HomeMy WebLinkAbout08/23/1993 Kevin McDermott, Chair
Ma e Patricia J. DeMond
Staff: Gregory Klimko Randy'Rowles
AGENDA SUMMARY REPORT
BUDGET AND FINANCE COMMITTEE
Monday, August 23, 1993
12:00 noon
City Manager's Conference Room
1. Request by Valley Communities to Release Deposit Monies (Ed Schulz)
The City entered into Agreement No. 90-78 with Valley Communities, Inc. which was
the assignment of Agreement No. 85-142 with Tenneco West, Inc. The agreement
is for disposal of treated wastewater effluent from the City's Wastewater Treatment
Plant No.'3. The agreement requires that a portion of the monies to be paid for the
disposal of wastewater be set aside in trust to ensure the construction of certain
improvements to include a 1,000 acre feet reservoir.
Valley Communities, Inc. contend that the reservoir is no longer needed for the
efficient management of the land and the wastewater disposal.
City staff has raised the concern that since the original permit documents included
a proposed reservoir that only the State Agency granting the permit could waive that
requirement.
Valley Communities, Inc. will meet with City Staff and bring this item back to the
Committee if they can get the State Agency to waive the proposed reservoir as a
condition of the permit.
2. CDBG Amendment (Jake Wager)
(Senior Center Project/Section 108 Application)
The Committee met with Jake Wager, Economic Development Director and George
Gonzales, Community Development Coordinator to discuss the memorandum dated
August 23, 1993. The Committee reviewed the four items included in the
memorandum and recommends forwarding same to the full City Council for
consideration.
City of Bakersfield · Finance Department .'1501 Truxtun Avenue
Bakersfield · California · 93301
(805) 326-3742 · FAX (805);323-3780
In relationship to the first item, it was pointed out that the City currently owns the
Senior Center and the acquisition of the adjacent property could be the first step
toward increased financial independence for the center.
3. Bond Financing (Gregory Klimko)
Finance Director, Gregory Klimko made a short presentation regarding the request
of United Community and Housing Development Corporation. This request is to
refinance 1991 Series A certificates which were used to build and equip a 51 unit
residential care facility for the elderly at the intersection of Akers Road and
Ardmore Avenue. The refinancing at current market rates will enhance the viability
of this project which is consistent with previous Council policy.
4. Set Next Meeting
September 16, 1993 at noon.
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BUDFIN