HomeMy WebLinkAbout2002-06-25 - AGENDA REPORTS - BUDGET (2)CITY OF SANTA CLARITA
AGENDA REPORT
CONSENT CALENDAR City Manager Approval
Item to be presented by: Ken Pulskamn
DATE: June 25, 2002
SUBJECT: REDEVELOPMENT AGENCY BUDGET ADOPTION
RDA RESOLUTION ACCEPTING A LOAN FROM THE CITY
RDA RESOLUTION ADOPTING THE ANNUAL BUDGET
DEPARTMENT: Redevelopment Agency
RECOMMENDED ACTION
The Redevelopment Agency Board Adopt RDA Resolution accepting a loan in the amount of
$42,000 from the City, and Adopt RDA Resolution authorizing the 2002-2003 Redevelopment
Agency Budget.
BACKGROUND
The Redevelopment Agency held a public hearing on the proposed budget for fiscal year 2002-2003
on June 11, 2002, at which time the proposed budget was heard and considered. The proposed
Redevelopment Agency budget for the upcoming fiscal year totals $499,720. Which includes
$105,300 for personnel costs and $395,420 for operations and maintenance. The proposed budget
includes programming funds for the fagade improvement program, street faire, and the holiday
festival.
The Agency's proposed tax increment revenue for fiscal year 2002-2003 is $420,000. The balance
will come from the City in the form of a loan to the Redevelopment Agency.
This budget represents the resources to continue working on revitalization efforts in the
Downtown Newhall area.
ATTACHMENTS
RDA Resolution - Adopting the Annual Budget for the Redevelopment Agency
RDA Resolution - Accepting a loan from the City
Exhibit A - Promissory Note
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Agenda Item
Exhibit A
PROMISSORY NOTE
The Santa Clarita Redevelopment Agency, a redevelopment agency ("Agency"), for a good
and valuable consideration, receipt of which is hereby acknowledged, does hereby agree to pay, on
or before maturity, to the City of Santa Clarita, a municipal corporation ("City"), at Santa Clarita,
California 91355, the sum of Forty-two Thousand Dollars ($42,000), together with interest per
annum thereon, at a rate equal to the prime rate minus one (1) point; "prime rate" as used herein
shall mean the prime rate of interest quoted in the greater Los Angeles area as of July 1 of each
calendar year during the term thereof, by the First Interstate Bank, or its successor.
Principal and interest shall be payable in lawful monies of the United States. Said
principal and interest shall be paid at maturity; provided, at the option of the Agency, the entire
balance of principal and interest may be paid prior to said maturity date.
Should litigation be reasonably necessary to enforce the provisions of this Note, the Agency
shall pay, in addition to all other sums due on this note, an amount equal to reasonable attorneys'
fees as set by the court, plus court costs incurred therein.
SANTA CLARITA REDEVELOPMENT
AGENCY, REDEVELOPMENT AGENCY
By:
Executive Director
ATTEST:
By:
Secretary