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Home My WebLink About1984/03/19 - Minutes - Special Joint (Redevelopment Agency) March 19, 1984 CITY OF RANCHO CUCAMONGA JOINT CITY COUNCIL AND REDEVELOPMENT AGENCY MINUTES Special Joint Meeting 1. CALL TO ORDER A special Joint meeting of the City Council and the Redevelopment Agency of the City of Rancho Cucamonga met on Monday, March 19, 1984 in the Lions Park Community Center, 9161 Base Line Road, Rancho Cucamonga. The meeting was called to order at 8:10 p.m. by Mayor and Chairman Jon D. Mikels. Present were Councilmembers and Agency members: Richard M. Dahl, Charles J. Buquet II, Phillip D. Schlosser, James C. Frost, and Jon D. Mikels. 2. PUBLIC HEARINGS 2A. OWNER PARTICIPATION AGREEMENT 84-1 (OPA 84-1) - Redevelopment Agency/City Council consideration of an owner participation agreement with HFA Associates, (a California General Partnership in which Ernest W. Hahn, Inc., a California Corporation is the managing general partner) for the development of a regional shopping center located within the Rancho Redevelopment Project and is generally bounded by the Devore Freeway (I-15) and Victoria Loop to the east, Victoria Loop on the south, Day Creek Boulevard on the west and Miller Avenue on the north. Proposed OPA contemplates acquisition and sale of shopping center site. City Clerk/Secretary announced that pursuant to the appropriate sections of the California Community Redevelopment Law, notice has been duly given that the City Council of the City of Rancho Cucamonga and the Redevelopment Agency of the City of Rancho Cucamonga have authorized a Joint public hearing to consider the approval of Owner Participation Agreement 84-1 (OPA 84-1). Notice of this hearing was published in The Daily Report, a newspaper of general circulation, on March 9 and March 16, 1984. Mayor/Chairman Mikels announced that this is the time and place set for the Joint public hearing of the City Council of the City of Rancho Cucamonga and the Redevelopment Agency of the City of Rancho Cucamonga on the proposed acquisition and sale of real property for regional shopping center purposes. At this hearing all persons who wish to speak for or against the proposed acquisition and sale will have an opportunity speak. Mayor/Chairman called upon staff members, Lauren Wasserman, Executive Director, and Jack Lam, Community Development Director, to present a summary of the participation agreement and the proposed acquisition and sale. Mayor/Chairman Mikels called upon Ernest W. Hahn for brief remarks with respect to the agreement or sale. He presented some slides showing some of ltahn's more recent projects. Councilman & Agency member Dahl excused himself; he had to leave one personal business. Mayor/Chairman Mikeis declared the public hearing opened. There being no response, the public hearing was closed. CITY COUNCIL MOTION: Moved by Buquet, seconded by Schlosser to approve the Owner Participation Agreement 84-1 and authorize sale of real property for regional shopping center development. Motion carried 4-0-1 (Dahl absent). REDEVELOPMENT AGENCY MOTION: Moved by Schlosser, seconded by Frost to approve the Owner Participation Agreement 84-1, authorize sale of real property for regional shopping center development, and authorize Chairman to sign agreement on behalf of the Redevelopmerit Agency. Motion carried 4-0-1 (Dahl absent). (1) Joint City Council/RDA Minutes March 19, 1984 Page 2 MOTION: meeting. 3. ADJOURNMENT OF CITY COUNCIL MEETING Moved by Frost, seconded by Schlosser to adjourn the City Council Motion carried unanimously 4-0-1 (Dahl absent). (Mayor/Chairman Mikels called a recess. the meeting reconvened) All members of the Agency present when 4. REDEVELOPMENT AGENCY STAFF REPORTS 4A. PROPERTY ACQUISITION REIMBURSEMENT AGREEMENT - Consideration of a property acquisition reimbursement agreement with Foothill Associates to reimburse Agency for all costs associated with property acquisition relating to the Rancho Redevelopment Regional Shopping Center project. Jack Lam, Community Development Director, presented staff report. John Brown, legal counsel, stated that since the letter was furnished to us he recommended that the Agency entertain a motion authorizing execution of Letter of Reimbursement Agreement on behalf of the Redevelopment Agency. Chairman Mikels opened the meeting for public hearing. There being no response, the public hearing was closed. MOTION: Moved by Schlosser, seconded by Frost to approve execution of the Letter of Reimbursement Agreement between the Redevelopment Agency and Foothill Associates. Motion carried 4-0-1 (Dahl absent). 4B. TAX ALLOCATION BOND ISSUE NO. 84-1 (TA 84-1) - Consider authorization of a tax allocation bond issue in the amount of $7,750,000, a portion of which is designated for the Day Creek Flood Control Project and a portion of which is designated for the Rancho Redevelopment Regional Shopping Center Project. Staff report by Jack Lam, Community Development Director. John Brown, legal counsel, pointed out some changes -- on page 3 of Resolution RA83-01, Scott Sollers, the financial consultant, has suggested adding in subsection "e" the word, outstanding, so that reserve requirement would be defined to mean an amount equal to outstanding maximum annual debt service. On page 10 of the same Resolution - section 5 entitled, "Investment of Funds" that in the approval this evening we will be incorporating language into that section that will provide for a release of interest income free and clear of the bond issue indenture. Also, under the Notice of Sale a modification has been made to incorporate a change to read: a premium of 2 1/2% of the principal amount of bond redeemed beginning in 1991 and decreasing to 11/2% for each year thereafter; instead of: "and a premium of 1/2 of 1%, but not to exceed 2 1/2% . Secretary Wasserman read the title of Resolution RA84-O1. RESOLUTION RA84-01 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, AUTHORIZING THE ISSUANCE OF $7,750,000 PRINCIPAL AMOUNT TAX ALLOCATION BONDS, 1984 SERIES A OF SAID AGENCY TO FINANCE A PORTION OF THE COST OF A REDEVELOPMENT PROJECT KNOWN AS THE RANCHO REDEVELOPMENT PROJECT Joint City Counctl/RDA Minutes March 19, 1984 Page 3 Chairman Mikels opened the meeting for public comment. There being no response, the public hearing was closed. MOTION: Moved by Frost, seconded by Buquet to adopt Resolution No. RA84-O1 and waive full reading. Motion carried 4-0-1 (Dahl absent). Secretary Wasserman read the title of Resolution No. RA84-02. RESOLUTION NO. RA84-02 A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF RANCHO CUCAMONGA, CALIFORNIA, PROVIDING FOR THE SALE OF $7,750,000 PRINCIPAL AMOUNT OF RANCHO REDEVELOPMENT PROJECT TAX ALLOCATION BONDS, 1984 SERIES A Chairman Mikels opened the meeting for public input. There being none, the public hearing was closed. MOTION: Moved by Buquet, seconded by Frost to adopt Resolution No. RA84-02 and waive full reading. Motion carried 4-0-1 (Dahl absent). 5. PUBLIC HEARING 5A. BUDGET MODIFICATION Consideration of Redevelopment Agency Budget Modifications necessary for Agency implementation of Owner Participation Agreement No. 84-1. Staff report by Jack Lam, Community Development Director. Chairman Mikels opened the meeting for public hearing. There being no response, the public hearing was closed. MOTION: Moved by Frost, seconded by Schlosser to approve the budget modifications as presented by staff. Motion carried 4-0-1 (Dahl absent). MOTION: Moved by 4-0-1 (Dahl absent). ADJOURNMENT OF REDEVELOPMENT AGENCY MEETING Buquet, seconded by Schlosser to adjourn. Motion carried The meeting adjourned at 8:40 p.m. Respectfully submitted, Beverly A. Authelet Assistant Secretary