M-6/26/1984 (3)
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CITY OF SANTA MONICA
REDEVELOPMENT AGENCY MINUTES
JUNE 26, 1984
A regular meeting of the Redevelopment Agency In
WIth the City CouncIl was called to order at
ChaIrperson Edwards.
JOInt seSSIon
7 : 55 P . M . by
Roll Call: Present: ChaIrperson Ken Edwards
Chairperson Pro Tempore Dolores M. Press
Agency Member James P. Conn
Agency Member DavId G. EpsteIn
Agency Member WIllIam H. Jennings
Agency Member ChrIstIne E. Reed
Agency Member DennIs Zane
ExecutIve DIrector John H. Alschuler, Jr.
Agency Attorney Robert M. Myers
Agency Secretary Ann M. Shore
CC/RA-1: THIRD STREET DEVELOPMENT CORPORATION/MALL IMPROVEMENT
LOAN FUND: Presented was a staff report transmIttIng a
resolutIon authorIzIng a princIpal repayment of $150,000 from the
Downtown Fund, recommend I ng approval of a $300,000 loan to the
ThIrd Street Development Corporation to establish a Mall
Improvement Loan Fund, and directIng the City Attorney to prepare
and CIty Manager to execute necessary documents. DiscussIon was
held. Agency Member EpsteIn moved to adopt ResolutIon No.
386(RAS) entitled: "A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF SANTA MONICA AUTHORIZING PARTIAL REPAYMENT OF DEBT
OWED THE CITY OF SANTA MONICA ON PROMISSORY NOTE NUMBER ONE OF
THE DOWNTOWN REDEVELOPMENT PROJECT," read Ing by t I tl e only and
waIving further readIng thereof. Second by Agency Member Zane.
DurIng discussIon, Agency Member Reed moved an amendment to
delete the working capi tal asslsta'1Ce as an authorIzed use for
funds to be loaned. The motIon dIed for lack of a second. The
maIn motion was approved by the followIng vote:
Agency Vote:
AffIrmatIve:
Members Conn, Epstein, JennIngs,
Press, Zane and Mayor Edwards
Negative:
Member Reed
Councilmember Epstein moved to approve the staff recommendatIon
thereby (1) approvIng a $300,000 loan to the ThIrd Street
Development CorporatIon at the terms stated i'1 the staff report
dated June 26, 1984, to establIsh a Mall Improvement Loan Fund
Whl ch WIll be comprl sed of $150,000 from the Gener al Fund and
$150,000 for the Commun i ty Development Block Gran t Program; and
(2) approv Ing the proml ssory note and loan agreement, Contract
No. 4171 (CCS), and directl ng the Cl ty Manager to negotl ate and
execute the documents. Second by Councllmember Zane. Discussion
was held. The motio'1 was approved by the following vote:
June 26, 1984
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Cou~cll Vote: AffIrmative:
Councllmembers Conn, EpsteIn,
Jennings a~d Mayor Edwards
NegatIve:
Councilmembers Press, Reed and Zane
Cou'1cilmember Reed asked the record to reflect her concern in
regard to the aspect of "maximum fleXIbIlity" IndIcated and that
she does not approve of thlS as a blank check program.
At 8:13 P.M., Agency Member EpsteIn moved to adjourn the
Redevelopment Agency. Second by Age'1cy Member Conn. The motion
was approved by the followIng vote:
Agency Vote:
UnanImously approved 7-0
ATTEST:
APPROVED:
Ann M. Shore
Secretary
Ken Edwards
Chalrperson
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June 26, 1984