HomeMy WebLinkAboutFEBRUARY 16,1983
CITY COUNCIL PROCEEDINGS ARE TAPE RECORDED AND ON FILE IN THE OFFICE OF THE CITY CLERK
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ROLL CALL
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MERRILL
LYNCH
REALTY CO.
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M I NUT E S
CITY COUNCIL OF THE CITY OF ARCADIA
and the
ARCADIA REDEVELOPMENT AGENCY
ADJOURNED REGULAR MEETING
FEBRUARY 16, 1983
The City Council of.the City of Arcadia and the Arcadia Redevelopment
Agency met in an adjourned regular session Wednesday. February 16, 1983
at 7 p.m. in the City Hall Conference Room.
PRESENT:
ABSENT :
Councilmen/Members Dring, Haltom, Hannah. Lojeski, Pellegrino
None
NOTE: Council/Members Hannah and Pellegrino did not participate in the
discussion on the Arcadia Redevelopment Agency matters.
Mayor Pro Tempore Lojeski chaired the meeting.
Scheduled for this meeting were discussions with: (1) Halferty Develop-
ment Company, and (2) Joseph Ruvolo, representinq the Merrill Lynch
Realty Company, concerning the purchase and development of the C,ty-owned
property at the north-west corner of First and Huntington Drive.
Considerable input from the Councilmen/Members concerning adequate park-
ing for any development on that corner. It was the consensus that this
will be a problem for some time to come. During this consideration
Mr. Halferty submitted additional information on his interest in develop-
ing the corner.... In response to a question he said in part they are
staying away from the medical field..;. This is quite expensive and
needs more utilities in the building than they want to construct. He
noted that other proposed medical facilities are closer to the hospital
than the subject site. Mr. Halferty submitted further in part that he
can envision a financial institution on the ground floor, but they did
not want to market the building until they have some sort of a contrac-
tural arrangement. He said if an agreement is reached, they would look
toward closing their escrow in July. Mr. Halferty said they are serious
about the proposed venture - that the architect's design of the building
will work economically. He left a model of the building and brochures
with Council for review. Full financial disclosures will be made avail-
able.
Joseph Ruvolo, of the Merrill Lynch Realty Company, submitted what
development he has in mind: they are willing to pay the asking price for
the property which would be paid in cash. He said they do not have a
specific development in mind due to the fact that they started late ...
however, they have a ground floor tenant, Coast Federal Savings & Loan,
and they can have a more definitive plan in two to four weeks.... Would
like to submit concrete data. Parking was once again brought up as the
primary problem and Mr. Ruvolo said in part they are thinking in terms
of a three-story building with on-site parking.
Recess was called. Reconvened.
It was MOVED by Councilman Dring, seconded by Councilman Lojeski and
carried on roll call vote as follows, that staff be directed to address
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the parking problem immediately and that Disposition and Development
Agreements be prepared for both developers.
AYES
NOES
ABSTAIN:
ABSENT :
Councilmen/Members Dring, Haltom, Lojeski
None
Councilmen/Members Hannah, Pellegrino
None
Staff will advise Joseph Ruvolo that the City would be jnterested in his
proposal if he comes up with something within two to four weeks.
Staff will ask for financial statements from the Halferty Development
Company.
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LAWN
MAINTENANCE
(subject
site)
ADJOURNMENT The meeting adjourned at 9:15 p.m. to March 1,1983 at 7 p.m. in the
Conference Room to conduct the business of the Council and Redevelopment
Agency and any Closed Session, if any, necessary to discuss personnel
and litigation matters and evaluation of properties.
Council was advised that the Arcadia Business Association will pay $75
per month for maintenance of the landscaping at the site.
Mayor
ATTEST:
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City C erk
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