City Council

4. Consideration and possible action to approve the financial assistance loan agreements between the City and Klondike Canyon Landslide Abatement District (KCLAD) and Abalone Cove Landslide Abatement District (ACLAD). (Ramos) (15 mins) Recommendation: 1) Approve the Final Loan Agreement with ACLAD for $1,500,000, which include a 12-year term and a 2.5% interest rate; 2) Approve the Final Loan Agreement with KCLAD for $1,917,500, which include a 12- year term and a 2.5% interest rate; 3) If deemed acceptable, approve an additional appropriation of $1,500,000 ACLAD and KCLAD $1,917,500 from the Capital Infrastructure Program (CIP) Fund; 4) Authorize the Mayor and City Clerk to ACLAD’s financial assistance agreement pursuant to a form approved by the City Attorney’s Office; 5) Authorize the Mayor and City Clerk to KCLAD’s financial assistance agreement pursuant to a form approved by the City Attorney’s Office with the understanding that funds will not be released until both the City and KCLAD find and agree upon a solution with the Portuguese Bend Club regarding the placement of the emergency hydraugers on common property, if needed; and, 6) Receive and file the 10-Year Financial Models for ACLAD and KCLAD. Agenda Report