HomeMy WebLinkAbout1985-07-30; City Council; 8267; Market Feasibility Study & Transfer Of FundsCITI-)F CARLSBAD - AGENDa--VLL
AB# Bd 6 7 I TITLE: LOAN TO REDEVELOPMENT AGENCY MT& 7/30/85
DEPT. RED
FOR MARKET FEASIBILITY STUDY
AND TRANSFER OF FUNDS
RECOMMENDED ACTION:
DEPT. HDh@
CITY Al-W a5
CITY MGR.jg,
The City Council adopt Resolution No. r/J q approving a loan to the
Redevelopment Agency up to but not to exceed $57,490 for market feasibility
study and authorizing transfer of funds.
ITEM EXPLANATION
On December 18, 1984, the Redevelopment Commission authorized staff to solicit
proposals for a market feasibility study of the Redevelopment Area.
State guidelines permit the Redevelopment Agency to incur debt for specific
purposes in the Redevelopment Area. A market feasibility study is acceptable
debt.
The study will cost $57,490. The Redevelopment Agency is; therefore, asking
that the City Council approve a loan to the Agency in an amount up to but
not to exceed $57,490 to complete a market feasibility study. The Agency
agrees to repay this loan from tax increment funds at an annual interest rate
of 10%.
FISCAL IMPACT
The City will loan the Redevelopment Agency up to but not to exceed $57,490
which will be paid back at an annual interest rate of 10%.
EXHIBITS
1 - Resolution No. r/Jf approving loan to Redevelopment Agency and
authorizing transfer of funds.
1 RESOLUTION NO. 8124
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING A LOAN TO THE REDEVELOPMENT AGENCY FOR A MARKET FEASIBILITY STUDY OF THE REDEVELOPMENT AREA AND AUTHORIZING TRANSFER OF FUNDS
WHEREAS, the City Council of the City of Carlsbad, California,
6 has considered the request for a loan up to but not exceed
'7 $57,490 to the Redevelopment Agency for the purpose of a market
8 feasibility study; and
9 WHEREAS, the City Council of the City of Carlsbad, California,
10 has ascertained that the market feasibility study is acceptable
11 debt of the Redevelopment Agency;
12 NOW, THEREFORE, be it resolved, by the City Council of'
13 the City of Carlsbad, California, as follows:
14 1. A loan up to but not to exceed $57,490 to the Redevelopment
15 Agency is hereby approved for the sole purpose of a market feasibility study.
16 2. The Redevelopment Agency shall agree to repay the loan from tax increment at an annual interest rate of 10%. 17
3. 18 The Finance Director is hereby authorized and directed to make the transfer of funds.
19 PASSED, APPROVED, AND ADOPTED at a regular meeting of the
20 City Council of the City of Carlsbad, California on the 30th day
21 of July , 1985, by the following vote, to wit:
22 AYES: CouncilMembers Casler,Lewis,Kulchin,Chick andpettine
23 NOES: None
24 ABSTAIN: None
ABSENT:
MARY H. *SLER, Mayor
*THA L.---RAUTENKRA&; City C3ldrk
(SEAL)
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