M-4/28/1970 (3)
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REDEVELOPME~T AGE~CY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
April 28, 1970
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met in
regular session in the City Council Chambers, on April 28, 1970, at 4:30 P.M.
PRESENT:
MEMBERS: B. Thomas Barnard, Chairman
Ted Fach, entered at 4:39 P.M.
L. Wayne Harding, entered at 4:45 P.M.
Mortimer T. Richey
J. Lee Schimmer
Philip E. Whiting
ABSENT:
MEMBERS: Clifford Connelly
ALSO PRESENT:
R. Gregg Anderson, Crescent Bay Properties
William E. Linthicum, Crescent Bay Properties
John Gray, Financial Consultant
Eugene B. Jacobs, General Counsel
Ray Ripton, Los Angeles Times Reporter
Arnie Friedman, Evening Outlook Reporter
Gary G. Jones, Acting Executive Director-Secretary
May Palfrey, Stenographer
APPROVAL OF MINUTES:
The minutes of April 14, 1970 were approved
as mailed.
Mr. Fach entered at 4:39 P.M.
APPROVAL OF BILLS: The Acting Secretary reviewed the accounts
payable items through April 28, 1970 and
stated that there were no consultant contract
bills to be paid for this period. Mr. Fach moved, seconded by Mr. Richey,
that the accounts payable items through April 28, 1970 be approved. The
motion carried with the following roll call vote:
AYES:
NOES:
A6SE~T:
MEMBERS:
MEMBERS:
MEMBERS:
Barnard, Fach, Richey, Schimmer, Whiting
None
Connelly, Harding
PROJECT ACTIONS AND REPORTS:
projects l(a) and I(b):
~e~ised Amended Land Disposition A~reement
The Chairman requested that this item be deferred until Mr. Harding
and Mr. Jacobs arrived at the meeting.
P~oject I (a):
Quarterly Financial and Budqet Statements
The Acting Secretary submitted the Quarterly Financial Statement
and the Project Expenditures Budget Report for the period ending
March 31. 1970 for Project l(a). The Chairman requested that this
item be tabled until the next meeting and instructed the Acting
Secretary to prepare a consolidated financial statement showing both
Tax Allocation and Project accounts.
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Minutes - 4/28/70
Page Two
Project Ie'll.:
Final Relosatiqn R~port
The Acting Secretary submitted the Final Relocation Report in the
form of a brochure, showing the Agency.s business and residential reio-
cation activities in Project I (b). He noted that the contents of the
Report including narrative, pictures, graphs and tables had been prepared
by the staff and that the printing had been done by the City for a charge
of $330.00. He aclJed that this Report would serve as an informational
brochure to be provided to other agencies and organizations, including
the Depart~ent of Housing and Urban Development. The Members were asked
if they had any recommendations concerning distribution of the Report.
Mr. Rlchel requested that copies be fon~arded to the Chamber of Commerce.
P ro.i e c.!...!...ltl.:
Quarterly Financial an~ Bud~et Statements
The Chairman requested that this item also be tabled to the next
meeting. along with the Project I(a) Statements.
COMMITTEE REPORTS:
Personnel Committee
Mr. Richey reported that the Personnel Commit.ee was presently
reviewing all applications received and would make recommendations to
the Agency at its May 12th meeting. Mr. Fach stated that they were in
receipt of 70 applications and lhat these would be narrowed down to
about 7 or 8 for final review by the Agency at the next regular meeting.
T~e Chairman st?ted that he would be unable to attend the meeting on
Hay 17th and re~uested that an earlier meeting be set on Tuesday,
/1ay 5th. 'Ihe Me~bers agreed to hold a meeting to discuss personnel
matters on that aate. Mr. Fach presented a bi II from The Wall Street
~~~r~al for the ~dvertising for the position of Executive Director.
Mr. \'hlting moved, seconded by Mr. RiChey. that the blll from Jh,e
~~II Street 40urnal in the amount of $86.94 for advertising be included
In t~e accounts pdyable items and that it be approved for payme~t. T~e
motion carried with a UI ;lnimous voice vote.
Accounting Committee
Mr. Whiting stated that his Committee would present a report on
internal controls to the Agency next month.
~EPORT OF SECRETARY:
Condemnation.&~atU5 - Promenade - Project I(b)
The Acting Secretary stated that he had asked Musick, Peeler &
Garrett to render an opinion to the Agency concerning the procedure
the Agency shqul~ follow regarding the condemnation of the Promenade
and that a written opinion of Condemnation Counsel had been received.
He recow~ended that the Agency adjourn to an Executive Session for fUlt~er
discussion because of the threat of litigation in this instance. The
Chainman stat~~ the Agency would adjourn to an Executive Session for
this purpose/ollowlng the next item of busines~.
~r. ~.rdin9 entered at 4:45 P.M.
Tax Reve~ues - Project I(a)
The Acting Secretary stated that the Agency was now in receipt of
a check from the County of Los Angeles In the amount of $136,435.26 for
1969-70 tax revenues in Project I(a). He added that these funds had been
deposited in the Tax Allocation Special Fund account and were being
invested on a short term basis pending a decision by the Agency on the
repurchase of outstanding Tax Allocation i3ol'O~, He ol!:'} ~tated that he
an~ Mr. John Gray were ~r~~ently investigating th~ bo~1 mar~et to
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Minutes - 4/28/70
Page Three
determine current prices. At the Acting Secretary's request, Mr. Gray
addressed the Members and reviewed the various alternatives the Agency
could take related to the repurchase of Tax Allocation Bonds. Hr. Richey
moved, seconded by Mr. Harding, that the Acting Secretary be authorized
to solicit offers from bond holders and bond houses for the repurchase
of Tax Allocation Bonds and on an interim basis, that he be authorized
to invest the tax revenue funds in short-term Treasury Bills and then
report back to the Agency for further action. The motion carried with
a unanimous voice vote.
Mr. Richey then moved, seconded by Mr. Whiting. that the meeting be
adjourned to an Executive Session to discuss the condemnation of the
Promenade. The motion carried with a unanimous voice vote. The meeting
adjourned at 5:06 P.M.
Mr. Jacobs arrived at 5:30 P.M.
The meeting reconvened at 6:45 P.M.
Projects I(a) and I(b}:
Revised Amended Land Disposition A~reement
A discussion of the changes included in the revised Amended Land
Disposition Agreement was held with Mr. Gregg Anderson and Hr. William
Linthicum, of Crescent Bay Properties. present. Mr. Jacobs recommended
that the Members approve the Agreement in principle at this meeting,
stating that the agreed upon revisions, language modifications and
clarifications could then be incorporated within the Agreement in the
next few days. He further recommended that the Agreement, if approved
by the Agency in principle, should first go to the Department of Housing
and Urban Development for their review and then to the City Council for
its approval and finally come before the Agency at the time of the Public
Hearing. Mr. Harding moved, seconded by Mr. Schimmer, that the Amended
Land Disposition Agreement be approved in principle and that the Agency
proceed to process the Agreement as recommended by Counsel. The motion
carried with the following roll call vote:
AYES:
NOES:
ABSENT:
MEI'IBERS :
MEMBERS:
MEMBERS:
Barnard, Fach, Harding. Richey, Schimmer, Whiting
None
Connelly
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 7: 12 P.M.
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