HomeMy WebLinkAbout11-30-1989 Minutes
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November 28, 1989
To:
Mayor and Common Council of the
City of San Bernardino
Re:
Special Meeting
NOTICE IS HEREBY GIVEN that the Chairman W. R. "Bob"
Holcomb has called a Special Joint Meeting of the Mayor and
Common Council and Community Development Commission for 3: 00
p.m., Thursday, November 30, 1989. Said Joint Meeting will be
held in the Redevelopment Agency Board Room, 300 North "0"
Street, San Bernardino, California.
The purpose for which this meeting has been called is as
follows:
a) Discuss and adopt Mt. Vernon Corridor Redevelopment
project Area PAC procedures.
b) Action regarding Central City Promenade Industrial
Development Revenue Bond.
/s/ ROBERT J. TEMPLE
Secretary of the Community
Development Commission
City of San Bernardino, California
November 30, 1989
The Special Meeting of the Mayor and Common Council and
Community Development Commission of the City of San Bernardino
was called to order by Mayor Pro Tempore Estrada at 3:15 p.m.,
Thursday, November 30, 1989, in the Redevelopment Agency Board
Room, Fourth Floor, 300 North "0" Street, San Bernardino,
California.
ROLL CALL
Roll call was taken with the following being present: Mayor
Pro Tempore Estrada; Council Members Estrada, Reilly, Flores,
pope-Ludlam; Senior Assistant City Attorney Barlow, City Clerk
Clark, City Administrator Julian. Absent: Council Members,
Maudsley, Minor, Miller.
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RES. 89-472 RESOLUTION OF THE MAYOR AND COMMON
COUNCIL OF THE CITY OF SAN BERNARDINO DETERMINING THE
NEED TO FORM A PROJECT AREA COMMITTEE CONCERNING THE
MT. VERNON CORRIDOR REDEVELOPMENT PROJECT AREA. (1)
City Clerk Clark read the title of the resolution.
Sue Gonzales, Project Manager, Redevelopment Agency, stated
that the boundaries for the Mt. Vernon Corridor Redevelopment
Project Area have been adopted and the next step for the Mayor
and Council is to adopt the procedures for the formation of a
project area committee.
Council Member Flores made a motion, seconded by Council
Member pope-Ludlam, that further reading of said resolution be
waived and said resolution be adopted.
Resolution No. 89-472 was adopted by the following vote:
Ayes: Council Members Estrada, Reilly, Flores, Pope-Ludlam.
Noes: None. Absent: Council Members Maudsley, Minor, Miller.
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CENTRAL CITY PROMENADE INDUSTRIAL DEVELOPMENT REVENUE
BOND
In a staff report dated November 27, 1989, Robert J. Temple,
Acting Executive Director, Redevelopment Agency, reported that on
December 17, 1984, the Mayor and Common Council approved
Resolution 84-547 providing for the issuance of Industrial
Development Revenue Bonds, Series 1984A, Central City Promenade
Project, along with approving the Trust Indenture, the Loan
Agreement, the Bond Purchase Agreement and other related
documents.
In December 1984, the Central City Promenade Bonds were
issued in the amount of $7,200,000 with a maturity date of
December 1, 2024. Chase Manhattan Bank, the sole purchaser of
the bonds, has exercised its right to cause a mandatory
redemption of the bonds on December 1, 1989, pursuant to Section
3.01 (d) of the Trust Indenture dated December 15, 1984.
The Redevelopment Agency is seeking approval of Amendment
Number One to the Loan Agreement and approval of Supplement
Number One to the Indenture extending the December 1, 1989 date
to February 1, 1990, to provide Central City Promenade the
necessary time to discuss, negotiate and further amend the Loan
Agreement.
Senior Assistant City Attorney Barlow answered questions.
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Council Member Pope-Ludlam made a
Council Member Reilly and unanimously
Amendment Number One to the Loan Agreement
One to the Indenture.
motion, seconded by
carried, to approve
and Supplement Number
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ADJOURNMENT
At 3:25 p.m., Council Member pope-Ludlam made a motion,
seconded by Council Member Reilly and unanimously carried, that
the Special Meeting be adjourned.
~#'n?//ll#d#
/ SHAUNA CLARK
City Clerk
No. of Items: 2
No. of Hours: 10 minutes
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