HomeMy WebLinkAboutMinutes - February 18, 1992 - RA0 6
CITY OF AZUSA
MINUTES OF THE REDEVELOPMENT AGENCY
REGULAR MEETING
FEBRUARY 18, 1992 - 9:02 P.M.
The Redevelopment Agency of the City of Azusa met in
regular session at the above date and time in the Civic
Auditorium.
Chairman Moses called the meeting to order. Call to order
ROLL CALL Roll Call
PRESENT: DIRECTORS: DANGLEIS, STEMRICH, NARANJO,
ALEXANDER, MOSES
ABSENT DIRECTORS: NONE
ALSO PRESENT Also Present
General Counsel Wadden, Executive Director Garcia,
Redevelopment Director Steel, City Department Heads,
Res. 92-C28
Secretary Solis, Deputy Secretary Toscano.
Appvg Issu-
THE CITY COUNCIL CONVENED JOINTLY WITH THE REDEVELOPMENT
Convene w/
AGENCY AT 8:50 P.M.
CRA
Director of Redevelopment Steel stated that the Agency has
1979 Mortgage
the opportunity to refund its 1979 Mortgage Revenue
Revenue Bond
Bond Issue and withdraw cash for general
1979
Agency Projects. The estimated cash available is
approximately $1,650,000. The transaction is very complex
but appears to generate positive financial returns to the
Agency. The bond issue is scheduled to close on March
5, 1992.
Councilman Alexander offered a Resolution entitled:
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
Res. 92-C28
APPROVING THE ISSUANCE AND SALE OF NOT TO EXCEED $10,000,000
Appvg Issu-
AGGREGATE PRINCIPAL AMOUNT OF REDEVELOPMENT AGENCY OF THE
ance
CITY OF AZUSA SINGLE FAMILY MORTGAGE REVENUE REFUNDING BONDS
Mortgage Rev
(MORTGAGE-BACKED SECURITIES PROGRAM), 1992 SERIES A
Bond 1992
Moved by Councilman Alexander, seconded by Mayor Moses to
Series A
waive further reading and adopt. Resolution passed and
adopted by the following vote of the Council:
AYES: COUNCILMEMBERS: DANGLEIS, STEMRICH, NARANJO,
ALEXANDER, MOSES
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Director Alexander offered a Resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
Res. 92-R12
AZUSA APPROVING THE ISSUANCE AND SALE OF ITS SINGLE FAMILY
Appvg Iss-
MORTGAGE REVENUE REFUNDING BONDS; APPROVING FORMS OF AN
uance & sale
INDENTURE, A MORTGAGE SALE, PASS-THROUGH PURCHASE AND
Mortgage Rev
SERVICING AGREEMENT, A PRELIMINARY OFFICIAL STATEMENT AND
refunding
PURCHASE CONTRACT FOR THE BONDS; APPROVING AN ESCROW
bonds
AGREEMENT; APPOINTING A TRUSTEE AND A SERVICER FOR THE
BONDS; APPROVING SALE OF HOME MORTGAGES AND DELIVERY OF
BAILMENT AGREEMENTS; AND AUTHORIZING CERTAIN OTHER ACTIONS.
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Moved by Director Alexander, seconded by Chairman Moses to
waive further reading and adopt. Resolution passed and
adopted by the following vote of the Agency:
AYES: DIRECTORS: DANGLEIS, STEMRICH, NARANJO,
ALEXANDER, MOSES
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
Moved by Councilman/Director Alexander, seconded by
Mayor/Chairman Moses to authorize the Executive Director to
execute the Purchase Contract provided the Terms of sale are
in Compliance with the Authorizing Resolution.
THE CITY COUNCIL RECESSED AND THE REDEVELOPMENT AGENCY
CONTINUED AT 9:02 P.M.
PUBLIC PARTICIPATION
None
Purchse Agmt
Terms of sale
CRA recess
Pub Prtc
The CONSENT CALENDAR consisting of Items I -2a through I -3c, Cons Cal
was approved by motion of Director Dangleis, seconded by appvd
Director Naranjo, and unanimously carried by roll call
vote.
a. The Minutes of the regular meeting of February 3. Min appvd
1992, were approved as written.
b. The Palo Equipment Property located at 1000 West
Foothill Boulevard has been offered to the Agency at
very attractive terms. a purchase agreement has been
prepared and the Agency will commence toxic
investigations. The following Resolution was adopted:
A RESOLUTION OF THE COMMUNITY REDEVELOPMENT AGENCY OF Res. 92-R9.
THE CITY OF AZUSA APPROVING A PURCHASE AND SALE Purch of Sale
AGREEMENT FOR THE PURCHASE OF CERTAIN REAL PROPERTY Agmt
GENERALLY LOCATED AT 1000 WEST FOOTHILL BOULEVARD.
c. Resolution authorizing payment of warrants by the Agency
was adopted and entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS TO BE PAID OUT
OF REDEVELOPMENT AGENCY FUNDS.
SCHEDULED ITEMS
None
SPECIAL CALL ITEMS
None
It was consensus of the Boardmembers to recess to the end of
the City Council meeting.
TIME OF RECESS: 8:52 P.M.
THE CITY COUNCIL CONVENED JOINTLY WITH THE REDEVELOPMENT
AGENCY AT 10:29 P.M.
Mayor/Chairman Moses offered a Resolution entitled:
Res. 92-R10
Warrants
Sched. Items
Spec Call
A JOINT RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA Res. 92-Rll
AND THE BOARD OF DIRECTORS OF THE REDEVELOPMENT AGENCY OF Clsd Sess
THE CITY OF AZUSA TO RECESS TO CLOSED SESSION ON FEBRUARY
18, 1992.
02/18/92 PAGE TWO
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Moved by Mayor/Chairman Moses, seconded by
Councilman/Director Naranjo to waive further reading and
adopt. Resolution passed and adopted by the following vote
of the Council/Agency:
AYES: COUNCILMEMBERS/DIRECTORS: DANGLEIS, STEMRICH,
NOES: COUNCILMEMBERS/DIRECTORS: NARANJO, ALEXANDER, MOSES
ABSENT: COUNCILMEMBERS/DIRECTORS: NONE
TIME OF RECESS TO CLOSED SESSION: 10:30 P.M.
THE CITY COUNCIL AND THE REDEVELOPMENT AGENCY
10:55 P.M.
AT
Moved by Councilman Stemrich, seconded by Mayor Moses and
carried by roll call that the Day Labor Center be tabled and
that the eighty thousand dollars that were set aside for
that project be put back in the general fund for utilization
in proceeding with legal action against the owner of the
Nijjar Apartments for the depreciation of surrounding area
properties. Councilman Dangleis dissenting and Councilman
Naranjo abstaining.
Recess
Reconvened
Legal action
agnst Nijjar
Apartments
Moved by Councilman/Director Alexander, seconded by Adjourn
Mayor/Chairman Moses and unanimously carried by roll call to
adjourn.
TIME OF ADJOURNMENT: 10:59 P.M.
NEXT RESOLUTION NO. 92-R13
NEXT ORDINANCE NO. 92-RO2
02/18/92 PAGE THREE