HomeMy WebLinkAbout1983-01-24MINUTES.
REDEVELOPMENT AGENCY
Council Chamber, Civic Center:
Huntington Beach, California
Monday, January 24,.1983
A tape recording of this meeting is
on file in the City Clerk's Office
Chairman Mandic called the regular meeting of the Redevelopment Agency
to order.
ROLL CALL
Members Present: Pattinson, Thomas, MacAllister, Mandic, Finley,
Bailey, Kelly
Members Absent: None
JOINT PUBLIC HEARING - COUNCIL AND REDEVELOPMENT AGENCY - WILLIAM
LYON COMPANY DISPOSITION.AND DEVELOPMENT AGREEMENT CONTINUED
OPEN. TO 7 8 3
The Mayor announced that this was theday-and hour set for a joint .
public hearing by the City Council and the Redevelopment Agency to
consider and act:upom the Participation Agreement between the Rede-
velopment Agency of the City of.Huntington Beach and the William Lyon
Company, and the sale of the land.pursuant thereto. The agreements
provide for the development of senior citizen condominiums and rental
housing onthe sites within the Talbert -Beach Redevelopment Project
Area. Descriptions of the- sites.can be found in the Participation
Agreement:. The terms of the sale of property between the Agency and
t he.William:Lyon Company are set forth in the Participation Agree-
ment. The proposed projects are covered by a final environmental
impact report for the Talbert -Beach Redevelopment Project Area, for
which a Notice of Determination was.fil'ed on September 7, 1982..
Copies of'the Participation Agreement and the environmental impact
report are.on file.for public inspection.
The.Director-of Business.and Industrial Enterprise presen.ted.a pro-
gress report. -with viewgraphs and'slides.,
Tom.Clark, Redevelopment Special.Legal Counsel, clarified the finan-
c.ial aspect of the. project.. Discussion was held regarding a letter
from the William Lyon Company and a letter -from Tom.Pechenpaugh.,.
Attorney for the William Lyon Company. Considerable. discussion was
held regarding the William Lyon Company's commitment to the project.
Brian Norkaitis, Regional Manager of the William Lyon Company, clari--
f ied his letter.
Mayor Mandic stated that the Council and the Redevelopment Agency
would hear public,testimony concerning. Area of Concern 2.6 at this
time.
No .one came. forward', to speak on the matter..
2
Page #2 - Redevelopment Agency Minutes - 1/24/83
A motion was made by Finley, seconded by Pattinson, to continue the
public hearing open to consider the William Lyon Company Disposition
and Development Agreement to February 7, 1983. The motion carried
unanimously.
RES NO 67 - ADOPTED - ISSUANCE OF BONDS - HUNTINGTON FINANCIAL
TOWERS - (OAKVIEW REDEVELOPMENT PROJECT AREA)
The Clerk presented a communication from the Office of Business and
Industrial Enterprise transmitting Resolution No. 67 for Redevelop-
ment Agency consideration - "A RESOLUTION OF THE HUNTINGTON BEACH
REDEVELOPMENT AGENCY AUTHORIZING THE ISSUANCE OF BONDS FOR ENTERING
INTO FINANCING LEASES OR AGREEMENTS FOR THE PURPOSE OF FINANCING OFFICE
STRUCTURES AND RELATED COMMERCIAL FACILITIES TO BE CONSTRUCTED AND
DEVELOPED BY HUNTINGTON FINANCIAL TOWERS, A CALIFORNIA GENERAL PART-
NERSHIP."
A motion was made by MacAllister, seconded by Pattinson, to adopt
Resolution No. 67. The motion carried by the following roll call vote:
AYES: Pattinson, Thomas, MacAllister, Finley, Bailey, Kelly
NOES: Mandic
ABSENT: None
CONTRACT FOR AGENCY FINANCIAL;ADVISOR - APPROVED - STONE & YOUNGBERG
The Clerk presented a communication from the Office of Business and
Industrial Enterprise transmitting a contract with Stone & Youngberg
to serve as Agency financial advisor.
On motion by Bailey, second MacAllister, the Redevelopment Agency
approved and authorized execution of a contract to secure the services
of.Stone & Youngberg to act as financial advisor to the Redevelopment
Agency for the preparation and sale of tax allocation bonds, Industrial
Development Bonds, Certificate of Participation and/or other Exempt
Financing. The motion carried by the following roll call vote:
AYES: Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly
NOES: None
ABSENT: None
CONTRACT FOR -TAX EXEMPT FINANCING - APPROVED — STONE & YOUNGBERG/MERRILL
LYNCH
The Clerk presented a communication from the Office of Business and
Industrial Enterprise transmitting contracts with investment banker/
underwriter for tax exempt financing.
A motion was made by Kelly, seconded by MacAllister, to approve and
authorize the Clerk to execute an Underwriting Agreement with Stone and
Youngberg/Merrill Lynch White Weld Capital Markets Group for single-
family mortgage revenue bonds and Underwriting Agreement with Stone and
Youngberg for multi -family mortgage revenue bonds. The motion carried
by the following roll call vote:
AYES:
.NOES::
AtNT
Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly
None
None
91
Page #3 - Redevelopment Agency Minutes - 1/24/83
RES NO 5222 - FAILED - DEFERRED PENDING POSSIBLE APPEAL
The Clerk presented Resolution No. 5222 for consideration - "A
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF HUNTINGTON BEACH CON-
FIRMING FURTHER ACTIONS WITH RESPECT TO PROVIDING FINANCING TO HUNT-
INGTON BREAKERS APARTMENTS, LIMITED, A LIMITED PARTNERSHIP, FOR THE
CONSIDERATION OF A MULTI -FAMILY RESIDENTIAL RENTAL PROJECT."
Following discussion, a motion was made by Bailey, seconded by Kelly,
to adopt Resolution No. 5222. The motion failed by the following roll
call..vote:
AYES: Finley, Bailey, Kelly
NOES: Pattinson, Thomas, MacAllister, Mandic
ABSENT: None
Discussion was held regarding the possibility of the matter being
appealed.
A motion was made by MacAllister, seconded by Pattinson, to defer consi-
deration of Resolution No. 5222 pending hearing of an appeal which may
be filed relative to the matter. The motion carried by the following
roll call vote:
AYES: Pattinson, Thomas, MacAllister, Mandic, Finley, Bailey, Kelly
NOES: None
ABSENT: None
ADJOURNMENT
The Chairman adjourned the meeting of the Redevelopment Agency,.
ATTEST:
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Clerk
Clerk
414 vo, . -
Chairman