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Report to City and Agency regarding Redevelopment Agency Administrative Expenses Loan Agreement <br />Project Area <br />Last Date to Incur Debt <br />Mt. Vernon Corridor <br />6/30/07 <br />West Valley <br />7/15/06 <br />West Valley Amendment <br />6/30/07 <br />Rancho/Mill <br />7/05/14 <br />any redevelopment plans adopted by the City and the <br />Agency after the Effective Date of the agreement <br />FINANCIAL IMPACT <br />The Loan Agreement calls for a revolving credit line loan up to a maximum of $25,000,000. <br />The Loan Agreement will commence in calendar year 2006 and end on the last date on <br />which the Agency is entitled to receive tax increment revenues. <br />The City will disburse money to the Agency under the Loan Agreement in substantially the <br />same manner as money is drawn by other agencies and departments of the City that are <br />subject to budgetary control and subject to the limitations of each respective annual budget <br />adopted by the City. <br />The Agency shall repay the Loan funds and any interest becoming due under the Loan <br />Agreement, consistent with the LAIF rate, from available tax increment revenues. The <br />Agency shall repay the loan, on or before June 30 of each calendar year during the Term, <br />from available tax increment revenues. <br />The Agency will be required to submit an annual budget to the City no later than June 30 and <br />audited financial statements before December 31 of each year. <br />ENVIRONMENTAL IMPACT <br />There is no environmental impact associated with this item. <br />CONFLICT OF INTEREST — <br />None <br />CONSISTENCY WITH IMPLEMENTATION PLAN <br />The Loan Agreement will allow the Agency to implement the goals and objectives outlined in <br />Sections 3.7, 3.8, and 3.9 of its Implementation Plan, which refers to the West Valley, Mt. <br />Vernon and Rancho Mill Project Areas. <br />Page 2 of 3 <br />RAAdndnisn tkm\Mwtingst2006 Meetings\Ap it 4, 2006Wdmin Fund Loan Ag�t Suitt Rcpor1040406Aoc <br />