City Council

(55)\n14-1174-S97\nCD 7\nCONSIDERATION OF MOTION (RODRIGUEZ - HERNANDEZ)\nrelative to amending the Council action of June 28, 2024, relative to\napproving the use of $4,896,486, plus earned interest, in taxable and\ntax-exempt CRA/LA Excess Non-Housing Bond Proceeds (EBP)\navailable to Council District (CD) 7 from the Pacoima/Panorama City\nRedevelopment Project Area for the Pacoima Lifestyle Center Project\n(C.F. 14- 1174-S97) to reduce the approved amount by $245,853.82\nand revert these funds to their original source; and related matters.\nRecommendations for Council action, pursuant to Motion (Rodriguez\n– Hernandez), SUBJECT TO THE APPROVAL OF THE MAYOR:\n1. AMEND the Council action of June 28, 2024, relative to\napproving the use of $4,896,486, plus earned interest, in\ntaxable and tax-exempt CRA/LA Excess Non-Housing Bond\nProceeds (EBP) available to Council District (CD) 7 from the\nPacoima/Panorama City Redevelopment Project Area for the\nPacoima Lifestyle Center Project (C.F. 14- 1174-S97) to reduce\nthe approved amount by $245,853.82 and revert these funds to\ntheir original source.\n2. INSTRUCT the Economic and Workforce Development\nDepartment (EWDD), with the assistance of the City\nAdministrative Officer, Chief Legislative Analyst, and any other\napplicable City department, provide a report with\nrecommendations to the CRA/LA Bond Oversight Committee to\nallocate up to $245,853.82 in taxable and tax-exempt CRA/LA\nEBP, plus earned interest, available to Council District 7 from\nthe Pacoima/PanoramaCity Redevelopment Project Area for the\nVan Nuys Boulevard Corridor Jobs and Economic Development\nIncentive (JEDI) Zones Facade Improvement Program, a capital\nimprovement project as identified in the CRA/LA Bond\nExpenditure Agreement and Bond Spending Plan.\n3. AUTHORIZE the expenditure of up to $245,853.82 in taxable\nand tax-exempt CRA/LA EBP, plus earned interest, available to\nCouncil District 7 from the Pacoima/PanoramaCity\nRedevelopment Project Area to be utilized by EWDD for capital\nimprovements identified as part ofthe Van Nuys Boulevard\nCorridor JEDI Zones Facade Improvement Program upon\nCouncil and Mayor approval ofthe forthcoming EWDD report.\n4. INSTRUCT the Economic and Workforce Development\nDepartment, as the administrator of the CRA/LA EBP Program,\ntake all actions necessary to document and effectuate the\nchanges in the budgets noted above.