City Of Rancho Palos Verdes: Ladera Linda Community Center And Park Project Financing Options Discussion May 18

Press release from the City of Rancho Palos Verdes:

May 12, 2021

On May 18, the City Council will consider financing options for the estimated $15.7 million Ladera Linda Community Center and Park Project, including recommendations from the Finance Advisory Committee to:

• Use up to 50% of the City’s American Rescue Plan Act funding;
• Use available funds from the Quimby Fund; 
• Use a 50/50 split between financing with iBank and the Capital Infrastructure Program Fund Reserve; and
• Create a framework to replenish the CIP Fund with interest earnings, additional transfers from the General Fund when there is a surplus, and private funding, such as donations and capital fundraisers.

The hybrid in-person/virtual meeting will take place at 7 p.m. in in McTaggart Hall at Fred Hesse Jr. Community Park and via Zoom with a very limited number of in-person attendees and COVID-19 safety protocols in place. Virtual participation is highly encouraged. The meeting will be live-streamed on the City website and televised on RPVtv Cox 33/Frontier FiOS 38.

 A staff report for this topic is available on the City website. Please submit your comments to the City Council in advance of the meeting by emailing them to cc@rpvca.gov. If you would like to provide comments during the meeting or leave a pre-recorded voice message, please complete a form at rpvca.gov/participate.

For project updates, sign up for the Ladera Linda Park Master Plan listserv at rpvca.gov/notify.

If you are a person with a disability and need an accommodation to participate in programs, services, activities and meetings, contact the City's ADA Coordinator/Risk Manager at 310-683-3157, adarequests@rpvca.gov, 30940 Hawthorne Blvd., Rancho Palos Verdes, CA 90275, at least 48 hours in advance to request an auxiliary aid or accommodation.

This press release was produced by the City of Rancho Palos Verdes. The views expressed are the author's own.