HomeMy WebLinkAboutMINUTES - 07071987 - 1.111 TO: BOARD OF SUPERVISORS, as the Governing Body of the Contra Costa County
Flood Control and Water Conservation District.
FROM: J. Michael Walford,
Director of Public Works
DATE: June 15, 1987
SUBJECT: Repayment Agreement with the Contra Costa County Redevelopment Agency
SPECIFIC -REQUEST.(S) ..OR. RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve the Repayment Agreement with the Redevelopment Agency, and
authorize the Director to execute the Agreement.
FISCAL IMPACT
The advance is a loan of $50,000 to the Redevelopment Agency which
will be repaid, with interest, from future tax increments from the
North Richmond and West Pittsburg Redevelopment Project Areas.
BACKGROUND/REASONS FOR RECOMMENDATIONS
On June 2, 1987 the Board authorized the transfer of $154,000 to
the Flood Control District' s Revolving Fund and the loan of $50,000
of this amount to the County Redevelopment Agency. The
Redevelopment Agency has been working on the adoption of
redevelopment plans in the North Richmond and West Pittsburg areas
since Survey Areas were adopted by the Board of Supervisors in
September, 1985.
Both the North Richmond and West Pittsburg areas are in need of
drainage improvements, and adopting of redevelopment plans in those
areas may greatly enhance the district' s ability to construct and
finance such improvements; and the district does have funds which
could be loaned to the Agency.
The Agreement calls for the loans to be paid back at an annual
interest rate of 8 1/2% from future tax increments generated in the
two project areas.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDAT _:OF O COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON July APPROVED AS RECOMMENDED X OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
X UNANIMOUS (ABSENT ) TRUE AND CORRECT COPY OF AN
AYES: NOES: ACTION TAKEN AND ENTERED ON THE
ABSENT: ABSTAIN: MINUTES OF THE BOARD OF
SUPERVISORS ON THE DATE SHOWN.
cc: ATTESTED July 7 , 1987
County Administrator PHIL BATCHELOR, CLERK OF
THE BOARD OF SUPERVISORS
AND COUNTX ADMINISTRATOR
BY DEPUTY
GR:krc
ral4: 6-30-87 .bo