M-8/19/1969 (2)
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REOEVELOPMENT AGE~CY
OF THE
CITY OF SANTA MONICA, CALIFORNIA
August 19. 1969
4;30 P.M.
The Redevelopment Agency of the City of Santa ~orica. California, met in
regular session in the City Ccuneil Chamb~rs, on August 19, 1969, at 4~jO P.M.
PRESENT:
MEt1UERS:
J. Lee Schimmer, Chairman
t. ThOffld.3 :;a~"~3r,1
C'lffnrd Connellv
Ted Fach
Mortimer T. Richey
ABSENT:
MEMBERS:
L. Wayne Harding
Phll'p E. Whiting
ALSO PRESENT:
Arnie ~riedman, Evening Outlook Reporter
Eugene B. Jacobs, General Counsel
Gary G. Jone~, Assistant Executive Dlrector-
Acting Secretary
tolay Pa I Ere", Stenographer
APPROVAL, OF, MINUTES:
The minutes of June 17, 1969. June 24. 1969.
July 22, IS69 and August 5, 1969 were approved
as ma i 1 ed.
APPll,q~AL OF BILLS:
The Acting Secretary reviewed the bills as follows;
EUgen~ 6. Jacobs
$3,992.75
$143.00
Shu i rman~Ro9oway & A.~;;oc\..ates. . .
~i lley Analyses.
$280.00
TOTALDILl'i. .
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Mr. Barnard requested a copy of the analy~i5 sub~itted by Mr. Robert B
Filley covering the appraisals and disposition price per unit schedule on
both Projects l(a) and I(b).
Mr. Barnard moved, seconded by Mr. Conn~lly. that the bills be paid as
submitted, in the amount of $5.015.75. The motion carrieJ with ~he following
roll call vote:
AVES:
NOES:
ABSENT:
S~himmer, Barnard, Connelly. Facn, Richey
None
Harding, Whiting
MEI13ERS:
MHtBER5:
MEMBERS:
Upon the Chairman's request, the Actrng Secretary read into the records
a letter from Mr. Robert B. Filley, congratulating the Agency on the successful
conclusion of its negotiations of the Amended Land Disposition Agreement with
Crescent Bay Properties.
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Minutes - 8/19/69
Page Two
PROJECT ACTIONS AND REPORTS:
Project lea):
Report on Amended Land Disposition A9reemen~
The Acting Secretary reported that on August 12, 1969, the City Council
approved the Amended land Disposition Agreement with Crescent 8ay Properties,
subject to the terms of the letter of August 5. 1969 from the Developer. He
added that a public hearing on the sale of the Ocean Park Redevelopment Pro-
jects and the portion of P.O.P. Included in said Amended land Disposition
Agreement had been set for 11:00 A.M., on August 29, 1969. Mr. Barnard
asked if there was a possibility of postponing the public hearing because
of the anticipated absence of several Members on that date. The General
Counsel stated that the hearing could either be postponed to a later date
or it could be held on August 29 with any action being deferred to a later
date.
Project I(a):
A~ard of Project, Notes ~ Second Series 1969
The Acting Secretary reported that a bid opening was held in the
Redevelopment Agency offices at 10:00 A.M., on August 12, 1969, for the
sale of the Second Series 1969 Project Notes, in the amount of $4,480,000,
and that the low bidder was the Bank of California with an interest rate of
5.65 per cent per annum. He added that, according to a report published by
the Department of Housing and Urban Development, 92 issues were sold on the
same date at an average of 5.79 per cent.
projects l(a) and lIb):
Semiannual D~lan~e Sheets
The Acting Secretary submitted to the Members the Semiannual Balance
Sheets for Projects I(a) and J{b) for the period ending June 30, 1969 for
their review. Mr. Barnard moved, seconded by Mr. Fach, that Mr. John Gray,
Financial Consultant to the Agency. be authorized to make an analysis of the
financing costs to the Agency over the period of time In which the Agency
would be involved with the Amended land Disposition Agreement, for a fee
not to exceed $300.00. The motion carried with the following roll call vote:
AVES:
NOES:
A~Em:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer, Barnard, Connelly, Fach, Richey
None
Harding, Whiting
Mr. Richey moved, seconded by Mr. Fach, that the meeting be adjourned
to an Executive Session for personnel purposes. The motion carried with a
unanimous voice vote. The meeting adjourned at 5:00 P.M.
The meeting reconvened at 7: 15 P.M.
Mr. Richey moved, seconded by Mr. Barnard, that the Agency Members
consider the matter which was under discussion in the Executive Session.
The motion carried with a unanimous voice vote.
Mr. Barnard moved, seconded by Mr. Connelly, that the Agency terminate
Mrs. Grace Thomas in her capacity as Executive Director of the Santa Monica
Redevelopment Agency forthwith as of August 19, 1969. The motion carried
with the following roll call vote:
AVES:
NOES:
ABSENT:
MEMBERS:
MEMBERS:
MEMBERS:
Schimmer, Barnard, Connelly, Fach, Richey
None
Harding, Whiting
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'r<~ rI~
OF THE
CITY OF SANTA ~'10NIC.A.
CITY HAll, 1685 MAIN STREET, SANTA MONICA. CALIFORNIA 90401 · PHONE (213) 3939731
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GRACE THOMAS
Executive Director
August 20, 1969
NEWS RELEASE
During the courSe of a regular audit of Santa Monica Redevelopment
Agency Funds, the auditors disclosed to the Agency evidence that sums
totalling $4,666.98 had apparently been misappropriated. The Agency is
properly bonded and these funds wIll be replaced.
The Agency's Executive Director, Mrs. Grace Thomas, has been
terminated from her employment. The Assistant ExecutIve Director,
Mr. Gary G. Jones, has been appointed Acting Executive DIrector. All
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other employees of the Agency have been retained in their employment.
The Agency Legal Counsel has been Instructed to refer the matter
to the District Attorney1s office for appropriate action.
There has been no other evidence or Indication of further improprieties
or irregularities in Agency busIness or actiVities.
.......~I..~EAS J LEE SCHIMMER, JR, Chairman . B THOMAS BARNARD, Chairman Pro-Tem . CLIff CONNELLY · TED FACH · l WAYNE HARDING
MORTIMER T RICHEY . PHILIP E WHITING
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