1978-12 CRA - Laserfiche WebLink

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~ . " '8 I . . Interest Office space Equipment usage Salaries and fringe benefits Other costs 1977 $166,071 4,680 483 106,381 16,863 $294.478 .!lli $121,870 4,680 260 82,311 14,895 $224.016 In addition, the Agency purchases land from the City from time to time to facilitate certain redevelopment plans. During 1977, land purchased from the City amounted to $56,975. No land was pur- chased from the City during 1976. The agreement between the Agency and the City is currently undergoing revision to more clearly define the Agency and City responsibilities and obligations to each other. It is anticipated that the revised agreement will contain the provision that no interest will be charged to the Agency on government or private source funds advanced to the Agency unless specifically designated to be interest bearing by resolution of the Agency and the City Council. If approved as anticipated, interest on certain City advances would be retroactively eliminated. The effect would be to reduce the excess of expenditures over revenue in fiscal year 1977 and 1976 by approximately $56,100 and $23,700, respectively, and the fund deficit at June 30,1977 would have been $85,000 less. NOTE 3 - DEPOSITS: The Agency has entered an agreement for the sale of certain land to a private redeveloper for the amount of $1,368,500. Deposits represent amounts advanced by the redeveloper pursuant to the contract. A portion of the subject land has not yet been acquired by the Agency. If the Agency is unable to acquire the land, the redeveloper has the right to cancel the contract and obtain a refund of the amounts advanced. When the land has been A-7