RA1981/12/29PFRIM
Anaheim Civic Center, REDEVELOPMENT AGENCY MINUTES 0-^
December 29, 1981, 1:00 P.M.
PRESENT: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
ABSENT: AGENCY MEMBERS: None
PRESENT: CITY MANAGER: William 0. Talley
CITY ATTORNEY: William P. Hopkins
CITY CLERK: Linda D. Roberts
EXECUTIVE DIRECTOR: Norman J. Priest
Chairman Seymour called the regular meeting of the Anaheim Redevelopment
Agency to order at 1:10 p.m.
MINUTES: Approval of the minutes was deferred to the next regular meeting.
FINANCIAL DEMANDS AGAINST THE ANAHEIM REDEVELOPMENT AGENCY in the amount of
$2,652.17, in accordance with the 1981 -82 Budget, were approved.
161: MONTHLY STATUS REPORT FOR NOVEMBER 1981: Mr. Bay moved to receive and file
the Monthly Status Report for November 1981. Mrs. Kaywood seconded the motion.
Before a vote was taken, Mr. Bay asked if the Lakeview -La Palma project would
be included on the status report in the future; Mr. Norman Priest, Executive
Director of Community Development, answered that it was not an Agency project and
they had not normally set forth City projects supported by Agency funds in the .OWN
report. However, he saw no problem with noting it on future status reports.
A vote was then taken on the foregoing motion. MOTION CARRIED.
161.123: PREPARAT OF AN ENVIRONMENTAL IMPACT REPORT IN CONNECTION WITH THE
ACQUISITION OF THE PICKWICK HOTEL: Mr. Overholt moved to authorize an agreement
with Donald A. Cotton Associates in the amount of $19,950 for preparation of an
environmental impact report in connection with the acquisition of the Pickwick
Hotel, 225 South Anaheim Boulevard, as recommended in memorandum dated
December 16, 1981, from the Executive Director. Councilman Roth seconded
the motion. MOTION CARRIED.
161.137: FINANCING OF THE A NAHEIM CHAMBER OF COMMERCE BUILDING CORPORATION, INC.
PROFESSIONAL OFFICE BUILDING BY INSTALLMENT SALE FINANCING: Mr. Roth offered
Resolution No. ARA81 -39 for adoption, authorizing the Installment Sale Financing
in an amount not to exceed $8 million for the purpose of providing for the con-
struction, development and financing of certain office and professional buildings
and related facilities by the Anaheim Chamber of Commerce Building Corporation,
Inc., on land located at the southeast corner of Anaheim Boulevard and 'Old"
Lincoln Avenue, as recommended in memorandum dated December 18, 1981, from the
Executive Director. Refer to Resolution Book.
RESOLUTION NO. ARA81 -39: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
AUTHORIZING INSTALLMENT SALE FINANCING FOR THE PURPOSE OF PROVIDING FOR THE
CONSTRUCTION, DEVELOPMENT AND FINANCING OF CERTAIN OFFICE AND PROFESSIONAL amm
BUILDINGS AND RELATED FACILITIES BY ANAHEIM CHAMBER OF COMMERCE BUILDING COR-
PORATION, INC.
81 -109
Anaheim Civic Center, REDEVELOPMENT AGENCY MINUTES
December 29, 1981, 1:00 P.M.
Roll Call Vote:
AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
Chairman Seymour declared Resolution No. ARA81 -39 duly passed and adopted.
161.137: ASSIGNMENT OF LEASEHOLD INTERESTS - PARCEL 11(a) - URO INVESTMENTS:
Mr. Bay offered Resolution No. ARA81 -40 and ARA81 -41 for adoption, the first
consenting to the assignment of a parking lease with URO Investments for the lease
of sixty -four Agency parking spaces on Parcel 11(a) located on the northeast
corner of "Old" Lincoln Avenue and Claudina Street (Agency Historical Rehabilita-
tion Revenue Notes, Series 1981 -A) and the second, consenting to the subordination
and assignment of the office building lease with URO Investments for Agency office
space in Developer's building at the above location (Agency Historical Rehabili-
tation Revenue Notes, Series 1981 -A), as recommended in memorandum dated
December 21, 1981, from the Executive Director. Refer to Resolution Book.
RESOLUTION NO. ARA81 -40: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
CONSENTING TO ASSIGNMENT OF PARKING LEASE.
RESOLUTION NO. ARA81 -41: A RESOLUTION OF AGREEMENT AND CONSENT TO SUB-
ORDINATION AND ASSIGNMENT OF OFFICE BUILDING LEASE - ANAHEIM REDEVELOPMENT
AGENCY HISTORICAL REHABILITATION REVENUE NOTES SERIES 1981 -A (URO INVESTMENTS
PROJECT).
Roll Call Vote:
AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
Chairman Seymour declared Resolution No. ARA81 -40 and ARA81 -41 duly passed
and adopted.
161.137: LOAN DOCUMENTS - PARCEL 11(a) URO INVESTMENTS - ISSUANCE OF NOTES
AND SALE AND DELIVERY OF HISTORICAL REHABILITATION REVENUE NOTES, SERIES 1981 -A:
Special Counsel, Gerald Laster, briefed the Agency on the function of the issue
and subsequently answered questions posed by Agency Members for the purpose of
clarification. He also reported on the following changes in the documentation
as a result of last - minute negotiations: A portion of the property acquisition
cost was also going to be proposed for financing by the documents limited to such
things as leasing fees and other such costs as otherwise might not be recoverable;
the documentation contemplated short -term financing, approximately five years
callable by the bank after three years with a very attractive interest rate; the
developer requested that the Agency state their intention of refunding the issue
long term at a later date.
81 -110
Anaheim Civic Center, REDEVELOPMENT AGENCY MINUTES ..-..
December 29, 1981, 1:00 P.M.
Last minute items in general were - -a Letter of Credit proposed to be issued by
the Bank of Tokai in the amount of $200,000; a corporation agreement proposed
to be executed by the partners of URO Investments individually; and accommodation
deed of trust to further secure the repayment and to be subject to it, to be a
leasehold interest in another building across from the Orange County Airport;
a security agreement covering personal property with respect to the leasehold
interest, the subject of the accommodation deed of trust; a building loan
agreement containing the final figures with respect to the disbursements
and other requirements with regard to the project. There would also be some
requirements with respect to estoppel of those persons who had some interest
in some of the leaseholds or security interest which were part of the project.
It was anticipated if the project was approved today, it would probably close
before the end of the year. Mr. Laster also clarified for the Chairman that
relative to the language contained in Paragraph 22 (page 5) of the documentation,
that was not a statement of contractual obligation, but a statement of intention
similar to many types of proceedings that were undertaken by public entities.
The concept did not entail a contract.
Councilman Overholt offered Resolution No. ARA81 -42 and ARA81 -43 for adoption,
the first authorizing the issuance of Agency Historical Rehabilitation
Revenue Notes, Series 1981 -A, (URO Investments Project, Parcel 11(a) located
on the northeast corner of "Old" Lincoln Avenue and Claudina Street) establish - �*
ing their terms and providing for their security, and providing convenants for
their protection, and the second, authorizing the sale and delivery of
Historical Rehabilitation Revenue Notes, Series 1981 -A, (URO Investments
Project) in an amount not to exceed $1,550,000; authorizing the execution and
delivery of a Trust Agreement (Title Insurance & Trust Company), a Project
Agreement, an Assignment (Union Bank), and a Bank Loan Agreement (Union Bank)
in connection therewith; appointing a Trustee and an authorized representative;
and authorizing proper officers to do all things deemed necessary or advisable
and for related purposes. Refer to Resolution Book.
RESOLUTION NO. ARA81 -42: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
AUTHORIZING THE ISSUANCE OF ANAHEIM REDEVELOPMENT AGENCY HISTORICAL REHABILITATION
REVENUE NOTES SERIES 1981 -A (URO INVESTMENTS PROJECT), AND ESTABLISHING THEIR
TERMS AND PROVIDING FOR THEIR SECURITY AND PROVIDING COVENANTS FOR THEIR
PROTECTION.
RESOLUTION NO. ARA81 -43: A RESOLUTION OF THE ANAHEIM REDEVELOPMENT AGENCY
AUTHORIZING THE SALE AND DELIVERY OF NOT TO EXCEED $1,550,000 PRINCIPAL AMOUNT
HISTORICAL REHABILITATION REVENUE NOTES, SERIES 1981 -A (URO INVESTMENTS PROJECT),
AUTHORIZING THE EXECUTION AND DELIVERY OF A TRUST AGREEMENT, A PROJECT AGREEMENT,
AN ASSIGNMENT AND A BANK LOAN AGREEMENT IN CONNECTION THEREWITH; APPOINTING
A TRUSTEE AND AN AUTHORIZED REPRESENTATIVE; AND AUTHORIZING PROPER OFFICERS TO
DO ALL THINGS DEEMED NECESSARY OR ADVISABLE AND FOR RELATED PURPOSES.
81 -111
Anaheim Civic Center, REDEVELOPMENT AGENCY MINUTES
December 29, 1981, 1:00 P.M.
Roll Call Vote:
AYES: AGENCY MEMBERS: Overholt, Kaywood, Bay, Roth and Seymour
NOES: AGENCY MEMBERS: None
ABSENT: AGENCY MEMBERS: None
Chairman Seymour declared Resolution No. ARA81 -42 and ARA81 -43 duly
passed and adopted.
161.172: IMPROVEMENT OF ACCESS TO THE TOWNE CENTER: Mr. Overholt asked if a
report on alternatives relating to the improvement of traffic ingress and egress
to the Towne Center bounded by Lincoln Avenue, Anaheim Boulevard, Chestnut
Street and Clementine Street was being prepared.
Mr. Priest reported that the subject report would be submitted in one week
in answer to Mr. Overholt's question.
ADJOURNMENT: Mrs. Kaywood moved to adjourn. Mr. Bay seconded the motion.
MOTION CARRIED. (1:36 p.m.)
LINDA D. ROBERTS, SECRETARY