RDA MINS 19971118MINUTES
RANCHO PALOS VERDES REDEVELOPMENT
REGULAR MEETING
NOVEMBER 18, 1997
The Redevelopment Agency Meeting was called to order at 9:00 P.M. by Chairman
John C. McTagg art for the purpose of meeting simultaneously as the City Council and
the Redevelopment agency.
PRESENT: Ferraro, Lyon, Byrd, Hollingsworth and Chairman McTaggart
ABSENT: None
Also present were: Executive Director Paul Bussey; Public Works Director Les Evans;
Finance Director Dennis McLean; Agency Attorney Carol Lynch; Agency Secretary Jo
Purcell; and Recording Secretary Monica Ponce.
APPROVAL OF AGENDA
Member Byrd moved, seconded by Member Ferraro, moved to approve the Agenda as
presented. Motion carried.
ABALONE COVE ASSESSMENT DISTRICT BOND RESTRUCTURING
RESO L. NOS. RDA 97 -20, 219 229 23,24 - (602 x 1900)
Director of Finance McLean presented the Staff Report of November 18 and the
recommendation to adopt the following proposed resolutions: (1) A Resolution
making determinations with respect to payment by the Redevelopment Agency (RDA)
of all or part of the cost of the installation and construction of landslide abatement
improvements and approving the return to Los Angeles County (County) of $1,000,000
of bond proceeds; (2) A Resolution Authorizing the Issuance of its Project Area No. 1,
Tax Allocation Bond, Issue of 1997, to refinance a portion of the cost of the
Redevelopment Project and providing for the sale of the Bond to the Rancho halos
Verdes Improvement Authority; (3) A Resolution Authorizing a loan agreement with
the City of Rancho Palos Verdes in connection with the Agency's Project No. 1; (4) A
Resolution Authorizing an amendment to a loan agreement with the City of Rancho
Palos Verdes in connection with the Agency's Project No. 1; and (5) A resolution
amending Resolution RDA 97 -11, the Budget Appropriation for Fiscal Year 1997 -98, for
a Budget Adjustment for the loan received by the Rancho Palos Verdes
Redevelopment Agency's Project Area No. 1 from the General fund, the return of funds
from the Rancho Palos Verdes Redevelopment Agency's Project Area No. 1 to the
County and payment of accumulated tax increment revenue from the Debt Service fund
to the County.
Member Byrd moved, seconded by Member Hollingsworth to Adopt Resol. No. RDA 97-
20, Making determinations with respect to payment by the Redevelopment Agency
(RDA) of all or part of the cost of the installation and construction of landslide
abatement improvements and approving the return to Los Angeles County (County) of
$1,000,000 of bond proceeds. Motion carried without Objection.
Member Ferraro moved, seconded by Member Lyon to Adopt Resol. No. RDA 97 -21,
Authorizing the issuance of its Project Area No. 1, Tax Allocation Bond, issue of 1997,
to refinance a portion of the cost of the Redevelopment Project and providing for the
sale of the bond to the Rancho Palos Verdes Improvement Authority. Motion carried
without objection.
Member Hollingsworth moved, seconded by Member Byrd to Adopt Resol. No. RDA 97-
22, Authorizing a loan agreement with the City of Rancho Palos Verdes in connection
with the Agency's project No. 1. Motion carried without objection.
Member Lyon moved, seconded by Member Byrd to Adopt resol. No. RDA 97 -231
Authorizing an Amendment to a Loan Agreement with the City of Rancho Palos Verdes
in connection with the Agency's project No. 1. Motion carried without objection.
Chairman McTaggart moved, seconded by Member Hollingsworth to Adopt Resol. No.
RDA 97 -24, Amending Resol. 97 -11, The Budget Appropriation ro riation for Fiscal Year 1997 -
98, for a budget adjustment for the loan received by the Rancho Palos Verdes
Redevelopment Agency's Project Area No. 1 from the General Fund, the return of funds
from the Rancho Palos Verdes Redevelopment Agency's Project Area No. 1 to the
County and payment of accumulated tax increment revenue from the Debt Service
Fund to the County. The motion carried on the following roll call vote:
AYES: Byrd, Ferraro, Lyon, Hollingsworth, Chairman McTaggart.
NOES: None
ADJOURNMENT: At 9:15 P.M. the meeting adjourned on motion of Member Lyon.
Attest:
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Agency Secretary
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Rancho Palos Verdes Redevelopment Agency
November 18, 1997
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