HomeMy WebLinkAboutCouncil Agenda StatementCITY OF NATIONAL CITY, CALIFORNIA
COUNCIL AGENDA STATEMENT
MEETING DATE: March 1, 2011
AGENDA ITEM NO.
ITEM TITLE:
A resolution of the City of National City Council authorizing the Mayor to execute a Sewer Loan
Repayment Agreement by and between the City of National City and the Community Development
Commission ("CDC") of the City of National City for a portion of the repayment of the Sewer Fund loan
used for street resurf. ing. (Tax Increment Fund).
tt
PREPARED BY: Ba .y Tipton DEPARTMENT: Develop er�iSgrvices/Eng.
PHONE: 619-336-4583 APPROVED BY:
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:
ACCOUNT NO.
APPROVED III E v
,4
APPROVED: MIS
Finance
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:
N/A
ORDINANCE: INTRODUCTION:
FINAL ADOPTION:
STAFF RECOMMENDATION:
Adopt the Resolution.
BOARD / COMMISSION RECOMMENDATION:
N/A
ATTACHMENTS:
1. Proposed Agreement
2. Resolutiont