HomeMy WebLinkAboutMINUTES - 08151989 - 1.62 Y 1-062
TO: REDEVELOPMENT AGENCY
FROM: PHIL BATCHELOR,
EXECUTIVE DIRECTOR
DATE: July 25 , 1989 Contra
Costa
SUBJECT: Repayment Agreement with the County Flood Control County
and Water Conservation District, to finance the
adoption of the Oakley Redevelopment Plan.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve a Repayment Agreement with the County Flood Control and
Water Conservation District (FCD) and authorize the Executive
Director or his designee to execute the Agreement, related to
adoption of the Oakley Redevelopment Plan.
FISCAL IMPACT
The Agency will incur a debt of $60 ,000 to FCD, at an annual
interest rate of 1% per annum above the prime interest rate. The
loan is to be paid back from future tax increments generated in the
Oakley Redevelopment Project Area.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Redevelopment Agency has been moving forward with the adoption
of a Redevelopment Plan in the Oakley Area. The process of
adopting a Redevelopment Plan 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.
The Repayment Agreement calls for the FCD to loan $60 ,000 to the
Redevelopment Agency in order to finance the adoption of the Oakley
Redevelopment Plan. Under the terms of the Agreement the Agency
will repay the FCD with future tax increments generated within the
Oakley Project Area. Without this loan the Agency would need to
borrow funds from the County in order to see the adoption process
completed.
CONTINUED ON ATTACHMENT: YES SIGNATURE:
_ RECOMMENDATION OF EXECUTIVE DIRECTOR _RECOMMENDATIONAGEN COMI
APPROVE OTHER
SIGNATURE(S) :
ACTION OF AGENCY ON August 15 , 1989 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 Director ATTESTED August 15, 1989
Public Works Flood Control PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
BYDEPUTY
GR12/jb/repayoak.bos q4WA -