HomeMy WebLinkAbout1986-07-15; Housing & Redevelopment Commission; 68; Change Order - Central Business Dist. Stormdrain, HOUSING AND”EDEVELOPMENT COMMIS,C--N - AGENDA BILL .
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AB# 68 TITLE: ACCEPTANCE OF LOAN AND APPROVAL
~~&7/15/86 OF DEBT - CHANGE ORDER FOR
DEPT. RED CENTRAL BUSINESS DISTRICT STORM DRAIN CITY MGR.z
RECOMMENDED ACTION:
If Housing and Redevelopment Commission concurs your action is to adopt Resolution No. 075 approving Redevelopment Agency debt and requesting loan for change orders in the amount of $67,301.57 for the Central Business District Storm Drain construction contract.
ITEM EXPLANATION
On July 8, 1986, City Council approved an amendment to Contract No. 3085, Central Business District Storm Drain and the additional appropriation of funds in the amount of $67,301.57.
The Commission is asked to approve Agency loan from the General Capital Construction fund to cover additional appropriation of funds.
FISCAL IMPACT
The Redevelopment Agency will borrow $67,301.57 from the Capital Construction funds to be repaid form tax increment funds on demand at an annual interest rate of 10%.
EXHIBITS
l- Housing and Redevelopment Commission Resolution No. 075 APPROVING debt and requesting loan for change orders to Central Business District Storm Drain contract.
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RESOLUTION NO. 075
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 City of Carlsbad, California, has considered the necessity for
changes to the construction contract on the Central Business
District Storm Drain; and
WHEREAS, the Housing and Redevelopment Commission recognizes
these change order necessitate additional cost which are
acceptable expenses to the Redevelopment Agency;
NOW, THEREFORE, be it. resolved, by the Housing and
Redevelopment Commission of the City of Carlsbad, California as
follows:
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That the Redevelopment Agency debt for change orders to the construction contract on the Central Business Storm Drain is hereby approved in the amount of $67,301.57.
That the Housing and Redevelopment Commission hereby requests that the City of Carlsbad loan the amount of $67,301.57 to the Redevelopment Agency for the necessary change orders to the Central Business District Storm Drain contract.
That the Housing and Redevelopment Commission hereby agrees that the Redevelopment Agency will repay this loan on demand 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
Housing and Redevelopment Commission of the City of Carlsbad,
California, held on the 15th day of July, 1986, by the following
vote, to wit:
AYES: Commissioners Casler, Lewis, Kulchin, Chick and Pettine
NOES: None
ABSTAIN: None
ABSENT: None
ATTEST:
ALETHA L. RAUTENKRANZ, City lerk
(SEAL)
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