HomeMy WebLinkAboutR05-Economic Development Agency
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DEVELOPMEBr DEPARrMEBr
OF TIlE CITY OF SAB BERlWIDIBO
REOUEsr FOR CO!ftlSSIOB/COUl!lCIL AtrIOB
From:
KENNETH J. HENDERSON
Executive Director
Subject: BOSPIrALITY LANE
SECURITY DISrRICr
Date:
February 10, 1992
SvnoDsis of Previous Commission/Council/Committee ActionCs):
On December 16, 1991, the Community Development Commission approved
funding for sixty (60) days using CMO funds.
Recommended MotionCs):
CColllllUllitv Develo1llllent Commission)
MorIOB
That the Community Development Commission approve the use
of Collateralized Mortgage Obligation (CMO) funds in the
amount of $34,945.000, w~ich shall be used as matching
funds to procure additional security services in the
Hospitality Lane Security District through November 30,
1992, and authorize the Executive Director to execute the
Reimbursement Agreement when completed.
A~rator
1US1'l~RSON
Executive Director
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Contact Person(s): Ken Henderson/Jim SharD
Phone: 5081
Project Area(s): Southeast Industrial Park CSEIP)
Ward(s): Three (3)
Supporting Data Attached: Staff Reoort
FUNDING REQUIREMENTS:
Amount: $ 34.945
CMO Funds
Source:
Budget Authority:
Beina Soullht
Commission/Council Botes:
KJH:JWS:SMK:lag:0545E
COMMISSIOB KEB'lIBG AGENDA
Meeting Date: 2/17/1992
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Agenda Item Bumber:
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DEVELOPMEBT DEPARTMEBT
OF TBE CITY OF SAB BERlWIDIBO
STAFF REPORT
Staff has
District.
satisfied
manner.
HosDitalitv Lane Security District
met with representatives from
From our initial meeting and
that they are proceeding in a
the Hospitality Lane Security
subsequent discussions, we are
professional and cohesive
Staff has met with special legal counsel and has reviewed documents
relative to the use of tax increment funds to subsidize this program.
It is both Mr. Sabo's and staff's conclusion that tax increment or
set-aside funds cannot be justified for this purpose.
Therefore, it is staff's analysis and conclusion that, at this time,
the only other source of funds readily eligible for this use would be
Collateralized Mortgage Obligate (CMO) funds. Approval of the staff
recommendation would leave a CMO balance of approximately $100,000.
Staff recommends adoption of the form motion.
J. ERSOB, Executive Director
Development Department
KJH:JWS:SMM:lag:0545E
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COMMISSIOB MEETIBG AGENDA
Meeting Date: 2/17/1992
Agenda Item Bumber: ~