M-9/3/1974 (2)
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MINUTES OF THE
REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
September 3, 1974
4:00 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met
ln special session in the City Council Chambers, on September 3, 1974,
at 4: 00 P. M .
PRESENT:
MEMBERS: Clo Hoover, Chairman
Fred M. Judson
Hill lard L. Lawson
John W. McCloskey
Donna O. SWink
NathanIel Trlves
Pieter van den Steenhoven
ABSENT:
MEMBERS: None
ALSO PRESENT:
Dave Berman, Evening Outlook Reporter
Eugene B. Jacobs, General Counsel
James o. WIll iams, Executive Director
Gary G Jones, Director of Community Development
May Palfrey, Secretary
APPROVAL OF MiNUTES:
Mr. Trlves moved, seconded by Mr. Lawson, that the minutes of
August 6, 1974 be approved as mailed. The motion carried with a
unanimous voice vote.
PROJECT ACTIONS AND REPORTS:
O.s.ean Park ProJect
Upon the Admlnistratlonls recommendation, Mr. McCloskey moved,
seconded by Mrs. SWink, that the meeting be adjourned to an Executive
Session for the purpose of diSCUSSing the Ocean Park Project litigation.
The motion carried With a unanimous vOice vote. The meeting adjourned
at 4:08 P.M.
The meeting reconvened at 5:15 P.M.
Downtown ProJect:
Submittal of Disposition and Development A9reement
The ExecutIve Director stated that the Developer for the Downtown
Project (The Rouse Development Company of California, Inc. and Ernest
W. Hahn, lnc" a California General Partnership known as Santa Monica
Place Associates) had submitted to the Agency an executed Disposition
and Development Agreement for the Downtown Redevelopment Project He
added that no action was necessary at this time and that copies would
be prOVided to the Members as soon as possible.
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John D. Fischer, Vice President of the Rouse Development Company
of California, Inc., stated that a General Partnership Statement with
Ernest W. Hahn, Inc. was also being submitted to the Agency at thiS
time.
Discussion followed.
GENERAL:
Tax Allocation Bonds - Mandatory Call
The Director of Community Development stated that the Agency
presently had sufficient funds in Its Tax Allocation Accounts to
redeem S135,000 prinCipal amount of outstanding Bonds and that
mandatory call procedures were being carried out in accordance with
the provIsions set forth In the Agency's Bond Resolution No. 203.
An updated analysis of savings On the repurchase of Tax Allocation
Bonds reflecting a savings of $104,428 and a copy of the "Notice of
Redemption" which was published on August 30th were submitted to the
Members. The Director added that thiS Item was for Informational
purposes only and that no action was requl red.
Annual Audit - Tax Allocation Bond Issue
The Director of Community Development stated that in accordance
~Ith the Agency's Tax Allocation Bond Resolution No 203, the
Agency must within 120 days after the close of each fiscal year, have
an audit of Its Tax Allocation Bond Issue performed by a Certified
Public Accountant. Upon the Administration's recommendation, Mr.
Lawson moved, seconded by Mr. McCloskey, that the proposal submitted
by the Harry L. Nourse Audit Co. to conduct an audit of the Agency's
Tax Allocation Bond Issue for the period July I, 1973 thru June 30,
1974 for a fee not to exceed 5950.00 be accepted The motion carried
with the fol lOWing roll call vote.
AYES:
MEMBERS: Hoover, Judson, Lawson, McCloskey, Swink, Trlves,
van den Steenhoven
MEMBERS: None
MEMBERS: None
NOES:
ABSENT:
There being no further bUSiness to be brought before the Members,
Mrs. SWink moved, seconded by Rev. Judson, that the meeting be
adjourned The motion carried with a unanimous voice vote. The
meeting adjourned at 5:30 P.M.