a plaque and gavel whIch read: "In Appreciation to 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.), '~ ~ESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF SANTA MONICA" CALI,FOR~iIA, EXPRESS,ING GRATITUDE AND AP-
PRECIATION TO THE HONORABLE J. lEE SCHIMMER, JR" FOR HIS_DEDICATED
SERV ICE AS CHA IRWIN OF THE REDEVE,LOPMENT 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 mailed.
APPROVAL OF B,I llS:
The Acting Secretary reviewed the bills as
fol Jows:
Eugene B. Jacobs
. $1,040.00
. $ 1,045. 00
TOTAL BilLS.
. . . ~2. 085 .00
Harry l.."Nourse Audit Company. .
Mr. Schimmer moved, seconded by Mr. Connelly, that the bills be paid
as submitted, in the amount of $2,085.00. The motion carried with the
fol lowing roll call vote:
AYES: MEM3ERS:
NOES: MEMBERS:
ABSENT: MEMDERS:
Barnard, Connelly, Fech, 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 Statement~
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. Discussion 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 Application
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 Bu.dget 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 l(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:
A_mended land Oispo~ition Agreement Extensi~n
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 Agree~ent. The motion carried with a unanimous voice vote.
S~miannual 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 - 1/27/70
Page Three
fPMMITTEE 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, ~os Angeles Times, and Wall Street Journal. He
stated that the Agency had obtained a post office box for the purpose
of receiving the applications.
Negotiatihq 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 Bay 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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