HomeMy WebLinkAbout12/14/87 MINUTES RABakersfield, California, December 14, 1987
Minutes of the Special Meeting of the Central District
Development Agency of the City of Bakersfield, California, held in
the Council Chambers of City Hall, 1501 Truxtun Avenue, at 3:00
p.m., December 14, 1987.
The meeting was called to order by Chairman Watson.
The Deputy City Clerk called the roll as follows:
Present:
Absent:
Agency Members Araujo, Kronenberg, Paynter,
Rubin (seated at 3:02 p.m.), Watson
Agency Members Dunn, Killmer
REPORTS
Development Committee Report No. 87-5 regarding the need
for a budget amendment to make payment to American National Bank
according to the terms of Agreement No. RA6-86 was presented as
follows:
On December 7, 1987, the Development Committee met
to discuss the need for a budget amendment to make
payment to American National Bank according to the
terms of Agreement No. RA6-86. This Agreement is
the Amended and Restated Disposition and Develop-
ment Agreement between the Bakersfield Redevelop-
ment Agency and Bakersfield Convention Center Hotel
Association.
After considerable discussion, it was determined
that the situation requires two separate and dis-
tinct actions to be taken by the Agency. The
first, and most pressing, is to amend the current
Central District Development Agency (CDDA) budget
to provide the necessary funds to make payment to
American National Bank, in accordance with the
Agreement. Funds are available and have been in-
cluded in the Agency's Cash Flow Analysis, however,
they were not included in the annual budget for
fiscal year 1987-88.
The second action is to amend the Disposition and
Development Agreement (DDA) to address the existing
situation and provide for the disposition of the
loan and the payments required under several dif-
fering scenarios. This need will be addressed in
the near future with the necessary DDA amendment.
These funds in the amount of $525,000 shall be used
to pay the first installment of the subject loan
which was due and payable August 31, 1987, as well
as the first and second regularly scheduled payment
due on January 1, 1988, and May 1, 1988. All fur-
ther payments are due on succeeding years on
January 1, and May 1, which result in an annual
payment of $350,000. These funds shall be trans-
ferred from the Land and Land Improvements, General
Fund account of the Agency to the appropriate
account utilized of debt retirement.
It is, therefore, the recommendation of the
Development Committee, at this time, that the CDDA
budget be amended to provide funds in the amount of
$525,000 to pay debt service on the referenced loan
and in accordance with the referenced agreement.
Chairman Watson gave further explanation of Development
Committee No. $7-5.
Bakersfield, California, December 14, 1987 - Page 2
City Manager
garding Development Committee Report No.
Upon a motion by Agency Member
tions of Development Committee Report No.
the following vote:
Ayes: Agency Members Araujo, Kronenberg,
Noes: None
Absent: Agency Members Dunn, Killmer
Caravalho gave background information re-
87-5.
Paynter, the recommenda-
87-5 were approved by
Paynter, Rubin, Watson
Agency Member Araujo requested that a status report on
the Hotel project be on the agenda for January 4, 1988.
NEW BUSINESS
Presentation of the 2010 Draft General
Plan relative to the issues of Redevelop-
ment and Economic Development.
City Manager Caravalho made introductory remarks.
Principal Planner Barry Hand gave a presentation of the
2010 General Plan.
Chairman Watson requested a workshop on the 2010 General
Plan be scheduled for January 4, 1988.
Upon a motion by Agency Member Rubin, the presentation
of the 2010 General Plan was referred to the Development Committee
for continued discussion.
CLOSED SESSION
Chairman Watson recessed the meeting at 3:38 p.m. to a
Closed Session pursuant to Government Code Section 54956.9(a) re-
garding City of Bakersfield vs. Rudnick et al., City of Bakers-
field vs. Trammel et al., and City of Bakersfield vs. Pilgrim et
al.
The meeting was reconvened at 4:15 p.m.
Chairman Watson stated that the issues of City of
Bakersfield vs. Rudnick et al., City of Bakersfield vs. Trammel et
al., and City of Bakersfield vs. Pilgrim et al, would be sent to
outside counsel, if necessary.
ADJOURNMENT
There being no further business to come before the
Agency, Chairman Watson adjourned the meeting at 4:18 p.m.
ATTEST:
CHAIRMAN of the Central District
Development Agency of the City
of Bakersfield
SECI~ETARY of the Central District
Development Agency of the City of
Bakersfield