HomeMy WebLinkAboutRDA Minutes 1982-04-28 MINUTES
SOUTH SAN FRANCISCO REDEVELOPMENT AGENCY
April 28, 1982
Adjourned- Regul ar Meeting
TIME: 4:30 p.m.
PLACE: City Council Conference Room, City Hall
CALL TO ORDER: Chairman Gus Nicolopulos called the South San Francisco
Redevelopment Agency meeting to order at 4:31 p.m.
ROLL CALL: Present: Chairman Gus Nicolopulos; Members Ronald G. Acosta,
Mark N. Addiego, and Emanuele N. Damonte.
Absent: Vice Chairman Roberta C. Teglia
Also present: Executive Director/Secretary C. Walter Birkelo;
Assistant Secretary Louis Dell~Angela; Counsel Herman
Fitzgerald; Financial Counsel Kenneth Jones; Director
of Finance Barry Lipton; Mr. John Aguilar, Development
Director, Homart; Homart Counsel William Mackey, et al
Chairman Nicolopulos requested that the records reflect that
Vice Chairman Teglia had notified him that she would be attending
the meeting, but would be a little late.
AGENDA REVIEW: Executive Director Birkelo stated that there was nothing to add
to the Agenda and briefly explained the resolution which had been
held over from the Agency meeting of April 21. He indicated that
PURPOSE OF REPAYMENT the purpose of the Repayment Agreement was to provide a method of
AGREEMENT EXPLAINED payment in two cases: 1) Should, at the end of the three~
year period, the Agency unable to sell the tax allocation bonds
to pay off the notes, Homart would then be obliged to make good
the Letter of Credit which the Bank of American has agreed to
put up; and this agreement is to provide the method for paying
back Homart in that event. 2) When an assessment district is
approved for offsite improvements related to the project, Homart
will include the local share of the cost in the assessment and
agrees that it will be a lien against their property. Homart
will pay off a portion of that debt for which the City is obliged
until such time as tax income revenue is available.
APPEARANCE OF VICE Vice Chairman Teglia appeared present at 4:35 p.m.
CHAIRMAN TEGLIA
Executive Director Birkelo next addressed Section 3.1 (c) of
the Repayment Agreement concerning the method of assessment.
THOD OF ASSESSMENT Mr~ Birkelo explained the contents of this provision; and by
PLAINED virtue of this agreement, the Agency Board would direct the
District Engineer to compute the benefit spread ofassessment
between the two parcels, the excess over $1,800,000, and spread
it back on the Homart parcel if these circumstances prevailed
at the time the Engineer's Report comes before the Board at
the Public Hearing.
CORRECTIONS TO These corrections were not~d: Exhibit B, E. Miscellaneous
AGREEMENT COPY Off-Site Traffic, Channetization, addition of "ProduCe Avenue-
Colma Creek"; and "Note: The proportionate shares as indicated
above are based on the criteria described in Exhbiit B-4 of
the OPA. The shares may be amended by mutual agreement to
reflect changes in the improvements which affect the criteria
used to establish the proportionate shares." On page l, para-
graph 4, "Notes" should be corrected to "Bonds." On page 2,
second line, "Note'' should be corrected to "Bond."
COMMENTS RE FINANCES In answer to the BoardJs concerns about unforseen financial
AND LIABILITY INSURANCE problems in the timetable for the build-out, Mr. Birkelo
explained that Homart would be repaid at a later date when
revenue funds were available to the Agency.
Next addressed by the Board was the amount required for liability
insurance and should a demand for excess of $10 million occur.
Mr. William Mackey, Counsel for Homart, explained the steps to
meet this type of demand: contractors~ security bonds, re-
assessments to meet these costs.
RESOLUTION NO. 33 Member Teglia moved, seconded by Member Acosta, that the Resolution
APPROVING & AUTHORIZING entitled: "A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
EXECUTION OF REPAYMENT OF SOUTH SAN FRANCISCO APPROVING AND AUTHORIZING THE EXECUTION
AGREEMENT OF A REPAYMENT AGREEMENT FOR THE GATEWAY REDEVELOPMENT PROJECT
AREA" be adopted, Motion, as made and seconded, was unanimously
approved.
GOOD AND WELFARE: Chairman Nicolopulos invited anyone in the audience to speak. No one spoke.
ADJOURNMENT: Member Acosta moved, seconded by Member Damonte, that the meeting
be adjourned. Motion, as made and seconded, was unaniously carried.
Time of adjournment: 4:48 p.m.
APPROVED;
Gus Nicolopulos,~
South San Francisco Redevelopment. Agency
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OZ
~ESPECTFULLY SUBMITTED,
C. Walt rkelo, Executive Director/Secretary
South San Francisco Redevelopment Agency
The entries of this Redevelopment Agency meeting show the action taken by the Board to dis-
pose of the item. Oral presentations, arguments, and comments are recorded on tape. The
rtape and documents related to the items are on file in the office of the City Manager
id available for inspection, review, and copying.
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