HomeMy Public PortalAboutM 1987-07-07 - LRAP''445
REGULAR MEETING JULY 7, 1987
The Lynwood Redevelopment Agency met in a regular session in the
City Hall, 11330 Bullis Road, on the above date at 7:35p.m.
Chairman Richards in the chair.
Members Byork, Henning, Morris, Wells, Richards answered the
roll call.
Also present were Executive Director Gomez, Assistant General
Counsel M. Huebsch, Secretary Hooper and Treasurer Wright.
Secretary Hooper announced the Agenda had been duly posted .-
according to The Brown Act.
LRA RESOLUTION 87 -21 entitled "A RESOLUTION OF THE LYNWOOD LRA 87 -21
REDEVELOPMENT AGENCY ENTERING INTO AN AGREEMENT WITH KATZ, agreement
HOLLIS, COREN AND ASSOCIATES., INC." was presented. with
K,H.0 $ As
It was moved by Mr. Henning, seconded by Mr. Morris that the
resolution be adopted and to authorize the Chairman to execute Henning
the agreement. adopt
ROLL CALL
AYES: MEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES NONE
ABSENT: NONE
Community Director V. Mas stated the Agency has just completed Mas advised
the acquisition of the property at 11696 Atlantic Avenue for the acq prop.
purpose of redeveloping the site at a future date. Staff is 11696 Atl.
requesting direction from the Agency on whether to continue the question ra
lease with the existing tenant or to relocate the tenant, clear lease
the site, and improve it for parking.
' After Agency'discussion,
It was moved by Mr. Morris, seconded by Mr. Byork to continue to Morris,
lease with the existing tenant on a month to month bases. cont.lease
ROLL CALL
T7 BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES. NONE
ABSENT: NONE
LRA RESOLUTION NO. 87 -22 entitled. "A RESOLUTION OF THE LYNWOOD LRA 87 -22
REDEVELOPMENT AGENCY BOARD OF DIRECTORS ADOPTING THE FISCAL YEAR annual
1987/88 ANNUAL BUDGET." was presented. budget
It was moved by Mr. Morris, seconded by Mrs. Wells that the resolution
be adopted. Morris
adopt
ROLL CALL
AYES. MEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES: NONE
ABSENT: NONE
Chairman Richards stated at a Special Meeting of the Agency June 22,Richardc'
1987, he informed the Agency of potential savings from refunding the
1976 and 19.86 Tax Allocation Bond Issues. The Agency at that time re
requested staff to.pursue this matter and bring back further informa
tion. on bond
issues
Mr. Henning stated the item for this amount is against the law in
regards to the bidding procedures. It's a violation of State and Henning
local laws, against
After Agency discussion,
It was moved by Mr. Henning, seconded by Mrs. Wells to cancel the Henning
item of Proposed Refunding of 1976 and 1986 Tax Allocation Bonds. proposed
cancel t
TABonds
446'
_.
ROLL CALL
AYES: MEMBER HENNING, WELLS
NOES: MEMBER BYORK, MORRIS, RICHARDS
ABSENT: NONE
Motion fails.
After further discussion,
LRA res.
LRA RESOLUTION entitled: "A RESOLUTION OF THE BOARD OF DIRECTORS
Westpac
OF THE LYNWOOD REDEVELOPMENT AGENCY AUTHORIZING THE RETENTION OF
re refund.
WESTPAC BANKING CORPORATION AS THE UNDERWRITER FOR THE REFUNDING
T A bonds
OF SERIES 1976 AND 1986 TAX ALLOCATION BONDS." was presented.
Morris
It was moved by Mr. Morris, seconded by Mr. Byork that the
adopt
resolution be adopted.
NO ROLL CALL.
Westpac
Alexis Jackson, Vice President, Public Finance Department of
Westpac Banking Corporation, 444 South Flower Street, Los Angeles
explained the Company's proposal to furnish underwriting services
to the Agency for the proposed refunding of Series 1976 and 1986
Tax Allocation Bonds. Our analysis demonstrates savings in
excess of $365,000 available to the Agency at closing. In addi-
tion to these savings, this refunding is predicated on lifting
certain covenants from the transaction, thereby giving the Agency
greater flexibility in this financing. She gave and furnished
background information about Westpac Bank which provides a full
range of financial advisory, investment banking and consulting
services through our Public Finance Department.
After further Agency discussion,
It was moved by Mr. Byork, seconded by Mr. Henning, a substitute
amended motion to hold the proposed refunding of the 1976 -1986
Tax Allocation Bond to the last meeting in August for further
clarification.
ROLL CALL
AYES: MEMBER BYORK, HENNING, WELLS, RICHARDS
NOES: MEMBER MORRIS
ABSENT: NONE
PUBLIC ORAL COMMUNICATIONS
'D: Poole
Don Poole, 1880 Josie, Long Beach, stated his concerns'are what
contract
you want is competitive bidding as opposed to negotiating contracts
bidding
not just this contract but any contracts for city services. Has
heard descent among the members as to which way it should be.
Feels that is a larger issue, the members should come to terms as
to how to do city business.
W.Wright
William Wright, 4201 Elmwood, stated hisconcerns, are that he's
re bond
heard during the member discussion, nothing was explained as to
refinancingWhen the members decided as a body, to refinance the bonds.
,Richards
Chairman Richards, stated this matter has been discussed at
advised
previous Agency meetings and staff has been reviewing this issue
brought up
and had brought this item before the Agency at the last meeting:
b/4
I J.Smith
Joe Smith, stated fa- irness to any company, all companies have the
all have
right to come into any city and the right to bid on anything
right to
the city might have.
bid
P. Carr
Patricia Carr, questioned if any other company had bid on the
questioned
refinancing of the bonds or only Westpac, and are there other
who all had companies interested.
bid in
447
Chairman Richards stated no, no other company had bid because
this item did not go out for bid. Stated he brought this company
before this body for information as Chairman and any other member
can bring information like this to the members. The reason for
doing it was to see if the city could realize a savings for the
city by refinancing the bonds.
Caffie Green, stated everyone tonight.is getting an education in
State law, and now that everyone is educated, should get on with
the city's business.
' There was no further business, and it was moved by Mr. Bvork,
seconded by Mr. Morris to adjourn to July 21, 1987.
ROLL CALL
AYES: MEMBER BYORK, HENNING, MORRIS, WELLS, RICHARDS
NOES NONE
ABSENT: NONE
Chairman
APPROVED
z5
becreiary
i
Mayor -no
item did
not go ou'
for bid
C. Green
comments
re state
law
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