Council to tackle refinancing its debt
March 31, 2003
Despite the city’s primary financial consultant’s being in an intensive care unit for injuries suffered in a car accident two weeks ago, council members will take another stab Tuesday at refinancing its massive redevelopment debt.
The meeting starts at 9 a.m. at 1900 Lake Tahoe Blvd.
The council, working in their capacity as the Redevelopment Agency, postponed the matter on March 18 when it appeared all the necessary documents weren’t ready, and that war would affect the issuance of bonds and prevent the financial consultants from moving forward.
The council, insisting on the approval of the investment agreement before eminent domain settlements are due, instructed consultant Mark Northcross to draw up a plan by April 1.
Northcross was critically injured on his return to his office in San Francisco. He remains at Sutter Roseville Medical Center.
His business partner, Craig Hill, has agreed to step in to help the city follow through on the investment opportunity that would help it get out of debt and finish its Park Avenue redevelopment plans. The city plans to refinance $11 million worth of bonds.
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The City Council may continue with the final phases of its redevelopment plans and the Rocky Point Erosion Control Project by approving a bid for demolition of structures near Stateline off Highway 50. Staff is recommending the council award the $132,921 bid to Fresno contractor Bowen Engineering and Environmental to tear down the Swiss Village Motel, Stateline Post Office, Shell Station, Pacific Pawnbrokers and the Butler residence. If approved, the work would begin April 14 and be completed by May 16.
Regarding business on the other side of town, the City Council is expected Tuesday to make appointments for 13 people from the community to serve on the South Y Industrial Community Plan team. The plan is designed to give industrial businesses incentive to set up shop at the bustling end of South Lake Tahoe.
The city also wants to establish a set policy on the use of the transit center at the corner of Lake Tahoe Boulevard and Emerald Bay Road. The issue came up when Greyhound Lines expressed interest in using the facility. The city declined the request of the transportation company, which has since set up a staging ground behind Bill’s Casino.
Recovering an anticipated loss in revenue will warrant a report the council will hear on increasing the motel room tax, which has recently gone up $1 with the passage of Measure Z. The city may introduce in public hearings the increase of an additional 50 cents to compensate for the loss of state money.
In other money matters, the council may revise the master fee schedule for fiscal year 2002-03. Among other rates, fees for the city’s ice arena will be established. If approved, they’ll range from the use of the birthday party room at $30 an hour to public skating rates set between $4 and $7.50.
— Susan Wood can be reached at (530) 542-8009 or via e-mail at swood@tahoedailytribune