RA1979/11/2779 -138
ANAHEIM REDEVELOPMENT AGENCY
November 27, 1979, 1 :00 P.M.
Council Chamber
Anaheim City Hall
PRESENT: AGENCY MEMBERS: Kaywood, Bay, Roth and Overholt
ABSENT: AGENCY MEMBERS: Seymour
PRESENT: CITY MANAGER: William 0. Talley
CITY ATTORNEY: William P. Hopkins
SECRETARY: Linda D. Roberts
EXECUTIVE DIRECTOR: Norman J. Priest
REDEVELOPMENT MANAGER: Susan Schick
Chairman Pro Tem Overholt called the regular meeting of the Anaheim
Redevelopment Agency to order.
MINUTES Approval of minutes was deferred to the next regular
meeting.
FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVE AGENCY in the
amount of $125,841.55, in accordance with the 1979 -80 Budget, were
approved.
161: MONTHLY STATUS REPORT - OCTOBER 1979 On motion by Mrs Kaywood
seconded by
activities
filed. Mr.
Mr. Roth, the Monthly,Status Report covering Redevelopment
for the month of October 1979, was ordered received and
Seymour was absent. MOTION CARRIED.
161.158: AUDIT REPORT - REDEVELOPMENT RELOCATION ACCOUNT.
SEPTEMBER 30, 1979 In accordance with report and recommendation
by the Executive Director, Mr. Bay moved that Audit Report of the
Redevelopment Relocation Account for the three -month period ending
September 30, 1979 be ordered received and filed. Mr. Roth seconded
the motion. Mr. Seymour was absent. MOTION CARRIED.
161.107: CHANGE ORDER NO. 1, CONTRACT NO. D79 -15 In accordance with
recommendation by the Executive Director, Mrs. Kaywood moved that
Change Order No. 1, Contract No. D79 -15, for additional work and faith-
ful performance bonds, in the total amount of $250, be approved,
bringing the original coritract price to $4,350; Marcus P. South and
Associates, contractors. Mr. Bay seconded the motion. Mr. Seymour
was absent. MOTION CARRIED.
79 -139
ANAHEIM REDEVELOPMENT AGENCY, NOVEMBER 27, 1979, 1 :00 P.M.
161.157: ANAHEIM TOWN CENTER FINANCING Executive Director Norman
Priest briefed his report dated November 19, 1979, advising of a new
approach to redevelopment financing under the California SB -99 Pro-
gram, wherein the proceeds of mortgage- backed revenue bonds may be
used to make construction loans or permanent financing loans which
are secured by deeds of trust, with principal and interest payments
on the loans then used to repay the bonds. It has been indicated by
bond counsel that he can give an opinion that such bonds are tax -
exempt, which would result in a lower interest rate, and that the
Redevelopment Agency has the authority to issue the bonds for a
commercial center in Downtown Project Alpha. He further advised that
initiating a resolution of inducement would not delay the commencement
of Town Center construction, and would not irrevocably commit the
Agency should the program not appear feasible after further investiga-
tion and consideration.
It was noted that the plan was proposed to be offered to former
merchants of the downtown area over a five -year period on an
incremental basis, and no sale of the Town Center would be allowed
for three years. Mrs. Kaywood inquired how the five -year subsidy would
be affected if a tenant of the Center were to sell in three years.
Mr. Priest advised that if one of the formerly displaced merchants were to
sell his business to another displaced party, the subsidy would
continue throughout the five -year term.
Mr. Herb Weiser, Special Agency Counsel, pointed out that the proposed
resolution would be an official action declaring the intent only;
further action would be necessary to implement the financing plan.
In response to question by Mr. Bay as to the 5,200 square feet of
commercial space proposed to be made available under the program,
Mr. Priest stated that the Agency could possibly offer additional
rent differential on more square footage.
Mr. Bob Shields of Watt Commercial Properties, developers of the
Anaheim Town Center, indicated there would be approximately 12,000
square feet of existing tenants.
Mr. Roth stated he was in favor of the proposal, however he was
concerned whether such a plan might have an effect on funds for
residential assistance.
Mr. Priest replied that it would be a separate package and would have
no effect on other funds. If implementation was proposed in the
future, Agency Members would have the opportunity to review the
proposed bond contract and other documents.
79 -140
ANAHEIM REDEVELOPMENT AGENCY, NOVEMBER 27, 1979, 1 :00 P.M.
On behalf of the Redevelopment Agency, Chairman Pro Tem Overholt
complimented the staff for presenting an innovative plan.
Mrs. Kaywood offered Resolution No. ARA79 -109 for adoption. Refer
to Resolution Book.
RESOLUTION NO. ARA79 -109 A RESOLUTION OF THE ANAHEIM REDEVELOPMENT
AGENCY RELATING TO AVAILABILITY OF FINANCIAL ASSISTANCE UNDER THE
AGENCY'S RESIDENTIAL AND COMMERCIAL MORTGAGE FINANCING PROGRAM.
Roll Call Vote:
AYES:
AGENCY
MEMBERS:
Kaywood, Bay, Roth and Overholt
NOES:
AGENCY
MEMBERS:
None
ABSENT:
AGENCY
MEMBERS:
Seymour
Chairman Pro Tem Overholt declared Resolution No. ARA79 -109 duly
passed and adopted.
ADJOURNMENT There being no further business
Anaheim Redevelopment Agency, Mr. Roth moved
seconded the motion. Mr. Seymour was absent.
ADJOURNED: 1:27 P.M.
to come before the
to adjourn. Mr. Bay
MOTION CARRIED.
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