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MINUTES of a regular meeting of the Redevelopment Agency
of the City of Redlands held in the Council
Chambers, Safety Hall, 212 Brookside Avenue on
September 17, 1974 at 2:30 P.M.
PRESENT Jack B. Cummings, Chairman
Ellsworth E. Miller, Member
Charles G. DeMirjyn, Member
Chresten M. Knudsen, Member
R. P. Merritt, Jr. , Redevelopment Director
Edward F. Taylor, City Attorney
Alice G. Walls, Deputy Secretary
Erwin S. Hein, Redlands Daily Facts
Chuck Palmer, San Bernardino Sun
ABSENT Bertha Rose Grace, Member
Redevelopment Director Merritt presented for
Agency information four maps showing progress of
property acquisition, as follows : property al-
ready owned by the City; property acquired through
the original bond issue; property to be acquired
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by interim financing; and property to be acquired.
M" by final bond issue. He explained two alternatives
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which could be used in financing the redevelop-
ment project, either three bond issues or two
bond issues and one interim financing program.
The one which is being recommended is two bond
issues with interim financing at this time. The
amount the Agency is asked to authorize today will
be totally refunded to lending institutions at the
time the next bonds will be sold. The financing
requested today will be to supply funds necessary
for acquisition or dawn payments on property,
together with certain portions of the demolition,
construction and relocation requirements necessary,
totaling up to $2,000,000 at the present time. He
Project, then asked Mr, Ed Hyland of Stone and Youngberg
Financing to explain the proposal
Mr. Hyland stated that it is proposed that the
Agency issue promissory notes in the amount of
$2,000,000, wuch notes to be repayable at the end
of one year, and at the Agency's option payable
earlier than one year, contemplated to be repaid
from the proceeds of the Agency' s long-term bond
issue.
Redevelopment Coordinator Poer answered questions
from the members concerning progress of property
acquisition, and how the funds have been and will
be used.
Mr. Hyland then. presented Resolution R-137, a
resolution of the Redevelopment Agency authorizing
the sale and issuance of $2,000,000 Principal
Resolution Amount Negotiable Promissory Dotes to finance a
No. R-137
Promissory portion of the cost of a Redevelopment Project
Motes known as "Redlands Redevelopment Project", and a
notice inviting bids on these promissory notes.
After further discussion, Member Miller moved: to
approve Resolution No. R- 137, authorizing the
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sale of2,000,000 negotiable$ promissory notes,
and to authorize the City Clerk to advertise for
N�� _°z bids. The motion was seconded by Chairman
Cummings and carried by the following vote:
AYES : Member Miller, Chairman Cummings
NOES : Member DeMirjyn
ABSENT: Member Grace
ABSTAIN: Member Knudsen
To questions from the audience, Redevelopment
Director Merritt answered that information is
available on how funds have been spent.
On motion of Member Miller, seconded by Member
DeMirjyn, the Redevelopment Agency accepted the
following two grant deeds, and authorized the
Acting Executive Director to sign certificates
Grant Deeds of acceptance on behalf of the Agency, by AYE
Burkhart votes of all present:
Fowler From Howard and Kathlyn Ann Burkhart
From Orland and Ruth G. Fowler and Delbert and
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Ruth H. Fowler
On motion of Member Miller, seconded by Member
DeMirjyn, the Agency members authorized a separate
Agency bank account for the Redevelopment Agency, with
Bank the City Treasurer named as signer with two
Account
alternates, the Chairman of the Agency, and the
Finance Director, for countersignature, by AYE
votes of all present.
There being no further business, the Redevelopment
Agency adjourned, on motion, to an adjourned regu-
lar meeting to be held September 24, 1974 at 2 :30
P.M.
ATTEST:
J
airman of the Re,hevelopment
Seeary r Agency
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