M-5/14/1968 (4)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALJFORNIA
~iay 14, 1968
4:30 P.M.
The Red~vclopment Agen~y of the City of Santa Monica, California, met in
regular session on May 14, 1968, in the City Council Chambers, at 4:30 P.M.
PRESENT:
MEMBERS: J. Lee Schiw~er, Chairman
B. Thomas Barnard
C I i fford Conne Ily
Ted Fach, entered at 4:38 P.M.
Mortimer T. Richey
Philip E. Whiting
ABSENT:
MEMBERS: L. Wayne Harding
ALSO PRESENT:
William E. Rand, Manager, Real Estate Division,
Kern County Land Company
James Hall, Project Manager, Santa Monica Shores
Arnie Friedman, Evening Outlook Reporter
Eugene B. Jacobs, General Counsel
Grace Thomas, Executive Director-Secretary
Gary G. Jones, Assistant Executive Director
May Palfrey, Stenographer
APPROVAL OF MINUTES: The minutes of April 23, 1968 were approved as
mailed. Mr. 3arnard suggested that the minutes
be mailed out after each meeting, with the heading,
"Proposed Minutes for Approva I", rather than IT'a i ling them out after approva I
by the Members. He added that if any corrections or additions were made,
they would be reflected in the next set of minutes. The Members concurred,
and the Sec.etary stated that this practice would be followed in the future.
APPROVAL OF BILLS:
The Secretary reviewed the bills as follows:
Eu~ene B. Jacobs - Legal Services
for January and March, 1968 . . . . . . . . . . $268.75
John Gray - Financial Consulting
Services for April, 1968 . . . . . . . . $210.00
Shuirman-Roqoway & Associates -
Engineering Consulting Services
for t'~rch and Apri j, 1:368 . .
$340.00
TOTAL BILLS.
. . . . . ~818.75
"lr. Fach entered at 4:33 P.i-l.
Foliowing a discussion on the services rendered by the Engineering
~~nsultunt, Mr. Barnard mc~ed, seconded by Mr. Connelly, thal the bills
be paid as submitted, in the amount of $818.75. The motion ~arried with
the following roll call vote:
A'vES:
NOES:
ABSENT:
MHmERS :
MEMBERS:
MHiBEI\S :
Sch ill'mer, Barnard, Conne I iy, Fach, Richey, Wh i t i n9
None
Harding
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Minutes - 5/14/68
Page Two
REPORT OF SECRET~:
Project I(a):
Preliminary Loan Notes - E1shth Series A
The Secretary informed the Members that a bid opening was held on
May 7, [968 for the safe of the Eighth Series A Preliminary loan Notes
in the amount of $2.630,000, and stated that the low bidder had been the
Continental Illinois National Bank and Trust Company of Chicago, with an
interest rate of 3.44 per cent and a premium of $11.00. Mr. Barnard
questioned the Secretary as to the financial status of both projects and
the loan avai lability and outstanding Indebtedness of the Agency. Dis-
cussion followed. The Secretary stated that at the next meeting she would
present a report to the Members on the tax increment projection for Pro-
ject l(b).
ProJect I(a):
proqress Report -_Santa Monica Shor~~ an4 ~pJf Course
Mr. William E. Rand, Manager of t~e Real Estate Division of Kern County
Land Company, addressed the Members and Introduced Mr. James Hall as the new
Project Manager of Santa Monica Shores, who formerly held the position of
Manager of Operations. Mr. Hall then gave a report on the occupancy status
of the two buildings, stating that 74.6%, or 398, of the 532 apartments
were rented. He also stated that the number of rounds played at the golf
course had steadily Increased In the last few months, from 2,200 In January
to 4,000 in April.
The Chairman thanked Mr. Hall for presenting his report.
P roj ec t I(b):
Contract fqr Oemo[ition and Site Improvements
The Secretary stated that a bid opening would be held at 2;30 P.M..
on June 3. 1968, for the demolition of the Security First National Bank
building, the adjacent parking lot and the balance of Pier Avenue; this
contract would also include the construction of a new sidewalk, curb and
gutters.
NEW ~USINESS:
NAHRO Pacific Sou~h~e~t Regional Councll Annu~1 Conference
The Secretary presented a preliminary program to the Members on the
NAHRO Pacific Southwest Regional Council Annual Conference. to be held on
May 26 to 28. 1968. in Phoenix. Arizona. and urged the attendance of the
Agency Members. Mr. Connelly moved. seconded by Mr. Richey. that all
Agency Members and two staff members be authorized to attend the NAHRO
Annual Conference In Phoenix. Arizona, on May 26-28. 1968. The motion
carried with the following roll call vote:
A YES:
NOES:
ABSENT:
Schlmmer, Connelly, Fach, Richey
Barnard. Whiting
Harding
MEMBERS:
MEMBERS:
MEMBERS:
Annual Administrative BudHet
The Secretary distributed copies of the Annual Administrative Budget
for the period 7/1/68 to 6/30/69 to the Members for review before submitting
It to HUO for approval. The Members agreed to table the matter until the
next meeting for discussIon.
There being no further business to be brought before the Members,
Mr. Richey moved, seconded by Mr. Connelly. that the meeting be adjourned.
The motion carried wIth a unanimous voice vote. The meeting adjourned
at 5:42 P.M.
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Grace Thomas
Secretary
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