HomeMy WebLinkAbout1977-08-11MINUTES
PALM DESERT REDEVELOPMENT AGENCY
THURSDAY, AUGUST 11, 1977
CITY HALL COUNCIL CHAMBERS
CALL TO ORDER
Chairman Mullins called the meeting to order at 7:50 p.m. in the City Hall
_:uncil Chambers.
ROLL CALL
Members Present: Absent:
Member McPherson
Member Newbrander
Member Wilson
Chairman Mullins
Also Present:
Member Brush
Martin J. Bouman, Executive Director
David J. Erwin, City Attorney
Les Pricer, Assistant to the Executive Director
. RESOLUTIONS
A. RESOLUTION NO. 63 - A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AUTHORIZING THE CHAIRMAN AND EXECUTIVE DIRECTOR TO NEGOTIATE FINANCIAL
CONSULTING SERVICES.
Mr. Bouman reported that the Agency was now very anxious to proceed with
the major improvements that the consultants have recommended. Grunwald
and Associates will have their plans completed by September lst, but we
pretty well know now what their report will say because we have had a con-
tinuing citizen participation process and all the details have been worked
out. The consultants are recommending a $10 million improvement program.
However, initially, it is not intended that we go that high but rather
about $7 million for the various improvements needed. In order to
accomplish these improvements, it will be necessary for».the Agency to
obtain long-range funding or bonding. We have been looking for additional
consultants to do this, and the Agency has interviewed two consultants for
this purpose. Mr. James Magner has been interviewed for the Fiscal and
Administrative Consultant and the firm of Hornblower, Weeks, Noyes, &
Trask for financial services. Mr. Bouman concluded that both agencies
are deemed to be capable and able to demonstrate prior successes, and
Staff was recommending the Agency's adoption of Resolution No. 63 which
would authorize the Executive Director and Chairman of the Agency to
negotiate contracts with these firms.
Member McPherson moved and Member Wilson seconded to waive further reading
:id adopt Resolution No. 63. Motion carried unanimously with the members present.
B. RESOLUTION NO. 64 - A RESOLUTION OF THE PALM DESERT REDEVELOPMENT AGENCY
AWARDING A LOAN BID TO CITY NATIONAL BANK.
Mr. Bouman stated that the Agency had employed the firm of Wilson, Jones,
Morton & Lynch to gather legal opinions concerning the formation status
of the Agency. We have had a preliminary report which we can consider
as final from the bond counsel after only two weeks that it appears that
we have done our homework properly. They are prepared to certify us as
correct, and we can now proceed with our loan for $500,000 for which
we have had a low bid of 4% from City National Bank. Also, based on
Mr. Byers' report that instead of the approximately $500,000 expected
in tax increment money, we can now expect to receive somewhere between
$650,000 and $680,000 so there will be adequate monies to be used to
repay that loan and the loan from the City. Staff recommends the
adoption of Resolution No. 64.
-gust 11, 1977 Page 1
Member McPherson moved and Member Wilson seconded to waive further reading
Or: adopt Resolution No. 64. Motion carried unanimously with the members present.
ADJOURNMENT
Member Wilson moved and Member McPherson seconded to adjourn the meeting.
Nr''on carried with the members present. Chairman Mullins adjourned the meeting at
it':) p.m.
TEST:
• r
•-lEILA R. GILLIGA , SECRETA / TO THE
=.LM DESERT REDEVELOPMENT AGENCY
a
EDWARD D. MULLINS, CHAIRMAN
August 11, 1977 Page 2