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<br /> ROLL CALL <br />I MINUTE <br />APPROVAL <br /> HEARING <br /> <br />I <br /> <br />RESOLUTION <br />ARA 20 <br />ADOPTED <br /> <br />M I NUT E S <br /> <br />ARCADIA COMMUNITY REDEVELOPMENT AGENCY <br /> <br />REGULAR MEETING <br /> <br />DECEMBER 2, 1975 <br /> <br />The Arcadia Redevelopment Agency met in regular session on December 2, <br />1975 at 9 p.m. in the Arcadia City Hall Council Chamber. <br /> <br />PRESENT: <br />ABSENT: <br /> <br />Members Lauber, Saelid, Helms, Gilb <br />Member Scott <br /> <br />On MOTION by Member Lauber, seconded by Member Helms and carried the <br />minutes of the regular meeting of November 4, 1975 were APPROVED. <br /> <br />Proposed sale of City-owned property and a proposed Participation <br />Agreement for the property at the southwest corner of Wheeler and First <br />Avenues between the Arcadia Medical Center (Dr. James Chinn) and the <br />Agency. It wa'il explained that this document follows an earlier Agreement <br />to Negotiate wherein the Agency agreed with D,. Chinn and his associates <br />to negotiate terms and conditions for the sale and development. <br /> <br />The sale is recommended to be on an installment basis with terms as <br />follows: Price of the property to be $150,000 with,a down payment of <br />$30,000, the balance secured by a note and deed of trust payable in <br />equal monthly installments over a period of seven years and at an <br />interest rate equal to the prime rate of interest as of the date that <br />title to the site is conveyed. The Agreement also provides for the <br />subordination of the deed of trust in order for the Participants to <br />obtain interim and long term financing for the development and con- <br />struction of the site. Staff noted changes brought about by the <br />discovery of the existence of former basements on the subject site. <br /> <br />Member Helms questioned the advisability of a provision in the Sub- <br />ordination Agreement permitting the use of loan funds for purposes other <br />than those set forth in the Agreement. An amendment was made to require <br />prior approval of the Agency to any expenditures of loan funds other <br />than to the actual development of the property. <br /> <br />At the request of Member Saelid the Economic Coordinator gave a his- <br />torical summary of events concerning existing and proposed public parking <br />facilities within the Towne Centre area. <br /> <br />Chairman Gilb declared the hearing open and Mrs. Johanna Hofer, 875 Monte <br />Verde Drive, read a prepared statement concerning redevelopment which <br />she felt is likely to become as controversial an issue as off-shore <br />drilling or nuclear power plants. She said this proposed sale of <br />property, as well as all others, should be rejected until the people of <br />the community have had an opportunity to vote on redevelopment. She <br />submitted a booklet containing testimony given at a recent hearing on <br />redevelopment. She asked the Agency not to dispose of this property <br />which might very well be needed in the future for a public facility. <br /> <br />No one else desiring to be heard the hearing was CLOSED on MOTION by <br />Member Saelid, seconded by Member Lauber and carried unanimously. <br /> <br />The City Attorney then presented, explained the content and read the <br />title of Resolution No. 20 entitled: "RESOLUTION FINDING AND DETERMINING <br />THAT A SUBSEQUENT ENVIRONMENTAL IMPACT REPORT NEED NOT BE PREPARED FOR <br />THE PROPOSED SALE AND DEVELOPMENT OF CERTAIN REAL PROPERTY IN THE CENTRAL <br />REDEVELOPMENT PROJECT." <br /> <br />12-2-75 <br /> <br />- 1 - <br />