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HomeMy WebLinkAboutRDA Minutes 1985-05-22 M I N U T E S THE REDEVELOPMENT AGENCY OF THE C~TY OF SOUTH SAN FRANCISCO REGULAR MEETING May 22, 1985 TIME: 7:00 p.m. PLACE: Municipal Services Community Room, 33 Arroyo Drive, South San Francisco, CA. CALL TO ORDER: Chairman Richard A. Haffey called the South San Francisco Redevelopment Agency meeitng to order at 7:06 p.m. ROLL CALL: Present: Chairman Richard Haffey; Vice Chairperson Roberta Teglia; Member Mark Addiego; Member Emanuele Damonte; Member Gus Nicolopulos Also Present: Executive Director/Secretary C. Walter Birkelo; Assistant Secretary Mark LeWis AGENDA REVIEW: Executive Director Birkelo stated that there was a correction in the title of Item #6. Instead of approving the issuance of the tax allocation refunding notes, the action before you tonight is for you to award the sale of the notes. The approval of the issuance is on the City Council agenda. Item #8: consideration of Agency reorganization, is really only an information item. I will give you a preliminary draft of the organization outline we are considering so that you may be able to review it, but no action is required tonight. APPROVAL OF It was motioned by Member Addiego and seconded by Vice Chairperson Teglia BILLS: that the claims as submitted for payment in the amount of $8,380.20 for ~ay 22, 1985, be approved. Motion as made and seconded was regularly carried. APPROVAL OF Member Damonte moved, seconded by Member Addiego, that the Minutes of the MINUTES: Special Meeting of February 20, 1985 and the Regular Meeting of February 27, 1985, be approved. Motion as made and seconded was unanimously approved. RESOLUTION Finance Director Barry Lipton explained that this is a program that the City PARTICIPATION itself has been participating in since the Program's inception about eight IN LOCAL years ago. It is another investment tool through the State Treasurer's Office; AGENCY it allows the Agency to pool its money with those of agencies throughout INVESTMENT California and the United States. Since the program started, there are over FUND (LAIF): 800 jurisdictions in California who have invested over $2.5 billion; it is program that I used in Southern California; the City Treasurer currently uses; and we recommend it for the Redevelopment Agency, In answer to a question from Member Addiego, Mr. Lipton further explained that there 'is no joining fee but the State Treasurer charges 1/4 of 1% of the interest that is earned as an administrative fee. RESOLUTION After discussion regarding interest rates~ it was moved by Member Addiego (LAIF) and seconded by¥ice Chairperson Teglia that the resolution be approved, ntinued: The Motion as made and seconded was unanimously approved. .._SOLUTION Executive Director Birkelo stated that Lora Stovall of Bartle Wells and AWARD SALE Steve Casaleggio from Jones, Hall, Hill and White were present to present OF NOTES: this item. Lora Stovall, Bartel Wells: We received bids for the $7,000,000 1985 tax allocation refunding notes on the Agency's behalf this morning at 11 o'clock at the office of Jones, Hall. We got three bids that were all very attractive, The lowest interest cost was received from Smith Barney Harris Upham and Company, Inc. at a net interest cost of 7.477%. Other bids were received from Dean Witter at 7.759% and E. F, Hutton at 7.821, The details of what the low bid was to produce the low bid of 7,477 is an interest rate on the notes at 7% and they were sold at about 98.3% of par. They are very attractive bids for the notes and it reflects the interest in your project and the in the community from the financial community, It was moved by Vice Chairperson Teglia and seconded by Member Damonte that the resolution be approved. The motion as made and seconded was unanimously carried. Title of the resolution: A RESOLUTION O? THE REDEVELOPMENT AGENCY OF THE CITY OF SOUTH SAN FRANCISCO AWARDING THE SALE OF NOTES: 1985 TAX ALLOCATION REFUNDING NOTES. PRECISE PLAN Planning Director Jean Smith stated that this is a follow-up of the Zoning Ju~-PROVAL, amendment which was adopted by Council on April 102 1985, and some of the i GATEWAY: major provisions of that Zoning amendment which also was applied for by Homart was that the possible area for the storage is li.mited to only a section of the designated parking lot shown on Phase I, The vehicles stored are restricted to automobiles and passenger vans; there will be no inoperative vehicles; no signs; security and lighting must be approved for any precise plan and the use is authorized only until June 20, 1988. This proposal is in keeping with all of those limitations of the ordinance and staff recommends approval of the Precise Plan, It was moved by Vice Chairperson Teglia and seconded by Member Addiego that the precise plan be approved. On the question Member Nicolopulos questioned if the expiration date of June 20, 1988 could be extended, After discussion, the motion as made and seconded was amended to include a condition that the foUr percent (4%) commercial parking tax be paid to the City by Homart. The motion as made, seconded, and amended, was unanimously carried, AGENCY Executive Director Birkelo stated.that this was for information.only. At the REORGANIZA- present time we only have a Director, Assistant Director, Secretary, Agency TION: Counsel and Agency Co-Counsel. We have tired to paralled our own City organization involving more people in the organizational picture, define their duties, involving the Treasurer as Investment Officer of the Agency as well. We will bring this item back to you for action in a formal resolution at a later meeting. 5/22/85 Page 2 GOOD AND Chairman Richard Haffey invited members of the public to speak on matters __W~LFARE: related to RedevelOpment Agency - No one spoke. LOSED Chairman Haffey called a closed session of the Agency Board to confer ~ESSION: with the Agency's Attorney regarding pending litigation involving the U. S. Steel Redevelopment project, pursuant to Government Code Section 54956.9 (b) (1). Time closed session called: 7:27 p.m. RECONVENE: The Redevelopment Agency meeting reconvened at 7:44 p.m. regarding pending litigation. The Agency Board provided direction to staff. ADJOURNMENT: It was moved by Member Addiego and seconded by Member Damonte that the meeting be adjourned. The motion as made and seconded was unanimously carried. Time of adjournment: 7:45 p.m. Respectfully submitted, C. Walter Birkelo Executive Director/Secretary APPROVED: 'Richaf~'A~ ~affeg, ~rrm'an' The RedevelOpment ~/~cy of the City of South San F~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. 5/22/85 page 3