City to sign DDA with ASC
After 10 years of discussions, negotiations and delays, the time has arrived to sign a binding contract and begin financing the Park Avenue redevelopment project.
“This is it. It’s time to decide whether we’re going to do this project or not,” said Judith Von Klug, city redevelopment manager. “I’m not anticipating any major problems, but I don’t take (unanimous approval) for granted either. This is a big, big step.”
The joint South Lake Tahoe City Council and South Tahoe Redevelopment Agency meet today to decide whether or not Park Avenue construction will begin in the summer of 2000, as scheduled.
“The council has had two public workshops where I believe almost everything has been worked out,” said City Manager Kerry Miller. “My expectation is they will move rather quickly on considerations of the (Disposition and Development Agreement) and then review and take action on the Bond Anticipation Notes.”
After approval of the Disposition and Development Agreement – a basic contract between the city, the redevelopment agency and the developers stating each party’s responsibilities in the project – two separate loans will be up for approval.
The first loan will be the 1999 Series A Bond Anticipation Notes, known as BANS. This short-term, high-risk loan will allow the South Tahoe Redevelopment Agency to purchase Park Avenue businesses at market value, demolish them and build the project’s infrastructure. The maximum amount of debt approved on 1999 Series A BANS is not to exceed $33 million. The second loan to be approved is the 1999 Series B Bond Anticipation Notes which will finance the balance of the Embassy Vacation Resort project. The maximum amount of this debt cannot exceed $4.5 million. Interest on the BANS will be paid biannually, the principal on both will be due in eight years.
If all goes well, Von Klug said demolition of Park Avenue buildings will begin April 1, 2000.
“It’s almost surreal. For so many years we have said, ‘This next year is when we’re going to do it.’ It is very exciting to finally be on the cusp of actually doing it,” Van Klug said. “I really believe that the long-term economic viability of South Shore depends on the Park Avenue project.”
In further business:
– Adoption of the 1999/2000 fiscal year budget.
– Appropriation of $50,000 from the Infrastructure Reserve Fund for preliminary architectural designs for an ice rink.
– Approval of a $30,534 contract with Weather Data Service for air traffic control services at Lake Tahoe Airport.
What: South Lake Tahoe City Council meeting
When: Today, 6 p.m.
Where: City Council Chambers, 1900 Lake Tahoe Blvd.
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SOUTH LAKE TAHOE, Calif. — El Dorado County officials are suspending use of the Johnson & Johnson vaccine, but that will not impact the vaccination clinic being held Sunday and Monday in South Lake Tahoe.