City Council

(47)\n14-1174-S115\nCOMMUNICATION FROM THE COMMUNITY REDEVELOPMENT\nAGENCY LOS ANGELES (CRA/LA) BOND OVERSIGHT\nCOMMITTEE relative to CRA/LA Excess Bond Proceeds (EBP)\nProgram extension options.\nRecommendations for Council action:\n1. REQUEST a 12-month extension of the Bond Expenditure\nAgreement (BEA), through January 15, 2027, from the CRA/LA\nBoard to provide the City additional time to expend the\nremaining interest earned, and complete the remaining projects,\nassociated program activities, labor compliance reviews, and\nrequired financial reporting.\n2. REQUEST the Mayor negotiate the terms of the BEA with the\nCRA/LA Board.\nFiscal Impact Statement: None submitted by CRA/LA Bond Oversight\nCommittee. Neither the City Administrative Officer nor the Chief\nLegislative Analyst has completed a financial analysis of this report.