M-4/26/1972 (3)
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MI~JUTES OF THE
REDEVELOPMENT AGE~CY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
Apri 1 26, 1972
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met
in adjourned regular meeting in the City Council Chambers, on April 26,
1972, at 4:30 P.M.
The Director stated that a ~otice of Adjournment had been posted on
the City Council Chambers door on April 26, 1972, and that the
Affidavit of Posting was on file in the offices of the Redevelop-
ment Agency.
PRESENT:
MEMBERS: J. Lee Schimmer, Chairman Pro-Tern
Ted B. Fach
L. Wayne Harding
Mortimer T. Richey
ABSENT:
MEMBERS: Wallace Brown
ALSO PRESENT:
John F. Gray, Financial Consultant
Anne Morgenthaler, Evening Outlook Reporter
Gary G. Jones, Executive Director
May Palfrey, Secretary
PROJECT ACTIONS AND REPORTS:
Projeqs l(a) and I(b):
Amendatory Application for Loan and Grant
The Director stated that the Agency submitted an Amendatory
Application for Loan and Grant for Projects Calif. R-37 and R-44
to the Dept. of Housing and Urban Development in April, 1971, and
that approval by the Dept. of Housing and Urban Development was
still pending. He noted that a period of one year had elapsed since
the original submission; consequently, it was necessary to update
the financing plan contained in said Application. He, therefore,
requested authority to submit the necessary Resolutions to the
Dept. of Housing and Urban Development authorizing the filing of an
updated Amendatory Application for Loan and Grant for Projects Nos.
Calif. R-37 and R-44.
Mr. John F. Gray, Financial Consultant, reviewed the need for
a resubmittal of an Amendatory Application, stating that the interest
cost for the outstanding Project loans was the principal increase in
costs and as such was the main reason for revising the original
A,ppl kation.
Mr. Harding moved, seconded by Mr. Fach, that the Director be
authorized to submit the necessary Resolutions to the Dept. of Housing
and Urban Developw.ent, authorizing the filing of an Amendatory Applica-
tion for Loan and Grant for Projects ~os. Calif. R-37 and R-44, and
that the Chairman Pro-Tern and the Executive Director be authorized
to execute said Resolutions and the Application. The motion carried
with the following roll call vote:
AVES:
NOES:
ABSEt,lT:
MEMBERS:
MEMnERS:
~lEMBERS :
Schimmer, Fach, Harding, Richey
None
5rown
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Minutes - 4/26/72
Page Two
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The Director reported that the City Council ha~ approved the
first reading of the Qrdinance vesting powers of the Redevelopment
Agency in the Council, at its meeting of April 25. 1972.
Mr. Harding moved, seconded by Mr. Fach. that the remaining Agency
Members resign from the Redevelopment Agency Board, effective May 9,
1972, at 7:30 P.M. Discussion followed, in which the Agency Members
confirmed the May 9th resignation date in order to provide the City
Council with time to enact an emergency Ordinance declaring themselves
the Agency, to assure that at no time would the functions of the Agency
be In limbo. The motion carried with the following roll call vote:
AYES:
NOES:
ABSENT;
MEMBERS;
MEMBERS:
MEMBERS:
Schimmer, Fach, Harding, Richey
None
Brown
There being no further business to be brought before the Members,
Mr. Richey moved. seconded by Mr. Harding. that the meeting be adjourned.
The motion carried with a unanimous voice vote.
The meeting adjourned at 5:00 P.M.
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