HomeMy WebLinkAboutRA Minutes 1993-04-05SRRA MINUTES (Regular) 4/5/93 Page 1
IN THE COUNCIL CHAMBERS OF THE CITY OF SAN RAFAEL, MONDAY, APRIL 5, 1993, AT 7:30 PM
Regular Meeting: Present: Albert J. Boro, Chairman
San Rafael Redevelopment Agency Michael A. Shippey, Member
Joan Thayer, Member
Absent: Dorothy L. Breiner, Member
Paul M. Cohen, Member
Also Present: Pamela J. Nicolai, Executive Director
Gary T. Ragghianti, Agency Attorney
Jeanne M. Leoncini, Agency Secretary
ORAL COMMUNICATIONS OF AN URGENCY NATURE
None.
CONSENT CALENDAR
Member Thayer moved and Member Shippey seconded, to approve the recommended action
taken on the following Consent Calendar items:
ITEM
RECOMMENDED ACTION
1. Approval of Minutes of Special Joint Meeting of Approved as submitted.
February 16, 1993 and Regular Meeting of
March 15, 1993 (AS)
2. Resolution Accepting Proposal From Tams
Consultants to Finalize Environmental Impact
Report for Andersen Drive Extension (PW) -
File R-246 x (SRCC) 2-5-13 x 9-3-40
AYES: MEMBERS: Shippey, Thayer & Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: Breiner & Cohen
AGENCY CONSIDERATION
ADOPTED RESOLUTION NO. 93-13 -
ACCEPTING PROPOSAL FROM TAMS
CONSULTANTS, INC., FOR FINALI-
ZING THE ENVIRONMENTAL IMPACT
REPORT FOR ANDERSEN DRIVE
EXTENSION IN THE AMOUNT OF
$33,425
3. THIRD AMENDMENT TO FIRST AMENDED AND RESTATED GROUND LEASES, CENTERTOWN PROJECT
(RA) - File R-272 x (SRCC) 5-1-286
Assistant Executive Director Ours explained before the Agency tonight was one of
the final documents in a series of documents which staff had been working on
with Centertown staff which had to do with the final take out loans, the
syndication and the proceeds of sale that will be coming to the Agency and to
the other lenders in this project.
He stated what was being requested of the Agency was to change some language in
the lease that has been requested by one of the lenders. He noted there was a
mistake in the staff report on Page 2, Paragraph 2, the gross and net amounts
are reversed; however, there are no mistakes in the supporting documentation.
SRRA MINUTES (Regular) 4/5/93 Page 1
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Mr. Ours stated the result of the syndication and the loan take-outs was that
the City will be receiving its money back from funds that were loaned and the
Redevelopment Agency will be getting a substantial check for part of the funds
it loaned for this project. He noted this was the first payment in the process.
He stated that what would be happening next was that payments would be coming
into the Redevelopment Agency from the actual proceeds of the lease from this
point on, for the next 20 years.
Chairman Boro asked with regard to the numbers on Page 2 concerning the Agency
loan repayment, etc. Mr. Ours stated the Agency would be receiving $374,815 and
the remainder of the $490,000 amount will then come out of the lease proceeds.
Member Thayer asked if the City will be receiving interest on the repayment
funds? Mr. Ours responded affirmatively.
Chairman Boro asked for a progress report on the project itself.
Jim Buckley, representative of Bridge Housing, stated the project was "leased
up" shortly after the grand opening and there have been no operational problems
to date. Chairman Boro asked if the residents seemed happy and Mr. Buckley
responded affirmatively. Chairman Boro commented that the project looked very
good.
Mr. Ours stated he had discussed this with a few residents who had indicated
they were very happy there, with everything in general - such as the mix of
tenants, family orientation, etc.
Member Shippey moved and Member Thayer seconded, to adopt the Resolution
amending the ground Lease and Notes and Deeds of Trust securing the Agency loans
for Centertown.
RESOLUTION NO. 93-14 - A RESOLUTION OF THE SAN RAFAEL REDEVELOPMENT AGENCY
APPROVING AND AUTHORIZING EXECUTION OF THIRD AMENDMENT TO
FIRST AMENDED AND RESTATED GROUND LEASE, MODIFICATION OF
DEED OF TRUST, DOCUMENTS RELATING TO SUBORDINATION OF
GROUND LEASE AND AGENCY LOANS TO A LOAN FROM FIRST
NATIONWIDE BANK AND OTHER DOCUMENTS IN CONNECTION WITH
THE CENTERTOWN PROJECT
AYES: MEMBERS: Shippey, Thayer & Chairman Boro
NOES: MEMBERS: None
ABSENT: MEMBERS: Breiner & Cohen
There being no further business, the meeting was adjourned at 7:45 PM.
JEANNE M. LEONCINI, Agency Secretary
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