M-12/12/1978 (5)
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RA-360
Proposed
MINUTES OF THE
REDEVELOPMENT AGENCY AND CITY COUNCIL
OF THE
CITY OF SANTA MONICA, CALIFORNIA
December 12, 1978
4:00 p.m.
The Redevelopment Agency and City Council of the City of Santa Monica met in
special joint session in the City Hall Council Chamber, Tuesday, December 12,
1978. The meeting was called to order by Chairman Pro Tem Seymour Cohen at
4.00 p.m. and roll was called:
PRESENT'
MEMBERS' Seymour A. Cohen, Chairman Pro Tem
John Bambrick
Christine E. Reed
Perry Scott
Nathaniel Trives
Pieter van den Steenhoven
ABSENT:
MEMBERS: Donna O'Brien Swink
ALSO PRESENT'
John Jalili, Executive Director
Nancy McFarland, Secretary, Environmental Services
APPROVAL OF MINUTES
The minutes of the November 2, 1978 and November 20, 1978 meetings were unani-
mously approved following a motion by Mr Trives and second by Mrs. Reed.
PROJECT ACTIONS AND REPORTS
3Al Downtown Redevelopment Project
Amendment to Resolution No. 354
Mr. Jalili explained the changes and called on John Hemer, Redevelopment Director,
to respond to questions from members. A motion was then made by Mrs. Reed and
seconded by Mr. van den Steenhoven for the Redevelopment Agency to amend Agency
Resolution No. 354 to conform to the IRS Ruling on the Lease Revenue Bonds.
Agency members voted approval of the motion as follows:
AYES'
NOES:
ABSENT:
Bambrick, Reed, Scott, Trives, van den Steenhoven, Cohen
None
Swink
3B1 Ocean Park Redevelopment Project
Revised Promissory Note
Mr. Jal il i introduced this item and a motion was made by Mr. Trives authorizing
the Redevelopment Agency to revise its Promissory Note to the City for $800,000.00
due on December 20, 1978, to a Note in the amount of $500,000.00 for a twelve-
month period at an interest rate of 7~%. A second was given by Mrs. Reed and a
brief discussion followed. The vote was called and the motion was approved as
follows'
AYES:
NOES'
ABSENT:
Bambrick. Reed, Scott, Trives, van den Steenhoven, Cohen
None
Swink
There being no further business, a motion to adjourn was made by Mr. Bambrick and
seconded by Mr Trives. Members unanimously approved the motion by voice vote
and the meeting ~Jas adjourned by Chairman Pro Tern Cohen at 4:10 p.m.