HomeMy WebLinkAbout1990-11-06; Housing & Redevelopment Commission; 168; Formation of Redevelopment Project Area_ r 1 :; ~,JL+-.-- * HOUSING AND ^EDEVELOPMENT COMMlSI”)N - AGENDA BILL c
r 168 AB# , , I TITLE: ACCEPTANCE OF LOAN AND APPROVAL
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DEPT. RED
DEPT. HD.&!
OF DEBT FOR CONSULTANT FEES FOR ClTY AT ti FORMATION OF REDEVELOPMENT PROJECT AREA CITY MGR.%
RECOMMENDED ACTION:
If Housing and Redevelopment Commission concurs, your action is to adopt Resolution No. 177 authorizing debt of the Agency and accepting a loan from the City for $30,000 for consultant
fees for formation of Redevelopment Project Area and directing
staff to seek proposals for this service.
ITEM EXPLANATION:
The City Council has taken action designating a survey area for
formation of a Redevelopment Project Area from the southerly
boundary of the existing Project Area, south to Cannon Road, from
I-5 to Carlsbad Boulevard,
Fees for consultant services to develop the Project Area are
acceptable debt of the Agency. Cost for consultant services are
estimated to be approximately $30,000. The Commission needs to
accept the loan from the City and authorized debt of the
Redevelopment Agency for an amount of $30,000.
FISCAL IMPACT:
The Redevelopment Agency will borrow $30,000 from the City to be
repaid from tax increment funds on demand at an annual interest
rate of 8 percent.
EXHIBITS:
1. Housing and Redevelopment Commission Resolution No. 177 approving debt and accepting loan from the City
2. Location Map of survey area
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RESOLUTION N0.-m~7~p_-
A RESOLUTION OF THE HOtiSING AND REDEVELOPMENT
COMMISSION OF THE CITY OF CARLSBAD, CALlFORNI.-1
ACCEPTINGDEBT OF TEfEAGENCY __.____._____.____..
WHEREAS, the Housing and fCecle:'elopment Lonimiszi~r! 5i
:he City of Carlsbad, California, has C;.,;lslderf-d the
necessity for funding a stud>- to determine the fe:lsi5i.lLt:.
ot formin% a Redevelopment Pro,ject Ares from the :;o;.1:ileri>
boundar)- of the existing Redevelopment Fro.ject Ar,?a; and
WHEREAS, the Commission finds that Under secticn 3hi2
of the State Health and Safety Code, that designating a
s\ir;.ey area is permitted when the City Council adopt2
certain findings; and
WHEREAS, the Commission finds t;lis s:.lyx-ey.7 to !:e
acceptable expense to the A,genc:.-;
arid NOW, THEREFORE, BE IT RESOLVED by the 9o:lsing
Redevelopment Commission of the City of Carlsbad,
California, as follows:
1. That the above recitations are true a:ld correc t.
2. That the Redevelopment Agency debt for consultant fees
in the amount of $30,000 is hereby approved.
3. That the Housing and Redevelopment Commission hersb)
C-t>- and agrees that of $30,000 from the accepts the loan
the Redevelopmen
Tax Increment.
t Agency Kill repay this loan on demand from
4. That the Housing and RedeLeiopmect Commission hereby
agrees to pay an annual interest rate of 8% to the City zf
Carlsbad on the tinpaid balance of the loan.
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5. Staff is hereby directed to sol
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icit proposals for
consulting services related to the creation of the new
project area.
PASSED, APPROVED AND ADOPTED at a regular meeting of
the Housing and Redevelopment Commission of the City of
Carlsbad, California, held on the 6th day of
November , 1990, by the following vote, to wit
AYES: Commiss'ioners Lewis, Kulchin, Pettine, Mamaux and Larson
NOES: None
ABSENT: None
ATTEST:
('SEAL)
RESOLUTION. NO. 177
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‘REDEVELOPMENT PROJECT II ALTERNATIVE “C”