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M-4/28/1970 (3) . . . . . 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. . . . . . 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 . . . . . 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. mp /ff ~-~ ," .0;;._ --. _~ _ -:-."':-_".-A'-~_ Ga G. Jo - Actio, ~~ ./