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Council extends authority for CRA to negotiate advance funds for plaza project owner participation agreement
Summary
The council extended authority for the Community Redevelopment Agency to negotiate advance funds and extended the deadline to execute an owner participation agreement for a plaza project to June 28, 2002, so entitlements and financing could align.
The Los Angeles City Council on Dec. 21 adopted findings and extended the Community Redevelopment Agency’s (CRA) authority to negotiate advance funds related to a plaza project and its owner participation agreement (OPA), approving an extension to June 28, 2002.
Council discussion noted earlier council recommendations related to loan guarantees and CRA notes for the plaza project and that the OPA would expire on Dec. 28 unless the council extended negotiation authority. A councilmember explained that entitlements would be in force on Dec. 26 but the OPA could not be executed until that date, creating a timing gap; the extension to June 28, 2002 was proposed to allow completion of required steps.
The council recorded 10 ayes and approved the findings and extension. No amendments were recorded on the floor.
Clarifying details recorded on the floor included that entitlements for the project become effective Dec. 26 and that the OPA and related execution deadlines required an extension so financing and agreements could be completed.
