M-6/8/1971 (3)
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M I t~UTES OF THE
REDEVELOPMENT AGE~CY
OF THE
CITY OF SANTA MONICA, CALIFOR~IA
June 8, 1971
4:30 P.M.
The Redevelopment Agency of the City of Santa Monica, California, met in
regular session in the City Counci I Chambers, on June 8, 1971, at 4:30 P.M.
PRESEt'T :
MEMDERS: ~. Thomas Darnard, Chairman
Clifford Connelly
Ted C. Fach
J. Lee Schimmer
Philip E. Whiting
AI35ErH:
MEMBERS: L. Wayne Harding
Mortimer T. Richey
ALSO PRE5EIH:
Eugene 6. Jacobs, General Counsel
Anne Morgenthaler, Evening Outlook Reporter
Gary G. Jones, Executive Director
May Palfrey, Secretary
APPROVAL OF HINUTES:
The minutes of May 11, \97\ were approved
as mailed.
APPROVAL OF WARRAt-'T REG ISTERS:
The Director submitted Warrant Registers ~os. 29 through 31 for
approval. Mr. Schimmer moved, seconded by Mr. Connelly, that Warrant
Registers t'os. 29 through 31 be approved as submitted. The motion
carried with the following roll call vote:
AYES:
~IOES :
ABSENT:
~1EM3ERS :
~lH1DERS :
MEMBERS:
Uarnard, Connelly, Fach, Schimmer, WhitIng
~'one
Ha rd i ng, Richey
PROJECT ACTIONS A~D REPORTS:
Proj,ect I(a):
Repurchase of Tax Allocation Gonds
The Director reported that the Agency had received $196,503.34 in
\970-71 tax increment revenues from Los Angeles County on May 27, 1971
and that these funds had been invested on a short-term basis pending
Agency authorization to proceed with a repurchase of outstanding Tax
Allocation Gonds. He submitted an analysis of the savings which the
Agency could realize if they elected to repurchase at this time, rather
than choosing to wait for the mandatory call date. Upon the Directorls
recommendation, Mr. Schimmer moved, seconded by Mr. Fach, that Resolu-
t i on '-,!o. 30 I (R.A.S.), "RESO LUTI Qi\! OF TH...EREfLEVELOPMEf"T AGEi>'CY OF THE
CITY OF SANTA MONICA, CALIFORNIA, AUTHORIZING THE PURCHASE Of O~TSTANDI~G
GOt-'DS IF ACCORDANCE WIT!i SECTION 19 OF AGEtlCY RESOLUTION NO. 20} HITH
B~g.B!L TQ..JJ:iLR~DgVE:L9P[c\_E;NLP_ROJEJ;_T Kl'.QWN ~S~C~AI:LJ'.t.M.J>J~Q}J;U.-illl.L..-l~J".
be adopted and that further reading be waived. The motion carried with
the follol-ling roll call vote:
AYES:
f'JOES:
ABSEnT:
Barnard, Connellv, Fach, Schimmer, Whiting
~Ione
Harding, Richey
NEI';iiERS:
MENiJERS:
NEt4DERS:
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Minutes - 6/8/71
Page TIoIO
Report - Proposed Pacific Ocean Park Redevelopment Plan
and Amendments to Ocean Park P~~ject l(b) Redevelopment Plan
The Director submitted a status report on the proposed Pacific
Ocean park Redevelopment Plan and the Amendments to the I(b) Redevelop-
ment Plan, stating that a "Report to City Council" had been prepared
and all Public Hearing requirements had been met in accordance with
State law. He stated that a meeting was scheduled for Wednesday,
June 9th, between the Agency, the Deve loper and the City /1anager to
discuss the proposed Lease for Parcel F of Pacific Ocean Park.
General discussion of the proposed Plan and Amendments followed.
GEr,l,ERAL:
Fidelity Bond
The Director reported on the Application for the Agency's Fidelity
Sond, stating that the Ohio Casualty Company had submitted a bond coverage
proposal which provided for comparable coverage over the same three-year
period as that offered by the previous bond insuror, Aetna Insurance Company,
at a savings of $456.00. He stated that the effective date of the Ohio
Casualty Company Bond was June I, 1971 and that a prorated premium of
approximately $97.00 was due Aetna for their coverage from March I, 1971
to June I, 1971.
Architectural Consultant
Mr. Schimmer stated that he had contacted several local architects
and structural engineers and that they had indicated a willingness to
form a corrmittee to assist the Agency with the review of the architectural
plans submitted by the Developer. Discussion fol lowed, in which the pros
and cons of an architectural review committee. as opposed to the services
of a consultant under contract. were discussed. The Chairman requested
that ilr. Schimmer discuss this matter further with the individuals involved
and report on their opinions with respect to the above at the next Agency
meeting.
There being no further business to be brought before the Members,
Mr. Connelly moved. seconded by Mr. Schi~mer, that the meeting be adjourned.
The motion carried with a unanimous voice vote. The meeting adjourned at
5;27 P.l'i.
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