m-030811 (2)CITY OF SANTA MONICA
REDEVELOPMENT AGENCY MEETING MdNUTES
NiARCFI 8, 2011
A special joint meeting of the Santa Monica Redevelopment Agency was called to order by Chair Bloom
at 11:50 p.m., on Tuesday, March 8, 2011, at City Council Chambers, 1685 Main Street.
Roll Call: Present: Chair Richard Bloom
Agency Member Robert T. Holbrook
Agency Member Kevin McKeown
Agency Member Pam O'Connor
Agency Member Terry O'Day
Agency Member Bobby Shriver
Absent: Chair Pro Tem Gleam Davis
Also Present: Executive Director Rod Gould
Agency Attorney Marsha Jones Moutrie
Agency Secretary Maria M. Stewart
CONVENE On order of the Chair, the Redevelopment Agency convened to a Special
Joint Meeting with the City Comicil at 10:50 p.m., with Chair Pro Tem
Davis absent.
REDEVELOPMENT 8-D: Bank Loan Financing and Payment of Redevelopment Funds
F[7NDS to Finance Redevelopment Priority Capital Projects, Modification of
a Contract for Bond Counsel Services and Authorization for City
Manager to Exercise Options in Agreement No. 9340 -
recommendation that the Redevelopment Agency adopt a Resolution No.
X30 (RAS) identifying parameters for and authorizing the Executive
Director to enter into an agreement with Wells Fargo Bank and take all
necessary actions to obtain a baiilc term loan in the amount of
$60,000,000 for purposes of financing redevelopment priority capital
projects; and authorize prepayment of payments due to the City pursuant
to Implementing Agreement No. 9318 to Cooperation Agreement No.
9267 including the $60,000,000 fiom the Wells Fargo Bank term loan.
Recommendation that the City Council direct the Director of Finance to
segregate the prepayment by the Agency of fiords due the City pursuant to
Implementing Agreement No. 9318 to Cooperation Agreement No. 9267,
including funds drawn from the Wells Fargo Bank Term Loan into a
designated account earmarked solely for funding redevelopment priority
capital projects; authorize the City Manager to negotiate and execute a
modification to increase the not-to exceed amount by $130,000 to
$350,000 for the existing agreement vv~th Stradling, Yocca, Carlson, and
March 8, 2011
Rauth for legal services related to the issuance of debt financing by the
City; authorize the City Manager to exercise the options to purchase
Agency real property pursuant to Second Implementation Agreement No.
9340 (CCS); and, approve the proposed budget changes, was presented.
Member of the public Denise Barton spoke in opposition to the proposal.
Motion by Agency Member McKeown, seconded by~eney Member
O'Connor, that the Agency adopt Resolution No. 530 (RAS) entitled:
"A RESOLUTION OF THE SANTA MONICA REDEVELOP-MENT
AGENCY IDENTIFYING PARAMETERS FOR AND
AUTHORIZING THE EXECUTIVE DIRECTOR TO ENTER INTO
AN AGREEMENT WITH WELLS FARGO BANK AND TAKE ALL
NECESSARY ACTIONS TO OBTAIN A BANK TERM LOAN IN
THE AMOUNT OF $60,000,000 FOR PURPOSES OF FINANCING
REDEVELOPMENT PRIORITY CAPITAL PROJECTS": and
authorize prepayment of payments due to the City pursuant to
Implementing Agreement No. 9318 to Cooperation Agreement No. 92b7
including the $60,000,000 from the Wells Fargo Bank term loan. The
motion was approved by the following vote:
AYES: Agency Members McKeown, O'Day, Holbrook,
O'Comlor, Chair Bloom
NOES: Agency Member Shriver
ABSENT: Chair Pro Tem Davis
Agency Member Shriver advised, for the record, he voted in opposition
not because he is not in favor of the project but because he has not had
time to adequately study the proposal.
Motion by Couneilmember McKeown. seconded by Councilmember
O'Connor, that the City Council direct the Director of Finance to
segregate the prepayment by the Agency of funds due the City per
Implementing Agreement No. 9318 to Cooperation Agreement No. 92b7,
including funds drawn from the Wells Fargo Bank Term Loan into a
designated account earmarked solely for fimding redevelopment priority
capital projects; authorize the City Manager to negotiate and execute a
modification to increase the not-to exceed amount by $130,000 to
$350.000 for the existing agreement with Shadling, Yocca, Carlson, and
Rauth for legal services related to the issuance of debt financing by the
City; authorize the City Manager to exercise the options to purchase
Agency real property pursuant to 2nd Implementation Agreement No.
9340 (CCS); and, approve the proposed budget changes. The motion
was approved by the following vote:
AYES: Councilmembers O'Connor, Holbrook, O'Day,
2 March 8, 2011
McKeown, Mayor Bloom
NOES: Councilmember Shriver
ABSENT: Mayor Pro Tem Davis
AIDJOUI2NNIENT OF On order of the Chair, the Special joint meeting with the City Council
SPECIAL JOINT and the Redevelopment Agency was adjourned at 12:12 a.m., with Chair
MEETING Pro Tem Davis absent.
AT~~ APPROVED:
Maria M. Stewart Richard Bloom
Agency Secretary Chair
March 8, 2011