HomeMy WebLinkAbout1989-0502_CCv0001.pdf 0097
MINUTES of a regular meeting of the Redevelopment Agency of the City of
Redlands held in the Council Chambers, 212 Brookside Avenue,
on May 2, 1�989, at 4:47 P.M.
PRESENT Carole Beswick, Chairman
Barbara C. Wormser, Vice Chairman
Charles G. DeMirjyn, Member
William E. Cunningham, Member
Swen Larson, Member
John E. Holmes, Executive Director
Daniel J. McHugh, Agency Attorney
John Rottschaefer, Agency Attorney
Lorrie Poyzer, Agency Secretary
Pamela Fitzsimmons, The Sun
ABSENT None
Minutes of the regular meeting of April 18, 1989, were approved
as submitted.
Coast Plaza Acting Director McMenemy informed the Agency that the third
amendment to the Disposition and Development Agreement for the
Coast Plaza Project, continued from the last meeting, was now ready
for consideration. Following a brief presentation by Harry Velasquez,
Downtown Development, Mr. Larson moved that the Third Amendment
which amends the Schedule of Performance for the Disposition and
Development Agreement dated May 25, 1986, and assigned to
Downtown Development on October 4, 1988, be approved. Motion
seconded by Mrs. Beswick and carried unanimously.
Parking Lease At this time a joint meeting of the City Council and the Redevelopment
Agency was held. Agency Attorney John Rottschaefer presented
documents for consideration for the sale of the Agency's 1989
Refunding Parking Lease Revenue Bonds, proceeds of which will
be used to refund two series of outstanding Agency lease revenue
bonds. The financing structure proposed by Seider-Fitzgerald
Public Finance, underwriter for the bonds, contemplates the formation
of a joint powers authority between the City and the Agency, which
will acquire the bonds from the Agency pursuant to a pruchase
contract with the Agency and immediately resell the bonds to the
Underwriter under a purchase agreement which sets forth the terms
and conditions under which the Underwriter is offering to purchase
the bonds. Messrs. Cunningham and DeMirjyn indicated they would
not support the sale of these bonds. Mr. Cunningham argued he
would prefer to sell the "hotel site" rather than refinance the bonds.
As a new member, Mr. Larson indicated he would need to abstain
at this time as he felt he did not have enough information to make
a decision. Agency Attorney Daniel J. McHugh explained that an
abstention on this matter would count as an affirmative vote. All
members agreed to continue this matter to the 7:00 P.M. session
to allow Mr. Larson time to discuss the options with City Treasurer
Reynolds and Finance Director Kaenel. The joint meeting recessed
at 6:05 P.M. and reconvened at 7:25 P.M. at which time Mr. Larson
indicated he was prepared to vote on this bond issue.
Resolution Resolution No. 213, a resolution of the Redevelopment Agency of
No. 213 the City of Redlands approving the issuance of its 1989 Refunding
Parking Lease Revenue. Bonds, a form of trust indenture, a form
of amended and restated lease agreement, a form of purchase
contract with the Redlands Finance Authority, a form of purchase
agreement with the underwriter for the bonds, a form of escrow
agreement, and official statement and making certain determinations
relating thereto, was adopted on motion of Mr. Larson, seconded
by Mrs. Wormser, by the following vote:
AYES: Members Wormser, Larson; Chairman Beswick
NOES: Members DeMirjyn, Cunningham
Resolution Resolution No. 214, a resolution of the Redevelopment Agency of
No. 214 the City of Redlands approving the Joint Powers Agreement creating
the Redlands Finance Authority and other matters relating thereto,
was adopted on motion of Mrs. Wormser, seconded by Mr. Larson,
by the following vote:
AYES: Members Wormser, Larson; Chairman Beswick
NOES: Members DeMirjyn, Cunningham
There being no further business, the Agency meeting adjourned
at 7:35 P.M.
Next regular meeting, May 16, 1989.
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Chairman, Redevelopment Agency
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