Almanac

News - December 25, 2013

Menlo Park council OKs loan to city manager

Menlo Park City Manager Alex McIntyre will receive a home improvement loan from the city and other benefits during the next year of his employment.

The council voted 4-0, with Rich Cline absent, to give the city manager a $360,000 home improvement loan at 2.5 percent interest; reduce the interest on the $1.1 million loan for the purchase of his home from 3.5 to 3 percent; and increase the city's contribution to his retirement savings account by about $100 a year if he opts out of the city's health insurance program.

Mr. McIntyre's annual $199,000 salary will not change, according to the staff report, and the approved changes won't increase Menlo Park's contribution to the state retirement system on his behalf.

While the city will collect interest revenue on both loans, it will lose approximately $4,950 a year from the reduction of interest on Mr. McIntyre's home purchase loan.

— Sandy Brundage

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