HomeMy WebLinkAboutrda min 1979/07/10
MINUTES OF AN ADJOURNED REGULAR MEETING OF THE
REDEVELOPMENT AGENCY OF THE CITY OF CHULA VISTA, CALIFORNIA
Tuesday - 8:43 p.m. Jul y 10, 1979
An adjourned regular meeting of the Redevelopment Agency of the City of Chula Vista was
held on the above date beginning at 8:43 p.m. immediately fOllowing the regular City
Council meeting in the Council Chambers, Public Services Building, 276 Fourth Avenue,
Chula Vista, California with the following:
MEMBERS PRESENT Chairman Hyde; Members Cox, Egdahl, Gillow, Scott
Members Absent None
STAFF PRESENT Acting City Manager Asmus, Community Development
Director Desrochers, Special Counsel Reed
ITEM NO. 1 - RESOLUTION NO. 189 - APPROVING AND AUTHORIZING EXECUTION AND RECORDATION
OF A CERTAIN MASTER SUBLEASE AND GROUND LEASE
Mr. Darrell Larsen, representing O'Melveny & Myers, stated this morning San Diego
County authorized the rental payment of $4,243,500 to the Agency. This amount needs
to be inserted into the resolution.
RESOLUTION OFFERED
Offered by Member Scott, the reading of the text was waived by unanimous consent,
passed and adopted by the following vote, to-wit:
AYES: Members Scott, Cox, Egdahl, Hyde, Gillow
Noes: None
Absent: None
RESOLUTION NO. 190 - AWARDING $51,000,000 BONDS OF SAID AGENCY
TO THE BEST BIDDER AND REJECTING ALL OTHER BIDS
Mr. Terry McCarty, Stone & Youngberg Financial Consultants, stated that two excellent
bids were received this morning: the first from an underwriting group headed by the
United California Bank in association with the Security Pacific National Bank, et al,
which submitted a bid with the net interest rate of 6.57% over the term of the bond
issue.
The second bid headed by an underwriting group of Merrill, Lynch, White, Weld Capital
Markets Group submitted a bid of 6.62%.
Mr. McCarty recommended the bid be awarded to the lowest bidder (United California
Bank) .
RESOLUTION OFFERED
Offered by Member Scott, the reading of the text was waived by unanimous consent,
passed and adopted by the following vote, to-wit:
AYES: Members Scott, Cox, Egdahl, Hyde, Gillow
Noes: None
Absent: None
7/10/79
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Redevelopment Agency
Adjourned Regular Meeting Jul y 10, 1979
RESOLUTION NO. 191 - FIXING AMOUNT OF BASE RENTAL PAYABLE BY THE COUNTY OF SAN DIEGO
UNDER THAT CERTAIN SUBLEASE ENTITLED "SOUTH BAY REGIONAL CENTER
MASTER SUBLEASE" DATED AS OF JULY 1, 1979
~1r. Darrell Larsen, representing O'Melveny & Myers, Bond Counsel, reported that this
morning the County of San Diego approved and authorized execution of the ground lease
and sublease. Once the Agency takes similar action, the leases will be in final
recordable form and will be recorded on the morning of the delivery of the bonds _
one week from tomorrow morning (July 18).
RESOLUTION OFFERED
Offered by Member Scott, the reading of the text was waived by unanimous consent,
passed and adopted by the following vote, to-wit:
AYES: Members Scott, Cox, Egdahl, Hyde, Gillow
Noes: None
Absent: None
In answer to the Agency's questions, Special Counsel Reed stated that he and the Com-
munity Development Director looked over all the documents today and find them in order.
ADJOURNMENT
The meeting was adjourned at 8:52 p.m.
7/10/79