HomeMy WebLinkAboutRDA Min 1985-10-28
10-28-85
Seal Beach, California
october 28, 1985
The Seal Beach Redevelopment Agency met in regular session
at 6:48 p.m. with Chairman Brownell calling the meeting
to order with the Salute to the Flag.
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ROLL CALL
Present:
Chairman Brownell
Agency Members Clift, Wilson
Absent:
Agency Members Grgas, Risner
Agency Member Grgas arrived at 6:50 p.m.
Also present: Mr. parker, Executive Director
Mr. Stepanicich, City Attorney
Mrs. Yeo, Secretary
WAIVER OF FULL READING
Wilson moved, second by Clift, to waive the reading in
full of all resolutions and that consent to the waiver
of reading shall be deemed to be given by all Agency members
after reading of the title unless specific request is made
at that time for the reading of such resolution.
AYES:
NOES:
ABSENT:
Brownell, Clift, Wilson
None
Grgas, Risner
Motion carried
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APPROVAL OF MINUTES
Clift moved, second by Wilson, to approve the minutes of
the regular Redevelopment Agency meeting of September 23,
1985.
AYES:
NOES:
ABSENT:
Brownell, Clift, Wilson
None
Grgas, Risner
Motion carried
Councilman Grgas arrived at 6:50 p.m.
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RESOLUTION NUMBER 85-4 - APPROVING SECOND AMENDED and RESTATED
DECLARATION OF ESTABLISHMENT OF COVENANTS - SEAL BEACH
TRAILER PARK
Resolution Number 85-4 was presented to the Agency entitled
"A RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF
SEAL BEACH, CALIFORNIA, APPROVING A SECOND AMENDED AND
RESTATED DECLARATION OF ESTABLISHMENT OF COVENANTS FOR
THE SEAL BEACH TRAILER PARK." By unanimous consent, full
reading of Resolution Number 85-4 was waived. The Executive
Director presented the staff report, detailing the background
of the proposed purchase of fee title to the Trailer Park
by Seal Beach Partners from Riverbeach Associates at a
purchase price of $390,000. Mr. Parker also provided an
analysis of Mr. Dawson's new loan in the amount of $1,700,000
to be used to finance the purchase of the Trailer Park,
repay the balance of the existing loan, and pay certain
financing costs including a prepayment penalty of the current
loan. Mr. Parker clarified that the term of the Agreement
is indefinite, and reported that Mr. parrington, speciai
Legal Counsel for the Trailer park, has reviewed the proposed
documents and has reported no objection to the proposal.
The Executive Director clarified that at such time as the
loan is paid, the amount that is currently paid to interest
would roll o~er as a return on investment, if the rents
10-28-85
were to be reduced the return would likewise be reduced,
and referred to Section 3.01 of the Covenants making the
terms binding upon Riverbeach, any successor, assignee
or sublessee of the Site. Agency Member Brownell asked
if this item should be held over until Mrs. Risner is in
attendance since the subject property is within her District.
Mr. Dawson addressed the Agency, noting that financing
for purchase of the Trailer Park was unsuccessfully attempted
approximately a year ago, explained that the purchase of
the property will allow him to provide Trailer Park tenants
with long term leases, not presently possible, and therefore
enabling the tenants to obtain financing for improvements
to their residences, also noted that current interest rates
are more favorable than a year ago. Mr. Dawson reported
that Mrs. Risner had attended a meeting with Trailer Park
residents in the past, observed their vote on the issue
of the Trailer Park purchase, reporting Mrs. Risner's support
for the Trailer Park and its residents. Mr. Dawson explained
that the loan commitment will expire November 18th, therefore
the necessity for timely Agency action. Mr. Brownell withdrew
his request to continue this item. wilson moved, second
by Grgas, to adopt Resolution Number 85-4 as presented.
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AYES:
NOES:
ABSENT:
Brownell, Clift, Grgas, wilson
None
Risner Motion carried
ORAL COMMUNICATIONS
Chairman Brownell declared oral communications open. The
Executive Director reported the Department of Water and
power have done a title search of their property, are
preparing the necessary documents to declare the property
surplus, that the legal description has been submitted I
to the City for Engineering review, and reported the developer
selection is still scheduled for the first of the year.
Mr. Parker reported that the State Lands property has been
cleared of debris, and that it is his understanding two
hotel proposals are being considered, some results of those
negotiations expected within sixty days. Mr. Parker noted
that the selection of a developer for the DWP site will
be an open process, confirming that Mr. Feinberg has indicated
his continued interest in the site. Mr. Parker also reported
there had previously been a verbal commitment by the DWP
that they would abide by the City's development constraints
of the site. He also reported that a developer has been
selected for the Hellman property and it is understood
a sales agreement is being negotiated. There were no other
oral communications; Chairman Brownell declared oral
communications closed.
ADJOURNMENT
Grgas moved, second by Clift, to adjourn the meeting at
7:09 p.m.
AYES:
NOES:
ABSENT:
Brownell,
None
Risner
Clift, Grgas, wilson
Motion carried
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