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MINUTES of a regular meeting of the Redevelopment Agency of the City of Redlands
held in the Council Chambers, 212 Brookside Avenue, on November 1,
1988, at 5;09 P.M.
.PRESENT Carole Beswick, Chairman.
Barbara C. Wormser, Vice Chairman
Charles G. DeMirjyn, Member
Tim Johnson, Member
William E. Cunningham, Member
John E. Holmes, Executive Director
Dallas Holmes, Agency Attorney
Norman McMenemy, Acting .Agency Director
Lorrie Poyzer, Agency Secretary
John de Leon, The Sun
Sheryl Oring, Redlands Daily Facts
ABSENT None
0083
Minutes of the regular meeting of October 4, 1988, were approved as
submitted.
Finance Director Kaenel explained the Redevelopment Agency has financed
several projects that will eventually result in increased revenues to the
Agency and the City. Most of them have not come to fruition, however,
and this has created a serious cash flow problem for the Agency.
Mr. Kaenel further explained the two parking lease bonds and the
Agency's equity in the Redlands Plaza could be refinanced to raise
additional funds without increasing the annual debt service.
Refinance Mr. Johnson moved to direct staff to explore the possibility of refinancing
Bonds the 1984 Parking Lease Bonds, Series A, and the 1975 Parking Lease
Bonds, Series B. Motion seconded by Mrs. Wormser and carried with
Messrs. DeMirjyn and Cunningham voting NO.
Refinance Mr. Johnson moved to direct staff to explore the possibility of refinancing
Bonds of the Redlands Plaza either by mortgage or bonding whichever is the
most cost effective. Motion seconded by Mr. Johnson and carried with
Messrs. DeNSlrjyn and Cunningham voting NO.
The Redevelopment Agency meeting recessed at 5:27 P.M. to a closed
session for the purpose of discussing the sale of property and pending
litigation. In accordance with State law, special counsel for the Agency
prepared a confidential memo providing justification for the pending
litigtion portion of the closed session. No report was expected following
the closed session.
Next regular meeting, November 15, 1988.
Chairman, Redevelopment Agency
ATTEST:
Secret ry;
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