M-11/11/1986
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CITY OF SANTA MONICA
REDEVELOPMENT AGENCY MINUTES
NOVEMBER 11, 1986
At 7:50 p.m., a special joint meeting of the City council and
Redevelopment Agency was called to order by Chairperson Reed.
Roll Call: Present: Chairperson Christine E. Reed
Chairperson Pro Tempore William H. Jennings
Member James P. Conn
Member David G. Epstein
Member Alan S. Katz
Member Herb Katz
Member Dennis Zane
Also Present: Executive Director John Jalili
Agency Attorney Robert M. Myers
Agency Secretary Ann M. Shore
CC/RA-l: THIRD STREET MALL FUNDING: Presented was a staff
report recommending that the city Council appropriate funds from
the sale of Certificates of participation for construction of
public improvements in the Third street Mall Area and that the
Redevelopment Agency appropriate funds to repay General Fund
interest on certain previously approved loans. Discussion was
held. councilmember Epstein moved to approve the staff
recommendation, thereby (1) appropriating $304,721 from the
proceeds from the sale of certificates of Participation to
01-700-263-000-729 (Cost of Issuance), and (2) appropriating
$6,067,398 from the proceeds from the sale of certificates of
Participation to 01-720-263-000-921 (Mall Improvement Project).
Second by Councilmember Conn. The motion was approved by the
following vote:
Council vote: Unanimously approved 7-0
Agency Member Epstein moved to approve the staff recommendation,
thereby (1) appropriating $500,000 to account number
16-720-263-000-908 (Mall Development Fund) and $500,000 to
account number 16-720-263-000-911 (Mall Development Reserve), and
(2) authoriz ing the Agency staff to repay the General Fund
$1,497,000 in interest only on loans previously advanced to the
Redevelopment Agency from the following accounts: $200,000-
16-720-263-000-903, $297,000 16-720-263-000-907, $500,000
16-720-263-000-908, $500,000 16-720-263-000-911 = $1,497,000
total. Second by Member Conn. The motion was approved by the
following vote:
Agency vote: unanimously approved 7-0
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November 11, 1986
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ADJOURNMENT: At 7:55 p.m., a motion was made, duly seconded, and
unanimously approved to adjourn the Redevelopment Agency meeting.
ATTEST:
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Ann M. Sharer
Secretary
APPROVED:
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Christine E. Reed
/ Chairperson
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November 11, 1986