HomeMy WebLinkAbout1982-09-02MINUTES
PALM DESERT REDEVELOPMENT AGENCY MEETING
THURSDAY, SEPTEMBER 2, 1982
CITY HALL COUNCIL CHAMBERS
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C. CALL TO ORDER
3:45
p.m.
Chairman Wilson convened the adjourned meeting to order at
CI. ROLL CALL
Present:
Vice Chairman Alexis D. Newbrander
Member Walter H. Snyder
Chairman S. Roy Wilson
Absent:
Member James E. McPherson
Member Romeo S. Puluqi
Also Present:
Martin J. Bouman, Executive Director
Carlos L. Ortega, Assistant City Manager
Del Claussen, Assistant Secretary
III. CONSENT CALENDAR
None
IV. PUBLIC HEARINGS
None
RESOLUTIONS
A. RESOLUTION NO. 161 - A RESOLUTION OF THE PALM DESERT
REDEVELOPMENT AGENCY AMENDING RESOLUTION NO. 126 AND
PROVIDING FOR THE AMENDMENT OF ITS NON-NEGOTIABLE
PROMISSORY NOTE.
Mr. Ortega stated that this resolution would allow the
city to substitute collateral for the note, and release
tax increment pledges, or in effect, substitute a new
note for the old.
Member Newbrander questioned if the action would, in
effect, have nothing to do with the bonds except to
eliminate claim against them.
Mr. Bouman responded that the action the Board is taking
would be to pay off the old loan without losing interest
on certificates of deposit.
Chairman Wilson questioned if the interest rate on the
new loan was the same as on the old.
Mr. Ortega responded that what the city is doing, is
paying 10% through October 14 and even though Agency Counsel
has stated in the old note that interest income is non-
taxable, City National Bank wants assurance they will be
paid 15.5% which would be the actual rate of return if
interest paid to the bank is taxable.
On a motion by Newbrander, second by Snyder, Resolution No. 161
::as adopted o:L a 3-0-2 vote.
MINUTES
ADJOURNED REDEVELOPMENT AGENCY MEETING SEPTETABER 2,
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V. RESOLUTIONS (Continued)
Mr. Ortega requested a Minute Motion, authorizing the
Chairman and Executive Director to do all things neces-
sary to accomplish financing of the project.
Member Snyder suggested the motion be amended to add
that any substantive changes required, be brought befor.
the Agency Board.
On a motion by Newbrander, second by Snyder, the Chairman a-
Executive Director of the Agency were authorized to take all steps
necessary to accomplish financing of the project, with the stipulatio:
that any substantive changes required, be brought before the Agency B.
Motion carried on a 3-0-2 vote, with McPherson and Pulugi absent.
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VI. NEW BUSINESS
None
VII. OLD BUSINESS
None
VIII. CONSENT ITEMS HELD OVER - None
IX. ORAL COMMUNICATIONS .
None
X. REPORTS AND REMARKS
None
XI. ADJOURNMENT
On a motion by Snyder, second by Newbrander, Chairman Wilso:
adjourned the meeting to 4:30 p.m. on September 7, 1982, at 5:55 p.m.
/ ROWILSiON, CHAIR^/
ATTEST:
/21-17
DEL CLAUSSEN, ASSISTANT SECRETARY
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