M-3/27/1973 (4)
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MINUTES OF THE
REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
March 27, 1973
7:00 P.M.
The Regu]ar meeting of the Redevelopment Agency of the City of Santa
Monica, California, scheduled for the above stated date and time,
convened at 7:25 P.M., in the City Council Chambers.
PRESENT:
MEMBERS: Anthony L. Dituri, Chairman
Robert M. Gabriel
Clo Hoover
John W. McC]oskey
James B. Reidy, Jr.
Arthur L. Rinck
Nathaniel Trives
ABSENT:
MEMBERS: None
ALSO PRESENT:
Robert E. Getz, H.F.H., Ltd.
Perry Scott, Executive Director
Gary G. Jones, Director of Community Development
Eugene B. Jacobs, Genera] Counsel
John F. Gray, Financial Consultant
Glenn Barr, Evening Outlook Reporter
May Palfrey, Secretary
APPROVAL OF MINUTES:
Mr. Gabriel moved, seconded by Mr. Reidy, that the minutes of
February 27, 1973 be approved as mailed. The motion carried with a
unanimous voice vote.
PROJECT ACTIONS AND REPORTS:
Projects 1 (a) and 1 (b):
Resolution No. 3]7 (R.A.S.), Approving and Providin~
for Execution of Loan and Grant Contract No. Calif.
R-37/44 and Reso]ution No. 318 (R.A.S.)/ Authorizing
the Issuance of Pr~lect Loan Notes
The Director stated that the Dept. of Housing and Urban Develop-
ment had approved the Agency's Amendatory Application which provided
for a grant Increase of 53.3 Mi llion, and that in order for the Agency
to receive the Federal finanCial assistance, it must approve and pro-
vide for the execution of a Loan and Grant Contract and authorize the
issuance of Project Loan Notes. Discussion followed, in which Mr. Gary
G. Jones, Director of Community Development, and Mr. John F. Gray,
Financial Consultant, answered questions posed by the Members regard-
ing the financial status of the Agency.
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Minutes - 3/27/73
page Two
Mr. Reidy moved, seconded by Mr. Gabriel, that Resolution No.
317 (R.A.S.), "RESOLUTION APPROVING AND PROVIDING FOR EXECUTION OF
PROPOSED LOAN AND CAPITAL GRANT CONTRACT, NUMBERED CONTRACT NO.
CALIF. R-37/44(LG) BETWEEN REDEVELOPMENT AGENCY OF THE CITY OF
SANTA MONICA AND THE UNITED STATES OF AMERICA, TO AID IN FINANCING
URBAN RENEWAL PROJECT NO. CALIF. R-37/44, AND ESTABLISHING A PRO-
JECT EXPENDITURES ACCOUNT AND A PROJECT TEMPORARY LOAN REPAYMENT
FUND WITH RESPECT TO SAID PROJECT, AND FOR OTHER PURPOSES", be
adopted and that further reading be waived. The motion carried
with the folloWing roll call vote:
AYES:
NOES:
ABSENT:
ABSTA I N:
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
Dituri, Gabriel, Hoover, Reidy, Rinck, Trives
None
None
McC 1 os key
Mr. Reidy moved, seconded by Mr. Rinck, that Resolution No.
318 (R.A.S.), "RESOLUTION AUTHORIZING THE ISSUANCE OF PROJECT LOAN
NOTES IN CONNECTION WITH URBAN RENEWAL PROJECT NO. CALIF. R-37/44",
be adopted and that further reading be waived. The motion carried
with the following roll call vote:
AYES:
NOES:
ABSENT:
ABSTA IN:
Dituri, Gabriel, Reidy, Rinck, Trives
None
None
Hoove r, McC 1 os key
MEMBERS:
MEMBERS:
MEMBERS:
MEMBERS:
H.F,H., Ltd. - Submission of Evidence of Equity Capital
and Mortga~e Financing
The Executive Director stated that In accordance with provIsions
set forth In the Land DIsposition Agreement, a copy of H.F.H., Ltd.'s
mortgage financing commitment was being submitted to the Members for
acceptance and approval. Mr. Reidy moved, seconded by Mr. Gabriel,
that the Agency accept and approve the loan commitment agreement
dated March 16,1973 (No. 511930), which was submitted by H.F.H.,
Ltd., with no contingencies. The motion carried with the following
ro 11 ca II vote:
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Dituri, Gabriel, Reidy, Rinck, Trives
Hoover, McCloskey
None
There being no further business to be brought before the Members,
Mr. Gabriel moved, seconded by Mr. Rinck, that the meeting be adjourned.
The motion carried With a unanimous voice vote. The ~eeting adjourned
at 8:10 P.M.