SR-414-001 (12)
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Santa Monica, California, August 2, 1977
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AUG 9
1977
TO:
Mayor and City Council
FROM:
City Staff
SUBJECT: Downtown Redevelopment Project - Appropriation of Funds
Background
At the June 28th City Council meeting the Council established land acquisition
policies for the Downtown Redevelopment Project, directed the staff to proceed
with acquisition, and appropriated $2 million for tha purpose of such~acquisi-
tion. At the July 26th meeting the Council amended the previously approved
land acquisition policies.
Discussion
Pursuant to the July 26th Council directive, purchase offers have been prepared
and submitted to the property owners within the project area. Additional funds
are necessary now to carry out the acquisition progra~ in a tinely manner.
Recommendation
The staff recommends that the Council appropriate an additional $1.5 million
from reserve accounts for the purpose of land acquisition within the Downtown
Redeve10pment Project for a period of twelve months at an annual interest rate
of 6&%.
Prepared by: John Jalili
Robert Nash
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