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Director of Finance and Financial Planning /Assistant City Manager Ponty explained the loan agreement and contract before the Council and Redevelopment Agency. He stated that the action is being recommended due to the possibility o° eminent State action that will result in Redevelopment Agency proper: 'ax revenues b� ig diverted to the State and /or the State implementing a state -wide moratorium an Redevelopment Agencies incurring any new debt. Mr. Ponty pointed out that the Administrative Services agreement contains a typographical error under the effective date. The effective date should be retroactive to July 1, 2002. Council Members asked various questions. Public Comment. John Dempsey asked if the housing funds could be placed in the loan. Financial Services Director Ponty stated that the reason the proposal is limited to the Redevelopment funds is that there is an actual project attached. The Disposition and Development Agreement has been signed and requires an expenditure of $20M for a parking facility. There is no such project for the housing. Judy Buchan, speaking on behalf of the Redwood City Downtown Business group, stated that a meeting with more than half of the membership present, discussion occurred and a unanimous vote to support this topic took place. M/S Ruskin /Hartnett to: 1) Approve a loan agreement between the City of Redwood City (City) and the Redwood City Redevelopment Agency (Agency) under which the City will loan the Redevelopment Agency $20 million (revised exhibit "A" with revised interest rate to be used); 2) Approve a long -term contract for the City to provide administrative services to the Agency; The motion passed by a unanimous roll call vote by those present. MINUTE ORDER 03 -09 RD MINUTE ORDER 03 -01 Council Member Hartnett stated that aside from the Retail /Cinema project, the Council is engaging in the act of protecting taxes generated locally by the citizens and businesses from being taken away by the State. Council Member Howard thanked the Downtown Business group and the Housing and Human Concerns Committee for the support. She further encouraged the Downtown Business group and Chamber of Commerce to send letters as the HHCC has to the State. SPECIAL MEETING MINUTES JANUARY 8, 2003 PAGE 2