9/12/2018 5:00:19 PM
9/12/2018 5:00:08 PM
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THE CITY OF 1 0 <br /> ILA <br /> - CITY COUNCIL AGENDA REPORT <br /> pLEASANTON <br /> September 18, 2018 <br /> Finance <br /> Engineering <br /> TITLE: APPROVE LOAN AGREEMENT WITH THE VALLEY BUSINESS PARK <br /> OWNERS ASSOCIATION <br /> SUMMARY <br /> The Valley Business Park (VBP) is responsible for the maintenance and upkeep of the <br /> three median islands on Valley Avenue between Quarry Lane and Santa Rita Road. <br /> The VBP and the City desire to renovate those three median islands but VBP lacks <br /> sufficient reserve funds to complete the project. Because the City has an interest in <br /> renovating those three median islands on Valley Avenue, staff is recommending to <br /> provide VBP a loan to complete the project. The loan would be made from City's <br /> Capital Improvement Plan Reserve (CIPR). The loan would be repaid with interest <br /> levied at the current Local Agency Investment Fund (LAIF) rate of 1.9%. <br /> RECOMMENDATION <br /> 1. Approve the Valley Business Park Median Island Agreement (Agreement) and <br /> Promissory Note with the Valley Business Park and authorize the City Manager to <br /> execute the agreement in generally the form as attached. <br /> 2. Appropriate $48,000 from CIPR (Fund 201 Project 06418) to fund the loan. <br /> FINANCIAL STATEMENT <br /> The proposed loan to the VBP is $48,000 at an annual interest rate of 1.9% would be <br /> provided from the City's Capital Improvement Program Reserve fund (CIPR). The <br /> General Fund CIPR currently has an available balance of $5,243,457. There would be 50 <br /> monthly loan payments due on the first of each month commencing on November 1 , <br /> 2018. The loan would be fully repaid by January of 2023. The interest earnings from the <br /> loan would total $1,963 assuming VBP does not pay the loan off earlier. There would be <br /> no prepayment penalty. If the actual project cost exceeds $48,000, the VBP will cover the <br /> additional cost. <br />
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