HomeMy WebLinkAboutMINUTES - 12191989 - 1.111 TO: REDEVELOPMENT AGENCY
FROM:. PHIL BATCHELOR,
EXECUTIVE DIRECTOR
Contra
DATE: December 19 , 1989
Costa
SUBJECT:. Repayment of Agency Debt County
SPECIFIC REQUEST(S) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approver repayment of Redevelopment Agency debt in . an aggregate
amount of $1,500,000 for the. following:
Note. dated 12/4/84 - (Note 1112. Assessment District advance from
TSM : component) : $500,000; and advance dated 4/15/86 (Advance
1003-R/W; advance for right-of-way purchases) : $1,000,000; and
authorize the Auditor-Controller to take the following actions to
accomplish said repayment:
1. Transfer $1,249,918 from Account 289102-0010 (P. H. BART
1987 tax notes) , to Accounts 289100-0010, P. H. BART
Redevelopment Construction fund.
2. Transfer funds from Account 289100-0620 (Pleasant Hill
BART Redevelopment Construction Fund-Advance From Other
Funds-Long) to Account 111200-0380 (P. H. BART - Transit
Planning - Advance to Other Funds) in the amount of
$500,000 and to General Fund Account #100300-0380 in the
amount of $1,000,000.
FISCAL IMPACT
The repayment of 'the- Agency debt will result accrue to the County
General Fund and to the Pleasant Hill BART TSM program.
BACKGROUND/REASONS FOR RECOMMENDATIONS
The Contra Costa County Redevelopment Agency has incurred
approximately $3 .7 million in original principal amount of debt to
the County for implementation of the Pleasant Hill BART
Redevelopment Plan. With accrued interest on June 30, 19891, the
outstanding amount. of indebtedness was approximately $5 . 4 milli
o .
CONTINUED ON ATTTACE14ENT: X YES SIGNATURE:
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMENDATION AGEN7 COMMI
APPROVE OTHER
SIGNATURE(S) :
ACTION OF 'AGENCY ON December 19, 1989 APPROVED AS RECOMMENDED. X OTHER
VOTE OF COMMISSIONERS
I HEREBY CERTIFY THAT THIS ISA
X UNANIMOUS (ABSENT I ) 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 December 19 , 1989
CAO. PHIL BATCHELOR,
Auditor-Controller AG CY SE TARY
County Counsel
BY �. DEPUTY .
SRA2/jb/repaydbt.bos
The above recommendation will result in repayment of $500,000 of an
original loan of $1 million to the TSM component of Assessment
District 83-1. This will capitalize the TSM program at Pleasant
Hill BART and facilitate its implementation. Additionally the
repayment of $1 million of an original loan of $1,616,584 for
right-of-way purchased from the County will go to the County
General Fund.