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Committee authorizes redevelopment agency to seek $28M bond issuance; budget amendment to follow
Summary
The committee agreed to authorize the Redevelopment Agency to proceed with issuance of up to $28 million in tax‑increment bonds to cover projects and the expected May ERAF payment, while the agency will return with a separate budget amendment if the cap is increased.
Amy Lee, Deputy Executive Director of the Redevelopment Agency, told the Budget & Finance Committee the agency sought authorization to issue up to $28 million in tax‑increment bonds to finance redevelopment activities and to manage timing for the state‑mandated ERAF payment (due May 10). Lee said if bonds could not be issued the agency would need to use approximately $24 million in previously appropriated housing funds and delay low‑ and moderate‑income housing projects.
Budget analyst Harvey Rose noted issuing the bonds would produce additional general‑fund costs over the life of the bonds and pointed to a discrepancy in the materials about whether the figure should be $28.7M versus $28.8M; the agency and analyst agreed to split the item so the committee could authorize the $28M issuance now and have the agency return with any required budget amendment and revised notice to reflect a slightly higher cap.
Supervisors discussed timing and notice issues; the committee amended the record so the financing authorization could move forward and asked the agency to return with the budget amendment on an expedited schedule. The item was forwarded to the full Board with the committee’s recommendation.
