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HomeMy WebLinkAboutRDA Minutes 1985-05-08 MINUTES THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO Regular Meeting May 8, 1985 TIME 7:00 p.m. PLACE: Community Room, Municipal Services Building, 33 Arroyo Drive, South San Francisco, California CALL TO ORDER: Chairman Richard Haffey called the South San Francisco Redevelopment Agency meeting to order at 7:04 p.m. ROLL CALL: Present: Chairman Richard A. Haffey, Vice Chairperson Roberta Cerri Teglia, Member Mark N. Addiego, Member Emanuele N. Damonte, Member Gus Nicolopulos Also Present: Executive Director/Secretary C. Walter Birkelo, Asst. Secretary Mark Lewis, Counsel Herman Fitzgerald ENDA REVIEW: Executive Director Birkelo informed the Board that the title of agenda item #6 would have to be changed so that the Agency Agenda and the City Council Agenda will show the same title, The correct title is: A Resolution receiving and authorizing circulation of a Draft Environmental Impact Report for the South San Francisco U. S. Steel Plant Site Redevelopment Project and authorizing publication of notice of completion and availability of Draft EIR. It was also requested that Item #7, Review of Comfort Inns Development Plan (Gateway Project), be pulled. APPROVAL OF BILLS: There were no bills presented for approval, RESOLUTION Executive Director stated that the staff report is verbal~, Our consultant AUTHORIZING legal firm Bond Counsel, Jones, Hall, Hill and White prepared the resolutions ISSUANCE OF which are required to accomplish the refunding of the outstanding redevelop- $7,000,000 ment notes. Lora Stovall of our financial consultant, Bartle Wells, is here 1985 TAX tonight to give you a brief rundown of the impact of these resolutions. ALLOCATION REFUNDING LORA STOVALL, Bartle Wells: There are two resolutions on the agenda which NOTES: are the procedural acts to enable the refunding note to be issued. In essence, it is an issuance of $7,000,000 of notes that would be due on November 15, 1988, which would be used basically to pay the principal amount of 1982 notes which come due on the first of June. These notes would, in turn, be refunded by long term bonds in 1988 prior to the November 15 maturity, The authorizing resolution spells out all the technical details of the notes and the funds involved and how they are handled; the other resolution calls for bids for a public sale of those notes on May 22. RESOLUTION Member Addiego questioned Section 5,11, disposition of property within the -~UTHORIZING redevelopment area, which refers to a non-profit institution setting up .SUANCE OF business and that property becoming exempt from taxation. If after there was ',000,000 some change in the plans and we decided to perhaps move some other structure 1~85 TAX onto that site, how would this affect the Agency's ability to accommodate ALLOCATION a non-profit use? REFUNDING NOTES Counsel Fitzgerald responded: I can give my impreSsion of what it says, and continued:~ it says to the extent of its legal ability to do so, There is a case in California entitled Sacramentovs. Melachi, or Melachi vs, Sacramento; pretaining to the tax exempt status of property within the redevelopment project;primarily concerns the tax base and it pertains to the tax increment situation, so depending on what the State law is at the time, I personally feel you could do it under certain circumstances. Lora Stovall: I think, from a financial standpoint, the purpose of this statute is to prevent the disposition property if it would interfere with the security of any outstanding debts that relies on the tax increment revenue because to prevent properties from becoming tax exempt and reducing the flow of tax increment. So what it says is that you need a statement or opinion from an independent financial consultant that that would not be a significant affect. It was motioned by Member Addiego and seconded by Member Damonte that the resolution entitled A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO AUTHORIZING THE ISSUANCE OF $7,000,000 PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO GATEWAY REDEVELOP- MENT PROJECT 1985 TAX ALLOCATION REFUNDING NOTES, be adopted. The motion as made and seconded was unanimously carried. RESOLUTION It was moved by Member Addiego, seconded by Member Damonte and unanimously CALLING ~ carried that the resolution be adopted. The resolution is entitled: A BIDS FOR ~- RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO NOTES CALLING FOR BIDS FOR NOTES: APPROVING OFFICIAL NOTICE OF SALE OF BONDS AND APPROVING OFFICIAL STATEMENT AND RATIFYING, AUTHORIZING AND DIRECTING CERTAIN ACTIONS NOTICE OF WITH RESPECT THERETO. SALE OF BONDS: RESOLUTION Executive Director Birkelo informed the Board that this item has to do with AUTHORIZING the EIR, and should await Council action. CIRCULATION OF DRAFT EIR U.S. STEEL: RECESS CALLED: Chairman Haffey called a recess of the Agency at 7:14 p.m. RECONVENE: The Redevelopment Agency of the City of South San Francisco reconvened at 9:50 p.m. Executive Director Birkelo stated that, as I indicated earlier, there is a correction in the title. The redevelopment Agency is accepting the certified Shearwater EIR as a Draft EIR for the redevelopment purposes. 5/8/85 Page 2 RESOLUTION It was moved by Member Nicolopulos, seconded by Vice Chairperson Teglia and -~THORIZING unanimously carried that the Resolution be adopted. Title of the Resolution RCULATION is: A RESOLUTION RECEIVING AND AUTHORIZING CIRCULATION OF A DRAFT DRAFT EIR ENVIRONMENTAL IMPACT REPORT FOR THE SOUTH SAN FRANCISCO U. S. STEEL PLANT U.S. STEEL: SITE REDEVELOPMENT PROJECT AND AUTHORIZING PUBLICATION OF NOTICE OF COMPLETION AND AVAILABILITY OF DRAFT EIR. GOOD & WELFARE: Chairman Haffey invited members of the public to speak on matters related to the Redevelopment Agency - No one spoke. ADJOURNMENT: It was moved by Member Nicolopulos and seconded by Vice Chairperson Teglia that the meeting be adjourned. The motion as made and seconded was unanimously carried. Time of~journment: 9:51 p.m. Respectfully submitted, C. ~a~ter Birke~o APPROVED: Executive Director/Secretary Richard A. VHaffe~ ~irman The Redevelopment .~.ncy of the City of South San-~r~ncisco Entries of the Redevelopment Agency meeting show the action taken by the Board to dispose of the item, Oral presentations, arguments, and comments are recorded on tape. The tape and documents related to the items are on file in the office of the City Manager and are available for inspection, review and copying. 5/8/85 Page 3 [] !