1968 339- 485 _ 1-8 to 4-15-1968

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Questions concerning reclamation bonds for fill on lands owned by Leslie and statement "all private and portion of public development costs are being under- taken by owner -developer..." and participation -owner developer questions; bond funding dates; questions concerning chart on assessed valuations and request for additional bond authorization were answered by Bond Consultant, Mr. Zelles. Councilman Keckley suggested that title of Vice -Mayor be added to Councilman Bury's name in the brochure. Councilman Rosselli moved to approve the text of the Official Statement in substantially the form submitted to Council, and in- cluding the corrections and amendments presented at this time, seconded by Councilman Keckley, and carried unanimously on roll call vote. (MINUTE OREER #68-35) Councilman Rosselli moved to adopt RESOLUTION NO. 5593 PROVIDING FOR THE ISSUANCE OF $870,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-64 RECLAMATION BONDS, SERIES C; AND AUTHORIZING AND DIRECTING THE SALE THEREOF, AND OF $4,430,000 PRINCIPAL AMOUNT OF REDWOOD CITY GENERAL IMPROVEMENT DISTRICT NO. 1-6 FACILITIES BONDS, SERIES C, seconded by Councilman Bury. In answer to question whether discussion on these Bond series had to be separated as to Reclamation or Facilities, Mr. Rowley, Bond Counsel, advised discussion could be held covering both issues of this bond series. Councilman Henderson expressed her dissatisfaction at the changes in the physical nature of the Redwood Shores project since its original inception and considered it undesirable to her personally and lacking in quality. She challenged the escalating of esti- mated costs from the original statement of estimated costs, and opposed sale of new bonds on this basis. Mr. Kubelbeck, Senior Economist of DMJM, reviewed how bond sale still related to guidelines of original Feasibility Study,but at.present time project is be- coming more a finalized project than that of a Master Plan as used in 1965; that in the future, under the guidelines if fair market values continue to in- crease, City Council will be in a position to authorize another sale to occur in five or six years, hence limits to which project can go still limited by guidelines and participation by owner -development. He also stated it was anti- cipated that fair market values will increase faster in the future than estimated in the feasibility report, as this year fair market about 25% higher than anti- cipated. He cited the changes in the price of money since study in 1965, but stated basically feasibility study recommendations had not been changed. City Manager advised he knew of no specific instances where Redwood Shores project less desirable than what was planned from the beginning as the general concept of the project; any changes made were for the betterment of the project. Coleman Johnson of Leslie Properties, Inc., as owner - developer, challenged statements made concerning less- ening of quality of the project's development, but stated continual attempts are being made for better planning for better quality. In reply to questions concerning specifics on statements made, Councilman Henderson indicated lesser amount of commercial and industrial land in District than once FEB s '6a