M-10/15/1968 (3)
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REDEVELOPMENT AGENCY
OF THE
CITV OF SANTA MONICA, CALIFORNIA
October 15, 1968
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met in
regular session in the City Council Chambers, on October \5, \968, at
4:30 P.M.
PRESENT:
MEMBERS: J. Lee Schimmer, Chairman
B. Thomas Barnard, entered at 4:38 P.M.
L. Wayne Harding
Mortimer T. Richey
Philip E. Whiting
MEMBERS: Clifford Connelly
Ted Fach
1\ "SENT:
ALSO PRESENT:
J. D. We~ver, 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 S~ores
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
The minutes of September 10, 1968 were approved
as mailed.
APPROVAL qF MINUTES:
APi"ROVAL OF BILLS:
The Secretary reviewed the bills as follows:
Eugene B. Jacobs. Legal ServJces
for July and August, 1968 .
$462.50
,
Shuirman~RoHoway & Associates ~
:ngineerlng Consulting Services
for July and August, 1968 . .
$168.75
Musick~ Peeler & Garre~t - Legal
Fees for 9/26/66 through 8/25/68
TOTAL BILLS . . .
$7 ~654.IO
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~81 285.35_
Mr. Harding moved, seconded by Mr, Richey, that the bills be paid as
submitted, in tne amount of $B,285.35.
Mr, Barnard entered at 4:38 P.M.
The motion carried with the fcllc,ting rei; call vote:
AYES:
["DES:
ABSfNT:
hE.-1SEI~S .
MEMBERS:
I1EMBERS:
~c'. irrOY>"r, bai n~ ro Ha~J ing, i1,l c.,ey, 1Jn i t r ng
None
Connelly, ra;;h
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Min~te3 - 10/15/60
Page Two
fE21~CT A~T'ONS,AND REPORTS:
Project I (a):
Financi~l St~tewent - Tax Allocation Bo~d Issue
Th~ Secretary submitted to the Members a Financial Statement on the
TaA AI:ocation Bond Issue for t~e perT~d ending June 30, 1968. prepared by
the Hurry L. Nourse Audit Company. S~e stated that due to the re-purchase
of one Bond since June. the current balance was $1,205.000. rat~e,' than
~1.210,OOO, asmown in the statem3nt. Oiscussion followed. Mr. Barnard
luoved. seconded by Mr. '-lard i ng, that th~ Execut i ve 0 i rec tor-Secretary be
~uthorized ~o ~dvise the nond Counsel hand1ing these bonds that the Agen~y
~ill 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 rreeting. The ~~tion carried with a unanimous voice vote.
f!:2.ieCl, I (a} :
f i ~a!lE i a I S.t~tell!e.n,t on Go I" Course
The <:ecretary re-5ubmitted a revised Financial St:atement on the Golf
Course for the ~e(iod of July I, 1967 through June 30, !963. Sbe noted
that this statem3nt haG been prepa~~d by Haskins & Sells, Accountants for
I<'--'n County Lanr.! Company, a,d that it nOw conformed to the terms of the
lc1se agreement betwee~ the Agency and Kern County Land Company. She add~~
~hdt she had request~J Agency Hemb2r Phi lip E. wniting to revIew said ~ta:e
~ert prIor to its submittal to confirm that it had been done in accorG~nce
,".1.; staldard ....counting procedures, Mr. '/hitillg aovi~ed th..t the 5 taternen"
,Ias in ord"'!r ana acct::(ltable La AgE''lcy requirem..,1ts.
f!'sl~c.L. 1 ~l:
:~r";~ess ~Q9rt; :~y, R~develope~
~~ Chair7an ca']ecl ~~o, M . J, 0, W~aver, Jr., Vi=p PrE'si~~~t 0f T~~~D. ,
Inc., to r3port on tfJe Drogress ')f tf,e develop-nent stuc'ies :-.0\" bOlng nref'arec
by Ter,neC"o, Inc., and Kerr" Coun~.y land Company. Mr. Weaver prefaced f.is
--er:urt by intrc3ucing Hr. Jack fox, who has be",n retained as the devalo~ment
coo,d.nat~r ard lIaison between Tenneco, Inc., Kern County Land Comp,ny an~
tne Agency. Mr. ~caver stated that on the basis cf fiodings to datp. Ten'~co
:.t,,, Clecided tl-oat '<; would be nec.esllary "..0 tai{G t:-.e three :emainil'g parte l~
.;, l;>'ld in Project l(a) s;mllltaneously, ratbel t"a., proceed to ':on~truct
en onp instalhnent parcel at a time. He added that Tenneco had retained
the Investment Pesearcn Corporation of Oalids to prc:eer. ~it~ ~ !up~lemp~t~~
In-depth study of the Ocean Park Redevelopmpnt ?uj~cts and the surrounding
""'e6. He inc'icateo th..t this study should be completed by Ncvember 1st, clt
"t-;CIl till\e Tenneco ',Iould notify the Agenr:y of the results, Mr. t-Jeever concllJded
by :-loting dat interIm results of all the feasibility sludies r.ow ul1der-,dY
\';ere Quito'! favorable and that Tenneco wO'lld s,o(" I:e in a pcsicior. to makt: a
pcs,~lve c:ecision. ;'r. James Hc}:I, Hanager of $.:ln:a K:mica 5'1ore5, repoltc-:'
tnO;' I.he cu rrent occupancy raLe was at :::'2~; and that tf'oe goa 1 ""as 90,~ OCt'\, ~n:;;y
oJy .'W '::'1_ of tl1is yc.: (. [i iscuss 10,', 101 lowed, :1 ~Inich the i1er:;c>rs ~~se('"
nupstions to Mr. Weaver rege~ding T~nnecvls plans. rhe Secrv,sry ~tateri
,hi': it ....1O,Jld be des:.able .0 hr-I~ c study se!>sio~ with tile Tenneco and K~"
~~nrese~~ative~ after tpe stu~y is completa~ and that, if n~c~ssary, tne
i',E:,ilber" ';Ol' 1._' nold;J ;,pt'ciallllteti.1g any ti~c ori<-' to the ,ext r~gu!ai'ly
scnc;du;l;'~ rr.celi 9. TI'" Ch.:-lrm.::.n t?1ank::ld r'i,'. ~,_-"v(>~ +0, presenting ..is repo.
...r:J sTressed ..lat thE; P,ger"cy wouid give its fu; I c~JPerat:o I ...) Kern a"d
~",necc in ordsl to e:pedi~e f Irt,",'O( d-:velC'~ment ;0 tne Ocean Perk Proj'2ct:;.
;:'~jl:lct 1 (.J.:
i'\epoU-o..!: Eml n':ln,t _D.ol1!.e_!'!!yro.f.e,,-~l!'Cjs . -j he ,P-c.o'1"enade
rb,;; SecrCi:elj subm'tted "I IC')(' 1: from I1U~'C:><, Pet.:"" &- Ca:rett,
':JnaemnaU<..l (CUI;"..} to. th0 ^.gC'1C'/. on ':1, r~I.,\;n; emir.ant oor,,,,.r: SG ..0'1
1.,)""1 'lo-...k L.. c.f ~;~, nr -3'" ;i::r" PrvJ,.......... t(")~ ,....,)I1MC."":'" I'....in~: :;"'3 Ptomendde.
:t W2S t-,-t;ed 1-1 the rep", ~ ""'It "..!€. ~ 1.( ~ ....,.0 ,ceo CLI.<. ~ r;.),er....:", 'j^(c
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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 Musiek, 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~
Grace Thomas
Secretary
mp