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CITY COUNCIL AGENDA ITEM NO. 6

Meeting Date: December 12, 2000

Subject/Title: Consideration of resolution authorizing a loan between the City of Brentwood and the Brentwood Redevelopment Agency to purchase property and construct parking for Brentwood Boulevard Parking Lot, CIP Project No. 336-3125 

Submitted by: Pamela Ehler, Acting Finance Director

Approved by: Jon Elam, City Manager

RECOMMENDATION
Approve a resolution accepting a loan in the amount of $322,000 from the City’s Water Facility Fee Fund to the Redevelopment Agency for the acquisition of property and construction of a parking lot for Brentwood Boulevard, CIP Project No. 336-3125. 

PREVIOUS ACTION
On October 10, 2000, the City of Brentwood Redevelopment Agency authorized the Executive Director to sign all necessary papers to acquire property at 8436 Brentwood Boulevard at a cost not to exceed $150,000, with funds to come from the Downtown Redevelopment District.

On November 14, 2000, the City of Brentwood Redevelopment Agency amended the Brentwood Boulevard Parking Lot, CIP Project No. 336-3125, to increase the budget by $172,000, with funds coming from the City of Brentwood Redevelopment Agency. These funds would be used for design and construction. 

BACKGROUND
The resolution accepts a loan from the City’s Water Facility Fee Fund in the amount of $322,000 to the Brentwood Merged Redevelopment Capital Project Fund, for the acquisition, construction, and related expenses to purchase and construct a parking lot on the property at 8436 Brentwood Boulevard. 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, 2002. In order to continue to generate Redevelopment funds the Redevelopment fund must continue to incur debt. This action helps create that. The loan will be paid off from funds generated over the next two and a half years.

RESOLUTION NO.

A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF BRENTWOOD APPROPRIATING AND AUTHORIZING A LOAN IN THE AMOUNT OF $322,000 FROM THE CITY WATER FACILITY FEE FUND TO THE BRENTWOOD MERGED REDEVELOPMENT AGENCY PROJECT FUND FOR THE ACQUISITION AND RELATED CONSTRUCTION EXPENDITURES FOR BRENTWOOD BOULEVARD PARKING LOT, CIP PROJECT NO. 336-3125 

WHEREAS, the Agency desires to purchase property and construct a parking lot located at 8436 Brentwood Boulevard, Brentwood, California for the purpose of curing blight and providing public parking to the downtown businesses; and

WHEREAS, the City Council of Brentwood appropriated and authorized the amount of $322,000, in the form of a loan to the Agency’s Capital Project Fund for property acquisition and construction expenditures for 8436 Brentwood Boulevard, Brentwood, California; and

WHEREAS, the Agency desires to accept said loan on the terms and conditions set forth in said resolution; and

NOW, THEREFORE THE CITY COUNCIL OF THE CITY OF BRENTWOOD DOES RESOLVE AS FOLLOWS:

Section 1. The sum of $322,000 is hereby appropriated and loaned to the Brentwood Merged Redevelopment Agency 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 Brentwood Redevelopment Agency shall be repaid from Agency Tax Increment Revenues, no later than June 30, 2002.

PASSED, APPROVED AND ADOPTED by the City Council of the City of Brentwood at a regular meeting held December 12, 2000 by the following vote:

AYES: 
NOES: 
ABSENT: 

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