M-3/18/1969 (2)
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REDEVELOPMENT AGENCV
OF THE
C I TV OF SANTA MON I CA, CA 1I FORN IA
March 18, 1969
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met In
regular meeting In the City Council Chambers on March 18. 1969. at 4:30 P.M.
PRESENT:
MEMBERS: J. Lee Schimmer, Chairman
B. Thomas Barnard, entered at 4:46 P.M.
Ted Fach
L. Wayne Harding
Mortimer T. Richey
Phi lip E. Whiting
ABSENT :
MEMBERS: Clifford Connelly
ALSO PRESENT:
Arnie Friedman, Evening Outlook Reporter
Grace Thomas, Executive Director-Secretary
Gary G. Jones, Assistant Executive Director
May Palfrey, Stenographer
APPROVAL OF MINUTES:
The minutes of January 21 and February 10 were
approved as mailed.
APPROVAL OF BILLS:
The Secretary reviewed the bills as follows:
Eugene B. Jacobs .
. . . . $493.75
John Gray. . . . .
. $250.00
. . . $326.25
. ~420.00
TOTA L BILLS. .
$1,490.00
Shuirman-Rogoway & Associates. .
Filley Analyses.
Mr. Richey moved. seconded by Mr. Harding, that the bills be paid as
submitted. in the amount of $1,490.00. The motion carried with the follow.
i n9 ro I I ca I I vote:
AVES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer, Fach, Harding. Richey. Whiting
None
Barnard, Connelly
PROJECT ACTIONS AND REPORTS:
Project I (b):
Resolutions Authorizing the Issuance and Delivery of
Project Notes
The Secretary introduced Resolutions No. 2]1 (R.A.S.) and 272 (R.A.S.L
which were prepared by HUD in accordance with the revised procedures for
private financing.
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Minutes - 3/18/69
Page Two
Mr. Harding moved, seconded by Mr. Fach, that Resolution No. 271 (R.A.S.),
,~ RESOLUTION OF THE RED~VE~OP~ENT AGENCY OF THE CITY OF SAMTA MONICA, CAll-
FORNIi\-, AUTHORIZ ING THE issuANCE OF PROJE~T LOi;lN,NQ1ES'" N CONNECTION \-/ITH
l!BuAN RENEW~L .fROJECT NO, CALIF. R-44", be adopted and that further reading
be waived. The-motion carried with the following roll call vote:
AYES:
NOES:
ABSENT:
Schi~mer, Fach, Harding, Richey, Whiting
None
Barnard, Conne Ily
MEMBERS:
MEMBERS:
MEMBERS:
Mr. Fach moved, seconded by Mr. Harding, that Resolution No. 272 (R,A.S.),
'~ RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SANTA MONICA, CALI-
FORNIA, AUTHORIZING THE SALE, ISSUANCE-ANP OELI~~RY OF PROJECT ~OTES AND THE
EXECUT~O~ OF REqUISITION,AG~EEMENTS", be adopted and that further reading be
waived. The motio~ carried with the following roll call vote:
AVES:
NOES:
ABSENT:
Schimmer, Fach, Harding, Richey, Whiting
None
Barnard, Connelly
MEMBERS:
MEMBERS:
MEMBERS:
Project I(b):
,J:i rst ~_~rles .1969 Project Notes
The Secretary reported that a bid opening was held in the Redevelopment
Agency offices on March II, 1969 for the sale of the First Series 1969 Pro-
ject Notes, in the amount of $3,030,000. She stated that it was a split
award, with $1,000,000 of the principal amount being awarded to the Crocker-
Citizens National Bank at 4.40 per cent per annum and a $2.00 premium, and
$2,030,000 to the Security-pacific National Bank at 4.42 per cent per annum
and a $14.07 premium.
GENERAL:
Ra~if.icat~on of Travel
The Secretary requested ratification for the Chairmanls trip to
Washington, D.C., for the attendance at the 38th Annual National Housing
Conference on March 9 and 10. Mr. Fach moved, seconded by Mr. Harding,
that the Chairman's trip to Washington, D.C., on March 9 and 10, be ratified.
Mr. Barnard entered at 4;46 P.M.
The motion carried with the following roll call vote:
AVES:
NOES:
A8SENT:
ABSTAIN:
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
Schi~mer, Facht Harding, Richey. Whiting
None
Conne Ily
Barnard
Project I (a)_:
Tax Increment for 1960-69 Vear
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The Secretary reported that the Agency had received its tax increment
from the County of Los Angeles in the amount of $181,220.83. She added
that the Agency had the option to reinvest these funds or to make a tender
offer to repurchase a portion of its outstanding Tax Allocation Bonds.
Discussion followed. Mr. Barnard moved, seconded by Mr. Harding, that
~ the Agency solicit tender offers to redeem a portion of outstanding Tax
Allocation Bonds, with bids to be received on April 15, 1969. The motion
carried with the following roll cal I vote:
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schi~mer, Barnard, Fach, Harding, Richey, Whiting
None
Conl1e Ily
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Minutes - 3/18/69
~age Thr~e
There being no further business to be brought before th~ 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 5:05 P.M.
Grace Thomas
Secretary
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