HomeMy WebLinkAboutrda min 1989/04/18 MINUTES OF A SPECIAL MEETING OF THE REDEVELOPMENT AGENCY
OF THE C~Y O~C~UL^ ~bSTA; ~ALIFORNIA
At 6:45 p.m., the Redevelopment Agency met in Closed Session to
discuss potential acquisition of property; Parcel #568-420-15
located in the Town Centre I Redevelopment Project Area (Sarah
Smith, Owner.
Tuesday, April 18, 1989 Council Chamber
8:03 p.m. Public Services Building
ROLL CALL
PRESENT: Ctlairman Cox, Members McCandliss, Nader, Moore
ABSENT: Member Malcolm
ALSO PRESENT Executive Director Goss, Assistant City Manager
Asmus, City Attorney Rudolf
1. APPROVAL OF MINUTES
MOTION
MSC (Moore/McCandliss) to approve the Minutes for the Adjourned
Meeting of April 6 and the Special Meeting of April ll, 1989.
(Chairman Cox abstained on the vote for the Minutes df April 6
because of his absence; Member Malcolm absent.)
2. REPORT APPROVAL OF A COMMERCIAL REHABILITATION LOAN TO
PAUL J. NENDRICKS FOR THE REHABILITATION OF HIS
PROPERTY LOCATED AT 286 THIRD AVENUE
Regulations of the Commercial Rehabilitation Loan Program require
that the Agency approve all loans in excess of $75,000 and/or
located off Third Avenue. Mr. Hendricks' request is for $76,000
for the renovation of his property located within the Town
Centre Redevelopment Project Area.
MOTION
MS (Cox/Moore) to approve a commercial rehabilitation loan for
$76,000 to Paul J. Hendricks for the rehabilitation of his
property located at 286 Third Avenue.
Mr. Hendricks, owner of the building and loan applicant, confirmed
the renovation will result in a fine arts gallery; however, he
will continue to live in the same apartment at the address which
section of the building will not be converted.
VOTE ON THE MOTION
passed. (Member Malcolm absent)
MINUTES 2 April 18, 1989
3. RESOLUTION 1013 AUTHORIZING THE ISSUANCE OF BOND
ANTICIPATION NOTES IN THE AGGREGATE
PRINCIPAL AMOUNT OF NOT TO EXCEED
$5,400,000 RELATING TO BAYFRONT/TOWN
CENTRE REDEVELOPMENT PROJECT, APPROVING
INDENTURE OF TRUST AND OFFICIAL STATEMENT
RELATING TO SAID NOTES, AUTHORIZING SALE
OF NOTES, AND APPROVING AGREEMENT FOR BOND
COUNSEL SERVICES AND OFFICIAL ACTION.
Due to delays in the implementation of the Bayfront Project, tax
increment revenues only support $3.6 million of the $9 million,
which is currently being released by the Trustee to the Agency.
The remaining $5.4 million of monies deposited into the escrow
account will be used on May 1, 1989 to redeem a similar amount of
the bonds, unless the Agency takes the actions described herein.
CHAIRMAN COX OFFERED THE RESOLUTION which was read by title, the
reading of the text waived by unanimous consent and approved.
(Member Malcolm absent)
4. ORAL COMMUNICATIONS - None
5. DIRECTOR'S REPORT - None
6. CHAIRMAN'S REPORT -
a. Name change for street
MOTION
MSC (Cox/McCandliss) to direct staff to bring back a resolution
and the appropriate budget necessary for changing Tidelands Avenue
to Marina Parkway. (Member Malcolm absent)
b. Signalization at 805/Otay Valley Road
MOTION
MSC (Cox/Nader) to direct staff to evaluate whether the City
should proceed to put in the signalization at #805/Otay Valley
Road, or to work with CALTRANS for four-way stop signs; and to
report back to the Agency Members. (Member Malcolm absent)
7. MEMBERS' COMMENTS
a. Member Moore announced the Chamber of Commerce will hold a
Business Salutes Fair on Saturday, May 20, from 10:00 a.m. to
4:00 p.m., at which the merchants will be allowed to sell.
ADJOURNMENT AT 8:08 p.m., to the Regular Meeting of Thursday, May
4, 1989 at 7:00 p.m.
Jennie ~. Fulasz, CMC
n . ~~ CITY CLERK --~:'~
~an Fortune, CMC
DEPUTY CITY CLERK