M-6/25/1968 (2)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
June 25, 1968
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met in
regular session in the City Council Chambers on June 25, 1968, at 4:30 P.M.
PRESENT:
MEMBERS: J. Lee Schlmmer. Chairman
B. Thomas Barnard
C Ii fford Conne Ily
Ted fach
L. Wayne Harding
Mortimer T. Richey
Philip E. Whiting
ACSENT:
MEMBERS: None
ALSO PRESENT:
William E. Rand, Manager, Real Estate Division,
Kern County Land Comoany
Stanley Ward, Executive Vice President of Kern
County land Company
William Balch. Vice President of Kern County Land Co.
James Hall. Manager, Sa1ta Monica Shores
James B. Reidy, Jr., pgency liaison Member
Eugene B. Jacobs, Gene~al Counsel
Noel Swann, Evening Outlook Reporter
Grace Thomas. Executive Director-Secretary
Gary G. Jones, Assistant Executive Director
May Palfrey, Stenograpl~r
APPROVAL OF MINUTES:
The minutes of June 1', 1968 were approved as mailed.
PROJECT ACTIONS AND REPORTS:
Project I (a):
Purchase of Tax Allocation Bonds
The Secretary informed the Members of the dfer submi tted by E. F. HU::tO'l
and Company to sell $20,000 par value of Agency Tax Allocation Bonds at ~ price
of 81-3/4 per cent of par value. She explained trat Resolution No. 201 of th~
Agency provides that excess funds in the Reserve cund of the Tax Alloca~ion
Bond Issue may be used fer the purchase or redemption of outstanding bonds
and since there is an excess of the minimum Reserve Fund balance i;'l t;~e e,TIo'_mt
of $40,124.21, she, therefore, recommended that t~ls aI-fer be accepte0. Tne
Secretary then introduced R~solution No. 263 (R.A.~.) and Mr. Harding moved,
seconded by l1r. Fach, that Resolution t,!o. 263 (R.A,s.), "A fl.ESOLUTlm! OF THE
REDEVELOPMENT AGHICV OF THE CITY OF SA~TA 110NICA, CALIFORNIA, AUlHpRIZING T,IE_
PURCHASE OF OUTSTA~DING BONDS IN ACCORDANCE WITH SEe'ION 19 OF AGf~[Y RESOLUTICN
NO. 20~ WITH REGARD TO THE PEDEVE~OPME~IT PROJECT KNO~N AS O~EAN PARIKIPROJECT ---
r:O, I(a)~', be adopted. The motion carried wi>~h the ~ollowing roll c:J11 vete:
AVES: MHIi3ERS: Schimrner, Barnard, Connelly, Fach, r<'3~ding, Richey, \1ilitii J
NOES: MEMBERS: None
ADSENT: MEMBERS: None
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Minutes - 6/25/68
Page Two
project I (a):
Report of Kern County land Company
Mr. ~illlam Rand, Manager of the Real Estate Division of Kern County Land
Company, introduced to the Members Mr. Stanley Ward, Executive Vice President
of Kern County Land Company, and Mr. William Balch, Vice President of Kern
County Land Company. Mr. Ward addressed the Members, stating that KCL would
not be able to submit construction plans to the Agency for the next phase of
the Ocean Park Project l(a) by the required date of July 8, 1968 and, therefore,
requested a six-month extension to January 9, 1969 for the submission of said
plans. Mr. Barnard asked Mr. Ward to give an indication of the commitments
that KCL intends to make, and Mr. Ward stated that KCl would proceed to make
studies of Projects l(a), I(b) and the surrounding area in order to determine
the feasibility of a simultaneous development of the entire area. Following
a discussion, Mr. Garnard moved, seconded by Mr. Whiting, that the meeting be
adjourned into an Executive Session. The motion carried with a unanimous
voice vote. The meeting adjourned at 5:30 P.M.
The regular meeting convened at 6:00 P.M. with the representatives of
KCL returning to the Counei I Chambers. Mr. Barnard moved, seconded by Mr. \1hiting.
that the Agency approve in principle a six-month extension of time to enable KCl
to proceed with an investigation of the feasibility of a simultaneous development
of the Ocean Park Projects I(al, I(b) and the surrounding land. It was further
moved that an extension be granted to August 13 at this time in order that a
letter agreement be drafted by Agency Counsel and approved by KCL setting forth
certain conditions that would be essential to the granting of the six-month
extension; said agreement, however, is to be presented at the regular ~eeting
of July 9 as agreed upon by both parties prior to that time. Further, if the
letter agreement is acceptabie by both parties, the extension of time for
feasibi lity studies would terminate on January 9, 1969. The motion carried
with the following roll ca;1 vote:
AYES; MEMBERS: Schi~mer. Barnard, Connelly, Fach, Harding, Richey, Whiting
NOES: MEMBERS: None
ABSE~'T: MEMBERS: None
Agency consideration of the Affirmative Action Program was deferred to
the next regularly scheduled meeting.
There being no further business to be brought before the Members, Mr. Rich6Y
moved, seconded by Mr. Connelly, that the weeting be adjourned. The motion
carried with a unanili'Ous voice vote. The meeting adjourned at 6:10 p.!"!.
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Grace Thomas
Secretary
mp