HomeMy WebLinkAboutAgenda Statement 1986/07/22 Item 18 COUNCIL AGENDA STATEMENT
Item 18.
Meeting Date 7/22/86
ITEM TITLE: RESOLUTION /7A4 :5(7 Approving Additional Loans to Redevelopment Agency
Projects for Fiscal Year 1986-87 and Appropriating
Funds From the Unappropriated General Fund Reserve
Therefore
SUBMITTED BY: Director of Finance
4; (4/5ths Vote: Yes X No )
REVIEWED BY: City Manager yowl)
On June 17, 1986, the City Council approved the City's Fiscal Year 1986-87 Budget
which included loans to the Redevelopment Agency Town Centre II Project in the
amount of $62,380 and the Otay Valley Project in the amount of $426,310.
Subsequent to the above approval , the Agency approved its Fiscal Year 1986-87
Budget on July 10, 1986, which included loans from the General Fund in the amount
of $122,380 for Town Centre II and $486,310 for Otay Valley. Each loan was increased
by $60,000.
This action is required in order that the City Council approve the same amount for
loans as approved by the Agency.
RECOMMENDATION:
That Council adopt Resolution appropriating General Funds for additional $60,000 loan
to Town Centre II and $60,000 loan to Otay Valley for a total of $120,000.
BOARDS/COMMISSIONS RECOMMENDATION: Not applicable.
DISCUSSION:
The additional $60,000 loan approved by the Agency on July 10 for Town Centre II was
for the following purposes:
Study to amend Redevelopment Plan to allow $10,000
collection of tax increment revenue
EIR on Redevelopment Plan amendment 15,000
Cost sharing/feasibility study for public improvements 15,000
Redevelopment district boundaries study 20,000
Total $60,000
The additional $60,000 loan for the Otay Valley was for the following:
Subdivision and development engineering studies $10,000
EIR on Otay Valley Road Realignment 40,000
Legal counsel regarding Surface Mining and Resource 10,000
Recovery Act $60,000
Total
Form A-113 (Rev. 11/79)
Meeting Date 7/22/86
Page 2 Item 18
FISCAL IMPACT:
It is necessary to appropriate an aditional $120,000 from the General Fund unap-
propriated reserve for loans to the Redevelopment Agency.
Town Centre II Otay Valley
Appropriated by Council 6/17/86 $ 62,380 $426,310
Appropriated by Agency 7/10/86 122,380 486,310
Difference $ 60,000 $ 60,000
aE �.ca .,
by - City Council of
Chula Vista, California
Dated 2-02/ 1 g6(p
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