91-0306_CRA_Minutes_Adjourned Regular Meeting3 4 7+
MARCH 6, 1991
ADJOURNED REGULAR MEETING OF THE BOARD OF DIRECTORS
OF THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY
The Adjourned Regular Meeting of the Board of Directors of the San Juan Capistrano
Community Redevelopment AGency, was called to order by Mayor Friess at 7:05 p.m., in
the La Sala of the San Juan Capistrano Library to conduct a joint meeting the City
Council relative to purchase of the Kinoshita Farms.
ROLL CALL PRESENT: Lawrence F. Buchheim, Chairman
Gil Jones, Vice Chairman
Kenneth E. Friess, Director
Gary L. Hausdorfer, Director
Jeff Vasquez, Director
ABSENT: None
STAFF PRESENT: Stephen B. Julian, Executive Director; Tom Clark, Agency Counsel;
Jeff Parker, Acting AGency Secretary; David Bentz, Finance Officer; George
Scarborough, Assistant City Manager; Cheryl Johnson, City Clerk.
BOARD ACTIONS
1. RE50LUTION AUTHORIZING SALE OF COMMUNITY REDEVELOPMENT
Written Communications:
Report dated March 6, 1991, from the City Manager, noting that on March 5, 1991,
the Community Redevelopment Agency Board of Directors approved a Purchase
Agreement and Farm Management and Operation Agreement for the Kinoshita
properties, approximately 56 acres located at the northwest corner of Alipaz Street
and Camino Del Avion. Purchase of the property was made possible due to the April
1990 passage of Measure D, the $21,000,000 bond measure for the purchase of open
space and agriculture lands. The Community Redevelopment Agency purchased the
property in order to provide a financing tool to allow the Kinoshita family to receive
tax-deferred treatment on the sale of the property. Without the Agency's
involvement the purchase price would have been much higher. The report
recommended approval of the agreement providing for purchase by the City of an
undivided four/fifths interest in the property which will be acquired for $9,610,000.
Financing will use approximately $6.5 million in bond proceeds, from the open space
bond measure, with the remaining funds from the agriculture preservation fund,
parks and recreation fund and monies anticipated from the California Coastal
Conservancy. The report further recommended that once the City had purchase the
property from the Community Redevelopment agency, the Agency would direct
repayment of certain indebtedness to the City in the amount of $7,550,000.
The City Manager noted that part of the Community Redevelopment Agency
transaction involved issuance of Notes to the Kinoshita family. He recommended
that in order to better meet her needs the Board approve an exchange of the K ioki
Kinoshita Note.
3/6/91
Approving Sale of Real Property (Kinoshita):
It was moved by Director Hausdorfer, seconded by Director Jones that the following
Resolution be adopted:
RESOLUTION NO. CRA 91-3-6-1 APPROVING AGREEMENT FOR
SALE OF REAL PROPERTY KINOSHITA - A RESOLUTION OF
THE SAN JUAN CAPISTRANO COMMUNITY REDEVELOPMENT
AGENCY, APPROVING THE EXECUTION OF AN AGREEMENT FOR
THE SALE OF REAL PROPERTY BETWEEN THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY AND THE
CITY OF SAN JUAN CAPISTRANO (KINOSHITA)
The motion carried by the following vote:
AYES: Directors Jones, Hausdorfer, Friess,
Vasquez, and Chairman Buchheim
NOES: None
ABSENT: None
Directing _Repayment of Indebtedness:
It was -moved by Director Hausdorfer, seconded by Director Jones that the following
Resolution be adopted:
RESOLUTION NO. CRA 91-3-6-2 DIRECTING REPAYMENT OF
INDEBTEDNESS TO CITY - A RESOLUTION OF THE SAN JUAN
CAPISTRANO COMMUNITY REDEVELOPMENT AGENCY,
DIRECTING THE REPAYMENT OF CERTAIN INDEBTEDNESS TO
THE CITY OF SAN JUAN CAPISTRANO
The motion carried by the following vote:
AYES: Directors Jones, Hausdorfer, Friess,
Vasquez and Chairman Buchheim
NOES: None
ABSENT: None
Substition of Note;
It was moved by Director Hausdorfer, seconded by Director Jones and unanimously
carried to approve substitution of one Note to the Kinoshita family.
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ADJOURNMENT
There being no further business before the Board, the meeting was adjourned at 7:15
p.m., to the next regular meeting date of Tuesday, March 19, 1991, at 7:00 p.m., in the
City Council Chamber.
Respectfully submitted,
ATTEST:
ENCE F. BUC H M. CHAIRMAN
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