HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COMMUNITY DEVELOPMENT COMMISSION AGENDA STATEMENT
MEETING DATE: March 1, 2011
AGENDA ITEM NO.
ITEM TITLE:
A resolution of the Community Development Commission ("CDC") of the City of National City authorizing the
Chairman to execute a Sewer Loan Repayment Agreement by and between the CDC and City of National City
for a portion of the repa ent of the Sewer Fund loan used for street resurfacing. (Tax Increment Fund).
PREPARED BY: Barby Tipton
PHONE: 4583'
DEPARTMENT: Development ices
Engi on
APPROVED B
EXPLANATION:
The Redevelopment Plan for the Community Development Commission of the City of National
City ("CDC") is authorized to expend tax increment funds for public improvements, including but not
limited to street improvements.
On June 22, 2010, City Council adopted Council Resolution 2010-148, authorizing an
expenditure from the Tax Increment fund for repayment of a Sewer Fund loan in the amount of
$771,250 (including interest), where the proceeds were used for street resurfacing.
The loan will be repaid with the first payment due on June 30, 2011 and with a payment due on
the same date each of the next two consecutive years, for a total of $771,250.00. The 4th and 5th
payments will be from Prop. A funds.
FINANCIAL STATEMENT: APPROVED.Finance
ACCOUNT NO. This Agreement will provide for three consecutive payments to the Sewer Fund;
$11,250 on June 30, 2011, $340,000.00 on June 30, 2012 and $420,000 on June 30,
2013
ENVIRONMENTAL REVIEW: Not applicable,
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION: Adopt the resolution
Staff recommends approval of the agreement
BOARD / COMMISSION RECOMMENDATION:
N/A
ATTACHMENTS:
1. Proposed Agreement.