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RDA obligations to the City of Signal Hill

January 21st, 2011 · No Comments · News

Property Acquisition Loan–
$10,000,000 plus interest to be paid over 20 years

Signal Hill RDA borrowed approximately $10 million plus interest from the City in 2008. The RDA had initially agreed to repay the loan starting in 2017. According to city records, Signal Hill approved the loan at a 10-percent annual interest rate.
The loan partially paid for a major property acquisition program that established the Signal Hill RDA as the owner of 21 acres around the city, according to a city manager’s report. The report described a property-acquisition program that began in 2008 and included the Signal Hill Town Center, the Spring Street Corridor and the Signal Hill Automotive Center.
The RDA board approved the cooperative agreement which set the loan-repayment schedule that began Fiscal Year 2010-2011.

Administrative/Overhead Costs–
Estimated amount of $1,536,538 for the current fiscal year
The RDA board recommended entering into a cooperative agreement with the City to reimburse the City for the administrative costs that covered staff salaries and office overhead for Fiscal Year 2010-11.

Impact Fees for Water and Park Improvements at the Hilltop Housing Project– $3,000,000
The RDA entered into an agreement with housing developer Hilltop, LLC in 2000. Hilltop finished building 464 housing units in 2007. The RDA agreed to enter into cooperative agreement for reimbursement to the City for impact fees that would be used to build water and park improvements, according to a city manager’s report. One of the projects included a plan for a reclaimed water system. City officials during the RDA Board meeting approved a repayment plan through which the RDA would finish paying this obligation by Fiscal Year 2022-2023.

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