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