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HomeMy WebLinkAbout1975-0624 rda_CCv0001.pdf k MINUTES of an adjourned adjourned meeting of the Redevel- opment Agency of the City of Redlands held in the Council Chambers, Safety Hall, 212 Brookside Avenue on June 24, 1975 at 4 :00 P.M. PRESENT Jack B. Cummings, Chairman Ellsworth E. Miller, Vice Chairman Charles G. DeMirjyn, Member Chresten M. Knudsen, Member Bertha Rose Grace, Member R. P. Merritt, Jr. , Acting Executive Director Edward Fm Taylor, City Attorney Peggy A. Moseley, Secretary Erwin S. Hein, Redlands Daily Facts Pat Sheeran, San Bernardino Sun ABSENT None Chairman Cummings called this adjourned adjourned meeting of the Redevelopment Agency to order at 4 :00 P.M. The minutes of the adjourned regular meeting of June 19 were approved as submitted. Acting Executive Director Merritt presented for the Members ' consideration Redevelopment Agency Reso- lution No, 140, This resolution approves an amend- ment to that certain lease agreement between the i Redevelopment Agency and the City of Redlands dated May 1, 1974. Mr. Merritt reminded the Mem- bers that this agreement had received Council Resolution approval by the adoption of Ordinance No. 1560. No. 140 Amending On motion of Member Grace, seconded by Member Lease Miller, the Agency unanimously approved Resolution No. 140. Acting Executive Director Merritt then presented Agency Resolution No. 141, a Resolution of the Redevelopment Agency of the City of Redlands Declaring Its Intention to Sell Tax Allocation Bonds of Said Agency in the Amount of $5, 670, 000, Fixing the Title and Place for Taking Bids and Directing Publication of the Notice Inviting Bids. In the discussion which followed, Mr. Knudsen asked what assurance the Members had that the parking structure would be built for the agreed Parking exchange amount of $4.00 per property foot. Mr. eA Structure Merritt stated that the developer' s cost estimate, the architect 's estimate and the results of studies obtained by Building and Safety Director Mitchell from local qualified estimators indicate that the cost will be approximately $800,000. Mr. Poer explained that Mr. Jones would build the parking structure as an individual and then turn it over to the Agency when completed. Mr. Poer added that he had reviewed the bids for the parking structure and believed they would cost out at the cost of the land. Mr. Ed Hyland then explained the changes in the Notice Inviting Bids, which is a part of Resolu- tion No. 141. These changes are the amount, which is now $5, 670, 000, and the date for receiv- ing sealed proposals, which is July 15, 1975. He 3 added that the Maturity Schedule would also be changed to reflect the increased amount of bonds, rte` but stated that the bond market is favorable at this time. Mr. Hyland requested that the Agency Members appoint Bank of America as Fiscal Agent, and explained that the amount of the good faith check will be adjusted. Dr. Miller moved to adopt Resolution No. 1411, declaring intention to sell bands in the amount of $5,670,000, fixing time and place for taking Resolution bids, directing publication of the Notice Inviting No, 141 Inviting Bids; and in the same motion authorized the Bank Bids of America as Fiscal Agent. This motion was seconded by Mrs. Grace. Mr. DeMirjyn expressed Fiscal dissatisfaction, with the total procedure; Mayor Agent Cummings voted. AYE, and Mr. Knudsen abstained, stating that he had not received the figures he wished until this morning, expressing concern with the increasing amount of the entire develop- ment project; adding that he was trying to be realistic. Following more discussion, Mr. Merritt reread the title of Resolution No. 141, and the Members confirmed the vete on the original motion as fol- los: AYES: Members Miller, Grace, Chairman. Cummings NOES: None ABSTAIN: Members DeMirjyn, Knudsen ABSENT: Nome Mr, Merritt read a letter from Sequoia Pacific requesting the designation of another developer for the property between "'Third Street, Orange Designation Boulevard and Redlands Boulevard. " Mr. Merritt of explained that this was due to a change in corpor- 3eveloper ate structure. Designation of Mr. Richard Jones of R-- ` Investment Corporation was discussed at length. Mr. Knudsen wished, a time limit included in the authorization. On motion of Dr. Miller, seconded by Mr. Knudsen, transfer of designation as developer for the property formerly to be developed by Sequoia Pacific to R-J Investment Corporation was author- ized, with the proviso that development to sup- port a workable tax increment be presented within six months Motion adopted unan mou.sly. Mr. Merritt reported that, Sequoia Pacific demanded close of escrow on the above property by Tune 27, 1975 and explained that the Agency would need $300,000 for this. He stated: that this loan: would be repaid from the sale of the tax bonds. Member Miller moved that the Redevelopment Agency request a loan. of $300,000 from the General Fund Escrow of the City of Redlands until the bond funds are Funds Loan received, for the purpose of paying Sequoia Pacific. Motion was seconded by Member DeMirjyn and adopted unanimously. 'leo facilitate the legal advertising and the mailing of bonding material to 650 banks and brokers by this next weekend as requested by Mr. Ed Hyland, the Agency, on motion of Dr. Miller, seconded by Mrs. Grace, adjourned to an adjourned meeting on Friday, June 27, 1975 at 1;00 P.M. Next regular meeting, July 1, 1975. ATTEST: C ffiman of the Redevelopment Agency Se r ry #<.