HomeMy WebLinkAboutAGENDA REPORT 1993 0922 CC REG ITEM 11H //`4 / 11
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AGENDA REPORT
CITY OF MOORPARK
- 'ARK, CALIFORN..,
TO: Honorable City Council ';ouncii Meeitng
199_3
FROM: Steven G. Hayes, Economic Development Manager c T� /L 1
-9 3
DATE: September 3, 1993 (CC Meeting of 9-22-93)
SUBJECT: A Resolution of the City Council of the City of Moorpark
Approving and Authorizing the City Manager to Execute a
Cooperation Agreement by and between the Moorpark
Redevelopment Agency and the City of Moorpark (Confirming
Previous City Loans to the Agency)
DISCUSSION:
The attached Cooperation Agreement is being presented to the City
Council and will also be presented to the Moorpark Redevelopment Agency
(MRA) . This agreement is being presented in accordance with Section
33670 of the California Community Redevelopment Law and for auditing
purposes for filing the Annual Statement of Indebtedness. The monies
listed in Exhibit "A" attached to the Cooperation Agreement, have
previously been allocated as loans from the City to the Agency.
The loan portion contained in Exhibit "A" were funds approved at the
time of the adoption of the Redevelopment Agency's budget and are
included in the City's Department Operating Fund 70. the additional
funding portion of the Exhibit indicates funding for projects that were
allocated after the adoption of the budget. As stated before, there are
no new allocations for funding contained within the Exhibit.
The attached agreement also increases the interest rate from the
existing rate which is based on the daily average rate paid by the Local
Agency Investment Fund to pay interest at the lessor of ten percent
(10%) per annum or the maximum rate allowed by law.
RECOMMENDATION:
Staff recommends that the City Council of the City of Moorpark adopt
Resolution No. 93- authorizing the City Manager to execute the attached
Cooperation Agreement by and between the City of Moorpark and the
Moorpark Redevelopment Agency.
Attachment: Resolution No.93-
Cooperation Agreement
MRA/SGH014/AGN/09/03/93