M-6/9/1970 (3)
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REDEVELOPMENT AGENCY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
June 9, 1970
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 9, 1970, at 4:30 P.M.
PRESENT:
MEMBERS: B. T~o~a5 Barnard, Chairman
CliffClrci Connelly
Ted Fach
Mortimer T. Richey
J. Lee Schimmer
ABSENT:
MEMBERS: L. Wayne Harding
Philip E. Whiting
ALSO PRESENT:
John Gray, Financial Consultant
Gary G. Jones, Acting Executive Director-Secretary
May Palfrey, Stenographer
APPROVAL OF MINUTES:
The minutes of May 21, 1970 were approved as
mai led.
APPROVAL OF BILLS:
The Acting Secretary reviewed the bills as
follows:
John Gray . . . . . .
. $560.00
TOTAL BILLS.
. . . . $560.00
The Acting Secretary also reviewed the Accounts Payable items through
June 9, 1970. Mr. Fach moved, seconded by Mr. Richey, that the bills
submitted in the amount of $560.00 and the Accounts Payable items through
June 9, 1970 be approved for payment. The motion carried with the follow-
i ng ro II ca 11 vote:
AYES:
NOES:
ABSEI\T :
Barnard, Connelly. Fach. Richey, Schimmer
None
Harding, Whiting
MEMBERS:
MEMBERS:
MEMBERS:
PROJECT ACTIONS AND REPORTS:
Project l(a):
Report on Repurchase of Tax Allocation Bonds
The Acting Secretary stated that tender offers of the Agency's Tax
Allocation Bonds were received on May 25, 1970, up to the hour of 10:00
A.M. He submitted a list of those offers which were accepted by the
Agency, consisting of a total of $145.000 par value Bonds which were
purchased at a price of $120.950. An analysis of the savings to the
Agency resulting from the redemption of Bonds at this time revealed
that the Agency had saved $28.056.18. Offers were accepted from the
following listed companies and individuals: John Nuveen & Co.. Dean
Witter & Co., Carl A. Gerlinger, Filtrol Corporation and Myron Bantrel.
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Minutes - 6/9/70
Page Two
COMMITTEE REPORTS:
~e90tiatin~ Committee
The Chairman reported that the final draft of the Amended land
Disposition Agreement had been prepared and was now ready to be sub-
mitted to the Department of Housing and Urban Development at the time
of a scheduled meeting with HUD on Friday, June 12th. Discussion
followed. The Chairman then recommended that the Agency advise the
City Manager in writing of HUD's opinion relating to the Agreement
after their review. Mr. Richey suggested that the Agency also invite
the City to send a representative to participate in the meeting between
the Agency and HUn in San Francisco because of the City'S obligations
with respect to payment of the local share of project costs, a~ provided
for in the Cooperation Agreement between the Agency and the City.
G~NERAL:
Executive Session - perscnnol
Mr. Richey moved, seconded by Mr. Connelly, that the meeting be
adjourned to an Executive Session for the discussion of personnel
matters. The motion carried with a unanimous voice vete. The meeting
adjourned at 5:05 P.M.
The meeting reconvened at 6:10 P.M. The Chairman reported that
the Board had interviewed an applicant for the position of Executive
Director and that no decision with respect to selection of any of the
candidates for said position had been made by the Agency at this time.
Mr. Connelly moved, seconded by Mr. Richey, to authorize the payment
of travel expenses of two applicants for the position of Executive
Director. The motion carried with a unanimous voice vote.
There being no further business to be brought before the Members,
Mr. Richey moved, seconded by Mr. Connelly, that the meeting be adjourned
to June 10, 1970, at 1;00 P.M., in the City Council Chambers. The motion
carried with a unanimous voice vote. The meeting adjourned at 6;12 P.M.
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