TO: Board of Supervisors
FROM: Minh C. Tran - County Executive Officer
REPORT BY: Helene Franchi - Deputy County Executive Officer
SUBJECT: Approval of the reissuance of temporary loan funds in the amount of $869,000 to the Napa Berryessa Resort Improvement District
RECOMMENDATION
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County Executive Officer requests adoption of a Resolution requesting a loan in the amount of $869,000 to the Napa Berryessa Resort Improvement District (District) from the County and approving issuance of a note to borrow funds from the County of Napa for the purpose of extending the term and repayment, and authorizing the Chair and Clerk of the Board to sign the note, in order to fund ongoing operations of the District facilities.
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EXECUTIVE SUMMARY
Napa Berryessa Resort Improvement District (NBRID) is requesting approval of a temporary loan agreement by the County to repay and reissue an $869,000 loan pursuant to Government Code Section 25214.4. The $869,000 loan is a consolidation of two prior loans originally needed to cover capital and operations and maintenance budget deficits in FY 2008-09 and 2009-2010. The consolidated loan is proposed to be repaid pursuant to Government Code Section 25214.4 within the next three (3) years.
FISCAL & STRATEGIC PLAN IMPACT
Is there a Fiscal Impact?
Yes
Is it currently budgeted?
Yes
Where is it budgeted?
General Fund
Is it Mandatory or Discretionary?
Discretionary
Discretionary Justification:
Pursuant to Government Code Section 25214.4, the Board of Supervisors may loan any available funds of the county to a county service area to pay for any lawful expenses of the county service area
Is the general fund affected?
Yes
Future fiscal impact:
The District will repay the loan within three years, as required by Government Code Section 25214.4.
County Strategic Plan pillar addressed:
Effective and Open Government
ENVIRONMENTAL IMPACT
ENVIRONMENTAL DETERMINATION: The proposed action is not a project as defined by 14 California Code o...
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