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CITY COUNCIL AGENDA ITEM NO. 3  

Meeting Date:     March 28, 2000

Subject/Title:      Consideration of 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

 

RECOMMENDATION   

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 lot.

PREVIOUS ACTION

None

BACKGROUND

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.

 The 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.

RESOLUTION NO.

RESOLUTION 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

WHEREAS, 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:

Section 1.  The sum of $130,000 is hereby appropriated and loaned to the Redevelopment Agency, Downtown Area Capital Project Fund.

Section 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.

Section 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:

AYES:

NOES:

ABSENT:

ABSTAIN:

Quintin L. Kidd, Mayor

ATTEST: Karen Diaz, City Clerk

City Administration
City of Brentwood City Council
150 City Park Way
Brentwood, CA 94513
(925) 516-5440
Fax (925) 516-5441
E-mail allcouncil@brentwoodca.gov