M-5/5/1970 (3)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
May 5, 1970
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met In
adjourned regular session In the City Counci I Chambers, on May 5, 1970,
at 4:30 P.M.
The Acting Secretary reported that a Notice of Adjournment was posted on
the Council Chamber door on April 30, 1970, and that the affidavit of
posting was on fi Ie in the offices of the Redevelopment Agency.
PRESEH:
MEMBERS: B. Thomas Barnard, Chairman
Clifford Connelly
Ted Fach
Mortimer T. Richey, entered at 4:40 P.M.
J. Lee Schimmer
Philip E. Whiting
ABSENT:
MEMBERS: L. Wayne Harding
ALSO PRESENT:
John Gray, Financial Consultant
Eugene B. Jacobs, General Counsel
Gary G. Jones, Acting Executive Director-Secretary
May Palfrey, Stenographer
APPROVAL OF BILLS:
The Acting Secretary reviewed the bills as follows:
EUgene B. Jacobs.
. . $740.00
. ~ 1,040.00
TOTAL BILLS. . .
. . . .iL.780.00
John Gray
Mr. Richey entered at 4:40 P.M.
The Acting Secretary also reviewed the accounts payable items through
May 5, 1970. Mr. Schimmer moved, seconded by Mr. Fach, that the contract
bills and the accounts payable items through May 5, 1970 be paid as submitted.
The motion carried with the following roll call vote:
AYES:
~IOES :
ABSENT:
Barnard, Connelly, Fach, Richey, Schimmer, Whiting
None
Harding
MEMBERS:
MEMBERS:
MEMBERS:
PROJECT ACTIONS AND REPORTS:
Project 1 (a):
Notice of Tender - Tax Allocation Bonds
The Acting Secretary stated that the tax revenue funds had been
invpsted and that he had investigated the best alternatives with respect
to the repurchase of Bonds. Based on his findings, the Acting Secretary
recoffimended that the Agency should seek tenders of its Ocean Park Project
l{a) Tax Allocation Bond Issue at this time. Discussion followed, in
which Mr. John Gray, Financial Consultant, presented an analysis of the
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Minutes - 5/5/70
page Two
Tax Allocation Funds to the Members, Mr. Richey moved, seconded by
Mr. Connelly, to authorize the repurchase of Tax Allocation Bonds in
an amount not to exceed $122,500 and to authorize the Chairman and
the Acting Executive Director to receive tenders provided the price
does not exceed 9~k of par value. The motion carried with the follow-
ing roll call vote:
AYES:
NOES:
ABSENT:
Barnard, Connelly, Fach, Richey, Schimmer, Whiting
None
Harding
MEMBERS:
MEMBERS:
MEMBERS:
Projects I(a) and I(b):
Amended Land Disposition Agreement
The Acting Secretary stated that the necessary revIsions had been
incorporated in the Amended Land Disposition Agreement, as authorized
and approved by both the Members and Crescent Bay Properties at the
meeting of April 28, 1970, and that the revised document was now ready
for review by the Department of Housing and Urban Development.
Executive Session - Personnel
Mr. Richey moved, seconded by Mr. Schimmer, that the meeting be
adjourned to an Executive Session for the purpose of discussing personnel
matters. The motion carried with a unanimous voice vote. The meeting
adjourned at 5:10 P.M.
The meeting reconvened at 6:10 P.M.
Mr. Richey moved, seconded by Mr, Connelly, that the meeting be
adjourned to Tuesday, May 19, 1970, at 4:30 P,M., in the City Council
Chambers. The motion carried with an unanimous voice vote, The meeting
adjourned at 6:15 P.M.
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