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MINUTES of a Special Meeting of the Redevelopment Agency of the City of
Redlands on May 30, 1989, at 9:08 A.M., in the City Hall Conference
Room, 30 Cajon Street, Redlands.
PRESENT Carole Beswick, Chairman
Barbara C. Wormser, Vice Chairman
Charles G. DeMirjyn, Member
Williarb E. Cunningham, Member
Swen Larson, Member
John E. Holmes, Executive Director
Norman McMenemy, Acting Agency Director
Beatrice Sanchez, Acting Agency Secretary
ABSENT None
Subordination As a provision of the Disposition and Development Agreement dated
Agreement March 2, 1988, between the Agency and B-Z Enterprises, the Agency
agreed to finance a portion of the cost secured by a Deed of Trust.
The developer is now seeking permanent financing for the project
and asks the Agency to subordinate to a lien of the Deed of Trust
to the lender. This would not have any effect on the Agency's cash
flow. On motion of Member Cunningham, seconded by Member
Wormser, the Agency unanimously authorized the Executive Director
and Secretary of the Redevelopment Agency to execute the appended
Agreement to Subordinate the lien of its (the Agency's) Deed of
Trust with B-Z Enterpises'in the amount of $43,516.44.
There being no further business on this agenda, the meeting adjourned
at 9:10 A.M.
Next regular meeting June 6, 1989.
ATTEST: airman, Redevelopment
Acting�Agen
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