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369 AGENDA (continued) ACTION TAKEN (continued) REPORTS OF CITY MRNAGER (continued) REPORTS OF C[TY MANAGER (continued) 5(continued) Mart Stan o, President, Redwood Shores Homeowners ssociat on, urged that a repayment rate limit of 1 0% of FMV be established with the developer re- quired to indemnify the District, if the rate should go above that amount He suggested some pro,7ects should not be financed through the Dis- tn ct Discussion followed and Mr 0'Neil and Council members commented and replied to ques- ' tions regarding Mr Stango'S statement Don Warren, President, Mobil Oil Estates (Redwood) Limited, also responded to cormnents by Mr Stango, noting that the nine proposed pro,7ects have been scaled down to the minimum ne�ded to obtain necessary commercial development Mr Warren pointed out that in May 1978 the rate limit was reduced from 1 5% to 1 25% following lengthy con- siderat9on of the matter, and the expectation is that the rate will be much lower during �st years He advised that Mobil is resisting attempts of federal and state agencies to acquire Bair Island lands Ron Mac uarrie, 558 Keelson Circle, also asked t at a rate mit of 1 0% FMV be established, that the sale of the bonds be split, and that some pro,jects be eliminated He also inquired about sewer capacity and was advised that it is adequate M/S Norris/ that the Board of Directors of GID 1-64 establish a repayment guideline of 1 0% FMV Motion failed for lack of a second , M/S Bury/Chandler to authorize Bartte Wells Associates to prepare a formal bond prospectus and to proceed with the sale of the bonds in accordance with the Calendar in Table 6 of the financial report � The motion carried by ma,7ority voice vote which Mayor Barrett determined to be 6-1 (MINUTE ORDER NO 78-261) M/5 Norris/Chandler that a comnunication be mailed to all residents of GID 1-64 by the Board of Directors describing the pro,7ects, their cost, the payment schedule, etc Mr Schricker advised that the District has no money with which to implement the motion The motion failed by ma,7ority voice vote ------------------------------°----------------- -------------------------------------------------- 6 Award af bid - police vehicles Report of Ctty Manager 11/15/78 Report of Director of Finance 11/14/78 RESOLUTION AWARDING CONTRACT FOR FURNISHING OF FIVE POLICE PATROL VEHICLES, REJECTING M/S Title read Bury/Leipzig ALL OTHER BIDS RECEIVED, AUTHORIZING EXECU- TION OF AGREEMENT FOR THE FURNISHING THEREOF, RESOLUTION NO 8173 AND DIRELTING RETURN Of SECURITY DEPOSITS a opte u�imously by roll call vote -----'--°--------°----------------------------- ----------------------------------------'------- Reg Mtg 11/20/78 Page 4 ' �