HomeMy WebLinkAboutRDA AGENDA 06-07-93 AGENDA
REGULAR MEETING Ut; THE TUSTIN COMMUNITY RE~£VELOPMENT AGENCY
JUNE 7, 1993
CALL TO ORDER
ROLL CALL
APPROVAL OF MINUTES- MAY 17, 1993 REGULAR MEETING
Recommendation: Approve the Redevelopment Agency Minutes of May 17, 1993.
APPROVAL OF DEMANDS
Recommendation: Approve Demands in the amount of $977,483.87.
APPROVAL OF PUBLIC WORKS AGREEMENT BETWEEN THE CITY OF TUSTIN AND
TUSTIN COMMUNITY REDEVELOPMENT AGENCY FOR THE SOUTH CENTRAL
PROJECT AREA
The Public Works Agreement is a commonly used vehicle to facilitate the
accumulation of funds for major projects, and it also qualifies as a debt under the
current definition of the Code. This Agreement addresses the Newport Avenue
Extension to Edinger Project within the South Central Proiect Area.
Recommendation: Make a finding as to the lack of other means of financing this
project; make a finding as to the benefit of the Newport Avenue Extension Project
to the Project Area as discussed in the staff report and authorize the Mayor to
execute the subject Public Works Agreement between the City and the Agency as
recommended by the Finance Department.
WORKING CAPITAL LOAN AGREEMENT WITH FIRST INTERSTATE BANK
For the 1992-93 fiscal year, the City loaned the Agency $3 million to carry out the
purposes of the South Central Project Area. This loan is scheduled to be repaid prior
to June 30, 1993.
Recommendation: Adopt the following Resolution No. RDA 93-8 approving a one-
year working Capital Loan Agreement with First Interstate Bank and authorizing the
Executive Director to execute the Agreement on behalf of the Agency as
recommended by the Community Redevelopment Agency Treasurer:
RESOLUTION NO. RDA 93-8 - A RESOLUTION OF THE REDEVELOPMENT AGENCY
OF THE CITY OF TUSTIN, CALIFORNIA, APPROVING ACQUISITION OF A
$3,000,000 LINE OF CREDIT FROM FIRST INTERSTATE BANK OF CALIFORNIA
OTHER BUSINESS
ADJOURNMENT
The next regular meeting of the Redevelopment Agency is scheduled for Monday,
June 21, 1993, 7:00 p.m., at the Tustin Area Senior Center.