HomeMy WebLinkAboutMINUTES - 08111992 - 1.95 TO:. BOARD OF SUPERVISORS Contra
t
FROM: Costa
Phil Batchelor, County Administrator � '
County
DATE: r�ti'q i`uuN�1
August 11, 1991
SUBJECT:
MODIFICATION OF 1984 REDEVELOPMENT AGREEMENT BETWEEN
THE COUNTY AND PITTSBURG REDEVELOPMENT AGENCY
SPECIFIC REQUEST(S)OR RECOMMENDATION(S)&BACKGROUND AND JUSTIFICATION
RECOMMENDATION:
Approve the attached modification to a 1984 Tax Increment Agreement
between the County and the Pittsburg Redevelopment Agency which
amends the subordination of rights to County and Fire District
Increment and AUTHORIZE the Chair to sign said agreement.
BACKGROUND:
On February 26 , 1991, the Board of Supervisors approved an
amendment to the 1984 Redevelopment agreement allowing for the
subordination of County and Fire District tax increment.
Subordination. in this case would allow the Pittsburg Redevelopment
Agency to count the tax increment which would normally flow to the
County and Fire District as revenue for debt service on bonds to be
issued. Through this method, subordination of funds reduced the
cost of the bond issue financing, and allowed the Redevelopment
Agency to save an estimated $40,000 per year.
The Redevelopment Agency has requested the County to amend the 1991
subordination agreement because it wishes to refinance its
outstanding debt. Municipal bonds have reached a fourteen year low
and the City desires to refinance in the near future. The
refinancing will reduce the debt burden to the Agency and reduce
the risk to the County and the Fire District of subordination.
CONTINUED ON ATTACHMENT: YES SIGNATURE: ��
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOMMENDATION OF BOARD COMMITTEE
APPROVE OTHER
SIGNATURE(S):
ACTION OF BOARD ON APPROVED AS RECOMMENDED OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A TRUE
X UNANIMOUS(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: County Counsel ATTESTED ( 9 9 vZ
Redevelopment Agency PHIL BATCHELO ,CLERK OF THE BOARD OF
County Administrator SUPERVISORS AND COUNTY ADMINISTRATOR
M382 (10/88)
BY DEPUTY