HomeMy WebLinkAboutAGENDA REPORT 1994 0105 CC REG ITEM 08K �' k"-)
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AGENDA REPORT STEM •
CITY COUNCIL
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TO: The Honorable City Council
S.61A---,CTIO • :��
FROM: Steven G. Hayes, Economic Development Manager
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DATE: December 16, 1993 (CC Meeting of 1-5-94)
SUBJECT: A Resolution of the City Council of the City of Moorpark Approving and
Authorizing the City Manager to Execute a Reimbursement Agreement by
and between the City of Moorpark and the Moorpark Redevelopment Agency
(For City Loan for Purchase of MacLeod Property)
DISCUSSION:
The attached Reimbursement Agreement is being presented to the City Council for approval in
accordance with Section 33670 of the California Community Redevelopment Law and for
auditing purposes for filing the Annual Statement of Indebtedness. The loan amount of
$3,500,000 contained in Exhibit "A" attached to the Reimbursement Agreement is for the
purchase of properties located between Los Angeles Avenue on the south, Poindexter Avenue
to the north and to the east of Gisler Street as shown on the City of Moorpark's Zoning Map.
The remainder of the funding for the total $5.5 million dollar purchase will consist of
$1,500,000 of Redevelopment Bond proceeds reserved for affordable housing and the City will
pay $500,000 for approximately six acres of park property.
The interest rate to be paid is ten percent (10%) per annum or the maximum rate allowed by
law, whichever is less.
RECOMMENDATION:
Staff recommends that the City Council of the City of Moorpark adopt Resolution No.94-__
authorizing the City Manager to execute the attached Reimbursement Agreement by and between
the City of Moorpark and the Moorpark Redevelopment Agency.
Attachment: Resolution No.94- °f 9 7
Reimbursement Agreement
MRA/SGH040/AGN/1 2/1 6/93