HomeMy WebLinkAbout090198rda_CCv0001.pdf MINUTES nforegular meeting ofthe Board ofDirectors ofthe RedevelopmentAgency of
the City VfRedlands held inthe City Council Chambers, Civic Center, 35Cajon
Street, at 4:05 P.M. on September 1, 1998.
PRESENT William E. Cunningham, Chairman
GgniA. G. Banda, Vice Chairman
Pat Gilbreath, K4ennbar
John L. Freedman, Member
Gary George, Member
Gary K4. Luebbern. Executive Director
Daniel J. McHugh, Agency Attorney
LorriePoyzer. Agency Secretary
ABSENT Nona
The minutes of the regular meeting of August 4. 1998. were unanimously
approved aesubmitted onmotion ofMrs. Banda, seconded byMr. George.
JOINT MEETING - REDEVELOPMENT AGENCY AND CITY COUNCIL
Contract - Bond Pricing Consultant - Accounting Manager Tina Nundig
explained that the nJ|8 Of 8 pricing COnSU|L@nt is similar, but more limited in
SCUp8' than that 0f8 fiDGDCi@| advisor. The pricing consultant will @D@|yz8
market conditions and participate in the final phase Of the transaction to
facilitate the City getting fair pricing on the bonds as well as a nmuaunob|e
underwriter's discount. |nrelation iorefinancing ofthe Redevelopment debt, os
well as the City's 1993 Water and Sewer Certificates of Participation, naquaata
for proposals for pricing consultants were mailed by the Finance Director to five
financial firms on August 4, 1998. On August 18. 1998. four responses had
been received. Staff and the Finance Committee evaluated each firm's
qua|ifiC8UODS. All fi[DlS were qualified and the fees for all four firms are very
comparable. Mr. Freedman moved to appoint the firm of Seidler-Fitzgerald to
serve as pricing consultant for the City of Redlands' refinancing of its 1993
Water and Sewer Certificates ofParticipation. Motion seconded byMrs. Banda
and carried with K4no. Gilbreath voting NO as she had neoononnended, as a
member of the Finance Committee, to appoint Fieldman-Rolapp. (Also see City
Council minutes for September 1. 19S8.)
Resolution No. 274 - ABHOW - |nNovember 19QG. American Baptist Homes of
the West (ABHOW) was informed they would receive a 202 grant from Housing
and Urban [)8vg|UpOO8Dt (HUD) in the amount Of $4'907.00O.OU. The Q[@Ot
was awarded to fund the development of 62-unit one-bedroom apartment
complex for low and very low income seniors. The project, D@Dl8dF8rDLOdg8'
will be located at the southwest corner of Redlands Boulevard and Fern
Avenue. On August 13' 1998' the Housing C000[DiSSiOD voted unanimously to
recommend that the Redevelopment Agency Board of Directors allocate
$588.285.090 in set-aside funda, contingent upon reimbursement to the
Redevelopment Agency
September 1. 1088
Page
Redevelopment Agency of all proceeds from the sale of the residential unit
located on the property; said amount to be determined by a fair market
appraisal of the house and grounds. Marlene Dougherty, chairman of the Fern
Lodge Advisory Committee, and ABHOW Board Members Margaret Weitkamp
and Kevin Knudtson urged approval of this request. Other board members, the
contractor and the architect were also present at this meeting. Mr. Freedman
moved to adopted Resolution No. 274, a resolution of the Board of Directors of
the Redevelopment Agency of the City of Redlands authorizing the use of low-
and moderate-income housing funds outside the Redlands Project Area, and
directed staff to come back with a detailed agreement between ABHOW and
the Redevelopment Agency which would grant the request for an allocation of
$566,285.00 in set-aside funds from the Developer Assistance category for the
construction of senior housing units with the following conditions:
1. That American Baptist Homes of the West shall obtain an appraisal of the
residential unit located at 430 East Fern Avenue to determine its fair market
value;
2. That American Baptist Homes of the West shall sell the property located at
430 East Fern Avenue; and
3. That within 18 months, the American Baptist Homes of the West shall
reimburse the Redevelopment Agency of the City of Redlands in the
amount of the appraised value of the property at 430 East Fern Avenue.
Motion seconded by Mrs. Gilbreath and carried unanimously. (Also see City
Council minutes dated September 1, 1998.)
ADJOURNMENT
There being no further business, the Board of Directors' meeting of the
Redevelopment Agency adjourned at 4:25 P.M. The next regular meeting will
be held on September 15, 1998.
Secretary
Redevelopment Agency
September 1, 1998
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