Friday, March 25, 2011

Emergency Council Meeting Today?(Amended)


RDA LOAN TO BE CALLED?
There's word going around town this morning that the City Council may call an emergency meeting at 4:00 p.m. today to pull back to the city a more than $10 million loan it made to the Costa Mesa Redevelopment Agency several years ago. There has been no official announcement of a meeting by the city yet.

HEADING OFF JERRY BROWN
We assume this is in response to the threat of Governor Brown yanking all Redevelopment funds back to the state to balance its budget.

CASH TO THE CITY, NEW LOAN FOR THE RDA
This was discussed recently in a joint meeting of the City Council and Redevelopment Agency. Presently the city receives a good interest rate on the loan, which is scheduled to continue to be paid well into the next decade. If this loan is called it would mean an immediate infusion of funds into the city coffers and the RDA would have to find another source of funds at the current market interest rates - which are much lower than our loan.

DEMAND FUNDS BE USED TO BALANCE THE BUDGET
Once again, this emergency meeting is an example of this council working at a pace which makes it almost impossible for residents to follow and understand what they're doing. If this meeting is, indeed, held, residents are encourage to attend and insist that the funds be used to balance the current budget and to hold off funding anything else until the 2011-2012 budget can be fully-vetted.

STAY TUNED...
More on this later as the story evolves. I'll let you know more when I know more...

UPDATE
Thanks to reader OCProgressive for this heads-up. The Costa Mesa Redevelopment Agency - the City Council in a fancy dress - HAS scheduled a meeting today. You can read the agenda HERE.

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16 Comments:

Anonymous OC Progressive said...

http://www.cmredevelopment.org/agenda.htm

3/25/2011 09:07:00 AM  
Blogger Gericault said...

http://www.cmredevelopment.org/agenda/RDA-11-03-25.pdf

Link to the meeting .......

3/25/2011 09:12:00 AM  
Blogger Chinabeach45 said...

I thought that the first thing one did when one needs money is to get money back from those you have loaned it to...even the ticket scalper Damone knew to do that when trying to pay for Stacy's abortion in Fast Times at Ridgemont High. Funny how it seems to be a last resort here.

3/25/2011 09:13:00 AM  
Anonymous ttularc said...

Maybe Righeimer keeps using the "kick the can down the road" phrase because it really does describe what is going on. Let's not use this money to prolong the unsustainable course that we are on. How about we get this city where it needs to be financially and not use band-aids when they become available.

3/25/2011 09:34:00 AM  
Anonymous Max said...

This sounds like good news. I wonder how the Righeimer Administration will incorporate these numbers into the budget. They seem to fudge the numbers and graphs quite a bit to suit their own needs.

3/25/2011 09:47:00 AM  
Blogger Rich said...

I was told that the Feet to the fire 'get together' was counceled because Righeimer was fearful of back lash from Mr. Phams death and not wanting to pay overtime for extra police to protect him. So why not take some of this money and put it towards that? They pay Lobdell a lot for transparency why not spend a little more...

3/25/2011 11:03:00 AM  
Anonymous Barry Peterson said...

Haven't heard any solutions for the folks on this blog. According to the City, we still need $1.5 mil in 3 months to close the fiscal year and pay our bills. Where is it coming from?? The sky?? I'm waiting....

3/25/2011 12:03:00 PM  
Blogger The Pot Stirrer said...

Actually, Barry Peterson, we don't know what the deficit is going to be for this fiscal year yet. It apparently doesn't bother the council too much because they continue to add costs to it. It is VERY likely that we will end this fiscal year with a balanced budget. TOT revenues were trending up at last look. Sales tax revenues from South Coast Plaza will be up based on the latest reports. Property Tax revenues are level or slightly up. The problem here is that the majority on the council doesn't care about facts, especially those that are contrary to their opinions.

3/25/2011 12:09:00 PM  
Anonymous ConcernedforCM said...

Geoff, I wouldn't even try and explain things to Barry Peterson. He seems perfectly fine at taking the lying councilMEN at their word. He is too lazy to really look into things for himself.

If Council does not put the money towards deficit that should speak loud and clear how inept they are to be on council in the first place.

3/25/2011 12:18:00 PM  
Anonymous almostdone said...

Hey Barry! Where's the $12,000 pr month comming from to pay their new spinmaster? In three months from now that will add up to $45,000. According to you, more than you ever made in a year.
In a year from now it will be $144,000. More than you made in your life? Where's that comming from?? THE SKY??
What ever the deficit ends up, they're making it bigger. That's pretty clear and simple.
How bout if they don't do that. Is that what you're waiting for???

3/25/2011 12:26:00 PM  
Anonymous ttularc said...

So we plug our deficit with this money, and hope that next year the economy has completely turned around? The pension liability goes away? City servants are compensated appropriately? Using this money to plug a deficit is short sighted.

3/25/2011 04:03:00 PM  
Anonymous RECALL THOSE BOZOS said...

http://www.dailypilot.com/news/education/tn-dpt-0326-rda-20110325,0,911671.story- READ THIS NAYSAYERS!

3/25/2011 05:46:00 PM  
Blogger Gericault said...

Well they voted to do NOTHING.......Thats right !!!

Nothing........The fact is, the redevelopment abuses are coming to an end for CA. Brown is closing the wound. For all you Republicans that scream about fiscal sanity, know that Mansoor was the deciding vote in keeping redevelopment agencies corruption humming right along.Developers rejoice across the Golden State, Mensinger , Righeimer, included.Steve either knows how to use that voting button, or doesn't have a clue....I'm still not sure about that Kabuki theatre performance.
The Costa Mesa Redevelopment Agency is actually fiscally responsible. Many other cities abuse it.
If this law gets passed we will lose $700,000. Could cut the deficit in half.....HALF!!!It was enough to get the staff to request an emergency meeting. The city council has been a little busy lately, completely destroying the city.To save money.....
When they could actually show some fiscal responsibility and follow staffs pleadings to save this money from possible State takeover, they choked.....How they can show a budget crisis if one doesn't exist? The fact that it is of their own making, should be acknowledged. Then again, facts have a liberal bias.

3/25/2011 07:31:00 PM  
Anonymous Max said...

tturlac, are you a big fan of credit card debt too?

3/25/2011 08:05:00 PM  
Anonymous RECALL THE BOZOS said...

Gericault wrote:
To save money.....
When they could actually show some fiscal responsibility and follow staffs pleadings to save this money from possible State takeover, they choked.....How they can show a budget crisis if one doesn't exist? The fact that it is of their own making, should be acknowledged. Then again, facts have a liberal bias. I couldn't agree with you more. Those bozos gotta go!

3/25/2011 08:25:00 PM  
Anonymous Max said...

Gericault, I agree, Righeimer and Mensinger need to go. I don't think it's a liberal or conservative thing though. It's more of a competence and ethics thing.

It would be a win win situation if we recall Riggy and Mensinger. Riggy can go back to real estate and Mensinger can focus on football.

3/25/2011 10:27:00 PM  

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