HomeMy WebLinkAbout05-11-1982 RDACITY OF LAKE ELSINORE
REDEVELOPMENT AGENCY MINUTES''
TUESDAY, MAY 11, 1982
130 SOUTH MAIN STREET
LAKE ELSINORE, CALIFORNIA
x * * * + * * * * * * * * * �: * * * * * * x x x xi .
l. CALL TO ORDER
The meeting of the Redevelopment Agency was called to order
by Chairman Torn.
2. ROLL CALL
PRESENT: BOARDMEMBERS: KNIGHT, MACMURRAY, TORN, UPlSWORTH
VALENZUELA
ABSENT: BOARDMEMBERS: NONE
Also present were: Executive Director/City Manager Rede,
City Attorney Porter, City Clerk Harrington, Planning Director
Morrissey, and City Engineer Joe Kicak.
3. MINUTES
A. April 14, 1982 - Approved as presented.
B. April 20, 1982 - Approved as presented.
4. EXECUTIVE DIRECTOR'S REPORT
A. Resolution No. CRA 82-7
Mr. Rede gave background information on the resolution regarding
Lake Elsinore Townhomes, Ltd. and the agreement between the
Redevelopment Agency and Lake Elsinore Townhomes.
RESOLUTION N0. CRA 82-7
RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY
OF LAKE ELSINORE, RIVERSIDE, COUNTY, CALIFORNIA,
MAKING DETERMINATIONS WITH RESPECT TO THE FINANCING
OF A PROJECT FOR ACQUISITION AND CONSTRUCTION OF
FACILITIES AND EQUIPMENT AND DECLARING ITS INTEN-
TION TO AUTHORIZE CERTAIN OBILIGATIONS TO PROVIDE
FINANCING OF SAID PROJECT.
(IAKE ELSINORE TOWNHOP1ES, LTD.)
MOVED BY UNSIv'ORTH, SECONDED BY KNIGHT AND CARRIED UNANIMOUSLY
TO APPROVE RESOLUTION N0. CRA 82-7.
5. k'RITTEN COMMUNICATIONS None
6. ORAL COMMUNICATIONS None
7. UNFINISHED BUSINESS
A. Deferred Loan Request - Local Development Corporation
Mr. Steel gave background information on the loan request
by Local Development Corporation based upon a report dated
May 7, 1982, recommending denial of the 12%, ten-year loan;
or, if Anency/Council desires, 1) approve ten year loan at
16% interest, and 2) direct Agency Attorney to prepare laon
document.
Bill Sattoff asked if the Local Development Corporation
secures a loan from a private lending institution, would the
city co-sion on the loan.
f�r. Carter stated he felt that the City should not get into
the loan lendina business.
Bill Sattoff asked thatdue to the time element, he would like
a letter from the City granting conceptual approval of the
request.
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