HomeMy WebLinkAbout3/28/1985 - MINUTES 34Y
MINUTES OF
CITY OF PALM SPRINGS
COMMUNITY REDEVELOPMENT AGENCY
AND THE CITY COUNCIL
MARCH 28, 1985
Special Meetings of the City Council and of the Community Redevelopment Agency
of the City of Palm Springs, were called to order by Mayor/Chairman Bogert on
Thursday, March 28, 1985 at 4:00 p.m. in the Large Conference Room, City Hall ,
3200 Tahquitz-McCallum Way.
ROLL CALL: Present: Council/Agency Members Birer, Foster, Smith,
Maryanov, and Mayor/Chairman Bogert
Absent: None
PUBLIC COMMENTS
a) Jeremy Crocker, 330 W. Arenas Road, read a statement relative to
the use of the Hess property by the McDevitt Construction Company,
relative to storage of construction materials in connection with
construction of Desert Inn Fashion Plaza; questioned whether the
Council would reconsider its action, and stated that he did not
see why the Council should violate its own ordinance.
1. CONVENTION CENTER FINANCING
Economic Development and Housing Director recommended that the Council
approve documents relative to a Second Amended Trust Agreement and
$33,400,000 Certificates of Participation revised from original
$36,070,000 which will be a non-IDB debt, and to extend escrow through
12-31-85 running concurrently with the hotel financing. That the
interest rate has also been changed to 5.87%, and that the ownership
will be changed to reflect that the convention center will be under the
direct ownership of the City, rather than making it available for
private syndication. He stated that the Agency action relates only to (124)
the change in ownership of the convention center.
Resolution 15482 of the City Council approving the form of the Second
Amended and Restated Trust Agreement, dated as of Nove;ilber 1, 1984, with
First Interstate Bank and Senca and the City; Restated Installment Sale
Agreement between the City and Senca; and Restated and Amended
Development Agreement dated December 31, 1984 by and between each of the
eleven partners; amending resolution adopted 12-31-84, which adopted and
approved various matters ., relative to the financial package, in
particular, Resolution 15303, was presented; after which, it was moved
by Birer, seconded by Foster, and unanimously carried, Maryanov and
Smith abstaining, that Resolution 15482 be adopted.
Resolution 320 of the Redevelopment Agency approving the form of an
Amended and Restated Development Agreement, dated as of December 31,
1984, between the Agency and each of the eleven partners, was presented;
after which, it was moved by Birer, seconded by Foster, and unanimously
carried, Maryanov and Smith abstaining, that Resolution 320 be adopted.
ADJOURNMENT
There being no further business Mayor/Chairman declared the meeting
adjourned.
JUDITH SUMICH
City Clerk and
Assistant Secretary