TO: Governing Board of the Napa Berryessa Resort Improvement District
FROM: Christopher Silke, District Engineer
REPORT BY: Annamaria Martinez, Assistant Engineer
SUBJECT: Request approval of reissuance of temporary loan funds to Napa Berryessa Resort Improvement District
RECOMMENDATION
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District Engineer requests the following actions regarding a loan renewal for $869,000 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 $869,000 payable to the Napa County General Fund by June 30, 2025; 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 $869,000 from Napa County for the term of three years ending on June 30, 2025 in order to repay an $869,000 loan that was received from Napa County on June 4, 2019.
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 $869,000 is made up of a $474,000 loan that was issued on October 14, 2008 pursuant to Government Code Section 23010 and a $395,000 loan that was issued on June 29, 2010 pursuant to Government Code Section 25214.4. The loan is proposed to be repaid pursuant to Government Code Section 25214.4 establishing a new three (3) 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 three years, as required by Government Code Section 25214.4.
Consequences ...
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