HomeMy WebLinkAboutMinutes - April 21, 1997 - RA0 0
CITY OF AZUSA
MINUTES OF THE REDEVELOPMENT AGENCY
REGULAR MEETING
APRIL 21,1997 -9:11 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 Madrid called the meeting to order.
ROLL CALL
PRESENT: DIRECTORS: HARDISON, STANFORD, ROCHA, BEEBE,
MADRID
ABSENT: DIRECTORS: NONE
ALSO PRESENT:
Assistant General Counsel Carvalho, Executive Director Garcia, Interim Redevelopment
Director Steel, City Department Heads, Secretary Solis, Deputy Secretary Toscano.
THE REDEVELOPMENT AGENCY AND THE CITY COUNCIL CONVENED
JOINTLY AT 8:49 P.M.
Ms. Marianne Miasnik addressed Loan Agreement between the City and Agency
questioning where the seller's balloon payment comes from, further, if the property is
not sold within five years, where will the periodic payment come from on the Light and
Water loan.
Interim Redevelopment Director Steel responded stating that if the property is not sold
within five years the debt would have to be renegotiated, the loan would then be for a
longer period. The Light and Water loan is structured as a deferred payment loan to give
the agency a chance to sell the property and to generate the cash from property taxes to
make the annual debt services payments to the Light fund. He further detailed the
process of repayment of the debt.
Moved by Councilmember/Director Hardison, seconded by Councilmember/Director
Stanford and unanimously carried to approve the loan documents, and the Promissory
Note and authorize execution of same.
Director Hardison offered a Resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA
REQUESTING A LOAN FROM THE CITY OF AZUSA FOR PURPOSES OF THE
MERGED REDEVELOPMENT PROJECT AREA.
Moved by Director Hardison, seconded by Director Stanford to waive further reading
and adopt. Resolution passed and adopted by the following vote of the Agency:
AYES: DIRECTORS: HARDISON, STANFORD, ROCHA, BEEBE,
MADRID
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
Director Hardison offered a Resolution entitled:
Call to Order
Roll Call
Also Present
Cncl/CRA
convenejntly
M. Miasnik
comments
CRA Dir
response/comments
Loan Docs/Prom.
Note/Krems
approved
Res. 97-RI5
Requesting Loan
Merged Redevelop
Project Area
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A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF AZUSA
AUTHORIZING LOANS FOR PURPOSES OF THE MERGED REDEVELOPMENT
PROJECT AREA.
Moved by Councilmember Hardison, seconded by Councilmember Stanford to waive
further reading and adopt. Resolution passed and adopted by the following vote of the
Council:
AYES: COUNCILMEMBERS: HARDISON, STANFORD, ROCHA,
BEEBE, MADRID
NOES: COUNCILMEMBERS: NONE
ABSENT: COUNCILMEMBERS: NONE
Res. 97-050
Authorizing Loans
Merged Redevelop
Project Area
THE CITY COUNCIL RECESSED AND THE REDEVELOPMENT AGENCY Convene as CRA
CONVENED AT 9:11 P.M.
The CONSENT CALENDAR consisting of items I -la through I -lc was approved by Consent Cal.
motion of Director Stanford, seconded by Director Beebe and unanimously carred by roll Appvd
call vote.
a. The Minutes of the regular meeting of April 7, 1997, and the regular Min appvd.
adjourned/special meeting of April 14, 1997, were approved as written.
b. The Agency issued tax allocation bonds for the Merged Project Area in 1992. Financing Team
Interest rates have dropped sufficiently since that time to warrant consideration of approve
a refunding so that the annual debt service obligations could be reduced. Approval
was given to obtain a financing team subject to negotiation of acceptable contracts
and authorization to complete preliminary feasibility assessments was approved.
c. Resolution authorizing payment of warrants by the Agency was adopted and entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF Res. 97-1116
AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS TO BE PAID OUT Warrants
OF REDEVELOPMENT FUNDS.
SPECIAL CALL ITEMS Special Call
None. None.
SCHEDULED ITEMS Scheduled Items
None. None.
It was consensus of the Boardmembers to adjourn. Adjourn.
TIME OF ADJOURNMENT: 9:12 P.M.
NEXT RESOLUTION NO. 97-1117.
NEXT ORDINANCE NO. 97-01.
04/21/97 PAGE TWO