SAN DIEGO (CNS) - The San Diego County Board of Supervisors Tuesday approved terms for loan repayments to two of the county's redevelopment areas.
The vote was 4-0, with Supervisor Bill Horn absent from this morning's special meeting. The decision sets up repayment schedules for two loans taken out by the county's Redevelopment Agency.
The agency owes $3.8 million to the county's Airport Enterprise Fund for a loan that got the Gillespie Field Redevelopment Project off the ground in 1987. The project, which is also obligated to repay $14.28 million in bonds sold in 2005, was established to upgrade the general aviation airport in El Cajon.
The airport fund is run by the county, but is separate from the county's general fund, said Mikel Haas, the county's deputy chief administrative officer.
The Redevelopment Agency also owes $1.1 million to the county's general fund for the Upper San Diego River Improvement Project, started in 1989 to facilitate development, restore habitat and build flood control measures in Lakeside.
The supervisors' vote Tuesday was meant to "tighten the language" in the redevelopment agency's loan terms to prepare for potential state legislation proposed by Gov. Jerry Brown that would eliminate redevelopment agencies, Haas said.
Haas said state legislation on redevelopment agencies indicated that specific payback schedules would be required, and while San Diego County had agreements in place, it did not have a payback schedule.
Tuesday's vote fixes that discrepancy, he said.
"We wanted to make sure our arrangements here withstand language proposed in Sacramento and maintain the status quo," Haas said.
The county is expected to expend $243,000 in the next fiscal year in loan repayments.
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