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CITY OF RIVERSIDE REDEVELOPMENT AGENCY MEMORANDUM Honorable Mayor & Agency Members Date: January 18, 2000 Item No.: 4 Subject: Casa Blanca Health Facility -- Additional Appropriations Background The Casa Blanca 1993 Series A Refunding Bonds included $4,000,000 to construct and furnish the Casa Blanca Health and Urgent Care Facility, a satellite clinic for Riverside County General Hospital. The County of Riverside participated in this bond issue by amending the tax sharing agreement with the Redevelopment Agency on February 16, 1993. The amended agreement reduces the County' s share of tax increment to pay debt service on the portion of the bonds used for the Facility. As of this date, $116,090 remains in the budget for the Casa Blanca Health Facility; however, interest earnings have accumulated because the funds were spent over several years. Including the interest earnings, at June 30, 1999 a total of $716,482 is available on deposit with the bond fiscal agent for use on the Casa Blanca Health Facility. Current Issue The Casa Blanca Health Facility has provided needed health care to residents of the area. Since the closure of the Riverside County General Hospital on Magnolia Avenue, the caseload of the Casa Blanca Health Facility has increased dramatically. Adequate parking is now a problem at the Facility. Riverside County is working with a developer to acquire land and construct additional parking at the site. The appropriation of interest earnings would provide a total $716,482 to assist the County in increasing parking available at the Casa Blanca Health Facility. Fiscal Impact Funds are available in the Casa Blanca Capital Projects Fund Balance account number 0000472-298000, which has an available balance of approximately $882,000 at the present time. $600,392 is the amount of additional appropriation needed in the Casa Blanca Health Facility account number 9724700 ~.~.0446 to bring the total to the $716,482 amount available at the bond fiscal agent. Alternatives Interest earnings on the County portion of the bond issue could be used for other eligible County projects, but the County is already negotiating with a developer to increase parking at the Casa Blanca Health Facility. The Casa Blanca Health Facility is now the only Riverside County General Hospital clinic within the City of Riverside, so the Facility serves all the citizens of Riverside. Committee Action Staff presented this item to the Finance Committee on January 10, 2000. The Committee concurred in the suggested recommendation and then moved this item forward for consideration by the Agency Board. Recommendation That the Redevelopment Agency: Authorize the additional appropriation of $600,392 from the Casa Blanca Capital Projects Fund Balance account 0000472-298000 to the Casa Blanca Health Facility account number 9724700-440446. 4-1