M-4/28/1981 (3)
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RA-379
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MINUTES OF THE
REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
Apri 1 28, 1981
The regular meeting of the Redevelopment Agency was called to order at 7 48 p.m, by
Chairwoman Vannatta Goldway.
MEMBERS PRESENT Ruth Vannatta Goldway, Chai~Joman
James p, Conn
Ken Edwards, Chairman Pro Tem
William H. Jennings
Dolores M. Press
Christine E. Reed
Dennis Zane
ALSO PRESENT' Charles K. McClain, Executive Director
Robert M, Myers, Acting Agency Attorney
Ann M Shore, Recording Secretary
The Executive Director requested ite~ 2B(I), "Proposed Agreement Regarding Financing
Transaction for the Broadway (Carter Hawley Hale Store, Inc.) - Downtown Redevelopment
ProJect" be wi thdravJn pend I ng further staff cons i derat ion and presenta t Ion at a later
date.
PROJECT ACTIONS AND REPORTS -
Ocean Park Redevelopment Project
2A(l) Proposed Amendments to "Contract For Sale of Land For Private ,Redevelopment"
Elderly Housing Development
The Executive Director called on John Herner, Director of Redevelopment, to present the
staff report. Mr. Herner and the Agency Attorney responded to questions from Agency
Members.
Craig Dick, representing the United States Condominium Corporation, spoke before the
Agency, During the discussion, Chairwoman Vannatta Goldway stated. for the record.
that the Redevelopment Agency is subsIdizing the price of the land, the California
Housing Finance Agency is subsidizing the cost of the mortgage, and the Federal
government WI II subsidize cost of rents, so that the Redeveloper is developing the
project baSIcally for the cost of construction and that the construction costs are
more substantial than originally presented In the program due to added amenities.
Member Conn moved to approve the staff recommendation, as supplemented by the Agency
Attorney staff report, amending the Contract For Sale of Land For Private Redevelop-
ment wIth the United States Condominium Corporation. Second by Chairman Pro Tem
Edwards. The motion was approved by the following vote:
AYES:
NOES:
Conn, Edwards, Jennings, Press, lane, Vannatta Goldway
Reed
There being no further business before the Agency. a motion to adjourn was made by
Member Press and second by Member Conn. Members unanimously approved the motion by
vOIce vote. At 8.l7 p.m., Chairwoman Vannatta GOldway declared the Agency meetIng
adJourned,