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RESOLUTION: 2003-9
SUBJECT: Authorizing the City to enter into an Agreement with the Lakewood Reinvestment Authority (LRA) for the purpose of loaning funds to the Lakewood Reinvestment Authority.
ADDRESS: n/a
RECOMMENDATION: Approval of the Resolution will authorize the City Manager to execute an agreement loaning funds to the Lakewood Reinvestment Authority.
FUNDING SOURCE: General Fund
SUMMARY AND BACKGROUND OF SUBJECT MATTER: The Lakewood Reinvestment Authority (LRA) has acquired property interests in Case No. 01CV1482, which was filed in Jefferson County District Court relating to the project known as the Belmar Project. The LRA is now required to deposit funds with the Jefferson County District Court Clerk to finalize the acquisition. The City agrees to loan three million four hundred and fifty thousand dollars ($3,450,000.00) to the LRA on a short term basis to facilitate the court order, said loan to be repaid to the City by the LRA on or before July 1, 2003.
RESOLUTION ADOPTION DATE: January 27, 2003
ATTACHMENTS: Resolution 2003-9
ORIGINATED BY: Jacque Wedding-Scott, Director of Finance
Roger Noonan, City Attorney
STAFF PERSON RESPONSIBLE: Jacque Wedding-Scott, Director of Finance, 303-987-7061
SUBMITTED BY:
Jacque Wedding-Scott, Director of Finance
REVIEWED BY:
Joni Inman, Director Mayor and City Manager's Office
Michael J. Rock, City Manager
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