City Council

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