HomeMy WebLinkAbout1983 - 0719rda_CCv0001.pdf 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 July 19 , 1983, at 3:00 P .M.
PRESENT Kenneth Roth, Chairman
Oddie J. Martinez , Jr. , Member
James W. Gorman, Member
Tim Johnson, Member
John E. Holmes, Executive Director
Dallas Holmes , Agency Attorney
Lorrie Poyzer, Secretary
Laura Wingard, Redlands Daily Facts
James Nickles, The Sun
ABSENT Charles G. DeMirjyn, Vice Chairman
Minutes of the regular meeting of the Redevelopment Agency
of the City of Redlands of July 5, 1983 were approved as
submitted.
Mr. Thomas Klorer, Redlands Federal Savings and Loan,
presented a proposal for financing construction of the
YMCA facility through the use of Certificates of
Participation which would allow the interest on the loan
to be tax exempt. Mr. Jeffery Kinsell, Miller and
Schroeder Municipals , Inc. , explained they are asking
Certificates the Redevelopment Agency to act as a financing vehicle to
of provide a mechanism for the YMCA to borrow at tax exempt
Participation
rates at a savings of about $2 ,500 a month in debt service
YMCA costs . Essentially, the Redevelopment Agency would enter
into a lease to acquire the YMCA' s facility and land under
an installment sale agreement. At the same time, the
Agency would enter into a second installment sale agree-
ment in which the Agency would be the seller and sell the
facility back to the YMCA. The Agency would pledge only
the receipts received under the second installment agree-
ment. The Certificates of Participation are then sold in
the form of a loan, and because the Redevelopment Agency
is making the payments in legal theory, the interest on
the loan is exempt from taxes. Both men assured the
033k
Agency members that there was absolutely no liability
involved for the Redevelopment Agency. As there were
YMCA no objections from the Agency members , Miller and
Schroeder Municipals , Inc. , will return to the meeting
on August 16 , 1983, with the required documents for
implementation of this proposal .
Executive Director Holmes briefly reported on a meeting
Zanja with the Corps of Engineers this morning and the progress
Project
on the Zanja Project.
There being no further business, the Redevelopment Agency
meeting adjourned, on motion, at 3:45 P.M.
Next regular meeting, August,/ 2, 1983 .
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Ch4irman, xedeve opitent Agency
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