Fiscal Note
Approval of this Resolution will authorize the granting from the City to the CDA the remaining amounts of authorized City General Obligation borrowing included in the PCED 2008 adopted capital budget Project No. 29, "Villager Redevelopment," Account #810578, and Project No. 35, "New TID - Villager," Account #823801. Such amounts are $3,888,000 from Project No. 29 and $1,000,000 from Project No. 35. (It should be noted that Project No. 29 includes an additional $300,000 to be derived from Private Contributions, and Project No. 35 includes $400,000 of proceeds to be derived from Land Sales. While the City proposes to grant to the CDA the proceeds supported with City General Obligation borrowing as noted, the funding derived from non-City sources will not transfer; rather, the collection, application and administration of this funding will be borne by the CDA.) As such, the 2008 PCED adopted capital budget will be amended as follows:
Project No. 29 - Villager Redevelopment (Account #810578):
CD21-58015-810578 ($788,000) Consulting/Study Fees
CD21-58201-810578 ($75,000) General Land/Water Improvements
CD21-58401-810578 ($3,325,000) General Building Improvements
CD21-57456-810578 $3,888,000 Transfer out to CDA (UC15-79441-251000)
CD21-78540-810578 $300,000 Private Contributions
Project No. 35 - New TID - Villager (Account #823801):
CT38-58201-823801 ($1,400,000) General Land/Water Improvements
CT38-57456-823801 $1,000,000 Transfer out to CDA (UC15-79441-251000)
CT38-78320-823801 $400,000 Land Sales
In addition, the Resolution will authorize the transfer from the City to the CDA of a real estate parcel located at 809-825 Ridgewood Way. The parcel was purchased by the City for $217,000; it has not been recently appraised.
Finally, the final Resolved clause in this Resolution will provide explicit authority to amend the budgets of the CDA and PCED to reflect the previously approved grant of $1.1 million in capital proceeds ...
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