HomeMy WebLinkAboutrda min 1981/02/05 8:35 PM
MINUTES OF A WORKSHOP MEETING OF THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA
Thursday, February 5, 1981 - 8:35 p.m. Conference Rooms 2 and 3
ROLL CALL
MEMBE RS PRESENT Chairman Hyde; Members Scott, Gillow, Cox, McCandliss
Members Absent None
STAFF PRESENT ExecutiVe Director Cole, Special Counsel Reed, Community
Development Director Desrochers, Redevelopment Coordin-
ator legler, Development Specialist Kassman, Development
Services Administrator Robens, Administrative Analyst
Buchan
ALSO PRESENT Richard logob, C. Michael Cowett
. WORKSHOP - FINANCING OF FOCUS AREA PARKING STRUCTURE
The developer cannot begin construction drawings for the Focus Area until it is
determined whether or not there will be a parking structure. Our request for a
$3.8 million grant and reduced grant of $2.6 million have both been disapproved.
Community Development Director Desrochers discussed the financing plans as outlined
in charts displayed for members' review. He suggested that due to the fiscal
policies of the new administration, the UDAG program may be cut out completely.
Member Scott expressed concern with the 10% projected interest rate for the bonds.
The developer, Mr. logob, explained that the plan (#9) contemplates the commercial
phase being built out. The six-plex theatre will not be built if the parking
structure is not developed, but Marie Callender's will be constructed in any event.
The office buildings will be the last to be constructed.
Mr. logob commented that the selection of Plan #9 would be to the City's advantage,
but he would like to see Plan #10 chosen because construction could begin immediately.
Mr. Desrochers recommended that the structuring of a bond issue be started soon
but bonds would not be sold until a theatre was assured.
Member Scott expressed concern that the Bayfront plans would be set back if any
of staff's recommendations were accepted. He suggested no action be taken at this
time.
MOTION TO POSTPONE ACTION
MSUC (Gillow/Hyde) to postpone action on parking structure financing until a
special meeting on Tuesday, following the regular City Council meeting.
ADJOURNMENT at 9:55 p.m. to the special meeting of Tuesday, February 10 and the
"'0'" ""'"' of Mmh 5, 1981. ~
. Æ-
Paul G. Desroch s, Executive Secretary
2/5/81