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U <br />Fiscal Impact <br />The proposed amendment adjusts the interest rate approved in the original loan <br />agreement to an amount equal to the actual rate the City eams on its investment <br />portfolio. The Agency will owe the City $396,732 in interest through August 1, <br />2003. Interest will also be charged to the Agency until October 2003 when the <br />Agency bonds are issued. The interest payments were included in the Agency's <br />FY 2003 -04 budget. <br />It is recommended that the City Council and Redevelopment Agency Board <br />approve the amendment to the Loan Agreement adjusting the interest rate to <br />reflect the actual earnings on the funds. <br />Susan Moeller <br />Redevelopment Manager <br />Bruce Liedstrand <br />Community Development Director <br />Ed Everett <br />City Manager <br />Attachments: Amendment No. 1 <br />SM /cls /CD /Agenda Amendment 1 <br />to Loan Agreement <br />