HomeMy WebLinkAbout12/19/1985 - MINUTES CITY OF PA`M SPRINGS
CITY COUNCIL AND COMMUNITY REDEVELOPMENT AGENCY
MINUTES OF
DECEMBER 19, 1985
An Adjourned Regular Meeting of the City Council and of the Community
Redevelopment Agency of the City of Palm Springs, were called to
order by Mayor/Chairman Bogert, in the Large Conference Room, City
Hall , 3200 Tahquitz-McCallum Way, on Thursday, December 19, 1985,
at 7:30 p.m.
ROLL CALL: Present: Council/Agency Members: Birer, Foster,
Maryanov, Smith and Mayor/Chairman Bogert
Absent: None
LEGISLATIVE ACTION:
1 . CONVENTION CENTER & HEADQUARTERS HOTEL FINANCING
Economic Development & Housing Director recommended that
the Agency adopt a series of thirteen actions relative to
amended and restated trust agreements, and other documents
related thereto; ratify and authorize certain officer/staff
actions; rescind any previously adopted actions in conflict
therewith; for each of the eleven Headquarter Hotel and
Convention Center Partners, Ltd. He stated that the first
six partnerships will be credit enhanced through Citibank;
and 7-11 by First Minneapolis; that the amounts are the same
as previously reported, with minor rounding of dollars for
Nos. 9 and 11 ; total , $68.2 million.
Resolutions 378 through 388, approving actions recommended,
were presented; after which, it was moved by Foster, seconded PA2
by Birer, and unanimously carried, Maryanov and Smith (12z'
abstaining, that Resolutions 378 through 388 be adopted.
Economic Development & Housing Director recommended that
the Council adopt Resolution 15756, authorizing execution
of sublease agreement between the Agency and the City, relating
to the Convention Center facilities, and other legal documents (139
with respect thereto; after which, it was moved by Birer,
seconded by Foster, and unanimously carried, Maryanov and
Smith abstaining, that Resolution 15756 be adopted.
City Manager recommended that the Council authorize him,
or his designee, to amend the development agreement, as
necessary, relative to the closing documentation; after which,
it was moved by Birer, seconded by Foster, and unanimously
carried, Maryanov and Smith abstaining, that the City Manager
be so authorized.
Economic Development & Housing Director recommended that
the Council adopt a resolution which, in effect, would limit
the underwriter costs to 2.9% and limit 'long-term interest (139
rate to 9.5%; after which, it was moved by Birer, seconded
by Foster, and unanimously carried, Maryanov and Smith
abstaining, that Resolution 15757 be adopted establishing
limits as recommended.
ADJOURNMENT
There being no further business, Mayor/Chairman declared
the meeting adjourned.
JUDITH SUMICH
City Clerk &
Asst. Secretary