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5.2A-2 <br />In November of 2003 the Redwood City Council approved the City of Redwood City as the guarantor <br />of a $1,500,000 loan through Bay Area Bank to complete the Redwood City PAL Community Center. <br />The funding from the Murray- Hayden Program would repay any monies expended on that loan and <br />complete the PAL Community Center. <br />Redwood City PAL worked in collaboration with the City of Redwood City Parks, Recreation and <br />Community Service and Ci +y Council Member Barbara Pierce to determine which Proposition 40 <br />monies would best suit the different city projects. Through this coordination, it was determined that <br />the Murray- Hayden funding would be the most appropriate forthe PAL Community Center. This is a <br />unique opportunity for the PAL to compete for funding in difficult economic times when few facilities <br />are being constructed. <br />Alternatives <br />1) Council can decide not to approve this resolution, thus removing PAL from the application <br />process for this funding. It is unlikely that PAL will have another opportunity for this amount of <br />funding for the PAL Community Center project due to California budget problems. <br />Fiscal Impact <br />None <br />X ian G. Weiss <br />Police Sergeant <br />V " // <br />Carlos :• . • <br />Police Chief <br />d Everett <br />City Manager <br />