HomeMy WebLinkAbout02-25-1992 ORA Minutes86 APPROVED BY DIRECTORS ON MARCH 10, 1992.
ORANGE REDEVELOPMENT AGENCY
MINUTES OF A REGULAR MEETING
ORANGE, CALIFORNIA
FEBRUARY 25, 1992
The Orange Redevelopment Agency of the City of Orange, California,
convened this 25th day of February, 1992 at 3:00 P.M. in a Regular
Meeting in the Council Chambers, 300 E. Chapman Avenue, Orange,
California.
3:00 P.M.
1. ROLL CALL
PRESENT - steiner, Barrera, Coontz, Spurgeon ABSENT -
Beyer 1.1
APPROVAL OF MINUTES - None 2. CONSENT CALENDAR
2.1 Declaration
of Clerk of the Orange Redevelopment Agency,Marilyn J. Jensen,
declaring posting of orange Redevelopment Agency Agenda of regular
meeting of February 25, 1992, at Orange Civic Center, Main Library,
the Police Facility at 1107 N. Batavia and the Eisenhower Park Bulletin
Board; all of said locations being in the City of Orange
and freely accessible to rnembers of the public at least 72 hours
before commencement of said regular meeting.ACTION: Accepted Declaration
of Agenda Posting and authorized its retention as a
public record in the Office of the Agency Clerk.REMOVED AND HEARD
SEPARATELY)2.2 Request
approyal to increase the amount the City may invest with the California
Local Agencies Investment Fund to $15,000,000.00 each for the
city and orange Redevelopment Agency (for a total of 30,000,000.
00) and to increase the limit of investments with the Orange County Investment
Fund to a total of $14,000,000.00.Continued from January
21, 1992)MOTION - steiner SECOND -
Barrera AYES - steiner,
Barrera, coontz, Spurgeon
ABSENT - Beyer ACTION: Moved to continue
this item to
April 14, 1992.REMOVED AND HEARD SEPARATELY)2.3 Request
authorization to approve First
Time Hornebuyer Loan and authorize the city Treasurer to prepare a
check in the amount of 18,000.00, Case #307.Fund # 913-
9804-465701-9104 First Time
Homebuyer Account)
87
ORA MINUTES FEBRUARY 25, 1992
2. CONSENT CALENDAR (Continued)
The Redevelopment Operation's Manager explained this was a request
for refinancing. The $18,000.00 is the third trust deed the agency
will have on this property. When the First Time Homebuyer Loan was
completed, the Agency had a second trust deed for the amount of that
First Time Homebuyer Loan. Under the old program the Agency had
requested they not refinance, and if they did, they would then pay
back the second trust deed to the Agency. Under the revisions
approved by the Agency last week, this person can keep the second
trust deed on the First Time Homebuyer Program, but this person had
also borrowed an additional $6,000.00 plus for the Agency to buy down
the interest rate on his original mortgage loan. The individual will
pay back the Agency over time, the additional $6,000.00 that was
borrowed to buy down the interest rate, because the refinancing will
now give him a set lower interest rate. The second trust deed for
the 10% of the down payment will remain in place, which is the
18,000.00.
MOTION - steiner SECOND -
Barrera AYES - Steiner,
Barrera, Coontz, Spurgeon ABSENT - Beyer ACTION:
Approved.MOTION - steiner
SECOND - Coontz
AYES - steiner, Barrera,
Coontz, Spurgeon ABSENT -
Beyer Items 2.2 and 2.
3 were removed
and heard separately; Item 2.1 was approved as recommended.END OF CONSENT CALENDAR 3.
REPORTS FROM DIRECTORS '
None 4. REPORTS FROM
BOARDS, COMMITTEES AND COMMISSIONS - None
5. ADMINISTRATIVE REPORTS - None 6. REPORTS FROM EXECUTIVE DIRECTOR -
None 7. LEGAL AFFAIRS - None
8. ORAL PRESENTATIONS - None Page 2
88
ORA MINUTES FEBRUARY 25, 1992
RECESS
The Orange Redevelopment Agency recessed at 3:28 P.M. to a
Closed session for the following purposes:
a. To confer with its attorney regarding potential litigation
pursuant to Government Code Section 54956.9(b) (1).
b. To confer with its attorney to decide whether to initiate
litigation pursuant to Government Code Section 54956.9(c).
c. To consider and take possible action upon such other matters
as are orally announced by the General Counsel, Executive
Director, or Agency Members prior to such recess unless the
motion to recess indicates any of the matters will not be
considered in closed session.
ADJOURNMENT
The Orange Redevelopment Agency adjourned at 5:45 P.M.
GENE BEYER
Chairman of the Orange
Redevelopment Agency
17t~~O~
MARILYN J. NSY-, C..
Clerk of the Orange
Redevelopment Agency
BY:K6h~€
FRED L. BARRERA,
Vice Chairman of the
Orange Redevelopment Agency
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