M-11/2/1978
~!INUTES OF THE
REDEVELOPMEKT AGENCY AND CITY COU~CIL
OF THE
4It CITY OF SANTA MONICA, CALIFORNIA
4It
4It
4It
Kovember 2, 1978 4:00 p.m.
The Redevelopment Agency and the City Councll of Santa Monica met in
special JOlnt seSSlon in the City Hall Councll Chamber, Thursday,
November 2, 1978. The meetlng was called to order by Chairman Pro Tem
Seymour Cohen at 4: 05 p.m. and roll was called:
PRESENT: MEMBERS: Seymour A. Cohen, Chairman Pro Tem
John Bambrick
Chrlstlne E. Reed
Perry Scott
Nath~niel Trlves
ABSEXT:
~E~BERS: Donna O'Brien SWlnk, Chalrman
Pleter van den Steenhoven
ALSO PRESENT: David P. Dolter Executive Director
Richard L. Knlckerbocker, City Attorney
Nancy McFarland, SecretaD', Envlronmental Services
APPROVAL OF MINUTES
The minutes of the October 24, 1978 meetlng were unanlmously approved by
voice vote following a motion by ~r. Trlves and second by Mrs. Reed.
PROJECT ACTIONS AND REPORTS
3Al Downtown Redevelo~ment Pro~ect
Resolution Approvlng the Issuance of 514,470,000 Prlnclpal Amount
of Parking Lease Revenue Bonds of the Redevelopment Agency
The first item ,~as to be considered onlv bv the Cltv Council. ~Ir. Trlves
moved to adopt Resolutlon Xo. 5118 (CCS)o entitled: :'Resolutlon of the
Clty Council of the City of Santa Monica, California Approving the
Issuance of $14,470,000, Prlnclpal Amount of Parklng Lease Revenue Bonds
of the Redevelopment Agency for the City of Santa Monica to Flnance a
Portion of the Cost of Redevelopment Project ln Said City Known as
Dm;ntown Redevelopment ProJect." Second by Mrs. Reed. Discusslon
followed and John Jalili, Director of Envlronmental Services, responded
to questlons. The motion was approved 4-1 as follm;s:
AYES:
NOES:
ABSENT:
Bambrick, Reed, Trlves, Cohen
Scott
Swink, van den Steenhoven
3A2 Downtown Redevelo!,lIlt:IIt ProJect
Resolution of Intention to Sell Bonds in the Amount of
$14,470,000 and Fixing Time for Taking Bids
A motion was made by Mr. Trlves for the Redevelopment Agency to adopt a
resolution of intention to sell bonds in the amount of $14,470,000 and
flxlng the tlme for taklng blds. Mrs. Reed seconded the motion and
discussion followed. Terrance Comerford, bond consultant with Blyth
Eastman Dillon, responded to questions and further explained the bond
issue. The vote was called and the motlon was approved as follows:
AYES:
NOES:
j\BSENT:
Bambrlck, Reed, Trlves, Cohen
Scott
SWlnk, van den Steenhoven
1
449
Resolution 5118
$14,470,000
Issuance of Principal
AmOlm t 0 f Parking
Lease Revenue Bonds
the Redevelopment
Agency
Resolutlon of
Intention to Sell
Bonds ill the Amount
of $14,470,000
450
Resolution authorizin
the issuance of
$14,470,000 Pr1ncipal
aJIDunt of Parking
Lease Revenue Bonds.
Off1c1al Statement
Relating to Revenue
Bonds.
Approval of Final :
l\orking Drawmgs for i
Parking Structures an~
Author1zation to !
Advertise for E1ds. I
I
I
I
3A3 Downtow~ Redevelorment Project
Resolut10n Author1zlng the Issuance of ~14,470,000 Pr1nc1pal Amount
of Parking Lease Revenue Bonds
~rs. Reed moved to adopt an Agency resolutlon author1z1ng the 1ssuance of
$14,470,000 prlncipal amount of Parking Lease Revenue Bonds. The mot1on
was seconded by Mr. Trives and Agency members voted in favor by roll call
vote:
.
AYES:
).IOES:
ABSE~T:
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
At th1s t1me cop1es of the "Offic1al Statement Relating to $14,470,000
DowntoHn Redevelopment Project Parking Lease Revenue Bonds" were d1str1b-
uted to Agency members. Mr. Jalill explained the document wh1ch contains
general informat1on as a necessary part of the bond 1SSUe. A motlon was
made by ~Irs. Reed to authorize the print1ng of the "Official Statement."
)IT. Trlves seconded the mot10n which Has approved by roll call vote as
follOl"S:
AYES:
NOES:
ABSENT:
Bambrick, Reed, Trives, Cohen
Scott
SWlnk, van den Steenhoven
3A4 Downtown Redevelopment ProJect
Approval of Final Working Drawlngs for Parking Structures and
Author1zation to Advertise for Bids
Th1s item was introduced by Mr. Dolter, and Stan Scholl, Director of
General Services, responded to questions from Agency members. A discus-
S10n ensued. A mot10n was made by Mrs. Reed to approve the final work1ng
draw1ngs for the parking structures and authorizing advertlsing for b1ds.
}Ir. Tr1ves seconded the motion. In response to "Ir. Tr1ves' request, ,Ir.
Knlckerbocker offered an explanat10n of the bid process as followed by
the C1ty 1n this case. Then, Agency members voted approval of the motion
as folloHs:
.
AYES:
NOES:
ABSE:-.iT:
Bambrlck, Reed, Trives, Cohen
Scott
SHink, van den Steenhoven
Mr. Jali11 added, as a pOlnt of lnformation, that the developer (Rouse
Development Company) has agreed not to charge the escalat10n of ~% per
month beginn1ng ~ovember 1 for the cost of the garage as provided for in
the Second Implementation Agreement.
There being no further business, a motion to adjourn was made by Mr.
Bambr1ck and seconded by ~Ir. Trl ves. Members unanimous ly approved the
mot1on by V01ce vote and the meeting was adjourned by Chairman Pro Tem
Cohen at 4:25 p.m.
ATTEST:
APPROVED:
.
"-
-c /~ .:-j"1"--G.:=- ~>/..::.-~ L.L--~
Joyce/ Snider
City Clerk
/
.~_.~~
Sey~l6~"Cohen .
Mayor Pro Tempore
2
.