City of Gainesville - File #: 050396.

• File #: 050396.
• Version: 1
• Name: Southwest 2nd Avenue Funding (NB)
• Type: Staff Recommendation
• Status: Passed
• File created: 12/11/2006
• In control: Community Redevelopment Agency
• Final action: 12/11/2006
• Title: Southwest Second Avenue Funding (NB)

Date	Ver.	Action By	Action	Result
12/11/2006	1	City Commission	Approved as Recommended	Pass
9/19/2005	0	Community Redevelopment Agency	Approved as Recommended	Pass

Title

Southwest Second Avenue Funding (NB)                  

Explanation

At the September 19, 2005 meeting of the Community Redevelopment Agency (CRA), the CRA approved a recommendation that the City loan the CRA $800,000 for the Southwest Second Avenue Streetscape project, to be repaid at a interest rate reflective of the rate the City is paying for the bond funds.

Fiscal Note

The CRA would make an initial interest only payment and annual payments of approximately $58,750 per year, from the CRA's streetscape account.

Recommendation

The City Commission loan the CRA $800,000 for the Southwest 2nd Avenue project, to be repaid at an interest rate reflective of the rate the City is paying for the bond funds.