HomeMy WebLinkAbout2024-12-10 - RESOLUTIONS - EASTSIDE B&TDIST LOAN APPROVAL►..
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RESOLUTION NO.24-81
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF SANTA CLARITA, CALIFORNIA, APPROVING A LOAN
FROM THE GENERAL FUND TO THE
EASTSIDE BRIDGE & THOROUGHFARE DISTRICT
IN THE AMOUNT OF $7,000,000
WHEREAS, there are sufficient funds in the City of Santa Clarita (City) General
Fund to make a loan in the amount of $7,000,000 to the Eastside Bridge & Thoroughfare
District; and
WHEREAS, the funds will be used for the construction of the Vista Canyon Bridge
over the Santa Clara River to connect Soledad Canyon Road to the Vista Canyon development.
The Vista Canyon Bridge, and associated road improvements, will construct a new two-lane
bridge and will consist of one lane in each direction with a striped median for emergency
vehicles, highway safety lighting, concrete barriers, metal railing, a raised landscape planter, and
shared -use sidewalk with a Class 1 bike lane and a new bike trail under the bridge. The road
improvements will include a new traffic signal at the intersection of Soledad Canyon Road and
Lost Canyon Road, new exclusive eastbound left -turn and right -turn lane additions, a lane
extension of the existing westbound left -turn lane, and roadway improvements on Lost Canyon
Road north of the bridge. The improvements south of the bridge include a roundabout and road
improvements to access the Vista Canyon Multi -Modal Transit Center, which includes the Vista
Canyon Metrolink Station and the Bus Transfer Station.
NOW, THEREFORE, the City Council of the City of Santa Clarita, California, does
hereby resolve as follows:
SECTION 1. It is agreed that $7,000,000 from the City's General Fund will be loaned
to the Eastside Bridge & Thoroughfare District.
SECTION 2. The amount of the loan will be paid back at a future time when funds in
the amount of $7,000,000 are available to repay the loan back to the City's General Fund.
SECTION 3. The loan will be paid back at an interest rate equivalent to the yield of
the average monthly investment portfolio.
SECTION 4. The City Clerk shall certify to the adoption of this resolution.
PASSED, APPROVED, AND ADOPTED this 10'h day of December, 2024.
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ATTEST:
CITY CLERK
DATE: f
STATE OF CALIFORNIA )
COUNTY OF LOS ANGELES ) ss.
CITY OF SANTA CLARITA )
I, Mary Cusick, City Clerk of the City of Santa Clarita, do hereby certify that the
foregoing Resolution 24-81 was duly adopted by the City Council of the City of Santa Clarita at
a regular meeting thereof, held on the 10`h day of December, 2024, by the following vote:
AYES: COUNCILMEMBERS: Gibbs, McLean, Ayala, Weste, Miranda
NOES: COUNCILMEMBERS: None
ABSENT: COUNCILMEMBERS: None
CITY CLERK
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