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<br />78 <br />Page 4 <br />balance of the funds needed to acquire this property ($2,500,000) will be obtained by a <br />loan from the city's Self-Insurance Trust Fund to the Capital Outlay Fund. The <br />proposed inter-fund loan agreement contains provisions to pay back the $2,500,000 as <br />follows: . <br /> <br />. Principal shall be paid in the following amounts on the indicate dates - <br />o June 30, 2010 $1,000,000 <br />o June 30, 2011 $1,000,000 <br />o June 30, 2013 $ 500,000 <br /> <br />. Interest on the outstanding principal shall be calculated based up the most recent <br />quarterly interest rate published by the State of California Treasurer's Local <br />Agency Investment Fund (LAIF). <br /> <br />ALTERNATIVES <br />Council can elect not to purchase the property. <br /> <br />FISCAL IMPACT <br />$2,500,000 to purchase the property will be funded by the Capital Outlay Fund, and the <br />remaining balance will be funded by obtaining an inter-fund loan from the Self-Insurance <br />Trust Fund. The loan will be paid off by June 30, 2013. <br /> <br />Peter Ingram ~ ~ <br />City Manager <br /> <br />ATTACHMENTS <br />1. Agreement of Sale and Purchase between the City of Redwood City ("City") and <br />Lonestar California, Inc., a Delaware corporation, an affiliate of CEMEX Corp <br />(IlCEMEX") <br />2. Summary of Agreement of Sale and Purchase <br />3. Amendment No. 1 to the Professional Services Agreement, dated November 6, <br />2008, with the Sares Regis Group of Northern California, L.P. <br />4. Agreement with NAI BT Commercial Real Estate <br />5. Proposed budget for purchase <br />6. Resolution facilitating the Inter-Fund Loan Agreement <br /> <br />RELATED DOCUMENTS IN CITY CLERK'S OFFICE <br />None <br />