HomeMy WebLinkAboutMINUTES - 01241989 - 1.1 (3) 1-010
TO: BOARD OF SUPERVISORS AS GOVERNING BOARD OF CONTRA COSTA
COUNTY FLOOD CONTROL AND WATER CONSERVATION DISTRICT
FROM: J. MICHAEL WALFORD, CHIEF ENGINEER
DATE: January 24, 1989
SUBJECT: Flood Control District Revolving Fund Loan to the
County Redevelopment Agency
Specific Request(s) or Recommendations) & Background &
Justification
I. RECOMMENDATION
APPROVE the deposit of funds from the following entity to
the Flood Control District Revolving Fund:
Flood Control District $50, 000
APPROVE a loan at an annual rate of 8.98% from the Flood
Control District Revolving fund to the following entity.
County Redevelopment Agency $50, 000
The above loan is anticipated to be repaid within five
years.
II. FINANCIAL IMPACT
The funds loaned to the County Redevelopment Agency will be
unavailable for capital improvements until such time as they
are repaid with interest.
Continued on attachment: X yes Signature:
Recommendation of County Administrator
Recommendation of Board Committee
Approve Other:
Signature(s) :
Action of Board on: JAN 2 4 1989
Approved as Recommended_ Other
Vote of Supervisors - 4/5 vote I HEREBY CERTIFY THAT THIS IS
required A TRUE AND CORRECT COPY OF AN
Unanimous (Absent ) ACTION TAKEN AND ENTERED ON
Ayes: Noes: THE MINUTES OF THE BOARD OF
Absent: Abstain: SUPERVISORS ON DATE SHOWN.
Attested JAN 2 4 19Qq
Orig. Div. :Public Works (FCE) PHIL BATCHELOR,
cc: County Administrator CLERK OF THE BOARD
County Counsel OF SUPERVISORS AND
County Auditor Controller COUNTY ADMINISTRATOR
Community Development Director
Public Works Dir.
Flood Control Eng.
Accounting
MFK:md
BO:redev.tl2
By
DEPUTY CLERK
III. REASONS FOR RECOMMENDATION/BACKGROUND
The loan to the County Redevelopment Agency is needed to
help finance the establishment of a redevelopment project
in the Oakley area. Redevelopment activity is needed to
help complete the needed drainage improvements in Drainage
Areas 29D and 29E.
IV. CONSEQUENCES OF NEGATIVE ACTION
Failure to approve the deposit and loan will delay im-
plementation of the Oakley Redevelopment project and the
installation of needed drainage improvements.