HomeMy WebLinkAbout1985-09-17; Housing & Redevelopment Commission; 51; Change Orders - Central Business Dist. StormdrainHOUSING AND- EDEVELOPMENT COMMISE-IN - AGENDA BtLL v 4
AB# 51 TITLE: ACCEPTANCE OF LOAN AND APPROVAL OF DEPT. HD. ==->’
MTG. 9117185 DEBT - CHANGE ORDERS FOR CENTRAL BUSINESS DISTRICT STORM DRAIN CITY AT&i%
DEPT. RED CITY MGR.%
RECOMMENDED ACTION:
Housing and Redevelopment Commission adopt Resolution No. 058 approving Redevelopment Agency debt and requesting loan for change orders to Central Business District Storm Drain construction contract.
I ITEM EXPLANATION
On August 21,1984, the Commission approved the debt for installation of the Central Business District Storm Drain and requested a loan to the Agency in the amount of $800,000. The construction contract awarded on August 7, 1984, with change order No. 1 was $713,795.20.
During construction, many utility conflicts and difficulties arose necessitating additional costs. On August 27, 1985, Council authorized changes to the construction contract and construction manaqement contract totaling $307,606.
The Commission is asked to approve the $307,606 debt of the Agency and agree to repay the loan to the City at an annual interest rate of 10%.
--! FISCAL IMPACT "-1
The Redevelopment Agency will borrow $307,606 from the City which will be repaid from tax increment funds at an annual interest rate of 10%. Total project costs will be $1,107,606.
EXHIBITS
Housing and Redevelopment Commission Resolution No. 058 Approving debt and requesting loan for change orders to Central Business District Storm Drain contracts.
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RESOLUTION NO. 058
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING DEBT OF THE REDEVELOPMENT AGENCY AND REQUESTING A LOAN FROM THE CITY FOR THE NECESSARY FUNDS.
WHEREAS, the Housing and Redevelopment Commission of the
Zity of Carlsbad, California, has considered the necessity for
Ihanges to the construction and management contracts on the Central
3usiness District Storm Drain; and
WHEREAS, the Housing and Redevelopment Commission recognizes
these change orders necessitate additional cost which are
zceptable expenses to the Redevelopment Agency;
NOW, THEREFORE, be it resolved, by the Housing and
Redevelopment Commission of the City of Carlsbad, California as
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That the Redevelopment Agency debt for change orders to the construction and management contracts on the Central Business District Storm Drain is hereby approved up to but not to exceed $307,606.
That the Housing and Redevelopment Commission hereby requests that the City of Carlsbad loan the amount up to but not to exceed $307,606 to the Redevelopment Agency for the necessary change orders to the Central Business District Storm Drain contracts.
That the Housing and Redevelopment Commission hereby agrees that the Redevelopment Agency will repay this loan from tax increment funds due to the Agency.
That the Redevelopment Commission hereby agrees to pay an annual interest rate of 10% to the City of Carlsbad on the unpaid balance of the loan.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the
lousing and Redevelopment Commission of the City of Carlsbad,
California, held on the 17th day of September, 1985, by the
following vote, to wit:
AYES: Council&M&e.rs Casler, IRWis,Kulchin,a?ickandR?ttine
NOES: None
ABSTAIN: None
ABSENT: None
4TTEST:
City Clerk
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