HomeMy WebLinkAbout1985-07-30; Housing & Redevelopment Commission; 45; Market Feasibility Study of the Redevelopment AreaHOUSING AND -‘DEVELOPMENT COMMISS -N - AGENDA ‘BILL
AB# 45 TITLE: SELECTION OF CONSULTANT TO COMPLETE
MTG. 7/30!85 MARKET FEASIBILITY STUDY OF THE REDEVELOPMENT AREA, APPROVAL OF
DEPT. RED REDEVELOPMENT AGENCY DEBT AND REQUEST c1~y~GR.s m-3-b TAX.1 I RECOMMENDED ACTION:
The Housing and Redevelopment Commission adopt Resolution No. 51
selecting Economic Research Associates to complete a market
feasibility study of the Redevelopment Area and Resolution No. 52
approving debt of Redevelopment Agency and requesting loan.
ITEM EXPLANATION
On December 18, 1984, the Redevelopment Commission authorized
staff to solicit proposals for a market feasibility study for the Redevelopment Area at an estimated cost of $50,000-$75,000.
Proposals have been received and ranked. The top three companies
were selected for final consideration. These companies with cost
estimates are:
Economics Research Associates $57,490 Urban Plan $57,350-$66,740
Williams, Kuebelbeck & Associates, Inc. $96,500
A committee consisting of Council Member, Ann Kulchin; Planning Commissioner/Design Review Board Member, Jerry Rombotis and Housing and Redevelopment Advisory Committee Chairperson, John McCoy reviewed the top three proposals and met with representatives of the respective companies.
After careful consideration, the Committee recommends Economics Research Associates be retained to prepare the study at a cost of $57,490.
Payment for the study will come from tax increment funds. The
Housing and Redevelopment Commission needs to approve the debt of the agency and request a loan from the City.
Under state guidelines, a market feasibility study is acceptable
debt of the Agency. The Agency will repay the loan of $57,490
at an annual interest rate of 10%.
FISCAL IMPACT
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The City will loan the Redevelopment Agency up to but not to exceed
$57,490 which will be paid back at an interest rate of 10%. s
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EXHIBITS
2 l- Resolution No. 51 selecting Economic Research Associates to prepare Market FLasibility Study.
2- Resolution No. 52, approving debt of Redevelopment Agency and requesting loan of $57,490 from City.
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO.51
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
OF THE CITY OF CARLSBAD, CALIFORNIA SELECTING A CONSULTANT FOR A MARKET FEASIBILITY STUDY OF THE REDEVELOPMENT AREA.
WHEREAS, the Housing and Redevelopment Commission desires
to have a market feasibility study prepared for the Redevelopment
Area; and
WHEREAS, proposals for the study have been solicited and
reviewed; and
WHEREAS, funds for the study will come from tax increment
revenues.
NOW, THEREFORE, BE IT RESOLVED that the Housing and
Redevelopment Commission of the City of Carlsbad, Californi:,
hereby selects Economics Research Associates to prepare a market
feasibility study at a cost of $57,490.
PASSED, APPROVED AND ADOPTED at a regular meeting of the
Housing and Redevelopment Commission on the 30th day of July,
1985, by the following vote, to wit:
AYES: &amissioners Casler, Lewis, Kulchin, Chick and P&tine
NOES: None
ABSTAIN: None
ABSENT:
ATTEST:
MARY H.$ASLER, Chairperson
(SEAL)
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HOUSING AND REDEVELOPMENT COMMISSION RESOLUTION NO. 52
2 A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION
OF THE CITY OF CARLSBAD, CALIFORNIA APPROVING DEBT OF
3 THE REDEVELOPMENT AGENCY AND REQUESTING A LOAN FROM THE
CITY FOR THE NECESSARY FUNDS.
4 WHEREAS, the Housing and Redevelopment Commission of the City
5 of Carlsbad, California, has considered the necessity for a market
6 feasibility study of the Redevelopment Area: and
7 WHEREAS, the Housing and Redevelopment Commission recognizes
8 the study to be acceptable expense to the Redevelopment Agency.
9 NOW, THEREFORE, BE IT RESOLVED, by the Housing and Redevelop-
10 ment Commission as follows:
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That the Redevelopment Agency debt for market feasibility
study is hereby approved up to but not to exceed $57,490.
That the Housing and Redevelopment Commission hereby requests
that the City Council of the City of Carlsbad loan the
amount up to but not to exceed $57,490 to the Redevelopment
Agency for the exclusive purpose of preparation of a market
feasibility study of the Redevelopment Area.
That the Housing and Redevelopment Commission hereby agrees that the Redevelopment Agency will repay this loan from tax increment funds due the Agency.
4. ia That the Housing and Redevelopment Commission hereby agrees to pay an annual interest rate of 10% to the City of Carlsbad
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on the unpaid balance of the loan.
20 PASSED, APPROVED AND ADOPTED at a regular meeting of the
21 Housing and Redevelopment Commission on the 30th day of July,
22 1985, by the following vote, to wit:
23 AYES: Carmissioners Casler, Lewis, Kulchin, Chick and Pettine
24 NOES: None
25 ' ABSTAIN: None
26 ATTEST:
MARY H.$ASLER, Chairperson
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