HomeMy WebLinkAboutMINUTES - 01261988 - 1.58 1 ®0r-
TO:
® r-TO: REDEVELOPMENT AGENCY Ocn♦
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FROM: PHIL BATCHELOR, @ Courty
Costa
EXECUTIVE DIRECTOR
DATE: January 12, 1988 �.
SUBJECT: Subordination Agreement between Contra Costa County Redevelopment
Agency and Park & Rail, A California Partnership.
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve payment of $7,000 to Park & Rail, A California Partnership,
in consideration for executing a subordination agreement dated
December 1, 1987 .
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Contra Costa County Redevelopment Agency recently completed the
sale of $7 . 5 million Pleasant Hill BART Tax Allocation Notes. The
notes are secured by tax revenues allocated to the Agency. In
December 1985, the Agency executed a note in favor of Park & Rail,
A California Partnership. The note to Park & Rail would constitute
a senior lien on Agency tax revenues and create problems in the
structuring, securing and marketing of the Agency' s Tax Allocation
Notes. Park & Rail was requested to execute a subordination
agreement, and agreed to subject to payment of $7 , 000 as
consideration.
CONTINUED ON ATTACHMENT: YES SIGNATURE: a44 '
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION F AGENCY COMM
APPROVE OTHER
SIGNATURE( S) :
ACTION OF AGENCY ON January 26 , 1988 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 January 26 , 1988
Auditor/Controller PHIL BATCHELOR,
AGENCY SECRETARY
a
BY , DEPUTY