HomeMy WebLinkAbout10/30/1985 - MINUTES CITY OF PALM SPRINGS
CITY COUNCIL MINUTES
OCTOBER 30, 1985
A Special Meeting of the City Council was called to order by Mayor Bogert,
in the Large Conference Room, 3200 Tahquitz/McCallum Way, on Wednesday,
October 30, 1985, at 3:00 p.m. .
ROLL CALL: Present: Councilmembers Birer, Foster, Maryanov, Smith
and Mayor Bogert
Absent: None
COMMUNITY REDEVELOPMENT AGENCY: The Mayor declared the meeting adjourned
for the purpose of convening as the Community Redevelopment Agency; after
which, members of the Council reconvened.
LEGISLATIVE ACTION
1. CONVENTION CENTER
Recommendation : That the Council approve schedule for the
Convention Center and Headquarters Hotel .
Director of Economic Development and Housing stated that he had
spent the past two weeks in Dallas and Ft. Worth, Texas, meeting
with G & H representatives, SENCA, and Trammell Crow companies
to discuss the Convention Center project; that the Mayor had
joined him and they had an opportunity to review a number of
Trammell Crow developments in the Dallas area; that they saw
a number of SENCA developments in the Ft. Worth area and had
opportunity to meet with SENCA Chairman of the Board, William
C. Connor, and a number of SENCA investors; and that it led to
a basic understanding of what Trammell Crow and SENCA were able
to bring to the project.
Bob Shelton, SENCA, stated that all bank approvals necessary to
proceed with the project are in place; that there are three
banks which had gone through approval process in their home
offices : (1) Mitsubishi Bank of the New York branch, Tokyo,
$35 million in Convention Center guarantees ; (2) for Hotel
project, City Bank, Dallas, Trammell Crow' s primary banker,
had approved, in New York, $45 million worth of credit enhance-
ment; and (3) for the Hotel project, First Bank of Minneapolis
had approved $25 million. He stated that the total is well over
$105 million, which is sufficient funds for the project, and he
also stated that documentation has also commenced; that it is
anticipated that by November 8 the first document will be sub-
mitted to the rating agencies; that the critical path to closing
was to secure an AI+ rating, which is a triple A rating on a short
term basis, from Standard & Poors ; that Standard & Poors had
indicated that December 2 would be the anticipated date for a
rating; that December 5 could be considered a tentative closing
date for signing more documents; and that, based upon that schedule,
a closing could be held the first week of December.
Council Minutes
10-30-85 Page 2
I. CONVENTION CENTER (CONTINUED)
Willie Gieler, G & H, stated he expects groundbreaking on
December 30 and, hopefully, complete construction 18 months
thereafter. He stated that architectural redesign was
anticipated to start on November 6; that an architectural
group was being formulated for the project; that: they are
aware of the tight time schedule and would be coming back
to Council with graphs ; that he would like Council to
concur with the time schedule; that there would be many
additional dates necessary to make the project a full reality;
and that the major hurdle of financing had been accomplished
as a result of SENCA's diligence, Trammell Crow' s power and
Gieler and Hunsinger's talents and construction capabilities.
Mayor stated that, after returning from Dallas and Ft. Worth
and seeing the Wyndham and Anatol Hotels, some of the finest
in the world, Fie felt that the City had the best people it
could get for the project; that Trammell Crow had put personal
art - antiques , jade and paintings - in all his hotel lobbies ;
that Trammell Crow owned the Trade Center; that each facility
had convention capabilities; and that he 'thought the project
would be done with high quality and taste, and would be
successful .
It was moved by Birer, seconded by Foster, and unanimously
carried, Maryanov and Smith abstaining, that the schedule, as
submitted, be approved.
ADJOURNMENT
There being no further business, at 3:30 p.m. , Mayor declared
the meeting adjourned.
JUDITH SUMICH
City Clerk