06/16/1975 - Laserfiche WebLink

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.. " . . . I RELOCATION CLAIMS Upon the motion of Mr. Garthe, seconded by Mr. Ward, rental differential payments for displaced tenants at 426 West Second Street and 410 West Second Street were approved unanimously by the Redevelopment Agency. REPORT ON TAX INCREMENT STATUS AND BUDGET The Executive Director reported that the financial studies recently completed by Stone and Youngberg showed that we can anticipate approximately $250,000 of tax increment for fiscal year '76. In analyzing the budget status, the Director reported that $150,000 would be available from the general fund, $250,000 from tax incre- ment, and $250,000 from Community Development funds. The proposed tax increment would allow the Agency to anticipate floating a tax increment bond of approximately $2,000,000 within the next six months. Upon the motion of Mr. Ward and seconded by Mr. Garthe, the budget was received by the Redevelopment Agency and forwarded to the City Council. The motion passed unanimously. SENIOR CITIZENS SITE ASSEMBLAGE The Executive Director reported to the Agency members that all land acquisition had been completed for the Senior Citizen Hous- ing site located south of Birch Park. Relocation efforts were progressing smoothly and approximatley 17 residents were left to be relocated. It was anticipated that demolition contract would be let by the end of August and the site could then be disposed of by September 30,1975. OCTD TRANSIT TERMINAL Schedule on the Orange County Transit District's multi-modal terminal was presented showing that a design architectual con- tract should be awarded by the end of June and that construction on the facility should commence within the next year. FASHION SQUARE DEVELOPMENT The Executive Director reported to the Agency that Draper and Kramer were working on the proposal to request an exclusive right to negotiate from the Agency; however, their proposal has not been completed and they have asked for an additional week prior to executing any documents which would set out the time schedule for development of the expanded regional shopping center. Agency members expressed their concern at the delay and urged that a schedule be presented to the Agency as soon as possible. RELOCATION OF UTILITY LINES The assemblage of the Senior Citizen Housing site has resulted in the need to relocate gas lines and electric lines. The abandon- ment of the gas line is a result of vacation of Second Street. The Gas Company has estimated the cost of this abandonment and relocation at $3,200. The Edison Company has requested an ease- ment under Second Street and the ability to relocate their lines under Second Street. The estimated cost of the work is $38,000. Neither company will proceed until the Agency authorizes a pur- chase order. Upon The motion of Mr. Ward, seconded by Mr. Bricken, the Redevelopment Agency approved payment of $3,200 to the Southern California Gas Company and $38,000 to the Southern California Edison Company. The motion passed unanimously.