1967 Jan to Dec - Laserfiche WebLink

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James D. Reiter, Project Manager of DMJM, reviewed briefly the formation of the District from its inception in 1964, first sale of bonds authorized in July of that year, with validity of the bonds being confirmed by ruling of Appellate Court. He enumerated the special studies including Feasi- bility Report, Seismic Study and the School Study which had been completed. Illustrated slides and aerial photographs were shown of the district during this initial period, with slides showing accomplishments to date and those proposed for next stages. In addition, Mr. Reiter reviewed financial aspects of the Dis- trict during this period, describing refunding agreements between Leslie Proper- ties, Inc. and City for developers' investment of funds to initiate improvements in the District which had been refunded from first sale of bonds; the agreements of the City with ABC for construction of a Marine World project in the Redwood Shores; the approvals which had been given for this project for necessary dredging of waterways from BCDC and Corps of Engineers. Mr. Reiter made special note of the credit which should be given Staff at this point because of the fact that of all projects of this type which had been reviewed by BCDC, this project has been the only one approved. He also mentioned City, County and Leslie Properties, Inc. agreement for promotion of a park along Belmont waterways. He also indicated from map the additional 132 acres along Bayshore that had been annexed to the District, formerly known as the Piombo property, which had been purchased by Leslie Properties. Mr. Reiter further detailed the expenditures of the District which had been made from the first sale of bonds. From this point Mr. Reiter outlined the 1967 construction program planned in total estimate of cost of some $5 million dollars consisting of additional site preparation and fill, dredging and levee improve- ments, and drainage projects, plus parkways, streets, water supply and distri- bution, sewage projects, and landscape projects, all of which areas were detailed from slides of area. He concluded by stating that by the end of 1967 there would have been prepared 635 acres of land, for primary fill, 450 acres surcharged, 240 acres with secondary fill, 170 acres dredged, and 100 acres of waterways. Mr. Kubelbeck, Project Economist of DMJM, reminded those present of the facts which were stated during the presentation of the Feasibility Report concerning the length of time report had taken because processing work had to be done manu- ally and the statements which had been made regarding the considerable amount of time and money which would have been saved by a computing analysis program. He stated computing program now in effect and outlined problems which were pre- sented for analysis by this system concerning financing in the district: 2Nnotincur more debts than equitable to repay . repayment to be prepared upon a level debt service with no "ballooning payments" (3) substantial changes in market values in short periods, all of which established guideline tools to evaluate and protect the District's funding. Mr. Kubelbeck by use of slides showed calculations discussed and means by which evaluations were given by the computer of "optimistic, most likely, pessimistic