City Council

(13) 14­1174­S106 TRADE, TRAVEL AND TOURISM COMMITTEE REPORT relative to an extension to the term of the Community Redevelopment Agency/Los Angeles (CRA/LA) Bond Expenditure Agreement (BEA) to allow for project completion and the expenditure of remaining funds. Recommendations for Council action: 1. AUTHORIZE a request for an extension to the term of the CRA/LA BEA (BEA Extension) for a period of 12 months, from January 15, 2025 to January 15, 2026, to allow for project completion and the expenditure of remaining funds. 2. REQUEST the Mayor apply to the CRA/LA for the BEA Extension, and if the extension is granted, to execute the BEA amendment as needed, with the assistance of the CRA/LA Bond Oversight Committee (BOC), Economic and Workforce Development Department, and City Attorney. 3. DIRECT the CRA/LA BOC staff to report on any additional administrative resources that may be needed if the extension is granted. 4. INSTRUCT the City Administrative Officer to include in their Quarterly Project Status Report (Council file No. 20­0066­S3) a revised CRA/LA Excess Non­Housing Bond Projects Expenditure Forecast with the most current data available as provided on a monthly basis to the BOC. Fiscal Impact Statement: The CRA/LA BOC reports that there is no impact to the City’s General Fund from the above recommendations.