HomeMy WebLinkAbout1989 12 12 CC MIN1989 12 12 CC MINòw @˜ u ² CC MIN DEC 12 1989à›[H!8 SPECIAL MEETING OF THE CITY COUNCIL OF
THE CITY OF BALDWIN PARK, CITY HALL,
14403 EAST PACIFIC AVE, WEDNESDAY,
DECEMBER 12, 1989, AT 9:00 A.M.
The City Council of the City of Baldwin
Park met in regular session in the
Council Chambers at 7:00 p.m.
ROLL CALL: PRESENT: COUNCILMEMBERS IZELL, KEYSER, ROLL CALL
MCNEILL AND MAYOR PRO TEM LOWES
ALSO PRESENT: Acting City Manager Lanza,
Acting Dir. of Administrative
Services Schuld,
Acting Dir. of Community
Services Rangel,
Acting Dir. of Housing &
Economic Development Pearce and
Deputy City Clerk Sharp
00-
The absence of City Clerk Gair was excused. ABSENCE
EXCUSED
00-
Acting Director of Housing & Economic Development
Pearce explained that there has been certain evidence
regarding the need for a short term float loan to
cover Agency expenses. It is estimated that on
January 20, 1990 these funds will no longer be needed,
as the refinancing of three redevelopment projects
will be completed and will net approximately $2
million for the Agency and will be used to first repay
the referenced float loan and secondly to meet other
Agency obligations.
She further explained that staff has investigated the
following sources, each of which is outlined in the
staff report: 1) Lending Institutions, 2) Pooled
Lenders, 3) Private Funding Groups and 4) City Loan
to Agency. She recommended that the float loan come
from the City due to it being the least costly option.
Council discussed the option of the City loaning the
Agency the money, since the funds are readily
available to loan from the General Fund. Council felt
the Agency should pay the same interest rate as if
they were borrowing it from any other public source.
Acting Director of Administrative Services Schuld
explained that the Agency would only pay interest on
what money was drawn out.
It was moved and seconded to allow a loan of $300,000 APPROVE
from the city to the Agency at prevailing interest LOAN
rate. M/S/C: IZELL/MCNEILL. There were no AGREEMENT
objections.
Mayor Pro Tem Lowes recessed the City Council at 9:10 RECESSED
a.m.
The special meeting of the City Council was back in IN SESSION
session at 9:13 a.m. Roll Call remained the same.
The meeting adjourned to Closed Session at 9:13 a.m. CLOSED
to consider personnel matters. SESSION
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1989 12 12 CC MINòw @˜ u ² CC MIN DEC 12 1989à›[H!8SPECIAL MEETING OF THE CITY COUNCIL DECEMBER 12, 1989
OF THE CITY OF BALDWIN PARK PAGE TWO
The special meeting of the City Council was back in IN SESSION
session at 9:23 a.m. Roll Call remained the same.
It was moved and seconded to appoint Art Rangel as APPROVE
Director of Community Services. M/S/C: APPOINT-
MCNEILL/IZELL. There were no objections. MENT OF
DIR. OF
COMM. SERV
It was moved and seconded to appoint Beverly Pearce as APPROVE
Director of Housing & Economic Development. M/S/C: APPOINT-
MCNEILL/IZELL. There were no objections. MENT OF
DIR. OF
HOUSING &
ECON. DEV.
00-
It was moved and seconded to adjourn the special MEETING
meeting of the City Council at 9:25 a.m. M/S/C: ADJOURNED
IZELL/MCNEILL. There were no objections.
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37175-U01
CC-U02
MIN-U02
DEC-U02
12-U02
1989-U02
LG1-U03
LI1-U03
FO3794-U03
FO3837-U03
FO3881-U03
DO3883-U03
C4-U03
MINUTES1-U03
10/11/2001-U04
ADMIN-U04
BIB]
37260-U01
1989-U02
12-U02
12-U02
CC-U02
MIN-U02
LG1-U03
LI1-U03
FO3794-U03
FO8598-U03
DO3883-U03
C4-U03
MINUTES1-U03
10/11/2001-U04
ADMIN-U04
CITY-U05
COUNCIL-U05