RDA MINS 19880516 ADJ M I N U T E S
RANCHO PALOS VERDES REDEVELOPMENT AGENCY
ADJOURNED REGULAR MEETING
MAY 16 , 1988
The meeting was called to order at 6 : 16 P.M. by Chairwoman Bacharach, at
Fred Hesse Community Park, 29301 Hawthorne Boulevard, notice having been
given with affidavit thereto on file.
PRESENT: MEMBERS HUGHES, McTAGGART, AND CHAIRWOMAN BACHARACH
ABSENT: MEMBERS HINCHLIFFE AND RYAN (LATE ARRIVALS)
Also present were Executive Director Dennis McDuffie, Public Works Director
George Wentz, and Finance Director Kevin N. Smith.
RECESS:
At 6: 17 P.M. , the meeting was recessed. The meeting reconvened at 7: 28 P.M.
with the following members present:
PRESENT: MEMBERS HINCHLIFFE, HUGHES, McTAGGART, RYAN AND
CHAIRWOMAN BACHARACH
ABSENT: NONE
Also present were the above-stated staff members.
REVIEW EXECUTIVE DIRECTOR'S PROPOSED BUDGET FOR FISCAL YEAR 1988-89
Finance Director Smith said two departments were created within the
Redevelopment Agency--one for the Portuguese Bend Landslide (page 79) and
the other for Abalone Cove (page 80 ) . He said the major expenditures (page
79) are for the Klondike Canyon drainage system and the roadway and
associated grading. He said a $200,000 fund balance is anticipated at the
end of next year. He said $450 , 000 is the amount ( $325, 000 plus accrued
interest) for expenses incurred prior to the receipt to the bond, which will
eventually be paid back out of the property tax increment.
Chairwoman Bacharach noted that lobbying is not included in the budget and
said $25 , 000 should be included for inter-agency relationship. She asked if
something should be saved in reserve to make necessary payment for the bond.
She suggested establishing an system to put money into a fund and thought
the community would feel more comfortable if provisions were made.
It was the consensus of the Agency to direct the Finance Director to make
some provision to put money into a fund to pay back the bond. Chairperson
Bacharach said the redevelopment projects for Klondike Canyon should be in
the Redevelopment Agency budget, and the City' s budget (capital improvement
fund) should be reworded to reflect a contribution to these projects.
ADJOURNMENT:
At 8 : 46 P.M. , the Rancho Palos Verdes Redevelopment Agency meeting was
adjourned to a regular meeting on Tuesday, May 17, 1988 , at 7 : 30 P.M. ,
at Fred Hesse Community Park.
mg:
Or CHAIRWOMAN
ATTEST:
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ENCY SECRETARY
-2- MAY 16, 1988