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<br />.. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />. <br /> <br />." <br /> <br />COMMUNITY REDEVELOPMENT <br />AGENCY <br /> <br />September 18, 1974 <br /> <br />-3 - <br /> <br />EXCLUSIVE NEGOTIATION <br /> <br />The proposed letter dated <br />September 10,1974, to Mr. <br />Michael Doyle, Developer, <br />from the Executive Director, granting him a l80-day exclusive <br />right to negotiate with the Agency for development of a major <br />downtown hotel in the general location of the tr~nsit terminal <br />site, was approved and its signature by the Executive Director <br />was authorized, on the unanimously approved motion (5-0) of <br />COmmissioner Ward, seconded by Commissioner Yamamoto. <br /> <br />LETTER OF ASSURANCE <br />ERICSON DEVELOPMENT <br />COMPANY <br /> <br />A proposed letter to the <br />Ericson Development Company <br />from the Agency, to be <br />negotiated on September 16, <br />1974, stating the understanding of the negotiations by both parties <br />to date, basically as follows, was approved and the Executive <br />Director was authorized to prepare, sign and file the. proposed <br />letter, on the unanimously approved (5-0) motion of Commissioner <br />Ward, seconded by Commissioner Griset: <br /> <br />a. <br /> <br />Amend the Redevelopment Plan as expeditiously as possible; <br /> <br />Assure Ericson of the Agency's predisposition to commit <br />public funds to a portion of a parking structure, some <br />land acquisition and.the extension of Broadw-ayand <br />Memory Lane; <br /> <br />b. <br /> <br />c. <br /> <br />To forbear, in so fàr as the 'Agency legally may do so, <br />from encouraging 'or entertaining competing interest <br />in the development of the property around Fashion Square. <br /> <br />GRANT APPLICATION <br />PARKING STRUCTURE <br /> <br />I <br /> <br />A proposed grant application <br />from the tity to the Federal <br />Economic Development Agency <br />for approximately $ 500,000 to be used to aid in construction o:E a <br />3,150 car parking structure to be built in conjunction with the <br />proposed expansion of the Fashion Square Shopping Cent~r was <br />approved and its submittal to the Economic Developmerit.Agency <br />was authorized on the unanimously approved motion (5-0} of Com- <br />missioner Griset, seconded by Commissioner Ward. <br /> <br />BOND COUNSELOR <br />O'MELVENY & MYERS <br /> <br />The Executive Director <br />was authorized to negotiate <br />a contract for approval by <br />the Agency, to retain O'Melveny and Myers as the Agency Bond <br />Counsel, on the unanimously approved motion (5-0) of Commissioner <br />Griset, seconded by Commissioner Yamamoto. <br /> <br />ADJOURNMENT The meeting was adj ourne.d <br />at 5:45 P.M., on the unani- <br />mously approved motion of ' <br />Commissioner Yamamoto, seconded by Commissioner Ward. <br /> <br /> <br />.~~~ MA~.E~ <br /> <br />Recording Secretary <br />