M-2/27/1968 (4)
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REDEVELOP~1E!'T AGH'CY
OF THE
CITY OF SANTA MO~JCA, CALIFORNIA
February 27, 1968
4:30 P.i~.
The Redevelopment Agency of the City of Santa Monica, California, met in
regular session in the City Council Chambers on February 27, 1968, at
4:30 P.M.
PRESENT:
MEM3ERS: J. lee Schimmer, Jr., Chairman
Clifford Conne Ily
Ted Fach
l. Hayne Harding
Mortimer T. Richey
Philip E. Whiting
ABSENT;
MEM8ERS: B. Thomas Barnard
ALSO PRESENT:
James ~. Reidy, Jr., Agency liaison Member,
entered at 5:00 P.M.
William Rand, Manager, Real Estate, Kern County
land Company
John Gray, Financial Consultant
Eugene B. Jacobs, General Counsel
Arnie Friedman, Evening Outlook Reporter
Grace Thomas, Executive Director-Secretary
Peg Kelly, Relocation Interviewer and Property
Manager
May Palfrey, Stenographer
APPROVAL OF MINUTES:
The minutes of January 23, 1968, were approved
as mai led.
The Chairman introduced ilr. Arnie Friedman, new reporter for the
~v~nin9 Outlook, to the Members.
APPROVAL OF BillS:
The Secretary reviewed the bills as follows:
40hn Gray - Financial Consulting
Services, January, 1968 . . .. ...... $260.00
Eu~ene B. Jacobs - Legal Services,
December, 1967 . . . . . 81.25
TOTAL BilLS. .
. . . $341.25
Mr. Connelly moved, seconded by M,. Harding, that the bills be paid as
submitted, in the amount of $341.25. The motion carried with the following
ro 11 ca 11 vote:
AYES:
NOES:
ABSENT:
Schimmer, Connelly, Fach, Harding, Richey, Whiting
None
Barnard
MEMBERS:
MEMBERS:
ME~lOERS :
1
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Minutes - 2/27/68
Page Two
REPO\T OF SECRETARY:
Project I (a) :
Final Relocation Report
The Secretary presented to the Members a copy of the Final Relocation
Report on Project l(a), She added that this report complied with the re-
quirements of Ordinance No, 497 of the City Council approving the Redevelopment
Plan. The Members commended the staff for the excellence of the Report.
Pro ject I (a):
Santa Monica Shores Golf Course
The Secretary submitted an Income Statement of the Santa Monica Shores
Golf Course to the Members, for the period ending December 31, 1967. She
then introduced Mr. William Rand, of Kern County Land Company, who gave a
brief report to the Members on the Golf Course,
Project I(b):
Security First National Bank
The Secretary informed the Members that the Pacific Southwest Realty
Company had given the Agency written notice of its intention to vacate the
Bank premises by March 31, 1968. Upon the Secretary's request, Mr. Harding
moved, seconded by Mr. Richey, that the Secretary be authorized to proceed
with the advertising of bids for the demolition of the Security First National
Bank bui Iding and the removal of the balance of Pier Avenue. The motion
carried with the following roll call vote:
AVES;
NOES:
ABSENT:
MEHBERS:
MEMbERS:
t-1EMBERS:
Schimmer, Connelly, Fach, Harding, Richey, Whiting
(\Ione
8arnard
NE\1 BUS I NESS:
Renewal Workshops
The Secretary informed the Members of the Redevelopment Workshop,
sponsored by NAHRO, to be held on February 29, 1968, in the City of Commerce,
and of the National Housing Conference to be held on March 3 and 4 in Wash-
ington D.C., and urged the attendance of the Members at these workshops.
Mr. Harding moved, seconded by Mr. Richey, that the Secretary and the Agency
Members be authorized to attend the National Housing Conference in Washington,
D.C. The motion carried with the following roll call vote:
AYES:
~IOES :
ADSENT:
Schimmer, Connelly, Fach, Harding, Richey, Whiting
f.lone
Barnard
/1EMBERS :
MEMBERS;
MEMBERS:
Project lea):
Tax Allocation Bonds
The Secretary informed the Members that the Agency had received
$164.325.87 in tax revenues for the tax year 1967-68. She stated that the
Agency had been advised by Bond Consultant to apply excess funds toward
the purchase of its outstanding tax allocation bonds. The Secretary
presented an offer from Blyth and Company to sell $250,000 of Tax Allocation
Bonds at a price of 93 plus accrued interest to date of delivery. Mr. John
Gray, Financial Consultant, presented a financial analysis on the proposal
to purchase a portion of the Tax Allocation Bonds. Discussion followed.
Mr. Reidy entered at 5:00 P,M,
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Minutes - 2/27/68
Page Three
The Secretary introduced Resolution No. 262 (R.A.S.). Mr. Connelly
moved, seconded by "Ir. l,~hiting, that Resolution No. 262 (R.A.S.), "RESO-
LUTION OF THE REDEVELOPME~rr AGENCY OF THE CITY OF SftNTA MONICA, CALIFORNIA,
AUTHORIZING THE PURCHASE OF OUTSTANDING BONDS IN 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 and that further reading be
waived. The motion carried with the following roll call vote:
AYES:
NOES:
ABSENT:
Schimmer, Connelly, Fech, Harding, Richey, Whiting
None
Barnard (Corrected 3/26/68)
MEMBERS:
tlEMBERS:
MEMBERS:
A discussion was held oh the Final Relocation Report for Project I(a),
in which Mrs. Peg Kelly, Relocation Interviewer and Property Manager,
elaborated on the Report and stated that most of the people in the Project
had been relocated within the City of Santa Monica. The Secretary referred
to the two City-owned buildings used to relocate some of the project resi-
dents, and co~mended the City for its participateion in the relocation
program.
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 5:22 P.M.
L_,~
Grace Thomas
Secretary
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