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Home My WebLink About1975-0729 rda_CCv0001.pdf men MINUTES of an adjourned regular meeting of the Redevelop- ment Agency of the City of Redlands held in the Council Chambers, Safety Fall, 212 Brookside Ave- nue, on July 29, 1975 at 2 ;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 Alice G. Walls, Deputy Secretary Erwin S. Hein, Redlands Daily Facts Pat Sheeran, San Bernardino Sun ABSENT None The following bids for Parking Lease Revenue Bonds, Series B, in the amount of $3, 760,000 were opened e�vk and publicly declared in the office of the City Clerk at 10 :00 A.M. this date: Bank of America Net Int. Cost $5,120, 166.30 P.O.Box 37003 Net Int. Rate 7.7308% San Francisco, CA Premium $3. 70 Blyth Eastman Dillon & Co. , Inc. , Dean Witter & Co. , Inc. Joint Managers Merrill Lynch, Pierce, Net Int. Cost $5, 367,883.70 Bids Fenner & Smith, Inc. Net Int. Rate 8.1049% 523 W. 8th Street Discount 69,483 .70 Parking Los Angeles, CA Lease John Nuveen & Co. , Net Int. Cost $5, 131, 212 .54 Revenue Bonds Inc. Nit Int. Rate 7,7488% 445 S. Figueroa St. No Premium or Los Angeles, CA Discount Security Pacific Net Int. Cost $5, 137,025.00 National Bank Net Int. Rate 7.7563% P.O.Box 2097 No Premium or Terminal Annex Discount Los Angeles, CA The information on these bids was referred to Mr. Ed Hyland of Stone & Youngberg for study and recommendation. At this time Mr. Hyland reviewed the bid summary, pointing out that the bid of John Nuveen & Company contained an arithmetical error; their interest cost should have been given as $5, 132,020.00. However, the interest rate was correct as it was specified in their bid. Mr. Hyland recommended that the bid be awarded to the Bank of America, as the best of three very close bids . Resolution Redevelopment Agency Resolution No. 149, a Resolu- No. 149 tion of the Redevelopment Agency of the City of Bid Award Redlands Awarding $3, 760,000 Lease Revenue Bonds At of Said Agency to the Best Bidder and Rejecting 1 9 Y 9 All Other Bids, was presented and adopted on motion of Member Miller, seconded by Member DeMirjyn, b the following roll call vote: AYES: Members Miller, DeMirjyn, Knudsen, Grace, Chairman Cummings NOES . None ABSENT: None Redevelopment Agency Resolution No. 150, a Resolu- tion of the Redevelopment Agency of the City of Redlands Fixing Amount of Base Rental Payable by Resolution the City of Redlands Under the Lease Agreement No. 150 Dated as of May 1, 1974 and Amended as of May 15, Fixing 1975, was presented and adopted on motion of Mem- Amount of Base ber Grace, seconded by Member Miller, by the fol- Rental lowing roll call vote. AYES : Members Miller, DeMirjyn, Knudsen, Grace, Chairman Cummings NOES : None ABSENT: None Public hearing was advertised for this time and place on the Disposition and Development Agreement by and between the Redlands Redevelopment Agency Public Hearing and Howard E. Connor, his nominee, assignee and Implementa- successor in interest, R-J Investments, a California tion Agree- corporation, and said agreement, as modified and ment amended by that certain agreement entitled "Im- plementation Agreement to Disposition and Develop- ment Agreement" by and between said Agency and R-J Investments . Agency Members had been given copies of the Im- plementation Agreement for study. At this time Acting Director Merritt gave each member a copy of Attachment 3, Schedule of Performance, which had not been included in the material they had received earlier. Ad Chairman Cummings declared the meeting open, as a `- public hearing for any questions or comments con- cerning the Implementation Agreement. None being ��ti heard, the public hearing was declared closed, and the Implementation Agreement to Disposition and Development Agreement was approved, with the Chairman, Secretary, Acting Executive Director, and City Attorney authorized to sign in behalf of the Agency, on motion of Member Grace, seconded by Member Miller, by the following roll call vote: AYES : Members Miller, DeMirjyn, Knudsen, Grace, Chairman Cummings NOES : None ABSENT: None Public hearing was also advertised for this time and place on an amendment to that certain lease agreement dated as of May 1, 1974, by and between said City and the Redevelopment Agency of the City of Redlands concerning the issuance of Parking Public Lease Revenue Bonds, Series B, as a supplement to Hearing the previous issue of Series A of said bonds. 4 Amendment to Lease Chairman Cummings declared the meeting open once Agreement again as a public hearing for any questions or comments concerning the amendment to that certain lease agreement dated as of May 1, 1974. None being hear, the public hearing was declared closed, and the Lease Agreement Amendment was approved, on motion of Member Miller, seconded by Member Grace, by the following roll call vote: AYES : Members Miller, DeMirjyn, Knudsen, Grace, Chairman Cummings NOES : None ABSENT: None Acting Director Merritt presented a recommendation Demolition from Director of Building and Safety Mitchell that Security the Agency authorize negotiation with Mr. D. E. Building Carver to add demolition of the Security building to his contract, with a limit of up to $7, 5001 additional money. Mr. Mitchell has obtained in- dependent estimates for demolition of the Security building to provide good cost estimates for the addition of that work. The Security building has a large basement, and if it were handled as a separate job the cost would be in the neighbor- hood of $9,000. Adding this building to Mr. Carver' s contract would permit expeditious removal of the building and avoid the administrative cost of readvertising the work. It would also give the advantage of adding additional parking prior to the disruption of the .Dank of America lot and Fourth Street. Can motion of Member DeMirjyn, seconded by Member Miller, unanimous authorization was given to expansion of Mr. Carver' s contract by addition of the Security building, at a masimum additional amount of $7, 500. Acting Director Merritt requested that the Agency authorize condemnation, if necessary, of the Gerrard property which was formerly Gerrard' s Property Market. In the negotiations and acquisition of Condemna- the Schott property in the redevelopment area, tion Gerrard' s Mr. Schott has been negotiating with Paul Gerrard Market to purchase his property. It would be an advan- tage to the Agency, to the buyer and to the seller of the property. After some discussion of the advantages of con- demnation, the Agency members unanimously auth- orized condemnation, if necessary, for the Gerrard property, on motion of Member Miller, seconded by Member DeMirjyn. "There being no further business, the Agency adjourned, on motion, at 2 :35 P.M. mss, Neat regular meeting. August 5. 1975, �6 ATTEST: ` z «p irman d{ the Re9revelopment agency �� » o�ty Secreta£/\ -o-o-o-o-o-o-o-o-o-o- � �\