M-8/14/1973 (2)
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MINUTES OF THE
REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
August ]4, 1973
7:00 P.M.
The special meeting of the Redevelopment Agency of the City of Santa
Monica, California, scheduled for the above stated date and ti~e,
convened at 7'12 P.M., in the City Council Chambers.
PRESENT:
MEMBERS: Clo Hoover, Chairman
Anthony L. Dituri, entered at 7.25 P.M.
Fred M. Judson, entered at 7 16 P.M.
John W. McCloskey
Donna o. SWink
Nathaniel Trives, entered at 7:20 P.M.
Pieter van den Steenhoven
ABSENT:
MEMBERS: None
ALSO PRESENT;
Anne Morgenthaler, Evening Outlook Reporter
Eugene B. Jacobs, General Counsel
K. O. Grubb, Acting Executive Director
Gary G. Jones, Director of Community Development
May Palfrey, Secretary
APPROVAL OF MINUTES;
Mr. van den Steenhoven moved, seconded by Mr. McCloskey, that the
minutes of July 24, 1973 be approved as mailed. The motion carried with
a unanimous vOice vote.
GENERAL:
Approval of Continued Contract Services - Agency Fiscal Consultant
The Director of Community Development recommended that the accounting
and fiscal consulting services provided by John F. Gray be continued for
the fiscal year ending June 30, 1974, at an amount not to exceed S6,OOO.
He stated that the Agency's present bookkeeping requirements were minimal,
and he recommended that they be assumed by the City's Finance Department,
noting that this matter had been discussed with the Director of Finance.
Mr. van den Steenhoven moved, seconded by Mrs. Swink, that the accounting
and fiscal consulting services provided by Mr. Gray be continued at his
present compensation rate, for an amount not to exceed $6,000, for the
fiscal year ending June 30, 1974 and that his bookkeeping services be
continued to the extent necessary pending transfer of the Agency's books
to the City. The motion carried with the following roll call vote:
AYES:
NOES:
ABSENT:
Hoover, McCloskey, Swink, van den Steenhoven
None
Dituri, Judson, Trives
MEMBERS:
MEMBERS:
MEMBERS:
Mr. Judson entered at 7-16 P.M.
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Minutes - 8/14/73
Page Two
Approval of Continued Contract Services - Agency Legal Counsel
Mr. van den Steenhoven moved, seconded by Mrs. Swink, that the
services of Eugene B. Jacobs as Agency Legal Counsel be continued at
his present compensation rate for an amount not to exceed $7,500 for
the fiscal year ending June 30, 1974. The motion carried with the
following roll cal I vote:
AYES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS;
Hoover, Judson, McCloskey, SWink, van den Steenhoven
None
Dituri, Trlves
Mr. Trives entered at 7:20 P.M.
Tax Allocation Bonds - Mandatory Call
The Director of Community Development stated that the Agency presently
had sufficient funds in its Tax Allocation Reserve and Special Funds to
redeem $150,000 principal amount of outstanding Tax Allocation Bonds and
that a mandatory calland redemption procedures were being carried out in
accordance with Agency Bond Resolution No. 203. It was noted that this
was the first mandatory call of the Agency's Tax Allocation Bonds and
that previous purchases through solicitation of tenders had saved the
Agency $99,103. He stated that this item was for Informational purposes
and that no formal action was required by the Agency at this time.
Mr. Dituri entered at 7:25 P.M.
DiSCUSSion followed, in which the Agency Members requested that the
Director of Community Development provide a status report of the Agency's
financial position at a later meeting.
There being no further business to be brought before the Members,
Mr. Trives moved, seconded by Mr. van den Steenhoven, that the meeting
be adjourned. The motion carried with a unanimous vOice vote. The
meeting adjourned at 7:28 P.M.