SUBJECT: Approval of a Pooled Cash Loan Not to Exceed $7,720,000 and Current Year Payment Amount, in Order to Repay the Department of Finance (DOF) Based on the Approved Settlement Agreement Related to the Dissolution of the City of Merced Redevelopment Agency REPORT IN BRIEF Considers approving a pooled cash loan not to exceed $7,720,000 and current year payment amounts in order to repay the Department of Finance based on the approved Settlement Agreement related to the dissolution of the City of Merced Redevelopment Agency. RECOMMENDATION City Council - Adopt a motion: A. Approving a pooled cash loan not to exceed $7,720,000; and, B. Approving the use of RDA residual in the amount of $1,297,953 plus interest towards the first payment; and, C. Approving the use of $500,000 from Fund 017 Development Services towards the first payment; and, D. Authorizing the City Manager or the Assistant City Manager to the execute all necessary documents; and, E. Authorizing the Finance Officer to make the necessary budget adjustments.

Consent Item Passed Introduced August 19, 2019

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Committee: City Council/Public Finance and Economic Development Authority/Parking Authority
Introduced: August 19, 2019
On agenda: September 3, 2019
Passed: September 3, 2019