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I 1 <br /> 900 <br /> \IL <br /> a-er-±%a <br /> • <br /> MEMORANDUM IL RANCHO PALOS VERDES <br /> Z <br /> TO: HONORABLE MAYOR AND MEMBERS OF THE CITY COUNC AU_ _ T <br /> FROM: DIRECTOR OF PUBLIC WORKSCIT COUNCIL <br /> CIS_ - <br /> DATE: MAY 2, 1995 AYC '2i99 <br /> SUBJECT: REVISED REDEVELOPMENT AGENCY LOAN AGREEMENT F --- <br /> ADDITIONAL STORM RELATED EXPENSES <br /> %; CITY CLERK <br /> STAFF COORDINATOR:VERONICA DOLLESCHEL, SR. ADMINISTRATIVE ANALYST <br /> RECOMMENDATION <br /> It is recommended that the City Council approve the revised loan <br /> agreement dated May 2, 1995 authorizing the loan of $75, 000 in <br /> General Funds to the Redevelopment Agency in FY 94-95 for a <br /> second wave of storm related costs. <br /> BACKGROUND <br /> 11/1 The City applied for Federal Emergency Management Agency (FEMA) <br /> disaster funds to recover storm related expenses resulting from <br /> the January and February 1995 rain storms. Additional damage <br /> occurred during late February/March 1995 winter storms and a loan <br /> of general funds is needed to the Redevelopment Agency budget <br /> for these costs. <br /> DISCUSSION <br /> The costs to respond to the needs in the Redevelopment Agency <br /> area following the February/March 1995 storms will exceed the <br /> funds currently allocated in the FY 1994-95 Redevelopment Agency <br /> (RDA) budget. A loan of $75, 000 in general funds is needed to <br /> cover these storm related response and repair costs. <br /> Exhibit "A" attached summarizes the total storm damage expenses <br /> for the season in the Redevelopment Agency. The Agency Board <br /> previously approved an RDA budget adjustment of $54 , 000 for a <br /> portion of the damage costs as an urgency action at their April <br /> 4, 1995 meeting. There is an additional $21, 000 budget <br /> adjustment request on tonight's Redevelopment Agency agenda, <br /> bringing the total loan agreement request to $75, 000. <br /> FISCAL IMPACT <br /> Approving staff's recommendation will authorize an additional <br /> 1110 loan of $75, 000 in General Funds to the Redevelopment Agency in <br /> FY 94-95 for February/March 1995 storm related costs, bringing <br />