HomeMy WebLinkAboutAG RPTS 1996 0403 RDA REG • ITEM
AGENDA REPORT
MOORPARK REDEVELOPMENT AGENCY
TO: Honorable Mayor and Members of the City Council
Chairman and Members of the Moorpark Redevelopment Agency
FROM: Steven G. Hayes, Redevelopment Manager ----
DATE: March 19, 1996 (CC/MRA Meeting of 04/03/96)
SUBJECT: A Resolution of the City Council and the Moorpark
Redevelopment Agency Approving and Authorizing the City
Manager and Chairman to Execute a Reimbursement Agreement
by and between the Moorpark Redevelopment Agency and the
City of Moorpark for a City Loan for Administration Costs
for the Preparation of H.E. Baher and Highway Patrol
Lease Agreements
BACKGROUND:
On March 6, 1996, The Moorpark Redevelopment Agency authorized
staff to proceed with the preparation of a lease agreement by and
between H. E. Baher and the Moorpark Redevelopment Agency for the
lease and sublease of the property known as 216 Moorpark Avenue,
Moorpark, California to the California Highway Patrol. The Term of
the Lease Agreement will be for four (4) years non-cancelable with
a extended four (4) years cancelable with six (6) months notice.
Annual Rent is Twenty Seven Thousand, Two Hundred Seventy Six and
No/100 ($27,276.00) to be paid by the California Highway Patrol.
DISCUSSION:
The attached Resolution and Reimbursement Agreement are being
presented to the Moorpark Redevelopment Agency for approval in
accordance with Section 33670 of the California Community
Redevelopment Law, for auditing purposes for filing the Annual
Statement of Indebtedness.
The Agency will administer the project and pay the City back for
costs incurred such as staff time, legal costs, design work, and
other related costs. This project is in the Project Area and will
advance the Goals and Objectives of the Redevelopment Plan and
better the health, safety and welfare of the community. '
0087
FUNDING:
This project can be funded by either tax increment revenues or bond
proceeds. It is recommend that tax increment revenues be used to
fund this project when available.
RECOMMENDATION:
Staff recommends that the City Council and the Agency adopt the
attached Resolutions authorizing the City Manager and Chairman to
execute the attached Reimbursement Agreement by and between the
Moorpark Redevelopment Agency and the City of Moorpark.
Attachments: Resolution No. 96- flc11
Reimbursement Agreement
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MOORPARK REDEVELOPMENT AGENCY
AGENDA ITEM
TO: Chairman and Members of the Moorpark Redevelopment
Agency
FROM: Steven Hayes, Redevelopment Manager '3 C -
DATE: March 25, 1996 (Mtg. 04/03/96)
SUBJECT: Moorpark Redevelopment Agency Consent to Assignment
of Interest San Carlos Cinemas, Inc.
DISCUSSION
The Moorpark Redevelopment Agency has received a request to provide
written consent for the assignment of interest of San Carlos
Cinemas, Inc. , (see attached letter dated February 23 , 1996) . The
Auditor's Report prepared by Brad B. Haynes, Certified Public
Accountant is at the City Council desk, along with a copy of
Section 312, Acquisition and Construction Financing, (ii) , Page
(18) , which requires written consent of the Agency for any
assignment of interest of San Carlos Cinemas, Inc. , and financial
statement for Cine/Max Cinemas, Inc. , a Delaware Corporation.
According to the documentation, 49% of the common stock ownership
in San Carlos Cinemas and 100% of the voting power has been
transferred to Cine/Max Cinemas, Inc. , which along with San Carlos
Cinemas is stated to be a stronger entity.
The Executive Director of the Moorpark Redevelopment Agency has
been authorized to execute documents and instruments relating to
the Disposition and Development Agreement for the Agency. The
Executive Director intends to consent to the assignment as
requested.
RECOMMENDATION
Receive and file this Report.
C:\M\MBPII\SGHHBPII.007-03/26/96-March 28, 1996 O OJO+i
VENTURA PACIFIC CAPITAL COMPANY
340 Rosewood Avenue I Suite D I Camarillo, California 93010 I(805)987-6921
Mailing Address: P.O.Box 179, Camarillo, California 93011
1-6)64
February 23, 1996 -
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Mr. Steven Kueny e7fy
City Manager, City of Moorpark
799 Moorpark Avenue t'l= UI
Moorpark, California 93021
REF: DDA\San Carlos Cinemas 2
Dear Steve:
Pursuant to Section 312, Page 18, (ii) regarding the rent guarantee (see attached), the
Developer must receive written consent from the Agency in the event any interest in San
Carlos Cinemas is assigned. We have been informed that 49% of the common stock
ownership in San Carlos Cinemas and 100% of the voting power has been transferred to
Cine/Max Cinemas, Inc. Enclosed is an audited financial statement of Cine/Max as of
November 30, 1995,which is much superior to the San Carlos Cinemas statement submitted
to you in the past (see attached). Adding the balance sheet of Cine/Max to that of San
Carlos Cinemas creates a much stronger entity. Cine/Max has agreed to co-sign the San
Carlos lease.
In regard to the professional qualifications of Cine/Max, such qualifications are at least
comparable to that of San Carlos Cinemas.
I would appreciate your written consent of this transfer per the DDA at your earliest
convenience or, in the alternative, how you want to proceed. Thank you.
Sinc-
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