Consideration of Authorizing an Advance from the General Fund to the Capital Improvement Fund a Loan Agreement and an Appropriation in the Capital Improvement Fund in the Amount of $1 000 000 for funding of the Fire Station #3 Project P 857 City of Culver City California City Council Agenda Item Report Meeting Date: 01/23/06 AGENDA ITEM: Consideration of Authorizing an Advance from the General Fund to the Capital Improvement Fund a Loan Agreement and an Appropriation in the Capital Improvement Fund in the Amount of $1 000 000 for funding of the Fire Station #3 Project P 857 Item Number: A 1 Contact Person/Dept.: Rich Gallagher Fire Marshal Fiscal Impact: Yes Public Hearing: Public Notification: Master Notification List (01/12/06) X No Phone Number: (310) 253 5926 General Fund: Yes X No Attachments: Action Item: X Department Approval: Jeff Eastman (01/12/06) City Controller Approval: Marlee Chang (01/12/06) RECOMMENDATION: CAO Approval: Martin R. Cole for Jerry B. Fulwood (01/12/06) Staff recommends the City Council approve an advance in the amount of $1 000 000 from the General Fund (with potential future repayment from future grants) to the Capital Improvement Fund and the City Council authorize a Loan Agreement and approve a budget amendment appropriating the loan proceeds in the Capital Improvement Fund for the Fire Station #3 Project. A 4/5ths vote is required to approve the budget amendment. BACKGROUND: On February 17 2003 at a Joint City Council/Redevelopment Agency meeting the two bodies adopted Resolution Nos. 2003 A003 and 2003 R009 respectively which approved a Cooperation Agreement between the City of Culver City and the Redevelopment Agency for the Agency to reimburse the City for specified capital projects including $3 000 000 for the renovation of Fire Station #3. An additional $1 000 000 were appropriated from the General Fund Balance by the City Council s adoption of the Fiscal Year 2005 06 Capital Improvement Budget. This additional $1 000 000 appro...
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