M-5/21/1970
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REDEVELOPME~T AGENCY
OF THE
CITY OF S~NT~ MONICA, C~LIFOR~IA
May 21,1970
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met In
regular session in the City Council Chambers, on May 2], ]970, at 4:30 P.M.
PRESENT:
MEMBERS: B. Thomas Barnard, Chairman
C] Ifford Conne] Iy
Ted Fach
L. Wayne Harding
Mortimer T. Richey
J. Lee Schimmer
Philip E. Whiting
ABSE~T:
MEMBERS: None
ALSO PRESENT:
John Gray, Financial Consultant
Gary G. Jones, Acting Executive Director-Secretary
APPROVAL OF MINUTES:
The minutes of April 28, ]970 and May 5, 1970
were approved as mailed.
APPROVAL OF BILLS:
The Acting Secretary reviewed the bills as
follows :
Eugene B. Jacobs. . . .
. $791.15
TOTAL BILLS
. . . $791. 15
The Acting Secretary also submitted the Accounts Payable items through
May 21, 1970. Mr. Harding moved, seconded by Mr. Richey, that the bills
submitted in the amount of $791.15 and the Accounts Payable items through
May 21, 1970 be approved for payment. The motion carried with the following
ro 11 ca] 1 vote:
AYES:
NOES:
ABSHIT:
MEMBERS:
MEMBERS:
MEMBERS:
Barnard, Connelly, Fach, Harding, Richey, Schiw~er, Whiting
None
None
PROJECT ACTIONS AND REPORTS:
Project I (a) :
Notice of Tender - Tax Allocation Bonds
The Acting Secretary reported that an advertisement had been placed
in The Daily Bond Buyer on April 18, 1970 stating that the Agency would
receive tenders on its Ocean Park Project I(a) Tax Allocation Bond Issue
up to the hour of 10:00 A.M. (P.S.T.), on May 25, 1970. He then recom-
mended the approval of Resolution No. 289 (R.A.S.), authorizing the purchase
of outstanding bonds. The Chairman suggested that Section 2 of the Resolu-
tion be amended to read: I~he Agency Chairman or Agency Chairman Pro-Tern
and the Acting Executive Director-Secretary of this Agency are hereby
authorized to purchase Agency bonds. . .11 Mr. Harding moved, seconded
by Mr. Schimmer, that Resolution No. 289 (R.A.S.). "RESOLUTION OF THE,
REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALIFORNIA, AUTHORIZING
THE PURCHASE OF OUTSTANDI~G BONDS I~ ACCORDANCE WITH SECTION 19 OF AGENCY
RESOLUTION NO. 203 WITH REGARD TO THE REDEVELOPMENT PROJECT KNOWN AS OCEAN
PARK PROJECT NO. I (A)", be adopted with the amendment in Section 2 and that
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Minutes - 5/21/70 Page Two
further reading be waived. The motio~ carried with the following roll
ca II vote:
AYES:
NOES:
ABSENT:
Barnard. Connelly, Fach, Harding, Richey, Schimmer. Whiting
None
None
MHIBERS:
MEMBERS:
MEMBERS:
Project 1(a):
Loan and Grant Contract ~o. Calif. R-37 - Interest Rate
-'."Am~ndment
The Acting Secretary stated that the Agency had received a transmittal
from the Dept. of Housing and Urban Development requesting that the Age~cy
consider an amendment to the existing Loan and Grant Contract for Project
No. Calif. R-37, which would remove the ceiling on the present interest
rate. He recommended that the Agency withhold approval of this request
for an interest rate amendment at this time because the Agency was pre-
sently in the process of preparing an Amendatory Application for Loan and
Grant. Mr. Richey moved, seconded by Mr. Connelly, that the Acting Secretary
investigate the matter and report back to the Agency at a later date. The
motion carried with a unanimous voice vote.
COMMITTEE REPORTS:
Negotiatin9 Committee
The Chairman reported that the Negotiating Committee had discussed
certain provisions in the Amended Land Disposition Agreement relating to
timing of development with Crescent Bay properties. Discussion followed.
Mr. Fach moved, seconded by Mr. Connelly. that the City Manager and the
City Attorney be requested to review the Amended Land Disposition Agreement.
The motion carried with a unanimous voice vote.
REPORT OF SECRETARY:
City Council Resolution Reappointin~ Philip E. Whiting
The Acting Secretary submitted a copy of the City Council Resolution
No. 4050 reappointing Mr. Philip E. Whiting to the Agency Board, which had
been approved by the City Council on April 28, 1970.
fiENERAL:
Executive Session - Personnel
Mr. Schimmer moved. seconded by Mr. Richey, that the meeting be
adjourned to an Executive Session. The motion carried with a unanimous
voice vote. The meeting adjourned at 5:25 P.M.
The meeting reconvened at 6:05 P.M.
There
Mr. Richey
The motion
6;06 P.M.
being no further business to be brought before the Members,
moved, seconded by Mr. Schimmer, that the meeting be adjourned.
carried with a unanimous voice v~te. The meeting adjourned at
4"
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