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City staff propose internal refinancing of variable HUD loan tied to Peanuts Park to reduce general‑fund subsidy
5837634 · September 23, 2025
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Summary
Staff reported that a variable‑rate HUD loan for Peanuts Park has required general‑fund subsidies of about $299,000 over the past three years; they proposed an internal refinance and corresponding budget amendment to reduce the subsidy and asked council to approve the budget item at the next meeting.
Interim Director Garcia briefed council on an internal refinancing proposal for a HUD loan the city received in 2021 to fund Peanuts Park. The original HUD loan is variable rate and recent interest changes have made annual debt service exceed the CDBG…
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