HomeMy WebLinkAboutAgenda Statement 1982/03/23 Item 6COUNCIL AGENDA STATEMENT
Item 6
Meeting Date 3/23/82
I EM TITLE: Resolution /4 ~~Approving a Cooperative Agreement with the
Chula Vista Industrial Development Authority
S EMITTED BY: Community Development Director ~ Date: Yes No x )
T e Council is requested to enter into a cooperative agreement with the Chula
V sta Industrial Development Authority for the provision of funding and staff
a sistance as may be necessary for the Authority to carry out its duties.
A y assistance provided will be considered a loan to be repaid out of
r venues accruing to the Authority through the collection of application and
b nd fees. It is therefore my
R COMMENDATION: That the Council approve the resolution and authorize the
M yor to execute the Cooperative Agreement.
B ARD/COMMISSION RECOMMENDATION: Not applicable.
SCUSSION:
e Authority requires staff assistance in working with potential developers,
viewing applications for financial assistance, and making recommendations
r Authority actions. Legal assistance is also necessary to authorize and
epare bond issues for industrial development. Assistance is currently
ovided through the Community Development Department, City Attorney's office
d by the City's bond counsel on an as-needed basis. It is not anticipated
at the volume of activity will require the hiring of additional employees.
wever, the Authority may require consultant services from time to time to
termine project feasibility and to assist in project financing. Until the
thority establishes a reserve fund, cash advances from the City may be
cessary to cover consultant and staff expenses.
NANCIAL IMPACT: Funds to reimburse the City for cash advances and staff
me are available to the Authority through the charging of application fees
p to .025% of a bond issue) and through bond participation fees. It is
ticipated that this revenue will be adequate to fully reimburse the City
d allow the Authority to be self-sustaining.
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