Tuesday, January 17, 2006

The council approved a request to the Redevelopment Agency to increase annual street paving funding from $1 million to $1.5 million. The $500,000 increase would provide more money to fix roads in designated redevelopment areas.

The council approved $85,010 in routine items on consent, including a state grant application from the 2002 Resources Bond Act.

Three items related to bond refinancing were approved unanimously. The council approved a reassessment district report and bond refunding for Country Club Vista, where property owners pay extra assessments for neighborhood improvements. A separate refinancing of bonds from Reassessment District No. 1999-01 was also approved.

The council held a public hearing on refinancing bonds for Country Club Vista neighborhood improvements. The refinancing could lower interest rates and reduce costs for affected property owners, similar to refinancing a mortgage.