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Mesquite RDA approves loan agreement with general fund to cover remaining redevelopment projects
Summary
The Redevelopment Agency approved a loan agreement to allow the redevelopment district to use general fund resources to pay for projects and encumber remaining redevelopment funds; staff said bid updates affected project allocations but the total available funding was unchanged.
The Mesquite Redevelopment Agency on March 18 approved a loan agreement between the redevelopment district and the city general fund that authorizes drawing on remaining redevelopment funds to pay for specific capital projects.
Nikki (city staff) told the board the loan package contains updated bid information and that while some project allocations changed as bids arrived, "the total's not different," and the revised attachments were included in the board packet. She said the materials provided to the Redevelopment Agency mirror the information presented earlier to City Council with minor updates to project sequencing.
Board Member Fielding moved to approve the loan agreement; Board Member Gallo seconded and the board voted to approve the motion. The board opened and closed a public hearing on the item with no speakers.
What it covers: the agreement is intended to permit the redevelopment district to fund projects using remaining redevelopment funds by formally loaning monies between the redevelopment district and the general fund. Staff cautioned the packet shows updated bid amounts for some projects but indicated the overall totals remain unchanged from the estimate previously presented to council. The transcript does not state a single dollar amount for the loan in the agency discussion; staff said details are in the packet attachments.
Implementation notes: Nikki said the attachment showing updates was current as of the date it was submitted and that staff will continue to refine project budgets as bids are finalized. The board did not identify any public speakers on the item and approved the measure.
