HomeMy WebLinkAboutMINUTES - 09251990 - 1.76 t -7
TO: REDEVELOPMENT AGENCYCcntra
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FROM: PHIL BATCHELOR,
EXECUTIVE DIRECTOR aha ��sr,: ""�'_ (- - - a
County
DATE: September 25, 1990
SUBJECT: Short Term Advance to Contra Costa County Redevelopment Agency
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve and accept short term advance from Contra Costa County
Housing Bond Trust Funds in the amount of $320,000.00; and
authorize the Executive Director or his designee to take such
actions and to execute such documents as 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:
J
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION AGEN7 COMMI E
APPROVE OTHER
SIGNATURE(S) : _=
ACTION OF AGENCY ON September 25, 1990 APPROVED AS RECOMMENDED X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS ISA
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 September 25, 1990
CAO PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
BY , DEPUTY
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sra8:A: 9-25-90.bs(dw4)