HomeMy WebLinkAbout02-10-1998 ORA MinutesAPPROVED BY THE AGENCY BOARD ON FEBRUARY 24, 1998
ORANGE REDEVELOPMENT AGENCY
MINUTES OF A REGULAR MEETING
ORANGE, CALIFORNIA
February 10, 1998
The Orange Redevelopment Agency of the City of Orange, California convened on February 10, 1998 at
4:30 p.m. in a Regular Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange, California.
4:30 P.M. SESSION
1. ROLLCALL
PRESENT
ABSENT
Murphy, Slater, Coontz, Spurgeon, Alvarez None
2. CONSENT
CALENDAR 2.1
Declaration ofthe Clerk ofthe Orange Redevelopment Agency, Cassandra J. Cathcart, declaring posting of
Orange Redevelopment Agency Agenda of regular meeting of February 10, 1998 at Orange Civic
Center, Taft Branch Library at 740 E. Taft Avenue, the Police Facility at 1107 N.Batavia, the
Eisenhower Park Bulletin Board, and summarized on Time Warner Communication,all of
said locations being in the City of Orange and freely accessible to members of the public at least 72
hours before commencement of said regular meeting.ACTION: Accepted
Declaration of Agency Posting and authorized its retention as a public record in
the Office of the Agency Clerk.2.2
RequestAgency confirmation of warrant registers dated January 22 and 29, 1998.ACTION: Approved.
2.3
Approve Redevelopment Agency Minutes, Regular Meeting, January 27, 1998.ACTION: Approved.
RESOLUTION 2.
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RESOLUTIONNO. ORA-0339 A
Resolution of the Orange Redevelopment Agency authorizing the execution of a subordination agreement
and estoppel agreement and approving other matters relating to the refinancing of the Palmyra
Seniors Apartments by Richard J. Hasbrouck and Carolyn A. Hasbrouck, Trustors ofthe R.
and C. Hasbrouck Revocable Trust. (RA2100.0-Agr. 2804.12, 13, 14)
ACTION: Approved.
MOTION
SECOND
AYES
Slater Coontz
Murphy, Slater,
Coontz, Spurgeon, Alvarez PAGE 1 T
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ORANGE REDEVELOPMENT AGENCY MINUTES February 10, 1998
2. CONSENT CALENDAR (Continued)
All items on the Consent Calendar were approved as recommended.
END OF CONSENT CALENDAR
3. REPORTS FROM DIRECTORS - None 4.
REPORTS FROM BOARDS, COMMITTEES AND COMMISSIONS - None 5. REPORTS
FROM EXECUTIVE DIRECTOR - None 6. ADMINISTRATIVE REPORTS
6.1 Report
from the Director of Economic Development regarding First Amendment to commercial Rehabilitation Loan Agreement
between the Orange Redevelopment Agency and Robert B. Breskin and Anne M. Breskin
regarding property at 200 East Chapman Avenue.FISCAL IMPACT: Sufficient
funds in the amount of$12,500 are available to be appropriated from Fund No. 922 (
Southwest Taxable Bond proceeds) to Account No. 922-9811-426702-0000 (Loan
Processing Fees).
NOTE: Councilman Alvarez stepped down from the dais due to a property interest.
The Economic Development Director reported the building is 4,000 sq. ft. of retail space. On August 1,
1996 the Orange Redevelopment Agency approved a $300,000 loan to Robert B. Breskin, owner of 200
E. Chapman Avenue, to redevelop the building. The loan was for ten years amortized for 30 years at 6
percent interest. Since that time, Mr. Breskin has transformed the building and expanded and elaborated
on the original plans. To date, the Agency has disbursed $200,000 and the total project cost is over
550,000. Staff is recommending an amendment to the original commercial rehabilitation loan
agreement which would changes the following: 1) Disburse the remaining $100,000; 2) Include a
provision to encourage Mr. Breskin to refinance once there is a tenant and payoff the Agency so the
Agency would then have the money for other projects and in return the Agency would agree to pay
points on the new loan up to $12,500; and 3) Interest should begin the day this new document is signed,
and the interest accrued so far of $7,000 be forgiven.
Director Spurgeon asked the Economic Development Director if the staff will be assisting Mr. Breskin
to secure primary tenants. The Economic Development Director indicated they are committed to this
task.
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ORANGE REDEVELOPMENT AGENCY MINUTES February 10, 1998
6. ADMINISTRATIVE REPORTS (Continued)
MOTION
SECOND
AYES
ABSENT
Coontz Murphy
Murphy, Slater,
Coontz, Spurgeon Alvarez I I
1) Moved
to approve
the terms and provisions of the First Amendment to Commercial Loan Agreement and authorize and direct
the Executive Director to execute, and the Agency Clerk to attest, the First Amendment to Commercial Rehabilitation
Loan on behalf ofthe Agency. 2) Moved to authorize and direct the Executive Director
to execute any and all documents he deems necessary and appropriate to carry out the terms
and provisions of the First Amendment to Commercial Rehabilitation Loan Agreement. 3) Moved to
appropriate $12,500 from Fund No. 922 (Southwest Taxable Bond proceeds)to Account No. 922-
9811-426702-0000 (Loan Processing Fees).7.
LEGAL AFFAIRS - None 8. ORAL
PRESENTATIONS - None 9. ADJOURNMENT MOTION
SECOND AYES
Coontz
Spurgeon
Murphy,
Slater, Coontz,
Spurgeon, Alvarez
The Orange Redevelopment agency adjourned at
5:50 p.m.tA~ttCd;Uu/-CASSANDRA ATHCART, CMC
CLERK OF THEREDEVELOPMENT
AGENCY COONTZ RMAN
OF THE REDEVELO ENCY
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