HomeMy WebLinkAbout1975-0715 rda_CCv0001.pdf MINUTES of a regular meeting of the Redevelopment Agency
of the City of Redlands held in the Council Cham-
bers, Safety Hall, 212 Brookside Avenue, on July
15, 1975 at 3 :45 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 F. Taylor, City Attorney
Peggy A. Moseley, Secretary
Erwin S. Hein, Redlands Baily Facts
Pat Sheeran, San Bernardino Sun
ABSENT None
The minutes of the adjourned, adjourned meeting of
June 27, the regular meeting of July 1, and the
adjourned regular meeting of July 3, 1975 were
approved as submitted.
At 10 :00 A.M. this date the following bids for
Tax Allocation Bonds in the amount of $5, 670,000
were opened and publicly declared in the office
of the City Clerk.
Merrill Lynch, Pierce, Fenner & Smith, Inc.
523 West 6th Street
Los Angeles, CA 90014
A cashier' s check in the amount of $115,000 was
submitted with this bid.
Bids The bid contained the following information:
Tax gross interest cost, $7,804,800; discount,
Allocation $68,489.00; net interest cost, $7, 873, 289;
Bonds effective interest rate, 8.0702.
Goldman, Sachs & Co.
c/o United California Bank
P. 0. Box 1046
Redlands, CA 92373
A cashier 's check in the amount of $115,000 was
submitted with this bid.
The bid contained the following information.
discount, $111, 132.00; interest rates from 1978
through 2000, starting at 8%; rate dropped to
7.40% in 1986; rising annually at the rate of
.1% to 7.70% in 1989; 7. 75°% in 1990; 7.80% in
1991; 7.90% in 1992 and 1993 ; 8% in 1994 through
the following years to 2000.
The information was phoned to the San Francisco
office of Stone & Youngberg for study.
At this time Director Merritt introduced Mr. Ed
Hyland of Stone & Youngberg, the City ' s financial
consultants. Mr. Hyland explained that the bid
of Goldman, Sachs & Company did not conform to
the intent of the notice inviting bids. Mr.
Hyland recommended that the bid of Merrill Lynch,
Pierce, Fenner & Smith and Dean Witter Companies
be approved. Mr. Nyland explained that this
bid represented a consortium of fifteen separate
fir- companies and came in at the anticip10
ated paced rate of
v. . 8°f interest.
Redevelopment Agency Resolution No. 148, a Reso-
lution of the Agency Awarding $5, 670,000 Principal
Amount Tax Allocation Bonds of said Agency to the
Resolution Best Bidder and Rejecting All Other Bids, was
No. 148
Bid Award presented and approved on motion of Member Grace,
seconded by Member DeMirjyn, by the following
roll call vote:
AYES : Members Miller, DeMirjyn, Grace,
Chairman Cummings
NOES: None
ABSTAIN: Member Knudsen
ABSENT: None
Bids for Phase III demolition were opened and
publicly declared in the office of the City Clerk
at 10 :00 A.M. July 7, 1975 as follows:
D. E. Carver
Upland, CA 91786 Total Bid $12, 234.00
Goldbar Landclearing
Los Angeles, CA 90037 Total Bid $18,400.00
Presco Building Materials
San Bernardino, CA Total Bid $19, 940.00
These bids were referred to the Department of
Building and Safety for study and recommendation.
At this time Director Merritt recommended that this
Bid Award demolition of the McEwen structure and a portion
Phase III of the Bank of America parking lot be awarded to
Demolition D. E. Carver of Upland in the amount of $12, 234.
Mr. Merritt stated that the man' s work had been
investigated, and that he was well qualified and
had given satisfactory service. On motion of Mem-
ber DeMirjyn, seconded by Member Miller, Phase III
demolition of the Redlands Redevelopment Area
was awarded to D. E. Carver in the amount of
..`
$12, 234.00.
The members discussed the remaining demolition
.. in considerable detail, and concurred that the
building known as the Security Building, which
contained the former Esther Page dress shop,
should be planned for demolition as soon as pos-
sible.
Director Merritt then requested authorization
to advertise for bids for the preliminary grading
Bid Call of the main Mall area. This was approved on
Preliminary motion of Member Miller, seconded by Chairman
Grading Cummings, by unanimous vote.
Director Merritt explained that a special meeting
of the Agency would be called to approve these
bids on grading when they are received in order
to expedite construction.
Following brief discussion, the members unani-
mously adjourned to an adjourned regular meeting
on July 29 at 2 :00 P.M.
VIVO
Next regular meeting, August 5, 1975.
ATTEST:
firman of the Redeve opment Agency
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