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HomeMy WebLinkAboutMAY 5,1982 CITY COUNCIL PROCEEDINGS ARE TAPE RECORDED AND ON FILE IN THE OFFICE OF THE CITY CLERK 25:0479a I ROll CAll SENIOR CITIZEN HOUSING LAUREL & FOOTHILL DEVELOPMENTS (May 18) I -A R A Fi nances M I NUT E S CITY COUNCIL OF THE CITY OF ARCADIA and the ARCADIA REDEVELOPMENT AGENCY ADJOURNED REGULAR MEETING MAY 5, 1982 The City Council of the City of Arcadia and the Arcadia Redevel- opment Agency met in an adjourned regular session at 7 p.m. May 5, 1982 in the Conference Room. PRESENT: ABSENT : Councilmen/Members Dring, Haltom, Hannah, LOjeski, Pelle9rino None The tour of city facilities by Council members was confirmed for Friday May 21 at 9 a.m. Discussed an appropriate name for the proposed senior citizen housinq project. This will be submitted to the Senior Citizen Commission for report back as soon as possible. The Plannlng Director reported at lenqth on the developments takinq place on Foothill Boulevard primarily'in the area between Laurel and Fifth Avenues. A modification application was approved for 306 E. Foothill Boulevard in April of 1981 for a two story building. The plan check was approved in November of 1981. The permit has not been pulled and the modification expired April 28, 1982. In order to pro- ceed with this project a new modification application would have to be fil ed. A modification application was approved for 322-324 E. Foothill on August 25, 1981 .. this is currently under construction. Another modification appl ication was approved for 230 E. Foothi 11 'on February 9, 1982 .. this has not been submitted for plan check. After receipt of the plan check it will take two or three weeks to go through the process. Council reviewed maps indicating commercial properties in the city which are immediately adjacent to residential.. also vario,us loca- tions adjacent to single family residential zoning and use. The loss of privacy and view was explored as was the alleyway. It was submitted in part that those who purchased their homes on the north sidp of Laurel were aware of the commerical property to their north on Foothill ... that the commercial property owner has a right to better his business .. Solving the problem by eliminating windows on the rear of the commercial buildings was discussed .. also the possi- ble use of opaque glass. The Planning Director will prepare a report on alternatives for Council at its May 18 meeting. During the inter- im staff will contact the developers of ~hose properties on Foothill. , ~'" -- . Counci 1 recessed in order to act as the ARCADIA REDEVELOPMENT AGENCY The',Agency received a staff report dated April 10, 1982 policy issues regarding the Agency's debt to the City's ment Fund and potential loss of tax increment revenues. actually updates the report of Febuary 2, 1982. It was therein that since the formation of the Agency (1973) a concerning Capital Improve- This report indicated total of -1- 5-5-82 25 :0479b $920,097 remains as debt to the City's Capital Improvement Fund. Com- bined with accumulated interest of $321,021 - throu9h June 30, 1982 - which has been accruin9 at 7% per annum, the total owed to the City equals $1,241,118. The Agency's Cash position has improved over the past several years as a result of the completion of the Engineering Science project and other smaller private and public projects, and the reassessment of properties which took place following Proposition 13. In prior years tax incre- ment revenues were not sufficient to make any substantial payments to the City and still cover the Agency's operational costs. Tax increment revenues for 1981-82 are estimated to be approximately $582,000 which will result in a year-end cash balance of $1.527.000 (this includes $250,000 from the proposed Hometels project). I It was noted that the County will keep the Agency's next year's tax increment revenues for its general fund and some 800 other taxing dis- tricts in the County, if the Agency is not indebted. Under the cur- rent distribution formula the Arcadia School District would receive approximately $82.00 and the City $440.00 if the Agency lost next year's $550,000 estimated tax increment receipts. In order to insure that the Agency does not lose next year's tax increment receipts, es- timated to be $550,000, it will be necessary to obligate the cash assets of $1,528,000 before June 30, 1982. Ways of doin9 this were set forth in the report dated April 10, 1982. It was the recommenda- tion of staff 'that it would be best to at least temporarily place the Agency's cash into fixed assets by purchasing key properties on Third Avenue and/or the Fifth and Huntington Drive site. CLOSED SESSION The Agency then entered a CLOSED SESSION, reconvened and took the following action: APPRAISALS AUTHORIZED THIRD AV. It was MOVED by Member lojeski, seconded by Member Hannah and carried on roll call vote as follows that staff be directed to commission appraisals of the Third Avenue properties; to proceed with negotiations for the same up to $1.2 million cash down, and to brin9 back negotiated sales for final Agency approval. l: ' AYES NOES ABSENT: Members Haltom, Hannah, lojeski, Pellegrino Member Dring , None Council reconvened and adjourned at 10:30 p.m. to Saturday May 10, 1982 at 8 a.m. in the Conference Room. O~~~J}~J/m'o Mayor ' rJk~ ~ City Clerk -2- 5-5-82