City staff, acting in an administrative capacity for the Successor Agency to the former Menlo Park Community Development Agency, is currently evaluating options for refinancing the former CDA's outstanding debt. Refinancing this debt would result in a lower overall debt cost and less risk associated with the current variable components. Staff is working with a financial adviser on the details and plans to present its recommendations to the City Council for approval in mid-June, followed by the Successor Agency Oversight Board in late June. If the process goes smoothly and the interest rate environment remains favorable, the tentative timeline for closing this refinance is late September.