RRA - 12-19-00APPROV E6
CITY F R SEMEAD
DATE 3 ~ l
13Y
MINUTES OF THE SPECIAL MEETING
ROSEMEAD REDEVELOPMENT AGENCY
DECEMBER 19, 2000
The special meeting of the Rosemead Agency was called to order by Chairman Clark
at 6:35 p.m. in the Council Chambers of City Hall, 8838 E. Valley Boulevard, Rosemead,
California.
The Pledge and Invocation were waived as having been completed during the meeting
just adjourned.
ROLL CALL OF OFFICERS:
Present: Agencymembers Bruesch, Vasquez, Taylor, Vice Chairman Imperial, and
Chairman Clark
Absent: None
1. STATUS REPORT RE: EATON VILLAGE PROJECT AND PROPERTY AT
9734 ABILENE AVENUE IN ESCROW
Robert McCoy, developer, stated that he has not been able to finalize the financing for
the aforementioned property. Mr. McCoy continued that he is close to arranging financing for
the major portions of the project. He has been in contact with several investment firms desirous
of participating on the equity and debt side of financing the project; the Bank of San Diego is
interested in reviewing the site and documents; and he has two loan commitments from ASB
Funding. Mr. McCoy stated that he has signed Letters of Intent from four tenants: Ralphs,
Marshalls, Sav-On, and a restaurant, and is in the process of negotiating Letters of Intent with
several other businesses. Mr. McCoy stated that he was asked to consider a smaller, more
traditional project that does not involve a parking structure as well, and that the tenants are
interested in either project.
Peter Wallin, Agency Counsel, stated that since Mr. McCoy has not been able to finance
the property at 9734 Abilene, the Redevelopment Agency has entered into escrow and will close
tomorrow. Mr. Wallin continued the Mr. McCoy does not have the financing for the project
together yet, and he does not recommend the Agency entering into an Owner/Participation
Agreement. Mr. Wallin explained that one consideration would be to enter into a 90-day
exclusive to give Mr. McCoy an opportunity to return with a better formulated package.
However, an exclusive would commit the Agency to dealing with him and him alone for that
time period. Another possibility would be for Mr. McCoy to return at a later date with a status
report, and the Agency can decide at that time what direction it wants to pursue.
Agencymember Taylor stated that he does not have a problem with waiting until January,
but wants a written proposal clarifying the Agency and developer's responsibilities prior to
considering a 90-day exclusive contract. Mr. Taylor confirmed that the Agency is now the
owner of a piece of property.without a project.
Agencymember Bruesch stated that he is not ready to discuss the legalities and
ramifications of a 90-day exclusive until Mr. McCoy produces financial figures.
It was the consensus of the Agency that this item be returned at the meeting in January,
2001.
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H. ORAL COMMUNICATIONS FROM THE AUDIENCE ON REDEVELOPMENT
AGENCY MATTERS
Frank Wu, 455 W. , Arcadia, stated that he is representing the property
owner at 9735 Valley Boulevard. Mr. Wu stated that this property has been in escrow with Mr.
McCoy since January 14th . That date has been extended many times and the owners cannot
cancel the contract now. Mr. Wu continued that the last amendment the owners received from
Mr. McCoy stated that escrow will close on December 29 h. That date is agreeable to the
owners, but they do not want to continue encountering cancellations and broken commitments.
Mayor Clark suggested that Mr. Wu talk with Mr. McCoy tonight.
III. ADJOURMENT
There being no further action to be taken at this time, the meeting was adjourned at 6:50
p.m. The next regular meeting is scheduled Tuesday, December 26, 2000, at 6:00 p.m.
Respectfully submitted:
Agency Secretary
APPROVED:
CHAIRMAN
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