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M-4/28/1970 (2) . . . . . 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. . . . . . 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 . . . . . 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. mp A ,~ -"C -- - -"" =. A- '-~ Ga G:J"O tf-V ,-' < - -- 'cUng ~r .//