TO: Members of the Governing Board
FROM: Richard Thomasser - Deputy Director, Flood Control and Water Resources Napa Berryessa Resort Improvement District
REPORT BY: Sarah Geiss - Staff Services Analyst I
SUBJECT: Approval for a $625,000 Loan Renewal from Napa County
RECOMMENDATION
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District Engineer requests the following actions regarding a loan renewal for $625,000 from Napa County:
1. Adoption of a resolution to validate the loan renewal request and approve the issuance of a promissory note;
2. Authorization for the Chair and Clerk of the Governing Board to sign a promissory note for $625,000 payable to the Napa County General Fund by June 30, 2024; and
3. Authorization for the Chair to sign a letter requesting the loan renewal from the Napa County Board of Supervisors.
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EXECUTIVE SUMMARY
The Napa Berryessa Resort Improvement District is requesting the approval of a loan renewal for $625,000 from Napa County for the term of three years ending on June 30, 2024 in order to repay an $625,000 loan that was received from Napa County on April 10, 2018.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact? Yes
Is it currently budgeted? Yes
Where is it budgeted? Napa Berryessa Resort Improvement District
Is it Mandatory or Discretionary? Discretionary
Discretionary Justification: The District may request a loan from Napa County pursuant to Government Code Section 25214.4. The loan for $625,000 is made up of a $205,000 loan that was issued on May 10, 2011 pursuant to Government Code Section 23010, a $325,000 loan that was issued on June 5, 2012 pursuant to Government Code Section 25214.4, and a $95,000 loan that was issued on September 11, 2012. The loan is proposed to be repaid pursuant to Government Code Section 25214.4 establishing a new three year term. The District is not in a position to repay the loans at this time.
Is the general fund affected? Yes
Future fiscal impact: The District will repay the loan within...
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