HomeMy WebLinkAbout1993-0921_CCv0001.pdf 18I4
MINUTES of a regular rrIEIEll inc,ll of the REIC Elvelapment Agencily of I he Cil y of Rec lanc Eii
heic in tie Council CI-Eimbers, 2121 Biiooksice AvEiinue, at 3:OC P.M. or
5el2tgmtgljii 21 , 1993.
Elfl §f�NT Uarles G. De[Virjyril, Ctaiirrnan
SVVEirii Lersion, ViCIIEI Ucirmarii
William E. Cunriingl-EitT , NEimber
Cllee Ann Nilsson, Nerriber
'im Fosters, VerritEllll
Gziry Luetbers, ExeCL1live CliiiEictori
ClaniEll J. McHugl• , AgenciiN Attoriney
C lerii Stephens, Agency Attaiiney
Lorrie Poy;iier, Agency Seciiietary
Ted Thcirraidirii, Redlands Daily Facils
StEmiln Chullicil� , The Suriii
ABENT N one
Minutes cif tt(ii 111EICIJU1811 meeting of Septerr ber 7, 1993, \A ere appricived Ell
Eiiiubmitted.
Qar-)i1lgl Ngingligerngrij Plan - Rel1ingr&jing Bgiinds Mr. Notirriziiin K. McF�llhail
iiepotitEld he, Glen Stept ens fromi Best, ElEl,'cll & Krieger anc FinEince Clirectar
Sieve Cl-Eipman have been working)) to cevelop a viable plan to furti-ar
reducie 1he City's GEneral Flund debt ,l(lrviClEI ciiosts and IIIE11pay ttel
REIlc evelopmerill A genciN'siii pooled cash debt. To acccirriplist this, tf ey ha\.Ell
fOCLSIIEIIIC CIlrl 1111EIEling up tax increment revenues thrOLgh Eii lliefuncing oll ti-ei
Existing RCA detil. These savings cauld then be wiled to pa) detl serviCIE11
on the Reclancsii Mail Parkirqjj LeaEia REIlvenL(II Bonds which is Wirently
beirg paid by the GerlIE1111EIII Fund. To incillElEIIISE111 ttEll savings, they haver also
locikiid at Ei lliellunding of thiciii laiter llinariciiricl. In acdilion, a ta>zible rlEl"
rroney firiancirig couic be used to plurchaSIG the exisiiting \Aal-Valit Paiilikinclll
Facilitie!iii Lease. Nil. FC111SItEill rTlOvec to aLIhori2lEl slaff tciii expend t!"EIII
necesisariy Iundsi to initiate plliciceedings tciii refinance the RE11cevelopmeril
Algercy detis. Motion seccirided by Mr. Larscin ariic carrill Ly ti e
following VOtEll:
A`r EE -. IVEIlr'rbers Larson, Flcisileii; Cl-tirman CcMirjyn
Nl 0 Ei S: Nle tuber Milson
ABSTAIN: N Eirr ber Cunningham
Lfval-Mprt Lgg§g, - K/iii. Fositeri movec llo authClIli2lEIl staff llo corilinLEII
negaliations ariic prOCEIIEIC vOti- brincling Iorward Eill infallirriaticiri regallicincl
the Wal-NI art Parking Facilifies LE111EISIG AgIlElEirrant. Motion SlEIlCIlondEiid L
MiiEiii. Nilson eirid ciarrieC Lnanirrously. (Alsici seEll minUtEIS11 olll it he Cit)
C ouncil meel ing l'Ellid cin September 2l 11 , 1993.)
TITE1116i being ncl Iurthelli tusinE151911, ttEii REII(evelopmeriit AgEiincy rriElElltingl
adjourned al 4:'IC Fl.[V. Ne)-I IIEIIclUlaii rrlfflEltirig, October 5, 1991,3.
Cr r n
ATTEll'ST:
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