HomeMy WebLinkAboutrda min 1983/04/26
MINUTES OF AN AOJOURNED REGULAR MEETING OF THE REDEVELOPMENT AGENCY
OF THE CITY OF CHULA VISTA, CALIFORNIA
Tuesday, April 26, 1983 Council Chambers
8:57 p.m. Public Services Building
ROLL CALL
MEMBERS PRESENT Chairman Cox; Members Malcolm, Moore, Scott,
McCandliss
MEMBERS ABSENT None
STAFF PRESENT Executive Director Goss, Community Development
Director Desrochers,
ITEM NO.1 - REPORT: STATUS OF PLANS FOR THE RENOVATION OF CHULA VI STA
SHOPPING CENTER AT FOURTH AVENUE AND F STREET
Community Development Director Desrochers stated that last week the Agency
requested to know what the difference in subsidy for approximately a $250,000
loan if the bank charged 10% rather than 9%. The Redevelopment Agency staff
has discussed this with the Bank of America and their participation is
actually promulgated by Congressional action from the Community Reinvestment
Act that was estab 1 i shed by Congress. The bank reports that because of the
size of the loan and the strength of the borrower based on thei r pre 1 imi nary
investigation they would not require any more subsidy for the 9% loan and
they are doing everything else as though it were a 10% loan. They have to
check with their Community Rei nvestment Program office in Oakl and, and they
don't have the answer yet, to see if their is additional subsidy. The loan
officer in San Diego stated she did not seek an additional subsidy because of
the reduction in the percentage point; but because of the size of the loan and
strength of borrower, they would provide the same type of loan.
MSUC(Malcolm/Scott) to accept staff recommend at i on conditioned upon no
additional subsidies to be paid without prior consent of this body.
ADJOURNMENT at g:OO p.m. to the next regular meeting of May 5, 1983 at 7:00
p.m.
WPG :0287C
PAG