HomeMy WebLinkAbout1998-03-24 - MINUTES - REGULAR RDA (2)MINUTES OF REGULAR MEETING
CITY OF SANTA CLARITA
REDEVELOPMENT AGENCY
MARCH 24, 1998
CALL TO ORDER
Chair Heidt called to order the meeting of the Redevelopment Agency at 7:25 p.m.
ROLL CALL
All Agency members were present.
PUBLIC PARTICIPATION
There was none.
NRDA 1
CONSENT CALENDAR
REDEVELOPMENT AGENCY FORMALLY ADOPTING THE PAYBACK METHOD
FOR THE LOAN FROM THE CITY TO THE SANTA CLARITA
REDEVELOPMENT AGENCY - RDA 98-1
Glenn Adamick, Economic Development Associate, reported that since 1994, the
City has loaned the Agency $2,000,000 to cover costs associated with the creation of
a project area. The payback method includes an interest rate of the prime rate
minus one percent retroactive back to 1994. Loan payments will begin in the year
2002, with 25% of the tax increment received from the Newhall Redevelopment
Project each year used to pay off the loan.
No requests to speak were submitted on this item.
Motion by Darcy, second by Boyer, to adopt Resolution No. RDA 98-1,
formally adopting the payback method and interest rate for the loan
from the City to the Santa Clarita Redevelopment Agency.
On roll call vote:
Ayes: Hlajic, Darcy, Smyth, Boyer, Heidt
Noes: None
Absent: None
Resolution RDA 98-1 adopted.
ADJOURNMENT
Chair Heidt adjourned the Redevelopm Agency meeting a 7:27 p. r
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ATTEST:
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SECRETARY
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