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Home My WebLink About4728 RESOLUTION NO. 4728 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA APPROVING AND AUTHORIZING EXECUTION OF LOAN AGREEMENTS AND RATIFYING VARIOUS LOANS AND APPROPRIATIONS MADE BY THE CITY OF ARCADIA FROM THE CAPITAL OUTLAY FUND FOR ACQUISITION OF REAL PROPERTY IN THE REDE- VELOPMENT PROJECT AREA.AND THE CLEARANCE AND PREPARATION OF SITES IN THE PROJECT AREA FOR REDEVELOPMENT BE ,IT RESOLVED AND DETERMINED BY THE ARCADIA CITY COUNCIL AS FOLLOWS: SECTION 1: That the following sums appropriated on the dates specified from the Capital Outlay Fund to the Re- development Revolving Fund for the acquisition of, clearance of, or preparation for redevelopment of the following described real properties located in the Redevelopment Project Area, are herehy ratified, and the loan agreements for repayment of said sums referred to below are hereby approved and the Mayor and City Clerk are hereby authorized to execute the same: A. The amounts of $9,900.00 and $11,944.00,on December 2, 1975 for 153-159 East Huntington Drive, Arcadia as set forth in the Loan Agreement attached hereto as Exhibit "A". B. The amount of $5,490.00 on August 5, 1975 for 202- 214 North First Ave., Arcadia as set forth in the Loan Agreement attached hereto as Exhibit "B". C. The amount of $150,000.00 on February 17, 1976 for 65 North First Ave., Arcadia as set forth in the Loan Agreement attached hereto as Exhibit "C". D. The amount of $96,000.00 on June 15, 1976 for 130 East Santa Clara St., Arcadia as set forth in the Loan Agreement attached hereto as Exhibit "D". -1- 4728 SECTION 2. I HEREBY CERTIFY that the foregoing resolution was adopted at a regular meeting of the City Council of the City of Arcadia held on the 7th day of March, 1978 by the affirmative vote of at least three Council Members, to wit: AYES: Council Members Gilb, Lauber, Margett, Parry and Saelid NOES: ABSENT: None None ~~~ City Clerk of the City of Arcadia SIGNED AND APPROVED 8. City Clerk (SEAL) -2- 47.28 ., ., LOAN AGREEMENT FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop- ment Agency hereby promises to repay to the City of Arcadia that certain loan made by the City of Arcadia to the Arcadia Redevelop- ment Agency on December 2, 1975 for redevelopment of the real property hereinafter described, in the sum of $ 21,844 ,with interest at the rate of seven percent (7%) per annum from the date of disbursement, until paid in full. Said sum shall be due and payable to the City of Arcadia, at a time and manner consistent with the needs of the Arcadia Redevelopment Agency, when funds become available to the Arcadia Redevelopment Agency, except Arcadia Redevelopment Agency agrees that pursuant to Health and Safety Code Section 33624, all money received by the Arcadia Redevelopment Agency from the sale, lease or encumbrance of that certain redevelopment project at 1fi::l_1fi!=l Hllnt:ine:t:on Drivp. Arcadia located in the Redevelopment Project Area, in excess of the money required to repay the loans and interest on said real property, shall be redeposited in the Redevelopment Revolving Fund, and when so redeposited, shall be applied towaTds repayment of this loan and the accrual interest thereon. 7 day of mtVl--J CITY OF .RCADIA ATTEST: ~,~);~ City Clerk & Secretary of the Redevelopment Agency Approved as to Form: By , 19>"Y EXECUTED THIS A REDEVELOPMENT AGENCY By ~.~7' ( xecutive re or d-RA- '-IC/ ~if-7PJ? - - LOAN AGREEMENT FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop-, ment Agency"hereby promises to repay to the City of Arcadia that certain loan made by the City of Arcadia to the Arcadia Redevelop- ment Agency on February 17, 1976 for redevelopment of the real property hereinafter described, in the sum of $ 150,000 , with interest at the rate of seven percent (7%) per annum from the date of disbursement, until paid in full. Said sum shall be due and payable to the City of Arcadia, at a time and manner consistent with the needs of the Arcadia Redevelopment Agency, when funds become available to the Arcadia Redevelopment Agency, except Arcadia Redevelopment Agency agrees that pursuant to Health and Safety Code Section 33624, all money received by the Arcadia Redevelopment Agency from the sale, lease or encumbrance of that certain redevelopment project at 65 North First Avenue Arcadia located in the Redevelopment Project Area, in excess of the money required to repay the loans and interest on said real property. shall be redeposited in the Redevelopment Revolving Fund, and when so redeposited, shall be applied towards repayment of this loan and the accrual interest ther~ j EXECUTED THIS 1 day of ~ ,19 7J?' CITY OF ~4,);~ C ty Clerk & Secretary of the Redevelopment Agency Approved as to Form: By REDEVELOPMENT AGENCY AR By C .&ffA lfi ~ .~ II 7:<.[' ., . LOAN AGREEMENT FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop- I ment Agency-hereby promises to repay to the City of Arcadia that certain loan made by the City of Arcadia to the Arcadia Redevelop- ment Agency on AIIgII"'T fi, 1 q7fi for redevelopment of the real property hereinafter described, in the sum of $ 5,490, ,with interest at the rate of seven percent (7%) per annum from the date of disbursement, until paid in full. Said sum shall be due and payable to the City of Arcadia, at a time and manner consistent with the needs of the Arcadia Redevelopment Agency, when funds become available to the Arcadia Redevelopment Agency, except Arcadia Redevelopment Agency agrees that pursuant to Health and Safety Code Section 33624, all money received by the Arcadia Redevelopment Agency from the sale, lease or encumbrance of that certain redevelopment project at 202-214 North Fir~t Avenue , Arcadia located in the Redevelopment Project Area, in excess of the money required to repay the loans and interest on said real property, shall be redeposited in. the Redevelopment Revolving Fund, and when so redeposited, shall be applied towards repayment of this loan and the accrual interest ther~o~. J EXECUTED THIS 7 day of ~ ,197;:- ATTEST: CITY REDEVELOPMENT AGENCY By y Clerk & Secretary of the Redevelopment A~ency Ap~roved as to Form: AR By tor , , ." .....""' It. :..- . - ".' \ , . . \." ~~~~ ~ ~tt - . LOAN AGREEMENT FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop- ment Agency ~ereby promises to repay to the City of Arcadia that certain loan made by the City of Arcadia to the Arcadia Redevelop- ment Agency on June 15" 1976 for redevelopment of the real property hereinafter described, in the sum of $ 96,000 , with interest at the rate of seven percent (7%) per annum from the" date of disbursement, until paid in full. Said sum shall be due and payable to the City of Arcadia, at a time and manner consistent , with the needs of the Arcadia Redevelopment Agency, when funds become available to the Arcadia Redevelopment Agency, except Arcadia Redevelopment Agency agrees that pursuant to Health and Safety Code Section 33624, all money received by the Arcadia Redevelopment Agency from the sale, lease or encumbrance of that certain redevelopment project at 130 East Santa Clara Street Arcadia located in the Redevelopment Project Area, in excess of the money required .to repay the loans and interest on said real property, shall be redeposited in the Redevelopment Revolving Fund, and when so redeposited, shall be applied towards repayment of this loan and the accrual interest th~~~. /.1 EXECUTED THIS 1 day of ~~ , 19./.P" CITY ATTEST: ~;& City Clerk & Secretary of the Redevelopment Agency Approved as to Form: By REDEVELOPMENT AGENCY AR BY~4/_ av~;r , xecut~ve D ector 4R /r1f4 ~'f>~