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M-11/17/1970 (2) . . . . . REOEVElOPMENT AGE~CY OF THE CITV OF SANTA MONICA, CALIFORNIA November 17, 1970 4:30 P.M. The Redevelopment Agency of the City of Santa Monica, California, met in adjourned regular session in~e City Council Chambers, on November 17, 1970, at 4;30 P.M. The Director stated that a Notice of Adjournment had been posted on the City Council Chamber door on November 10, 1970, and that the Affidavit of Posting was on file in the offices of the Redevelopment Agency. PRESENT; MEMBERS; B. Thomas Barnard, Chairman Clifford Connelly Ted Fach L. Wayne Harding Mortimer T. Richey J. Lee Schimmer ABSENT; MEMBERS; Philip E. Whiting ALSO PRESENT; Perry Scott, City Manager Lowell T. Patton, Council Liaison Eugene B. Jacobs, General Counsel Gary G. Jones, Executive Director May palfrey, Secretary APPROVAL OF MIN~TES; The minutes of October 20, 1970 were approved as mai led. APPROV~L OF WARRANT REGISTERS; The Director submitted Warrant Registers Nos. I through 7 to the Members for approval. He explained that a new procedure was being used to present the Agency bills, which would exert tighter control and pro- vide a complete record of each check issued. Discussion followed, in which the Members suggested that a copy of each contractual billing be attached to the Register. Mr. Harding moved, seconded by Mr. Fach, that Warrant Registers Mos. I through 7 be approved for payment as submitted. and that the Warrant Register form be referred to the Agency's Accounting Committee for review. The motion carried with the following roll call vote; AYES; NOES: A.BSENT: MEMBERS; MEMBERS; MEMBERS; Barnard. Connelly, Fach, Harding. Richey, Schiwmer None Whiting GENERAL: Tax Allocation Bond ..Issue - Audit Report The Director submitted the Final Audit Report on the Tax Allocation Bond Issue prepared by the Harry L. NourSe Audit Company, for the period ending June 30, 1970. He pointed out that the report in final form consisted of a financial statement and that there were no exceptions noted in the audit. . . . . . Minutes. 11/11110 Page Two The Chair~an requested that the Director prepare for the next Council meeting an analysis showing the anticipated tax revenues from completed improvements for the tax year 1970-71 and tax Incre~nt projections based on the schedules of development in the land Dis- position Agreement, and also showing the impact, if any, that tax increases have had on the existing tax increments from development. Mr. Schimmer moved, seconded by Mr. Connelly, that the Agency accept the Audit Report prepared by the Harry L. Nourse Audit Company for the period ending June 30, 1970. The motion carried with a unanimous voice vote. PROJECT ACTIONS AND REPORTS: proj ects I (a) and I (b) : Crescent Bay Properti~s, Land Di_sposition Agreement The Director stated that the ~gency was in receipt of (I) copies of the Land Disposition Agreement which had been executed by Richard H. Hadley, on behalf of Hadley-Santa Monica Corporation, (2) a telegram (which he read to the Members) from R. Gregg Anderson, on behalf of Amfac, Inc., confirming his acceptance of the Agreement. and (3) the Federal and local deposits totalling $500,000. He stated that this constituted a firm proposal from the Developer and was in accordance with the Agency1s October 20th request with respect to submission of a proposal by the Developer. He also stated that the Agreement had been reviewed by Perry Scott and the Agency Counsel and that, if approved in principle by the Agency, It should then be submitted to the City Council and the Dept. of Housing and Urban Development, after which an Agency public hearing would be held. Discussion followed on the sequence of steps to be taken with respect to obtaining approvals on the Land Oisposition Agreement. Mr. Scott stated that he had no objections to the Agreement in its present form with one exception en Page 7 of Attachment 3 of said Agreement, in which it was stated that the time limit for the completion of construction on the P.J.P. Parcel C was 13 years. He pointed out that the time limit f~r conveyance of the Project parcels was 6t years and recommended that the time limit for Parcel C be changed to 6t years, or 2,370 days. The Chairman stated that he felt that this Agreement in the form it was being presented was a far be:ter Agreement than the one originally submitted and that the City and the Agency were much better protected. He added that this Agreement would fnsure the creation of tax increments and the betterment of the environment of P.O.P. and that he felt the Agreement should be approved by the Agency. Mr. Schimmer moved, seconded by Mr. Richey, that the Agency (I) approve the Land DispOSition Agfeement with Crescent Bay properties in principle, (2) request the City Manager to submit the Agreement to the City Counci I at its next regularly scheduled meeting on December 8th, or, if adjourned, on December 15th, (3) instruct the Director to immedi- ately submit this matter to the Dept. of Housing and Urban Development, as having been approved in principle by the Agency and (4) set a public hearing for the first meeting of the Agency in January, 1971. The motion carried with the following roll call vote: AYES: NOES: ABSENT: MEMBERS: MEMBERS: MEMBERS: Barnard, Connelly, Fach, Harding. Richey, Schimmer None Whiting Mr. Schimmer then moved, seconded by Mr. Harding, that the City Manager's recommendation effecting the take down schedule on Parcel C, calling for a reduction in the time limit for conveyance from 13 years to 6t years, be pointed out to the Developer and, further, that the Developer be requested to submit to the Agency a Corporate Resolution accepting the Land Disposition Agreement. The motion carried with a unanimous voice vote. . . . . . Minutes - 11/17/70 Page Th ree The Members requested that Mr. Scott convey to the CIty Council their offer to meet with them, either individually or in a study session, to answer any questions the Council might have relating to the Agreement. The Chairman also requested that the Director and the Agency Counsel prepare a list of pertinent facts regarding the Agreement in order to more fully explain the Agreement and the Agency's position at the time of Its presentation to the Council. 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 ~lith a unanimous voice vote. The meeting adjourned at 5:38 P.M. mp