Minutes 1966 Jan to June - Laserfiche WebLink

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1. Validation of the enabling ordinance. 2. A General Plan for the project. 3. An in-depth engineering and economic feasibility report, all of which conditions had now been attained. He also mentioned in addition to these three prime conditions, a special school study and a seismic study unprecedented in scope have been completed and submitted as requested by Council in order that public's interest might be protected in every conceivable manner. He further stated Redwood Shores project, totally planned on 1600 acres under a single ownership, presented a challenging opportunity for City Council to control in a manner which will complement the existing City, and best accomplished by City's taking; the active .role in the development process as planned. City Manager further stated brief overview of conclusions and recommendation, of feasibility report, a resume of the questions most frequently asked at the information clinics, and a brief discussion of the district assessor function would be presented ty DMJM Staff as follows: Irvan F. PIendenhall, President of DMJM, stated Redwood Shores Improvement District had now been studied thoroughly and in depth for over one year and subjected to one of most penetrating scrutinizations ever given a project, cost estimates prepared for escalation and contigencies, many special studies carried out, and other comments on studies of various phases of the project and recommendations made for safeguards. He stated in summary of his comments the project is feasible from engineering standpoint and also economically feasible, specifically very desirable and highly beneficial to City, which he recommended without qualifications and to proceed without further delay. Joseph Hughes of Orrick, Dahlquist, Herrington & Sutcliffe, City's Fond Counsel, commented on appellate court decision establishing the validity of ordinance under which project is being undertaken, and making legality of bonds unquestioned. Don Davis, of Stone & Youngberg, City Financial Consultants, commented on ground rules concerning financing and stating at no time would debt exceed lit of the fair market value, nor would bond service exceed 11e of fair market value and project now at point to issue bonds which will supply funds for con- struction for balance of the year. He further stated, although no participation required from I:eslie to meet this criteria, he would recommend participation approximately 20% of the amount of bonds being issued initially, or. some 01,150,000. City Manager asked that Mr. Johnson, of Leslie Properties, respond to Mr. Davis' recommendation for their participation in this first bond issue. Coleman Johnson, Vice -President. and General Manager of Leslie Properties, reiterated statements made by President of Company previously, that in any year participation called for, they would, and wculd continue to abide by guidelines set. He further stated that while no requirement for participation at this point, in interest of proceeding to fullest extent and to assure their willingness to accept guidelines of Stone &. Youngberg they were willing to partici- pate in sum proposed of some 0,150,000 and continue to work with City Staff and Consultants. He felt this commitment would again demonstrate their faith in the project by their "Putting their money where their faith 1s.:1 City Manager then asked Staff members of DMJM to present summary from the nine information clinics held previous to this meeting for public, information. Mr. David Miller, Vice -President of DMJM reviewed public sessions held to afford maximum opportunity to all who wished to review project and ask questions. He stressed point many of questions seemed to originate from lack of understanding of nature of Districts and outlined features which insured that no one could manipulate district and the financial guide lines which have been drawn to insure debt not carried beyond bonding