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Home My WebLink About1982-12-09 (2)MINUTES ADJOURNED REGULAR MEETING OF THE PALM DESERT REDEVELOPMENT AGENCY MEETING THURSDAY, DECEMBER 9, 1982 CITY HALL COUNCIL CHAMBERS * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * !. CALL TO ORDER Chairman Puluqi called the meeting to order at 12:01 p.m. II. ROLL CALL Present: Member Phyllis Jackson Member Dick Kelly Vice Chairman Walter Snyder Member Roy Wilson Chairman Romeo Puluqi Also Present: Martin J. Bouman, Executive Director William Strausz, Agency Counsel Sheila Gilligan, Agency Secretary Paul E. Byers, Agency Treasurer III. PUBLIC HEARINGS None IV. RESOLUTIONS N one V. NEW BUSINESS A. REQUEST FOR CONSIDERATION THE AWARDING OF A LOW BID FOR THE PALM DESERT REDEVELOPMENT AGENCY'S SUBORDINATED TAX ALLOCATION PROMISORY NOTE. Mr. Bouman reported that bids had been opened for a $1,500,000 loan and that the only bid received had been from City National Bank at an interest rate of 9% per annum. He explained that the Agency had previously borrowed this money but had been forced to repay the loan prior to the sale of bonds. Now that the bond issue is sold, we can reborrow the money for the purpose of accomplishing the Agency's Capital Improvement Program. Upon question by Member Wilson, Mr. Strausz responded that the loan bid had been legally advertised and that in addition, both Mr. Ortega, Assistant City Manager, and Mr. Byers, Agency Treasurer, had sought other bids from local banks. Still only one bid was received. He recommended award of the low bid by Resolution No. 166. Upon motion by Wilson, second by Kelly, Resolution No. 166 was adopted by unanimous vote of the Agency Board. MINUTES ADJOURNED REDEVELOPMENT AGENCY MEETING DECEMBER 9, 1982 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * VI. OLD BUSINESS None VII. ORAL COMMUNICATIONS None VIII. REPORTS AND REMARKS A. EXECUTIVE DIRECTOR IX. Mt-. Bouman stated that he and the Agency Counsel would like to hold a Closed Session for the purpose of discussing potential litigation. B. AGENCY COUNSEL None C. CHAIRMAN AND MEMBERS OF THE AGENCY None ADJCSURNMENT Upon motion by Wilson, second by Jackson, and unanimous vote of the Agency Board, Chairman Puluqi adjourned the meeting to Closed Session at 12:12 p.m. for the purpose of discussing potential litigation. Chairman Puluqi reconvened the meeting at 12:50 p.m. and immediately adjourned with no action taken. ATTEST: SHEILA R. GIL P' AN, SE THE PALM D SERT RED 4LOME0S. PULUQI, CHAIRAN ARY TO LOPMENT AGENCY -2-