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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 �3b