HomeMy WebLinkAboutMINUTES - 09251990 - 1.72 ZO: BOARD OF SUPERVISORS Contra
FRCIK: Harvey E. Bragdon =��
Director of Community Development :, ��-y _ Costa
GATE: September 25, 1990
Tt^ f.1711"
SUBJECT: Short Term Advance to Contra Costa County Redevelopment Agency
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve and short term advance to Contra Costa County Redevelopment
Agency - West Pittsburg Project Area - of $320, 000. 00 from County
Housing Bond Trust ,Funds; and authorize the County Administrator
and Auditor Controller to take such actions and execute such
documents as are necessary. (No General Funds)
FISCAL IMPACT
No General Funds are involved. The short term advance would°- -be
made from County Housing Bond Trust Funds. The advance would •be
repaid by the Redevelopment Agency in the current fiscal year.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In order to conduct the activities included in the adopted budget
of the Redevelopment Agency for the West Pittsburg Redevelopment
Project Area, the Agency needs a short term advance of funds.
These funds would be repaid by the Redevelopment Agency during the
1990-91 fiscal year. The. funds would be repaid by the Agency upon
receipt of its tax increments. Funds would be repaid with interest
set at 8% per annum. The County Auditor-Controller has indicated
that the West Pittsburg Redevelopment Project Area will receive
sufficient tax increments to make the necessary repayment of the
short term advance of funds.
CONTINUED ON ATTACHMENT: YES SIGNATURE:.
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATIO '.OF BO "COMMI
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON APPROVED AS RECOMM]MED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT TEAS` IS A
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: Community Development ATTESTED SEP z '5..1990
County Administrator PHIL BATCHELOR, CLERK OF
Auditor-Controller THE BOARD OF SUPERVISORS
County Counsel AND COUNTY ADMINISTRATOR
BY , DEPUTY