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HomeMy WebLinkAbout1999-09-09REGULAR PALM DESERT REDEVELOPMENT AGENCY MEETING THURSDAY, SEPTEMBER 9, 1999 CIVIC CENTER COUNCIL CHAMBER * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * I. CALL TO ORDER Chairman Spiegel convened the meeting at 4:00 p.m. H. ROLL CALL present: Member Jean M. Benson Vice Chairman Buford A. Crites Member Jim Ferguson Member Richard S. Kelly Chairman Robert A. Spiegel Also Present: Ramon A. Diaz, City Manager David J. Erwin, City Attorney Sheila R. Gilligan, Director of Community Affairs/City Clerk Richard J. Folkers, ACM/Director of Public Works John M. Wohlmuth, ACM/Director of Administrative Services Patrick Conlon, Director of Building and Safety Phil Drell, Director of Community Development Paul S. Gibson, Director of Finance/City Treasurer David Yrigoyen, Redevelopment Agency Manager Rachelle D. Klassen, Deputy City Clerk III. CONSENT CALENDAR A. MINUTES of the Regular Meeting of the Redevelopment Agency of August 26, 1999. Rec: Approve as presented. B. CLAIMS AND DEMANDS AGAINST THE AGENCY TREASURY - Warrant Nos. 13RDA, 14RDA, 13Housing, 14HA. Rec: Approve as presented. Upon a motion by Member Benson, second by Member Ferguson, and unanimous vote of the Agency Board, the Consent Calendar was approved as presented. MINUTES PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 9, 1999 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * IV. CONSENT ITEMS HELD OVER None V. RESOLUTIONS None VI. NEW BUSINESS A. REQUEST FOR AUTHORIZATION TO EXECUTE DOCUMENTS PERTAINING TO THE PURCHASE OF DEBT SERVICE RESERVE SURETY BONDS. Responding to question, Mr. Dennis Coleman, RDA Finance Manager, clarified that the request was to buy an insurance policy to replace the reserve funds, keeping the Agency within its legal obligations with the bond holders. He went on to say the money that had been in the reserve funds would be utilized to pay debt service. Over the period of a year, from the time the policy was purchased and reserve funds were replaced by it, he stated tax increment received would not have to be utilized on debt service and could be used for project implementation. In further response, Mr. Coleman said the insurance policy would be carried until the bonds were repaid; instead of having reserve funds to cover in case of an emergency, the insurance policy covered such instances. Member Kelly moved to, by Minute Motion: 1) Authorize staff to execute certain documents that pertain to the purchase of Debt Service Reserve Surety Bonds; 2) approve the payment of the premiums, not to exceed $294,000, for the purchase of the Debt Service Reserve Surety Bonds. Motion was seconded by Member Ferguson and carried by unanimous vote. VII. CONTINUED BUSINESS None VIII. OLD BUSINESS None IX. REPORTS, REMARKS, AND AGENCY BOARD ITEMS REQUIRING ACTION A. EXECUTIVE DIRECTOR None 2 MINUTES PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 9, 1999 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * B. AGENCY COUNSEL Mr. Erwin noted the items listed on the agenda for Closed Session consideration at the appropriate time. Request for Closed Session: Conference with Real Property Negotiator pursuant to Government Code Section 54956.8: 1) Property: Land Located in Section 4 - Desert Willow Negotiating Parties: Carlos L. Ortega/Dave Yrigoyen Agency: Palm Desert Redevelopment Agency Property Owner: Palm Desert Redevelopment Agency Under Negotiation: _x- Price x Terms of Payment 2) Property: Northeast Corner of Cook Street and Frank Sinatra Drive, Palm Desert, CA Negotiating Parties: Carlos L. Ortega/Dave Yrigoyen Agency: Palm Desert Redevelopment Agency Property Owner: Palm Desert Redevelopment Agency Under Negotiation: x Price x Terms of Payment 3) Property: APN 627-101-037 Negotiating Parties: Carlos L. Ortega/Teresa La Rocca Agency: Palm Desert Redevelopment Agency Under Negotiation: � Price x Terms of Payment Property Owner: Richard Evans (Desert Investment Group) C. CHAIRMAN AND MEMBERS OF THE AGENCY None X. AWARDS, PRESENTATIONS, AND APPOINTMENTS None XI. PUBLIC HEARINGS None XII. ORAL COMMUNICATIONS None 3 MINUTES PALM DESERT REDEVELOPMENT AGENCY MEETING SEPTEMBER 9, 1999 * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * XIII. ADJOURNMENT Upon a motion by Vice Chairman Crites, second by Member Kelly, and unanimous vote of the Redevelopment Agency Board, Chairman Spiegel adjourned the meeting to Closed Session at 5:07 p.m. He reconvened the meeting at 5:40 p.m. and immediately adjourned with no action announced from Closed Session. ATTEST: r ROBERT A. SPIEGEL, t SHEILA R. GILLIG , SECRETAkY TO THE PALM DESERT REDEVELOPMENT AGENCY -1645-c1.11ELI—ietr`746—)