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• 1qoo• <br /> • <br /> i • <br /> • <br /> MEMORANDUM RANCHO PALOS VERDES <br /> TO: Redevelopment Agency Board of Directors <br /> FROM: Mark A. Rohloff, Deputy Executive Director <br /> DATE: May 5, 1992 <br /> SUBJECT: Repayment of Advances to RDA from City - <br /> Loan Agreement Between RDA and City - FY 1991-92 <br /> RECOMMENDATION <br /> 1. Authorize the repayment of $819,956 (in both principal and <br /> interest) in loans made by the City of Rancho Palos Verdes to <br /> the Redevelopment Agency to fund improvements in Abalone Cove. <br /> The above amount will be repaid from County Improvement Bond <br /> proceeds. The net balance on the loans as a result of this <br /> repayment shall be $0. <br /> 2. Authorize the Agency Chairman to execute the attached Loan <br /> Agreement between the Redevelopment Agency and the City of <br /> Rancho Palos Verdes to fund Redevelopment Agency activities in <br /> Fiscal Year 1991-92 for the Portuguese Bend RDA Fund. The <br /> proposed loan will fund RDA activities in the amount of <br /> $165,000 in FY 1991-92. <br /> BACKGROUND <br /> On January 29, 1991, the Agency Board entered into a loan agreement <br /> with the City of Rancho Palos Verdes to fund Agency activities in <br /> the Redevelopment area. As the current loan agreement states, the <br /> loan matures concurrently with the close of the fiscal year. The <br /> purpose of this maturity date is so that the loan may be updated on <br /> an annual basis to consolidate loans in previous years with any <br /> repayments or additional loans. <br /> On July 25, 1991, the County of Los Angeles issued $10 million in <br /> County Improvement District Bonds as part of the Horan Settlement. <br /> These funds are now available to fund activities in Abalone Cove. <br /> After setting aside funds for loans made to the Abalone Cove Fund <br /> by the County and the City, and after the set aside of $1 million <br /> to establish a maintenance trust fund, approximately $6.5 million <br /> remains in' the fund. In the case of Portuguese Bend, however, the <br /> RDA does not currently have the resources to fund these projects; <br /> therefore, an additional loan from the City is necessary. <br /> The details on the two separate RDA funds and the City loans made <br /> to them are as follows: <br />