M-11/2/1978 (5)
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RA-358
MINUTES OF THE
REDEVELOPMENT AGENCY AND CITY COUNCIL
OF THE
CITY OF SANTA MONICA, CALIFORNIA
November 2, 1978
4:00 p.m.
The Redevelopment Agency and the City Council of Santa Monica met in special
joint session in the City Hall Council Chamber, Thursday, November 2, 1978. The
meeting was called to order by Chairman Pro Tern Seymour Cohen at 4:05 p.m. and
roll was called:
PRESENT:
MEMBERS: Seymour A. Cohen, Chairman Pro Tern
John Bambrick
Christine E. Reed
Perry Scott
Nathaniel Trives
ABSENT:
MEMBERS. Donna O'Brien Swink, Chairman
Pieter van den Steenhoven
ALSO PRESENT:
David P. Dolter, Executive Director
Richard L. Knickerbocker, City Attorney
Nancy McFarland, Secretary, Environmental Services
APPROVAL OF MINUTES
The minutes of the October 24, 1978 meeting were unanimously approved by voice
vote following a motion by Mr. Trives and second by Mrs. Reed.
PROJECT ACTIONS AND REPORTS
3A1 Downtown Redevelopment Project
Resolution Approving the Issuance of $14,470,000 Principal Amount of
Parking Lease Revenue Bonds of the Redevelopment Agency
The first item was to be considered only by the City Council. Mr. Trives moved
to adopt Resolution No. 5118 (CCS) entitled: "Resolution of the City Council of
the City of Santa Monica, Cal ifornia Approving the Issuance of 514,470,000,
Principal Amount of Parking Lease Revenue Bonds of the Redevelopment Agency for
the City of Santa Monica to Finance a Portion of the Cost of Redevelopment
Project in Said City Known as Downtown Redevelopment Project." Second by Mrs.
Reed Discussion followed and John Jalil i, Director of Environmental Services,
responded to questions. The motion was approved 4-1 as follows:
AYES:
NOES'
ABSENT:
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
3A2 Downtown Redevelopment Project
Resolution of Intention to Sell Bonds in the Amount of $14,470,000 and
Fixing Time for Taking Bids
A motion was made by Mr. Trives for the Redevelopment Agency to adopt a resolution
of intention to sell bonds in the amount of $14,470,000 and fixing the time for
taking bids. Mrs. Reed seconded the motion and discussion followed. Terrance
Comerford, bond consultant with Blyth Eastman Dillon, responded to questions and
further explained the bond issue. The vote was called and the motion was approved
as follows:
AYES:
NOES:
ABSENT:
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
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Redevelopment Agency/City Council
-2-
November 2, 1978
3A3 Downtown Redevelopment Project
Resolution Authorizing the Issuance of 514,470,000 Principal Amount of
Parking Lease Revenue Bonds
Mrs. Reed moved to adopt an Agency resolution authorizing the issuance of
514,470,000 principal amount of Parking Lease Revenue Bonds. The motion was
seconded by Mr. Trives and Agency members voted in favor by roll call vote.
AYES;
NOES:
ABSENT
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
At this time copies of the "Offical Statement Relating to 514,470,000 Downtown
Redevelopment Project Parking Lease Revenue Bonds" were distributed to Agency
members. Mr. Jal i I i explained the document ~Jhich contains general information
as a necessary part of the bond issue. A motion was made by Mrs. Reed to
authorize the printing of the "Official Statement." Mr. Trives
seconded the motion which was approved by roll call vote as follows:
AYES:
NOES:
ABSENT'
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
3A4 Downtown Redevelopment Project
Approval of Final Working Drawings for Parking Structures and Authorization
to Advertise for Bids
This item was introduced by Mr. Dolter, and Stan Scholl, Director of General
Services, responded to questions from Agency members. A discussion ensued. A
motion was made by Mrs. Reed to approve the final working drawings for the
parking structures and authorizing advertising for bids. Mr. Trives seconded the
motion. In response to Mr. Trives' request, Mr. Knickerbocker offered an explana-
tion of the bid process as followed by the City in this case. Then, Agency
members voted approval of the motion as follows
AYES:
NOES:
ABSENT:
Bambrick, Reed, Trives, Cohen
Scott
Swink, van den Steenhoven
Mr. Jalili added, as a point of information, that the developer (Rouse Development
Company) has agreed not to charge the escalation of ~% per month beginning
November 1 for the cost of the garage as provided for in the Second Implementation
Agreement.
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 was adjourned by Chairman Pro Tern Cohen at 4:25 p.m.