Beverly Hills City Manager Jeff Kolin must feel as if he's won the lottery — on Thursday, nearly all of his bosses on the Beverly Hills City Council decided to give him a $1.6 million housing loan at an interest rate that hovers around 3 percent, reports Beverly Hills Patch.
Beverly Hills Councilwoman Nancy Krasne said wishfully about the sweet deal, according to BH Patch, “It's up to $1.6 million. I'm sure (Kolin) would not spend that much if he could. We said that was the upper limit.” Good luck with that, Nancy.
Beverly Hills City Council must have a busload of faith in Kolin, who makes a $274,999 annual salary. He's a newbie who was only hired in January, and the interest rate is 3 percent for ten years and increases to 3.25 percent after that.
In only 10, short months, Mayor Jimmy Delshad and council members Barry Brucker, Nancy Krasne, and William Brien have apparently come to the conclusion that Kolin is some kind of city manager genius who's going to be sticking around for a while.
Only Councilman John Mirisch voted against the loan, but he would have happily given $1 million to Kolin.
Too bad Delshad and gang didn't act sooner.
Kolin, who reportedly needs to find a home within “reasonable distance” to Beverly Hills according to his contract, could have bought a three-bedroom “pool villa” in West Hollywood for $1.425 million.
The city manager can still grab a two-bed, two-bath home in Bel Air if he acts quickly for $949,000, which would make councilwoman Nancy Krasne feel comfortable.
But we have a sneaking suspicion that Kolin already has something lined up.
Contact Patrick Range McDonald at email@example.com.