HomeMy WebLinkAboutrda min 1975/08/12
REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA
Held Tuesday August 12, 1975
A regularly scheduled meeting of the Redevelopment Agency of the City of
Chula Vista, California, was held on the above date beginning at 9:45 p.m.
in the Council Chamber, City Hall, 276 Fourth Avenue, with the following
Members present: Chairman Hamilton, Members Scott, Hobel, Hyde, Egdahl
Members absent: None
Staff present: Executive Director Cole, City Attorney Lindberg, Assistant
City Manager Asmus, Assistant Director of Public Works
Lippitt, Director of Community Development Desrochers,
Acting Director of Planning Williams, Citizens Assistance
Officer Smith
APPROVAL OF MINUTES It was moved by Member Scott, seconded by
Member Egdahl and unanimously carried that
the minutes of the meeting of August 5, 1975
be approved, copies having been sent to
each Member
(Member Hobel abstained because he was not
present at the last meeting).
REPORT ON SAN DIEGO Community Development Director Desrochers
UNIFIED PORT DISTRICT reported on a proposal made to the San Diego
EFFORTS TO FORMULATE Unified Port District by the U. S. Army Corps
A LEASEHOLD AGREEMENT of Engineers, the Bureau of Sports Fisheries
WITH FEDERAL GOVERNMENT and Wildlife and the California Department
REGARDING SWEETWATER RIVER of Fish and Game involving the lease of mud-
FLOOD CONTROL CHANNEL/ flat and buffer areas as a part of the miti-
ROUTE 54 PROJECT gat ion of the environmental impact of the
Sweetwater River Flood Control Channel/Route 54
project.
Mr. Desrochers recommended that the Agency
support the Port's efforts to develop a lease-
hold agreement for this area subject to the
provision that the top of the Santa Fe fill
area (11.7 acres) be planted and used as a
public park and buffer area between the
developed area and the mudflat preserve.
Support granted It was moved by Member Scott, seconded by
Member Egdahl and unanimously carried that
the report be accepted.
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CITY'S RATING Director Desrochers said he received the
ratings yesterday: Standard and Poor's gave
the City a triple liB" plus rating, and
Moody's gave the City an "A" rating. A
city's rating is triple "B".
Sale of bonds Mr. Desrochers said he feels the City can
sell the bonds at below the maximum interest
rate. Tax increment bonds are usually ex-
pected to go one-half a point above the
market for normal municipal bonds; he is
expecting these bonds to go somewhere
between 7-1/2% and 7-3/4%.
RESOLUTION NO. 22 Director Desrochers explained that the sale of
ADOPTING AGENCY OFFICIAL tax increment bonds necessitates the adoption
SEAL of an official seal of the Agency. Jefferies
Banknote Company will provide the Agency with
the seal after consummation of the sale
(at no cost). A sketch of the proposed seal
was presented to the Agency.
Resolution offered Offered by Member Hobel, the reading of the
text was waived by unanimous consent, passed
and adopted by the following vote, to-wit:
AYES: Members Hobel, Hamilton, Hyde,
Egdahl, Scott
Noes: None
Absent: None
ADJOURNMENT Chairman Hamilton adjourned the meeting at
9:55 p.m.
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Secretary
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