HomeMy WebLinkAbout1987-10-20; Housing & Redevelopment Commission; 85; Loan for Santa Fe Depot RehabilitationiB# 085 I TITLE: APPROVAL OF LOAN FOR SANTA FE DEPOT
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HOUSING ANlY”7EDEVELOPMENT COMMIS 3N - AGENDd”i,LL
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CITY MGRS
RECOMMENDED ACTION:
If Housing and Redevelopment Commission concurs, your action is to adopt Resolution No. 091 approving loan from City in the amount of $3,400 for Santa Fe Depot Rehabilitation and authorizing debt of the Agency.
ITEM EXPLANATION
On July 28, 1987, the City Council awarded.Contract No. 3003, Rehabilitation of Santa Fe Depot, to Muro Construction in the amount of $44,475. Funds available were $41,075 ($35,000 in State Grant funds 'and $6,075 in Community donations). The Council also authorized a loan of $3,400 to the Agency to cover the additional funds necessary for the project.
Commission approval of the attached resolution will accept the loan from the City and authorize the $3,400 debt of the Agency. Funds will be repaid on demand at an annual interest rate of 10%.
FISCAL IMPACT
The Redevelopment Agency will borrow $3,400 from the General Capital Construction to be repaid from tax increment funds on demand at an annual interest rate of 10%.
EXHIBITS
1. Housing and Redevelopment Commission Resolution No. 091 approving loan from City and authorizing debt of Redevelopment Agency.
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RESOLUTION NO. 091
A RESOLUTION OF THE HOUSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALIFORNIA, APPROVING LOAN FROM THE CITY AND AUTHORIZING DEBT OF THE AGENCY IN THE AMOUNT OF $3,400.
WHEREAS, the Housing and Redevelopment Commission
of the City of Carlsbad, California has considered the need
for a loan of $3,400 from the City for additional funds to
complete the Santa Fe Depot Rehabilitation project; and
WHEREAS, said Commission finds it necessary for the
Redevelopment Agency to accept a loan of $3,400 from the
City;
NOW, THEREFORE, BE IT RESOLVED by the Housing and
Redevelopment
as follows:
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Commission of the City of Carlsbad, California
That the above recitations are true and correct.
That a loan of $3,400 from the City is hereby accepted as debt of the Redevelopment Agency.
That the Agency hereby agrees to repay the loan on demand at an annual interest rate of 10%.
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PASSED, APPROVED AND ADOPTED at a regular meeting of the
Housing and Redevelopment Commission of the City of Carlsbad,
California on the 20th day of October, 1987, by the following
vote, to wit:
AYES: Commissioners Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
ABSTAIN:
ATTEST:
Af;Ema RAUTENKRANZ, Cit$Clerk
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