2010 Council Goals and Strategic Plan | City
Council Members | Calendar
of Events | Elections
COUNCIL AGENDA ITEM NO. 3
Meeting Date: March
a resolution authorizing a loan between the City of Brentwood and the
Brentwood Redevelopment Agency to purchase property at 604 First Street.
Submitted by: Anita
Jones, Finance Director
Approved by: Jon Elam, City Manager
Passage of a resolution
authorizing a loan in the amount of $130,000 from the City’s General
Fund to the Redevelopment Agency for the acquisition of property located
at 604 First Street for the purpose of constructing a public parking
At the February 8,
2000 Redevelopment Agency meeting, Resolution RA-13 was passed authorizing
the City Manager to negotiate a Purchase and Sale Agreement with LaEstrella,
Inc. for property located at 604 First Street (APN 013-110-010) for
a total cost of $125,000, plus document fees.
resolution authorizes a loan from the City’s General Fund in the amount
of $130,000 to the Downtown Capital Project Fund, for the acquisition
and related expenses to purchase the property at 604 First Street.
The interest rate to be assessed by the City for this loan is
six percent (6%) which is equivalent to the approximate rate currently
earned by the investment of other City funds with the State of California
Local Agency Investment Fund.
It is anticipated that the tax increment revenues will be sufficient
to repay this loan by June 30, 2000.
OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD, APPROPRIATING AND AUTHORIZING
A LOAN IN THE AMOUNT OF $130,000 TO THE REDEVELOPMENT AGENCY DOWNTOWN
CAPITAL PROJECT FUND FOR THE ACQUISITION AND RELATED EXPENDITURES FOR
604 FIRST STREET, BRENTWOOD
pursuant to this resolution, the City Council of the City of Brentwood
appropriates funds in the amount of $130,000 and authorizes the payment
of the funds to the Redevelopment Downtown Project Area, Capital Project
Fund as a loan for the purpose of acquisition and related expenditures
for the property located at 604 First Street, Brentwood, CA on the terms
and conditions specified herein; and
NOW, THEREFORE, THE BRENTWOOD CITY COUNCIL
DOES HEREBY RESOLVE, DETERMINE AND FIND AS FOLLOWS:
1. The sum of $130,000
is hereby appropriated and loaned to the Redevelopment Agency, Downtown
Area Capital Project Fund.
2. Such appropriation is
hereby authorized to be paid to the Agency as a loan to be repaid from
any legally available funds of the Agency with interest from the date
funds are actually transferred to the Redevelopment Agency by the City,
to the date of repayment by the Agency (calculated on a 360 day year
basis) at the rate of six percent (6%).
The debt created hereby shall be subordinated to any other indebtedness
of the Agency, presently existing or hereafter incurred, for the purpose
of fulfilling the redevelopment activities of the Agency.
3. This loan to the Redevelopment
Agency shall be repaid from Agency Tax Increment revenues, no later
than June 30, 2000.
PASSED, APPROVED AND ADOPTED
this 28th day of March 2000, by the following vote:
Quintin L. Kidd, Mayor
Karen Diaz, City Clerk
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
Fax (925) 516-5441