M-2/24/1970 (3)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA. CALIFORNIA
February 24, 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 February 24. 1970. at
4:30 P.M.
PRESENT:
MEMBERS: B. Thomas Barnard. Chairman
Ted Fach
L. Wayne Harding
J. Lee Schlmmer
Philip E. Whiting
ABSENT:
MEMBERS: Clifford Connelly
Mortimer T. Richey
ALSO PRESENT:
Arthur Rott. Harry L. Nourse Audit Company
Gabriel Fairfoot, Harry L. Nourse Audit Company
John Gray, Financial Consultant
Eugene B. Jacobs. General Counsel
Ed Moosebrugger. Evening Outlook Reporter
Gary G. Jones, Acting Executive Oirector-Secretary
May Palfrey, Stenographer
The minutes of February 10, 1970 were approved
as mailed.
~PPROV~L OF MINUTES:
APPROVAL Of BillS: The Acting Secretary reviewed the items under
Accounts Payable through February 24th. The
Chairman asked that Agency payroll expenses
also be included under the Accounts Payable listing. Mr. Harding moved,
seconded by Mr. fach. that the Accounts Payable items be approved as
submitted. The motion carried with the following roll call vote:
AVES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Barnard, Fach. Harding. Schimmer, Whiting
None
Connelly. Richey
?ROJECT ACTIONS AND REPORTS:
Project I (a):
Golf Course FiQ~~c-L~~tatement
The Acting Secretary submitted the Golf Course- Financial Statement
provided by Kern County Land Company for the period ending December 31,
1969, noting that said report covered a period of 18 months. rather than
ope year, because Kern County Land Company had changed its fiscal year
to coincide with the calendar year. The statement disclosed that the
golf course had not shown a net profit; consequently, in accordance
with lease terms. there would be no rentai payment to the Agency for
this period.
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Minutes - 2/24/70
page Two
GENERAL:
Division of Highways - proposed pacific Co~st Routes
Oiscusslon of the proposed freeway routes was reopened for the purpose
of obtaining opinions from the Members. Fol lowing comments by the Membe.rs,
the Chairman directed the Acting Secretary to prepare a resolution for
consideration at the next Agency meeting. which would express the favorable
consensus of the Agency with respect to alternate freeway route aligned
with the Main Street Corridor.
Final Audlt__Re.RQtL-_ !L~tD"-L_. N"urse Audit Compan'i(,
The Acting Secretary submitted the Final Audit Report on the Tax
Allocation Bond Issue. He stated that the report covered the regular
audit period of July 1. 1968 to June 30, 1969, with a subsequent ex-
tension to August 31. J969. as requested by the Agency. Mr. Arthur Rott
and Mr. Gabriel Falrfoot. representing the Harry L. Nourse Audit Company,
were present to review the report and clarify Items questioned by the
Members. Mr. Falrfoot explained In detail the Items appearing under
"Adjusting Journal Entries", noting that a reclassification of certain
expenditures made by the Agency which qualify for Federal Grants had
been made. A gener~1 discussion of Agency fiscal controls followed.
The Members requested that the Accounting Committee review all of the
Agency's accounts payable and make reco~mendatlons as to which trans-
actions should come before the Agency for approval. Mr. Harding moved,
seconded by Mr. Schlmmer. that the Agency accept the Final Audit Report
prepared by the Harry L. Nourse Audit Company on the Tax Allocation Bond
Issue and expressed appreciation for their excellent services to the Agency.
The motion carried with the following roll call vote;
AYES:
NOES:
ABSENT:
Barnard, Fach, Harding, Schlmmer, Whiting
None
Connelly, Richey
MEMBERS:
MEMBERS:
MEMBERS:
COMMITTEE REPORTS:
Negotiating Commltte~
Agency General CQunsel reported that a modified draft of the Amended
Land Disposition Agreement was presently being prepared and that it would
be completed within a few days. The Acting Secretary stated that he had
been In contact with Mr. Oavld Ashton, .f Ashton Associates, and that
Mr. Ashton was in the process of preparing the reuse appraisal for Pro-
jects I(a) and I(b) and that It would be submitted within the time
specified by the Agency.
Personnel CommIttee
The Acting Secretary reported that he had contacted the J~urnal of
Housing to determine their publication schedule and that they stated
that the February Issue. In which the Agency's ad Is to appear, will
be published during the first week of March. He subsequently Instructed
the Journal of Housing to extend the date for acceptance of appllcatlo11s
for Executive Director from March 15th to April 1st. He noted that
Mr. connelly. as Chairman of the Personnel Committee. was advised of
the change and that his concurrence was obtained.
REPORT OF SECRETARY:
Am~~datory Application for Loan and Grant
The Acting Secretary stated that the Department of Hou~:ng and
Urban Development had acknowledged receipt of the Ager.cy1s Amend~tory
Al'plication for Loan and Grant for Project I (b). He added that the
new Loan and Grant Contract would have to be approved and submitted to
HUD by March 3rd. Mr. Harding moved, seconded by Mr. Whiting. that the
Chairman and the Acting Executive Director be authorized to execute the
Loan and Grant Contract, provided that (l) the Loan and Grant Contract
is not altered in any of its provisions except for the Amendatory fur~
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MInutes - 2/24/70
Page Three
Increase of $120,001, (2) that It be consistent with the Amendatory
ApplIcation fIled by the Agency, and (3) that the Chairman and the
General Counsel approve It prior to execution. The motion carried
with the following roll call vote:
AYES:
NOES:
ABSENT:
Barnard, Fach, Harding, Schlmmer, Whiting
None
Connelly, Richey
MEMBERS:
MEMBERS:
MEMBERS:
The Members agreed to hold a meeting on March 3rd, If necessary,
to review the Contract.
Computer Analysis
The Acting Secretary reported that the firm of Development
Research Associates had offered the services of their newly acquIred
computer system to the Agency on a no-charge basis. Mr. John Gray,
Financial Consultant, stated that Development Research ASSociates was
willing to prepare a computerized analysis of both Projects, takIng
Into account variables such as land price, Interest on outstanding
notes, timing of bond Issues, etc. Mr. Gray also stated that both he
and Mr. Jacobs, Agency Counsel, considered such an analysIs beneficial
to the Agency at this time and that It would be of assIstance In the
re-evaluatlon of the Agency's land disposition policies. Mr. Fach
moved, seconded by Mr. Whiting, that the Agency authorize Development
Research Associates to perform a computerized study of projects l(a)
and I(b), at no cost to the Agency. The motion carried wIth a unanimous
voice vote.
~ENERAl:
Personnel Session
Hr. Whiting moved, seconded by Mr. Harding, that the meeting be
adj.urned to a Personnel Session for the purpose of discussing Assembly
Bill 325 - Disclosure of Assets. The motion carried with a unanImous
voice vote. The meeting adjourned at 6:07 P.M.
The meeting reconvened at 7:10 P.M., at whIch time Mr. Schlmmer
moved, seconded by Mr. WhitIng, that the meeting be adjourned to
TueSday. March 3, 1970, at 4:30 P.M., In the City Council Chambers.
The motion carried with a unanlm.us voice vote.
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