HomeMy WebLinkAboutMinutes - December 21, 1998 - RA•
CITY OF AZUSA
MINUTES OF THE REDEVELOPMENT AGENCY
REGULAR MEETING
MONDAY, DECEMBER 21, 1998 - 9:40 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:
ABSENT: DIRECTORS:
ALSO PRESENT:
HARDISON, STANFORD, ROCHA, BEEBE,
MADRID
NONE
General Counsel Carvalho, Interim Executive Director Cole, City Department Heads,
Secretary Solis, Deputy Secretary Toscano.
Call to Order
Roll Call
Also Present
The CONSENT CALENDAR consisting of item IV -A - IV -D was approved by motion Consent Cal
of Director Stanford, seconded by Director Hardison and unanimously carried, with the Approved
exception of item IV -C, which was considered under the Special Call portion of the
Agenda.
A. The Minutes of the regular meeting of December 7, 1998, were approved as written. Min approved
B. SPECIAL CALL ITEM.
Spec Call
C. Approval was given to authorize Geographies to prepare a Stakeholder Report in an Agmt Geographies
amount not to exceed $6,500, and the formal bidding procedures were waived. Stakeholder Rpt
D. Two separate resolutions authorizing payment of warrants by the Agency were adopted
and entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF Res. Nos. 98-1176,
AZUSA ALLOWING CERTAIN CLAIMS AND DEMANDS TO BE PAID OUT OF &77
REDEVELOPMENT AGENCY FUNDS. Warrants
SPECIAL CALL ITEMS
Director Beebe questioned the terms of the agreement, with Michael E. Powers and
Associates, for the proposed purchase of 918 West Foothill Boulevard (West End
Redevelopment Project Area), and the proposed loan from the Agency to Mr. Powers for
$20,000, at a interest rate of 7%, with principal due in 10 years, deferred payments, and,
interest forgiveness.
City Manager Cole explained that the sales tax generated would be partially accredited
against interest and principal for the repayment of the Redevelopment Loan; the money
generated in sales tax would come to the City, but based upon the level of benefit to the
City's general fund, there would be a formula for forgiving of interest and principal. He
stated that the sales tax will not be split with the business, but in recognition of the benefit,
if that benefit meets or exceeds certain levels, then they would forgive some or all of the
interest and some of the principal as an incentive for doing good for the general fund.
Special Call Items
Beebe
questions
City Mgr response
detailed specific
parts of the loan
Discussion was held between Directors, staff and the applicant, Mr. Powers, regarding the Discussion
amount of generation of sales tax, anticipated sales tax, anticipated growth of the business,
incentives, retail projections/percentages, other options for repayment, and specifics of loan
method of payment.
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Director Beebe offered a Resolution entitled:
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF AZUSA Res. 98-R75
APPROVING AN OWNER PARTICIPATION AGREEMENT WITH MICHAEL OPA w/Michael
POWERS AND ASSOCIATES, A LIMITED LIABILITY COMPANY, FOR THE Powers and Assoc.
EXTERIOR IMPROVEMENT OF 916-918 WEST FOOTHILL BOULEVARD.
Moved by Director Beebe, seconded by Director Hardison to waive further reading and
adopt. Resolution passed and adopted by the following vote of the Boardmembers:
AYES: DIRECTORS: HARDISON,
MADRID
NOES: DIRECTORS: NONE
ABSENT: DIRECTORS: NONE
It was consensus of Boardmembers to adjourn.
TIME OF ADJOURNMENT: 9:58 P.M.
NEXT RESOLUTION NO. 99-R1.
NEXT ORDINANCE NO. 99-01.
12/21/98 PAGE TWO
STANFORD, ROCHA, BEEBE,
Adjourn