City Council

(55) 14-1174-S97 CD 7 CONSIDERATION OF MOTION (RODRIGUEZ - HERNANDEZ) relative to amending the Council action of June 28, 2024, relative to approving the use of $4,896,486, plus earned interest, in taxable and tax-exempt CRA/LA Excess Non-Housing Bond Proceeds (EBP) available to Council District (CD) 7 from the Pacoima/Panorama City Redevelopment Project Area for the Pacoima Lifestyle Center Project (C.F. 14- 1174-S97) to reduce the approved amount by $245,853.82 and revert these funds to their original source; and related matters. Recommendations for Council action, pursuant to Motion (Rodriguez - Hernandez), SUBJECT TO THE APPROVAL OF THE MAYOR: 1. AMEND the Council action of June 28, 2024, relative to approving the use of $4,896,486, plus earned interest, in taxable and tax-exempt CRA/LA Excess Non-Housing Bond Proceeds (EBP) available to Council District (CD) 7 from the Pacoima/Panorama City Redevelopment Project Area for the Pacoima Lifestyle Center Project (C.F. 14- 1174-S97) to reduce the approved amount by $245,853.82 and revert these funds to their original source. 2. INSTRUCT the Economic and Workforce Development Department (EWDD), with the assistance of the City Administrative Officer, Chief Legislative Analyst, and any other applicable City department, provide a report with recommendations to the CRA/LA Bond Oversight Committee to allocate up to $245,853.82 in taxable and tax-exempt CRA/LA EBP, plus earned interest, available to Council District 7 from the Pacoima/PanoramaCity Redevelopment Project Area for the Van Nuys Boulevard Corridor Jobs and Economic Development Incentive (JEDI) Zones Facade Improvement Program, a capital improvement project as identified in the CRA/LA Bond Expenditure Agreement and Bond Spending Plan. 3. AUTHORIZE the expenditure of up to $245,853.82 in taxable and tax-exempt CRA/LA EBP, plus earned interest, available to Council District 7 from the Pacoima/PanoramaCity Redevelopment Project Area to be utilized by EWDD for capital improvements identified as part ofthe Van Nuys Boulevard Corridor JEDI Zones Facade Improvement Program upon Council and Mayor approval ofthe forthcoming EWDD report. 4. INSTRUCT the Economic and Workforce Development Department, as the administrator of the CRA/LA EBP Program, take all actions necessary to document and effectuate the changes in the budgets noted above.