Day 1999.03.23RA
CITY OF VACAVILLE
REDEVELOPMENT AGENCY MINUTES
March 23, 1999
A special meeting of the Redevelopment Agency of the City of Vacaville was held in the City Council
Chambers, 650 Merchant Street, on March 23, 1999. The meeting was called to order by Chairman
Fleming at 7:07 p.m.
ITEM 1 - ROLL CALL
Present: Agency members Augustine, Clancy, Slade, Vice Chairman Wood, and Chairman Fleming
Absent: None
Others Present: Executive Director John Thompson, General Counsel Charles Lamoree, and Recording Secretary Kathy Andronico
ITEM 2 - RESOLUTION OF THE REDEVELOPMENT AGENCY OF THE CITY OF VACAVILLE TO APPROVE A PUBLIC IMPROVEMENT DEVELOPMENT AGREEMENT BETWEEN THE VACAVILLE REDEVELOPMENT AGENCY AND SIERRA WEST BANK TO IMPROVE THE AGENCY TEMPORARY PARKING LOT AT ELIZABETH AND MASON STREETS
Director Learned stated that in 1997 the Agency purchased a lot on the corner of Mason and Elizabeth Streets which has served as a temporary parking lot. Sierra West Bank is now building a new branch bank at the corner of Mason and Elizabeth Streets and has approached the Agency about completing permanent improvements to the Agency’ s lot. Director Learned stated that this could be done via a public improvement development agreement between the Agency and Sierra West Bank. He then explained the key business points. He noted that the cost to the Agency for the finished lot compares favorably to the cost-per-space figures estimated by the City’ s Public Works Department. He stated that the lot could be built over a 60-day period, between now and September 1, 1999. Upon completion of improvements, the Agency would pay the bank $150,000 in the form of a promissory note, for five years, carrying a tax-exempt interest rate. Director Learned stated that, at its March 17 meeting, the Housing and Redevelopment Commission voted unanimously to recommend that the Agency proceed with the project.
Chairman Fleming asked for public comment and none was noted.
Agency member Augustine, seconded by Agency member Clancy made a motion “ to adopt the subject
resolution.” Resolution No. RD-1999-6, “ Resolution of the Redevelopment Agency
of the City of
Vacaville to Approve a Public Improvement Development Agreement Between the Vacaville
Redevelopment Agency and Sierra West Bank to Improve the Agency Temporary Parking Lot at
Elizabeth and Mason Streets,” was approved by the following vote:
AYES: Agency members Augustine, Clancy, Slade, Vice Chairman Wood, and Chairman Fleming
NOES: None
ABSENT: None
ITEM 3 - BUSINESS FROM THE FLOOR - None
ITEM 4 - ADJOURNMENT
There being no further business before the Redevelopment Agency, the meeting was adjourned by Chairman Fleming at 7:12 p.m., March 23, 1999.
Respectfully submitted,
Kathleen M. Andronico
Recording Secretary