HomeMy WebLinkAbout08/07/74 MINUTES RA-24-
Bakersfield, California, August 7, 1974
Minutes of a special meeting of the Bakersfield
Redevelopment Agency held in the Council Chambers of the City
Hall at 2:00 P. M., August 7, 1974.
The meeting was called to order at 2:10 P. M. by Vice-
Chairman Vincent Casper. The Secretary called the roll as follows:
Present: Vincent Casper, Vice-Chairman
Bill Lee
James Stewart
Theron Taber
Absent: Robert E. King, Chairman
Ralph Poehner
Dr. Glenn D. Puder
The purpose of the meeting was for further action on
the Downtown Bakersfield Redevelopment Project "K" Street Parking
Garage.
Mr. Mark D. Breakstone, representative of the office of
Mr. Eugene Jacobs, Special Counsel to the Redevelopment Agency,
reported that bids were received at 11:00 A. M., August 7, 1974,
on the Parking Lease Revenue Bonds of the Agency. Five bids were
received, as follows:
Net Interest Rate
Bank of America N.T. & S.A.
United California Bank
Blyth Eastman Dillon & Co.
Merrill Lynch
John Nuveen & Co.
Adoption of Resolution No.
6.831%
7.049%
7.074%
7.147%
7.248%
RA19-74 of
the Redevelopment Agency of the City of
Bakersfield, California, awarding
$1,560,000 Parking Lease Revenue Bonds
of said Agency to the best bidder and
rejecting all other bids.
Upon a motion by Mr. Lee, seconded by Mr. Stewart,
Resolution No. RA19-74 of the Redevelopment Agency of the City of
Bakersfield, California, awarding $1,560,000 Parking Lease Revenue
Bonds of said Agency to the Bank of America and rejecting all other
bids, was adopted.
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Bakersfield, California, August 7, 1974 - Page 2
Mr. Dennis Ciocca, representing Blyth Eastman Dillon &
Co., Financial Consultants for the Redevelopment Agency, stated
that the fact five bids were received reflects very favorably
upon the credit of the City of Bakersfield. He noted the range
of a high interest rate of $1,877,862.80 to the iow by the Bank
of America of $1,769,973.05, or a difference in the interest cost
over the life of the bonds (25 years) of $107,889.75, was a savings
of this amount. He further stated that considering the current
economic and political conditions, this is as fine a bid as could
be expected.
Mr. Breakstone reviewed action taken by the Agency on
June 28, 1974, adopting a lease to the City of Bakersfield of the
"K" Street Parking Garage and establishing a base rental not to
exceed $225,000. At this time the base rental figure can be
amended to correspond with the interest rate of the Revenue Bonds,
and that figure is $135,525, which will be the amount of the annual
rental payments by the City to the Agency and will also be the
amount of reimbursement from the Agency to the City. The reim-
bursement to the City will be made from tax increment funds
received by the Agency.
Adoption of Resolution No. RA20-74 of
the Redevelopment Agency of the City of
Bakersfield ratifying Base Rental for
that certain Lease Agreement dated as
of August 1, 1974 for the "K" Street
Parking Garage.
Upon a motion by Mr. Stewart, seconded by Mr. Taber,
Resolution No. RA20-74 of the Redevelopment Agency of the City of
Bakersfield ratifying Base Rental
Lease Agreement dated as of August
Parking Garage, was adopted.
Mr. Breakstone stated that
(as amended) for that certain
l, 1974 for the "K" Street
the Agency should take action
at this time on the purchase of a Bank of America parcel of land
to complete the acquisition of the site for the construction of the
garage at a purchase price of $233,000, which was agreed to in 1972.
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Bakersfield, California, August 7, 1974 - Page 3
Adoption of Resolution No. RA21-74 of
the Bakersfield Redevelopment Agency
authorizing the purchase of certain
real property and approving and
authorizing the Community Development
Director to execute the agreement for
acquisition of that certain real
property and to accept a Grant Deed
thereto.
Upon a motion by Mr. Taber, seconded by Mr. Lee,
Resolution No. RA21-74 of the Bakersfield Redevelopment Agency,
authorizing the purchase of certain real property and approving
and authorizing the Community Development Director to execute
the agreement for acquisition of that certain real property and
to accept a Grant Deed thereto, was adopted.
Mr. H. E. Bergen, Community Development Director,
stated that the next meeting would be on August 15, 1974 at
4:00 P. M. for consideration of a budget and report on the status
of the Downtown Regional Shopping Center.
Mr. Casper stated that a number of downtown merchants
have been telephoning him relative to the status of this
and he had indicated to them that some
coming on the 15th of August.
Adjournment.
There being no further
Bakersfield Redevelopment Agency,
2:30 P. M.
information would
project,
be forth-
business to come before the
the meeting was adjourned at
rsfield
ReS~,irelopmentt~'fgency
MARGUERITE ANDERSON
SECRETARY to the Redevelopment Agency