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AZUS
JOINT CITY/AGENCY AGENDA ITEM
TO: HONORABLE CHAIRPERSON AND MEMBERS OF THE BOARD
FROM: JOHN P. ANDREWS, ECONOMIC DEVELOPMENT/REDEVELOPMENT DIRECTOR
VIA: RICK COLE, EXECUTIVE DIRECTOR
DATE: JULY 16, 2001
SUBJECT: REDEVELOPMENT AGENCY ADMINISTRATION ADVANCE FROM THE CITY
RECOMMENDATION
Approve the Resolutions and authorize execution of the Note.
BACKGROUND
The Redevelopment Agency is governed by the Health and Safety Code, and its primary source
of revenue is property tax increment. Per the Code,tax increment can only be used to pay debt.
In order to fund the Agency's 2001-02 budgeted operating and administrative expenses of
$947,850, the Agency must establish these appropriations as a debt (see Section 33610 of the
Code attached). To do this, each year the Agency requests that the City advance the necessary
funds to pay for the Agency's general administration, in the form of a loan. This allows the
Agency to receive a like amount of additional tax increment revenues and periodically reimburse
the City throughout the year.
The loan amount indicated below reflects the Agency's General Administrative Budget for Fiscal
Year 2001-02. The new note detailed below is proposed to implement the Agency's 2001-02
budget:
INT. BORROW
LOAN AMOUNT PROIECT RATE TERM FROM
$947,850 Merged Project-Administration 6.0% 1 Year General Fund
Prepared by: Roseanna J. Jara, Sr.Accountant-Redevelopment
Attachments:
1. Section 33610 of the Health and Safety Code
2. A Resolution of the Redevelopment Agency of the City of Azusa Requesting Loans from the City of Azusa
for Purposes of the Merged Redevelopment Project Area
3. A Resolution of the City Council of the City of Azusa Authorizing Loans for Purposes of the Merged
Redevelopment Project Area
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CA Codes(hsi.:33610-33615) http://www.leginfo.cagov/cgi-bin/displ...=hsc&group=33001-34000&file=33610-33615
HEALTH AND SAFETY CODE
SECTION 33610-33615
33610 . At any time after the agency created for any community
becomes authorized to transact business and exercise its powers, the
legislative body of the community may appropriate to the agency such
amounts as the legislative body deems necessary for the
administrative expenses and overhead of the agency. The money
appropriated may be paid to the agency as a grant to defray the
expenses and overhead, or as a loan to be repaid upon such terms and
conditions as the legislative body may provide .
In addition to the common understanding and usual interpretation
of the term, "administrative expense" includes, but is not limited
to, expenses of redevelopment planning and dissemination of
redevelopment information.