HomeMy WebLinkAboutMINUTES - 12111990 - 1.104 TO: REDEVELOPMENT AGENCY
FR{M: PHIL BATCHELOR Contra
E}OCIVE DIRECDOR
Costa
DATE: December 11, 1990 °
T COLM
cds> .caii*�
SOBMDCF: Repayment of Short Term Advance to Contra Costa County
SPECIFIC REQUESTS) OR RECOMMENDATIONS(S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Approve repayment of short term advance to Contra Costa County
Housing Bond Trust Funds; and authorize the Executive Director or
his designee and the Auditor Controller to take such actions as
necessary. . (No General Funds) ,
FISCAL IMPACT
No General Funds are involved. The short term advance ",to the
Agency was made from County Housing Bond Trust Funds. The,,;advance
is being repaid with Redevelopment Agency tax increments. .
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 required a short term advance of $320, 000.
These funds were to 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. The Agency has received its
1990-91 tax increment and is in a position to repay the County.
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 fun
CONTINIIED ON ATTACHMENT: YES SIGNATURE: C%
RECOMMENDATION OF COUNTY ADMINISTRATOR RECOM111ENIDAIO OF �B CO E
APPROVE OTHER
SIGNATURE(S) :
ACTION OF BOARD ON December 11 , lgg LL-- APPROVED AS RECOMMENDED x _ OTHER
VOTE OF SUPERVISORS
I HEREBY CERTIFY THAT THIS IS A
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: Community Development ATTESTED December 11 , 1990
County Administrator PHIL BATCHELOR,
Auditor-Controller AGENCY SECRETARY
County Counsel
BY , DEPUTY
SRA8/jb/9-25-90.bs(dw4)