HomeMy WebLinkAboutRDA LOAN AG RDA 06-21-82JGENDA
OATE: June 16, 1982
REDEVELOPMENT AGENCY
No. 6
6-21-82
nt r- eom
TO:
FROM:
SUBJECT:
REDEVELOPMENT AGENCY
BILL HUSTON, EXECUTIVE DIRECTOR
LOAN AGREEMENT BETWEEN CITY AND REDEVELOPMENT AGENCY
RECOMMENDATION:
That the Agency authorize the Chairman to execute the agreement between the
City and the Redevelopment Agency which provides for a loan of $350,000
from the City's general fund to the Agency.
BACKGROUND:
At its February 16, 1982 meeting, the City Council authorized the loan of
$350,000 to the Redevelopment Agency in order to supplement Agency funds
earmarked for the Stevens Square Parking Structure project.,~.The attached
agreement which provides for a repayment of the loan over a 3 year period
at 12% interest (or whatever higher rate is authorized by State law and
subsequently approved by the City Council) is consistent with the terms of
the loan approved by the City Council in February. The agreement merely
memorializes the fact that the Agency agrees to the terms of the loan.
The Agreen~nt for this Item is the same as contained under City Council,
Old Business, No. 1.