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Oversight board considering OK for $3.9M debt payment

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POSTED February 24, 2013 11:58 p.m.

Manteca’s payment on outstanding redevelopment agency debt for the final six months of 2013 is $3,988,934.

It is payment for an outstanding bond debt of $124,291,702. About $42 million of that money has not been spent. It will be returned to the city and spent on qualifying projects. Those projects must also receive the approval of both the state Department of Finance and the oversight board of the successor agency put in place after the California Legislature pulled the plug on redevelopment agencies a year ago.

The Manteca oversight board meets Tuesday at 2 p.m. at the  city council chambers, 1001 W. Center St., to verify the debt. The state in turn will reimburse the city out of RDA property tax receipts  it seized from Manteca. The board will also consider approving a $597,550 budget for the successor agency from July 1 to Dec. 31.

The budget covers legal and auditing costs and staffing as well as contracted consulting fees.

The bulk is for staffing including $110,779 for community development, $75,619 for building safety, $78,791 for code enforcement and fire inspection, $40,281 for finance, $74,100 for economic development, $51,307 for city clerk/legislative and $36,102 for city management.

Eventually the city will have to replace the funding for the various departments that are now being reimbursed by the  successor agency.

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