HomeMy WebLinkAboutAGENDA REPORT 1994 0921 CC REG ITEM 08L l ly y98
ITEM
AGENDA REPORT
CITY OF MOORPARK .JORPARK, CALF
City Coun 1f Meer
of 1993Z
TO: Honorable City Council ACTION: e
FROM: Steven G. Hayes, Redevelopment Manager 2I BY 1e/
i4A.L...
DATE: September 8, 1994 (MRA meeting of 09/21/94)
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 Moorpark
Redevelopment Agency and the City of Moorpark for City
Loan for Agency Operation Costs for Fiscal Year
1994/1995
BACKGROUND:
The City Council and the Moorpark Redevelopment Agency (the
"Agency") have adopted the Agency's Budget for Fiscal Year
1994/1995. The City of Moorpark has, as in the past, advanced the
funds (in the form of a loan) necessary for the cost of the
operations of the Agency. This advance of funds will be repaid to
the City as tax increment revenues are generated and made available
from the Redevelopment Project Area. Since this advance is in the
form of a loan from the City, the California Community
Redevelopment Law requires a binding contract for such loan be
executed between both parties.
DISCUSSION:
The attached Resolution and Reimbursement Agreement is being
presented to the Moorpark Redevelopment Agency for approval in
accordance with Section 33670 of the California Community
Redevelopment Law, for auditing purposes and for filing the Annual
Statement of Indebtedness.
The City of Moorpark has agreed, through the Budget adoption
process, to advance funds for the operation of the Agency for
Fiscal Year 1994/1995 in the amount of $587,609.
FUNDING:
Repayment of the City loan to the Agency is to be from future tax
increment revenues as generated and as made available.
i
RECOMMENDATION:
Staff recommends that the City Council 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.
Attachments: Resolution No. 94-
Reimbursement Agreement
SGHREIHBURS^09/09/94