91-0507_CRA_Minutes_Regular Meeting3 77
MAY 7, 1991
REGULAR MEETING OF THE SAN JUAN CAPISTRANO
COMMUNITY REDEVELOPMENT AGENCY
BOARD OF DIRECTORS
The Regular Meeting of the Board of Directors of the City of San
Juan Capistrano Redevelopment Agency was called to order by
Chairman Buchheim at 7:57 p.m. in the City Council Chamber.
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; Thomas
Tomlinson, Acting Deputy Director; Jeffrey C. Parker, Acting
Agency Secretary; David Bentz, Finance Officer; Thomas Clark,
Agency Counsel; Cheryl Johnson, City Clerk; George Scarborough,
Assistant City Manager; William Huber, Director of Engineering
and Building Services; Ronald C. Sievers, Director of Public Lands
and Facilities; Al King, Director of Community Services; Nancy
Bernardi, Recording Secretary.
MINUTES
Ad'ourned Regular -Meeting of April 9 91:
It was moved by Director Hausdorfer, seconded by Director
Buchheim, that the Minutes of the Adjourned Regular Meeting of
April 9, 1991, be approved as submitted. The motion carried by
the following vote:
AYES: Directors Friess, Hausdorfer, Jones,
Vasquez, and Chairman Buchheim
NOES: None
ABSENT: None
Regglar_Meeting of April 16, 1991:
It was moved by Director Hausdorfer, seconded by Director
Buchheim, that the Minutes of the Regular Meeting of April 16,
1991, be approved as submitted. The motion carried by the
following vote:
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AYES: Directors Friess, Hausdorfer, Jones,
Vasquez, and Chairman Buchheim
NOES: None
ABSENT: None
BOARD ACTIONS
1. APPROVAL OF WARRANTS (300.30)
It was moved by Director Hausdorfer, seconded by Director
Jones, and unanimously carried to approve the: List of Demands
dated May 2, 1991, in the total amount of $1,527,490.48.
2. SELECTION OF FISCAL AGENT PAYING AGENT REgARDING
REFUNDING OF $6,250,000 BOND ANTICIPATION NOTE 600.40
Written --Communication:
Report dated May 7, 1991, from the Finance Officer, regarding
the Agency Tax Allocation Note in the amount of $6,250,000
that is due on August 1, 1991. The Report recommended that
Bankers Trust be retained as the Agency's Fiscal Agent
(Paying Agent) to manage the sale of 25 -year bonds to pay off
the Tax Allocation Note.
Appointment of Fiscal Agent:
It was moved by Director Friess, seconded by Director
Hausdorfer, and unanimously carried that Bankers Trust
Company of California, N.A. be appointed as the Agency's
Fiscal Agent (Paying Agent) to manage the sale of the
proposed $6,250,000 Tax Allocation Bonds. The Finance
Officer was authorized to execute the necessary documents.
3. PROPOSAL FOR DEPOSITING FUNDS FOR ACCOUNTING COST KINOSHITA
FARMS 600.40
written communication:
Report dated May 7, 1991, from the Finance Officer, regarding
the need for the Agency to make an initial deposit of $75,000
for startup costs and cash flow purposes to manage and
operate Kinoshita Farms, which was purchased by the Agency
in March 1991.
Mr. Julian made an oral presentation, noting that the funds
would be placed in a revolving account to allow for the
purchase of agricultural items, e.g. seeds, etc., for the
farming operation. An expected return on investments will
repay this initial deposit.
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Approval of Funds Deposit:
It was moved by Director Hausdorfer, seconded by Director
Friess, and unanimously carried that funds in the amount of
$75,000 be deposited with Bank of America (Kinoshita Farms,
Inc.) for startup and cash flow for the management and
operation of the farm.
4. EXTENSION OF NOTE - CAM NO CAPISTRANO BRIDGE HERRERA KORD
INDUSTRIES) (670.201
Written Communication:
Report dated May 7, 1991, from the Finance Officer, request-
ing that the note, which was due April 15, 1991, from
California First Bank to acquire the Kord Industries property
for the Camino Capistrano Bridge Widening Project be extended
for a 2' -month period.
Approval of Note Extension:
It was moved by Director Hausdorfer, seconded by Director
Friess, and unanimously carried that the note from California
First Bank for the Kord Industries property be extended 2k
months to July 1, 1991. The Agency Chairman and the Execu-
tive Director were authorized to execute the necessary
documents.
5. RENEgOTIATION OF NOTE - RANCHO DEL AVION MOBILE HOME .PARK
(430.40
written Communication:
Report dated May 7, 1991, from the Finance Officer, advising
that the principal on the $468,000 note became due in March
of this year. The note had been obtained to assist with the
purchase of the Rancho Del Avion Mobile Home Park by the Park
Homeowners' Trust. The note was re -negotiated and the
remaining balance of $138,750 will be due March 15, 1993.
Approval of Note Extension:
It was moved by Director Hausdorfer, seconded by Director
Jones, and unanimously carried that the Executive Director
be authorized to execute the necessary documents in
connection with the renewal of the note.
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ADJOURNMENT
There being no further business before the Board, the meeting was
adjourned at 8:05 p.m. to the next regular meeting date of
Tuesday, May 21, 1991, at 7:00 p.m. in the City Council Chamber.
Respectfully submitted,
ATTEST:
LA RENC BUCHHEIM, CHAIRMAN
by Gil Jones, Vice Chairman
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