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Successor agency recommends forgiving accrued interest on Olympic Village loan to preserve affordable units
Clear Lake City Council · December 5, 2024
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Summary
The Clear Lake successor agency recommended the Lake County Oversight Board forgive accrued interest (but not principal) on a $700,000 redevelopment loan for the 54-unit Olympic Village Apartments, saying interest made the loan exceed property value and forgiveness preserves affordability.
Staff told the council that the former redevelopment agency loaned $700,000 in 2009 for Olympic Village Apartments (54 units) and that accumulated interest has grown to roughly $540,000, making the loan exceed current property value. City manager Mr. Flores said…
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