HomeMy WebLinkAboutMINUTES - 07071987 - 1.112 TO: REDEVELOPMENT AGENCY
FROM: Phil Batchelor,
Executive Director
DATE: June 16, 1987
SUBJECT: Repayment Agreement with the County Flood Control and Water
Conservation District.
SPECIFIC REQUEST(S). OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve the repayment agreement with the County Flood Control and
Water Conservation District and authorize the Executive Director or
his designee to execute the Agreement.
FISCAL IMPACT
The Agency will incur a debt of $50,000 to the Flood Control
District, at an annual interest rate of 8 1/2 %. The loan is to be
paid back from future tax increments generated in the North
Richmond and West Pittsburg Redevelopment Project Areas.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency has been moving forward with the adoption
of Redevelopment Plans in both North Richmond and West Pittsburg.
The process of adopting Redevelopment Plans is normally financed by
loans from the legislative body or special districts governed by
the legislative body. This is so because Redevelopment Law does
not allow the expenditure of tax increment funds in other than the
project area in which it is generated; nor the lending of tax
increments from one project area to another. To date, the Agency
has utilized a $60,000 loan from the Flood Control District to
finance plan adoption. It has become apparent that the cost of
adopting two plans will easily exceed this initial loan.
On June 2, the Board authorized the loan of $50,000 from the Flood
Control Districts Revolving Fund to the Redevelopment Agency. , The
Repayment Agreement specifies that this loan is to be split between
the North Richmond and West Pittsburg Redevelopment Project Areas;
that it will have an annual interest rate of. 8 1/20; and that it is
to be paid back from future tax increments from-.the 'two.- r `ect
areas.
CONTINUED ON ATTACHMENT: YES SIGNATURE-
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATIO F fGE1#CY COMMITTEE
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON July 7 , 1987 APPROVED AS RECOMMENDED x OTHER _
VOTE OF COMMISSIONERS
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 REDEVELOPMENT
AGENCY ON THE DATE SHOWN.
cc: Redevelopment Agency ATTESTED July 7 . 1987
Public Works Flood Control PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
BY AA �Av , DEPUTY
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