JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Short term Loan from the City of Culver City to the Redevelopment Agency to Address Temporary Cash Flow Needs. City of Culver City California Agenda Item Report Meeting Date: _10/24/2011_ JOINT CITY COUNCIL/REDEVELOPMENT AGENCY BOARD AGENDA ITEM: Approval of a Short term Loan from the City of Culver City to the Redevelopment Agency to Address Temporary Cash Flow Needs. Contact Person/Dept.: Jeff Muir/Finance Phone Number: 310 253 5865 Item Number: JC 1 Fiscal Impact: Yes X No General Fund: Yes X No Public Hearing: Action Item: Attachments: Commission Action Required: Yes No X Date: _______________ Public Notification: (Email) Meetings and Agendas City Council and Redevelopment Agency (10/19/2011); (Email) Ongoing Topics Fiscal and Budget Issues (10/19/2011) Department Approval: Jeff Muir (10/19/11) City Attorney Approval: Carol Schwab (10/19/11) Agency General Counsel Approval: City Manager/Executive Director Approval: John M. Nachbar (10/19/11) Chief Financial Officer Approval: Jeff Muir (by N. Kimball) (10/19/11) RECOMMENDATION: Staff recommends the City Council and Agency Board approve a short term loan of up to $12.5 million from the City to the Redevelopment Agency to address temporary cash flow needs of the Agency. BACKGROUND/DISCUSSION: The Culver City Redevelopment Agency currently has six outstanding bond issues (1993 1999 2002 2004 2005 and 2011). Principal and interest payments commonly known as debt service payments on those bonds are due by November 1 and May 1 of each year. The total Debt Service due in Fiscal Year 2011/2012 is $15 654 478 of which approximately $12.5 million is due by November 1. Those debt service payments are secured by the Tax Increment revenues received by the Redevelopment Agency. Tax Increment revenues are received November through August of each year with the largest receipts in December and May (coinciding with property tax payments which are due in Novem...
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