Special Notice / Hearing: None__
Vote Required: Majority
To: Honorable Board of Supervisors
From: John L. Maltbie, County Manager
Subject: A Loan by the County to the City of Brisbane for in Amount Not to Exceed $1,700,000 for Construction of the New Brisbane Library
RECOMMENDATION:
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Adopt a resolution authorizing execution of the agreement between the City of Brisbane and the County of San Mateo for a loan by the County to the City in an amount not to exceed one million, seven hundred thousand dollars ($1,700,000) for construction of the new Brisbane Library.
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BACKGROUND:
The City of Brisbane plans to build a new public library to replace its existing library on Visitacion Avenue, at a total estimated cost of $9,100,000. The City and County are both parties to the San Mateo County Library System Joint Powers Agreement (JPA) under which library services are provided to City and County residents. The County has already contributed $300,000 in Measure A funds to be used by the City for design of the library project. The County Library System JPA will also provide $400,000 for furniture and equipment. This Agreement would provide a loan of County funds in an amount not to exceed $1,700,000. The City Council approved this Agreement at its meeting on March 15, 2018.
DISCUSSION:
The County and City have negotiated an agreement (the "Agreement"), whereby the County will advance funds to the City, at an interest rate of 1.2%, in an amount not to exceed $1,700,000, to be used for construction costs for the Brisbane library. The funds will not be used for the City's project related administrative costs, or for the operation or maintenance of the new library facility.
Pursuant to the Agreement, the County will disburse the funds to City within a reasonable time after submission by the City of a request, documenting construction costs incurred by the City for the library project. The City must submit such request for funds and sup...
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