HomeMy WebLinkAboutAgenda Statement 1986/09/16 Item 22 COUNCIL AGENDA STATEMENT
Item 22
Meeting Date 9/16/86
ITEM TITLE: RESOLUTION �a 7�I Appropriating $10,000 from the Unappropriated Balance
of the General Fund as a Loan to the Redevelopment
Agency Town Centre II Project
SUBMITTED BY: Director of Finance ; (4/5ths Vote: Yes X No )
REVIEWED BY: City Manager?
On September 4, 1986, the Redevelopment Agency approved a loan from the City's
General Fund in the amount of $10,000. The loan also requires the approval of
the City Council .
RECOMMENDATION:
That Council approve the Resolution.
BOARDS/COMMISSIONS RECOMMENDATION: Not Applicable.
DISCUSSION:
On September 4, 1986, the Redevelopment Agency approved and appropriated an ad-
ditional $20,000 for Special Counsel Services of the firm of McDonough, Holland
and Allen related to the Bay Front Project and the Town Centre II Project. The
additional $20,000 was to be funded in the form of $10,000 from the unappropriated
balance of the Bay Front/Town Centre Redevelopment Fund and $10,000 as a loan
from the General Fund to the Town Centre II Project. This resolution is required
in order for the City Council to approve the loan.
FISCAL IMPACT:
The $10,000 loan from the General Fund to the Town Centre II Project is to pay
for legal services of McDonough, Holland and Allen. It is expected that Homart
Corporation, the developer of the Town Centre II Project, will reimburse the
Agency for the legal services and the Agency will then repay the loan from the
General Fund.
bv�tt,e city courv;il of
Chula Vista, California
Dated q'/(P
•
Form A-113 (Rev. 11/79)