1984-0807_BANK OF AMERICA_J3b_Agenda ReportAGENDA ITEM August 7, 1984
TO: Stephen B. Julian, City Manager
FROM: Thomas G. Merrell, Director
Community Planning and Development
SUBJECT: Contract Renewal - Bank of America: Property
Rehabilitation Loan Program for Los Rios
SITUATION
A. Background
As part of the implementation of the Los Rios Precise Plan,
the City established the Los Rios Home Improvement Program
in 1979. The program uses community development block grant
funds and includes low-interest loans and fix -up grants to
rehabilitate and restore homes in the Los Rios area.
On August 16, 1983, the City Council approved a Housing Reha-
bilitation Loan Program with Bank of America. The agreement
expires during August unless extended by the City Council.
B. Summary and Recommendation
To meet future loan needs, staff recommends that the
agreement with Bank of America be renewed for one year.
COMMISSION/BOARD REVIEW, RECOMMENDATION
Not applicable.
ALTERNATE ACTIONS
1. Execute a renewal of the Property Rehabilitation Loan
Agreement for one year with Bank of America.
2. Refer the renewal agreement to staff for further review.
OMMENDATION
By motion, approve the renewal of the Property Rehabilitation
Loan Agreement with Bank of America for one year, and authorize
the Mayor and City Clerk to execute the agreement.
Respectfully submitted,
Thomas G. Merrell, Director
Community Planning and Development
TGM:BH: jtb FOR CITY COUNCIL. AGENDA
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