HomeMy WebLinkAboutMINUTES - 08021988 - 1.53 TOBOARD OF SUPERVISORS
FROM: Phil Batchelor, County Administrator Contra
Costa
DATE: July 28, 1988 Co^
SUBJECT;
Cash Payoff on Weimer Institute Mortgage Note,
SPECIFIC REQUEST(S) OR RECOMMENDATION(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve and accept proposal for a cash payoff of the Weimar
Instiute Mortgage Note as recommended by the Sacramento County
Treasurer-Tax Collector and the County Auditor-Controller.
BACKGROUND
The County has had a 22 .69% interest in the Weimer Institute for
many years along with 14 other counties. The site was sold some
years ago and .Sacramento County has been acting as the fiscal
agent for the 15 counties owning the property. The purchasers
have proposed a cash payoff of the counties remaining interest
subject to a $10,000 discount. The Sacramento County
Treasurer-Tax Collector recommends accepting the proposal based
upon a present value analysis indicating no loss of value. The
Contra Costa County revenue from the early payoff of the mortgage
is $69, 318 . 31. The Auditor-Controller concurs in the
.recommendation to accept the proposal.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(SI:
ACTION OF BOARD ON August 2, 1988 APPROVED AS RECOMMENDED 60-` OTHER
VOTE OF SUPERVISORS
1 HEREBY CERTIFY THAT THIS IS A TRUE
NANIMOUS (ABSENT AND CORRECT COPY OF AN ACTION TAKEN
AYES: NOES: AND ENTERED ON THE MINUTES OF THE BOARD
ABSENT: ABSTAIN: OF SUPERVISORS ON THE DATE SHOWN.
CC: Auditor-Controller ATTESTED AUG 2 1988
County Administrator PHIL BATCHELOR, CLERK OF THE BOARD OF
County Counsel SUPERVISORS AND COUNTY ADMINISTRATOR
M382/7-83 BY ,DEPUTY