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CC:SA - Adoption of Respective Resolutions Approving a Loan Agreement between the City of Culver City and the Successor Agency to the Culver City Redevelopment Agency to Address Temporary Cash Flow Needs in an Amount Not-to-Exceed $206,750.
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Contact Person/Dept: Jeff Muir/Finance
Phone Number: (310) 253-5865
Fiscal Impact: Yes [X] No [] General Fund: Yes [X] No []
Public Hearing: [] Action Item: [] Attachments: Yes [X] No []
Commission Action Required: Yes [] No [X]
Commission Name:
Public Notification: (E-Mail) Meetings and Agendas - City Council (08/19/15); (E-Mail) Meetings and Agendas - Successor Agency (08/19/15)
Department Approval: Jeff Muir, Chief Financial Officer (08/17/15)
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RECOMMENDATION
Staff recommends the City Council and Successor Agency Board adopt respective resolutions approving a Loan Agreement for a loan of up to $206,750 (Loan) from the City to the Successor Agency to the Culver City Redevelopment Agency (Successor Agency) to address temporary cash flow needs of the Successor Agency. (Note: Should the City Council and Successor Agency Board approve this evening's item, the Successor Agency Board's approval is subject to the approval of the Oversight Board and the State Department of Finance).
BACKGROUND / DISCUSSION
The Successor Agency is currently responsible for making payments of "enforceable obligations" of the former Culver City Redevelopment Agency (Former CCRA). Successor Agency staff has prepared a Recognized Obligations Payment Schedule (ROPS) for the period covering January 1, 2016 through June 30, 2016 (ROPS 15-16B). During the January through June ROPS period, all Redevelopment Property Tax Trust Fund (RPTTF) monies received are first pledged to pay annual debt service on outstanding Former CCRA tax allocat...
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