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Oversight board approves write-off of nearly $4.9 million promissory note tied to San Jose redevelopment
Summary
The Countywide Oversight Board voted unanimously to adopt a resolution approving the Successor Agency to the Redevelopment Agency of the City of San Jose’s write-off of an uncollectible, unsecured promissory note of about $4.9 million after staff said the loan lacked adequate security when it was converted from a grant.
At a special meeting of the Redevelopment Dissolution Countywide Oversight Board of Santa Clara County, members voted unanimously to adopt a resolution approving the Successor Agency to the Redevelopment Agency of the City of San Jose’s write-off of an uncollectible, unsecured promissory note totaling about $4,900,000.
Board members said the loss is disappointing and noted the funds could have otherwise supported local needs such as school-district projects. Kevin Fisher, assistant city attorney for San Jose, told the board the…
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