HomeMy WebLinkAbout1977-0920 rda_CCv0001.pdf MINUTES of a regular meeting of the Redevelopment Agency of the
City of Redlands, held in the Council Chambers, Safety
OR Hall, 212 Brookside Avenue, on September 20, 1977, at
3:55 P.M.
PRESENT Charles G. DeMirjyn, Chairman
Chresten M. Knudsen, Vice Chairman
Ellsworth E. Miller, Member
Bertha Rose Grace, Member
Warren R. Elliott, Member
Robert H. Mitchell, Executive .Director
Edward F. Taylor, City Attorney
Peggy A. Moseley, Secretary
Erwin S . Hein, Redlands Daily Facts
Mike Murphy, San Bernardino Sun
ABSENT None
The minutes of the regular meeting of the Redevelopment
Agency of September 6, 1977, were approved as submitted.
Redevelopment Director Mitchell distributed to the
members a report of the findings of the Appeals Board
on the claim of the Redlands Shade Shop. He explained
INIII-I that the members have the option of upholding the
A
Appeals Board findings or of scheduling a hearing on
the matter before the Agency.
Following discussion, on motion of Member Miller,
seconded by Member Elliott, the findings of the Appeals
Appeal Board were not upheld and a hearing on the matter was
scheduled for the meeting of October 4, 1977, at
3 .30 P.M. This motion was adopted unanimously.
Mr. Mitchell summarized the financial situation of the
Notice completion of the Mall, stating that Redlands owes the
of developer approximately $91, 000. These funds will be
Completion retained until the City is certain allsubcontractors
have been paid.
Mr. Mitchell presented a study by Stone & Youngberg of
the present municipal bond market which recommends
refunding of the two parking revenue issues as follows :
a. Bonds - $2,444,000 @ $6.4%
b. Bonds - 3, 760,000 @ 7. 731
-a Total - $6, 200, 000
Assuming a sale at six percent, reduction in
debt could be approximately as follows :
1. If $200, 000 cost of refunding (legal,
consultant, and printing) paid from
available funds - $566, 000
Refunding
Bond Sale 2. If $200,000 refunding cost paid from
bond proceeds - $362, 000
3. Another option would be to reduce the
rental payments or length of payment.
It would appear that if we paid the
cost of refunding and reduced the
term of issue by one year, a saving
of $462,000 would be possible.
Mr. Mitchell recommended refunding with the cost to
4-11011-1
INmow. come from the refunding issue sale proceeds .
Following a brief discussion, option no. 2 as recommended
by the Executive Director, was authorized unanimously
and Stone and Youngberg instructed to proceed with the
preliminary work, on motion of Member Knudsen, seconded
by Member Miller.
There being no further business, the Redevelopment
Agency adjourned at 4:30 P.M.
Next regular meeting, October 4, 1977.
ATTEST:
XI
Y .irrt 0 ,Red pm t/ Agency