City Council

(4) 14­1174­S94 CD 15 TRADE, TRAVEL AND TOURISM COMMITTEE REPORT \nrelative to rescinding the Council action of August 18, 2021 regarding \nthe utilization of CRA/LA Excess Non­Housing Bond Proceeds (EBP) funding \nfor the Topaz Parking Improvements Project (Topaz Project, Council file No. \n14­1174­ S94), to revert the funds not used by the Topaz Project to their \noriginal source and use said funds toward the Downtown San Pedro Wayfinding Signage \nand Kiosk Project located in Council District 15 (CD 15). Recommendations for Council \naction, pursuant to Motion (McOsker ­ Hutt), SUBJECT TO THE APPROVAL OF THE MAYOR: Friday\n-TRADE, TRAVEL AND TOURISM COMMITTEE REPORT relative to rescinding the Council action of \nAugust 18, 2021 regarding the utilization of CRA/LA Excess Non­Housing Bond Proceeds (EBP) \nfunding for the Topaz Parking Improvements Project (Topaz Project, Council file No. 14­1174­ S94), \nto revert the funds not used by the Topaz Project to their original source and use said funds \ntoward the Downtown San Pedro Wayfinding Signage and Kiosk Project located in Council District 15 (CD 15). \nR ecommendations for Council action, pursuant to Motion (McOsker ­ Hutt), \nSUBJECT TO THE APPROVAL OF THE MAYOR: 1. RESCIND the Council action of August 18, 2021, relative to \napproving the use of $70,352, plus earned interest, in taxable CRA/LA EBP funds available to CD 15 from the \nBeacon Street Redevelopment Project Area (RPA) toward the Topaz Project, and revert those funds to their \noriginal source. 2. INSTRUCT the Economic and Workforce Development Department (EWDD), with the assistance of the \nCity Administrative Officer (CAO), Chief Legislative Analyst (CLA), and any other applicable City department, to\n provide a report to the Council with recommendations to the CRA/LA Bond Oversight Committee to allocate $70,352, \nplus interest earned, in taxable EBP available to CD 15 from the RPA for the Downtown San Pedro Wayfinding Signage \nand Kiosk Project, a capital improvement project as identified in the CRA/LA Bond Expenditure Agreement and Bond Spending Plan. \n3. INSTRUCT the EWDD to: a. Fund the Downtown San Pedo Wayfinding Signage and Kiosk Project with $70,352, plus earned interest, in\n taxable EBP available to CD 15. b. Take all actions necessary to document and effectuate the changes in the budgets noted above as \nthe administrator of the CRA/LA EBP Program. Fiscal Impact Statement: Neither the CAO nor the CLA has completed a financial analysis of this report.