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8. STAFF REPORTS- CITY COUNCIL <br /> <br /> A. Financing for the new Police Activities League (PAL) Community Center located at <br /> 3399 Bay Road in Redwood City <br /> <br /> Staff contact: Scott Warner, Police Captain 780-7130 swarner~,redwoodcity.or.q <br /> <br /> Recommendation: <br /> <br /> Adopt a resolution approving and authorizing execution of agreement with Bay <br /> Area Bank and PAL, with the City of Redwood City as "guarantor" of the loan. The <br /> loan will be in the amount of $1,500,000.00 to allow for completion of the new PAL <br /> Community Center. <br /> <br /> A RESOLUTION OF THE COUNCIL OF THE CITY OF REDWOOD CITY AUTHORIZING <br /> PROCEEDINGS AND AGREEMENTS RELATING TO A GUARANTY FOR THE <br /> BENEFIT OF THE POLICE ACTIVITIES LEAGUE COMMUNITY CENTER PROJECT <br /> AND AUTHORIZING OFFICIAL ACTIONS <br /> <br />9. PUBLIC HEARINGS - CITY COUNCIL AND PUBLIC FINANCING <br /> AUTHORITY <br /> <br /> A. Public Hearing for Potential Loan to the Police Activities League -- CITY <br /> COUNCIL <br /> <br /> Staff contact: Brian Ponty, Director of Finance and Financial Planning <br /> 780-7048 bponty~redwoodcity.or,q <br /> <br /> 1) Staff Report; <br /> <br /> 2) Open public hearing; <br /> <br /> 3) Hear public comment; <br /> <br /> 4) Close public hearing; <br /> <br /> 5) Council discussion; <br /> <br /> Recommendation: <br /> It is recommended that the City Council hold a public hearing, as required <br /> under Section 147 (f) of the Internal Revenue Code, to provide the City with <br /> the option of loaning up to $1.5 million of bond proceeds to the Police <br /> Activities League. <br /> <br /> JOINT CITY COUNCIL, PUBLIC FINANCING AUTHORITY NOVEMBER 3, 2003 <br /> AND REDEVELOPMENT AGENCY MEETING AGENDA PAGE 4 <br /> <br /> <br />