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1111 • <br /> q' <br /> j cfd n t <br /> ', <br /> MEMORANDUMRANCHO PALOS VERDES <br /> O. HONORABLE MAYOR AND MEMBERS OF THE CITY COUNCI <br /> AN)PTED <br /> CITY COUNCIL <br /> CITY OF RANCHO PALG,r--�1lt;.riDz^ <br /> FROM: DIRECTOR OF PUBLIC WORKS <br /> MAR © 71g95 <br /> DATE: MARCH 7, 1995 • <br /> SUBJECT: CITY AND REDEVELOPMENT AGENCY LOAN AGREEMENT <br /> CITY CLERK <br /> STAFF COORDINATOR:VERONICA DOLLESCHEL, SR. ADMINISTRATIVE ANALYST <br /> RECOMMENDATION <br /> It is recommended that the City Council and Redevelopment Agency <br /> Board of Directors approve the revised loan agreement dated March <br /> 7, 1995 authorizing the loan of an additional $82, 000 in General <br /> Funds to the Redevelopment Agency for costs associated with three <br /> Community Development Block Grant Projects and for storm related <br /> costs. <br /> BACKGROUND <br /> The annual loan agreement between the City Council and the <br /> Redevelopment Agency needs to be amended for costs associated <br /> with three Community Development Block Grant Projects and for <br /> storm related costs. Action from both the City Council and the <br /> Redevelopment Agency Board of Directors is required to approve <br /> the revised loan agreement with the Redevelopment Agency. In <br /> addition, the Redevelopment Agency Board is also requested to <br /> approve a corresponding budget adjustment resolution, which is <br /> discussed in the Redevelopment Agency meeting staff report. <br /> DISCUSSION <br /> The loan document shows that a total of $382 , 000 will now be <br /> loaned to the Redevelopment Agency. This includes $300, 000 from <br /> the original adopted budget, $55, 000 for the Portuguese Canyon <br /> Grading and Drainage, East Portuguese Canyon Grading, and Palos <br /> Verdes Drive South Reconstruction Community Development Block <br /> Grant projects, and $27, 000 for storm related expenses. <br /> The City Council approved the use of $55, 000 in General Funds for <br /> three Community Development Block Grant Projects currently on <br /> hold due to questions raised by the Housing and Urban Development <br /> Commission at its February 7, 1995 meeting. At that time the <br /> City Council requested that the General Funds be loaned to the <br /> Redevelopment Agency for this activity. Approval of the attached <br /> loan document is required to formalize Council's direction. <br />