M-4/28/1970 (2)
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REDEVELOPMENT AGE~CY
Of THE
CITY Of SANTA MONICA, CALifORNIA
April 28, 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 April 28, 1970, at 4:30 P.M.
PRESENT:
MEMBERS: a. Thomas Barnard, Chairman
Ted Fach. entered at 4:39 P.M.
L. Wayne Harding. entered at 4:45 P.M.
Mortimer T. Richey
J. Lee Schimmer
Philip E. Whiting
ABSENT:
MEMBERS: Clifford Connelly
ALSO PRESENT:
R. Gregg Anderson, Crescent Bay Properties
William E. Linthicum, Crescent Bay Properties
John Gray, Financial Consultant
Eugene B. Jacobs, General Counsel
Ray Ripton, Los Angeles Times Reporter
Arnie Friedman, Evening Outlook Reporter
Gary G. Jones, Acting Executive Director-Secretary
May Palfrey, Stenographer
~PPROVAL OF ,MINUTES:
The minutes of April J4, 1970 were approved
as mailed.
Mr. Fach entered at 4:39 P.M.
~PPROVAL, OF ,~ILLS: The Acting Secretary reviewed the accounts
payable items through April 28, 1970 and
stated that there were no consultant contract
bills to be paid for this period. Mr. Fach moved, seconded by Mr. Richey,
that the accounts payable items through April 28, 1970 be approved. The
motion carried with the following roll call vote:
AYES:
NOES:
ABSE~T:
Barnard. Fach, Richey, Schimmer, Whiting
None
Connelly, Harding
MEMBERS:
MEMBERS:
MEMBERS:
PROJECT ~CTIONS AND REPORTS:
Projects I(a) and Ij~):
Revised Amend~d ~~nd_Disposl~ion AHreement
The Chairman requested that this item be deferred untll Mr. Harding
and Mr. Jacobs arrived at the meeting.
pr~iect I(a):
quarterly Fi~ancial and Bud9~t Statemen!s
The Acting Secretary submitted the Quarterly Financial Statement
and the Project Expenditures Budget Report for the period ending
March 31, 1970 for Project l(a). The Chairman requested that this
item be tabled until the next meeting and instructed the Acting
Secretary to prepare a consolidated financial statement showing both
Tax Allocation and Project accounts.
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Minutes - 4/28/70
Page Two
Pr;~ieet 1('>1.:
Final Relocation Report
The Acting Secretary submitted the Final Relocation Report in the
form of a brochure, showing the Agency.s business and residential reio-
cation activities in Project I(b). He noted that the contents of the
Report including narrative, pictures, graphs and tables had been prepared
by the staff and that the printing had been done by the City for a charge
of $330.00. He aclJed that this Report would serve as an informational
brochure to be provided to other agencies and organizations, including
the Oepart~ant of Housing and Urban Development. The Members were asked
if they had any recommendations concerning distribution of the Report.
Mr. Richet requested that copies be forwarded to the Chamber of Commerce.
PrI;>ject I (bt:
Quarterly Financial and Bud~et State~nts
The Chairman requested that this item also be tabled to the next
meeting, along with the Project l(a) Statements.
COMMITTEE REPORTS:
f~rsonnel Committee
Mr. Richey reported that the Personnel Committee was presently
reviewing all applications received and would make recommendations to
the Agency at its Hay 12th meeting. Hr. Fach stated that they were in
~eceipt of 70 applications and that these would be narrowed down to
about 7 or 8 for final review by the Agency at the next regular meeting.
The Chairman st~ted that he would be unable to attend the meeting on
nay l~th and reGuested that an earlier meeting be set on Tuesday,
t1ay 5th. -the Mew.bers agreed to hold a meeting to discuss personnel
matters on that aate. Mr. Fach presented a bill from Yhe Wall Street
Jour~al for the udvertising for the position of Executive Director.
Mr. \'hiting moved, seconded by Mr. Richey, that the bill from Jh~_
Wall Street Journal in the amount of $86.94 for advertising be included
in tne accounts pdyab lei tems and that it be approved for payme....t. T:,e
motion carried with a UI 3nimous voice vote.
Accounting Committee
Mr. Whiting stated that his Committee would present a report on
internal controls to the Agency next month.
REPO~T OF SECRETARY:
Condemnatipn ~;tatus - !romenade - Pro,ject I (b)
The Acting Secretary stated that he had asked Musick, Peeler &
Garrett to render an opinion to the Agency concerning the procedure
the Agency should follow regarding the condemnation of the Promenade
and that a written opinion of Condemnation Counsel had been received.
He recommended that the Agency adjourn to an EXecutive Session for furt/-1er
discussion because of the threat of litigation in this Instance. The
Chairman state~ the Agency would adjourn to an Executive Session for
th i s purpose /0 Ilowl ng the next i tern of bus i nes~ .
~r. ~rdin9 entered at 4:45 P.M.
Tax Revenues - Project l(a)
The Acting Secretary stated that the Agency was now in receipt of
a check from the County of Los Angeles in the amount of $136,435.26 fo~
1969-70 tax revenues in Project l(a). He added that these funds had been
cleposited in the Tax Allocation Special Fund account and were being
invested on a short term basis pending a decision by the Agency on the
repurchase of outstanding Tax Allocation BOI.as. He als') !.tated that he
anti Hr. John Gray were ,Jr"!'3ently investigating th"! bord market to
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Minutes - 4/28/70
Page Three
determine current prices. At the Acting Secretary's request. Mr. Gray
addressed the Members and reviewed the various alternatives the Agency
could take related to the repurchase of Tax Allocation Bonds. Mr. Richey
moved. seconded by Mr. Harding, that the Acting Secretary be authorized
to solicit offers from bond holders and bond houses for the repurchase
of Tax Allocation Bonds and on an interim basis, that he be authorized
to invest the tax revenue funds in short-term Treasury Bills and then
report back to the Agency for further action. The motion carried with
a unanimous voice vote.
Mr. Richey then moved, seconded by Mr. Whiting, that the meeting be
adjourned to an Executive Session to discuss the condemnation of the
Promenade. The motion carried with a unanimous voice vote. The meeting
adjourned at 5:06 P.M.
Mr. Jacobs arrived at 5:30 P.M.
The meeting reconvened at 6:45 P.M.
projects l(a) and I(b);
Revised Amended land DispOSition Aqr~ement
A discussion of the changes included in the revised Amended Land
Disposition Agreement was held with Mr. Gregg Anderson and Mr. William
Linthicum. of Crescent Bay Properties, present. Mr. Jacobs recommended
that the Members approve the Agreement in principle at this meeting,
stating that the agreed upon revisions, language modifications and
clarifications could then be incorporated within the Agreement in the
next few days. He further recommended that the Agreement, if approved
by the Agency in principle, should first go to the Department of Housing
and Urban Development for their review and then to the City Council for
its approval and finally come before the Agency at the time of the Public
Hearing. Mr. Harding moved, seconded by Mr. Schjmmer. that the Amended
Land Disposition Agreement be approved in principle and that the Agency
proceed to process the Agreement as recommended by Counsel. The motion
carried with the following roll call vote;
AYES;
NOES;
ABSENT:
Barnard, Fach, Harding, Richey, Schimmer, Whiting
None
Conne J Iy
ME1~BERS :
MEMBERS:
MEMBERS;
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 7; 12 P.M.
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