HomeMy WebLinkAboutMINUTES - 04021991 - 1.59 .a. 54
TO: REDEVELOPMENT AGENCYra
` ■ T1l
FROM: Phil Batchelor %` �A`/A�
-_ Costa
Executive Director
DATE: April 2 , 1991
SUBJECT: Repayment of Debt
SPECIFIC REQUEST(S) OR RECOMMENDATIONS (S) & BACKGROUND AND JUSTIFICATION
RECOMMENDATIONS
Determine that Contra Costa County Redevelopment Agency indebtedness
to the County of Contra Costa - Assessment District . 83-1 - dated
January 17, 1984 in the principal amount of $100, 000. 00, September 12,
1984... in the principal amount of $100, 00. 00, and October 22, 1985 in
the principal amount of $433 , 132 . 00 plus accrued interest to date, has
been repaid.
FISCAL IMPACT
No General Fund monies are involved. The Agency incurred"expenses. for
public improvements that exceeded those provided for in. Assessment
District 83-1.
BACKGROUND/REASONS FOR RECOMMENDATIONS
In 1984 and 1985, the County and the Redevelopment Agency entered into
loan agreements providing for the advance of certain funds to the
Redevelopment Agency for Agency operations. The advances were as
follows:
CONTINUED ON ATTACHMENT: X YES SIGNATURE: ?
RECOMMENDATION OF EXECUTIVE DIRECTOR RECOMMEND ON OF AGES Y COMMITTEE
APPROVE OTHER
. 17
SIGNATURE(S)
ACTION OF AGENCY ON April 2, 1991 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: Community Development
County Administrator
Auditor-Controller ATTESTED April 2, 1991
Public Works PHIL BATCHELOR, T
Redevelopment Agency AGENCY SECRETARY ;
File C3 . 1(a)
SRA13/repaydbt.bos
BY (21,h 01 j
DEPUTY
op Outstanding Debt
Original with accrued interest,
Date Principal Amount as of 6/30/90
1/17/84 $100, 000. 00 $ 197, 356.00
9/12/84 $100, 000. 00 $ 182, 655. 00
10/22/85 $433, 132. 00 $ 674,926. 00
Total $633, 132.00 $1, 054,937 . 00*
The cost of completing the infrastructure improvements at the Pleasant
Hill BART exceeded available revenues from Assessment District 83-1 by
$2,827, 677.68. The Redevelopment Agency, from its own funds, assumed
those obligations. Since those funds could have been paid by Assessment
District proceeds, had the Agency not borrowed them, it is appropriate
that the Agency be credited for these expenditures by a reduction in its
debt to those Assessment Districts.
*Accrued interest to date will be computed and considered repaid.