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HomeMy WebLinkAbout4608 D RESOLUTION NO. 4608 .A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF ARCADIA APPROpRIATING $9,150 TO THE REDE- VELOPMENT REVOLVING FUND FROM THE CAPITAL OUTLAY FUND, APPROVING AND RATIFYING A LOAN OF $9,150 TO THE REDEVELOPMENT AGENCY TO PAY COSTS OF IMPROVEMENTS AND ESCROW PURSUANT TO WINNAMAN-LINK PARTICIPATION AGREEMENTS FOR RE- DEVELOPMENT OF 130 SANTA CLARA STREET AND APPROVAL AND AUTHORIZATION FOR EXECUTION OF A LOAN AGREEMENT PERTAINING THERETO BE IT RESOLVED by the Arcadia City Council as follows: 1. There is hereby appropriated $9,150 to the Redevelop- ment Revolving Fund from the Capital Outlay Fund. 2. We hereby approve and ratify our minute action of February 1, 1977, authorizing payment of $9,150 from the City Rede- velopment Revolving Fund on behalf of the Arcadia Redevelopment Agency for completion of the project set forth in the Winnaman-Link Participation Agreements for 130 East Santa Clara Street, Arcadia,' California, including but not limited ,to installing curb and gutter, sidewalks, three driveway aprons, twelve street trees, relocation of fire hydrant and fire service, installation of a new service line, cost of title policy, escrow fees and other miscellaneous costs. 3. Said $9,150 is hereby loaned to the Arcadia Redevelop- ment Agency commencing on the date of disbursement from the Revolv- ing Fund, and shall be repaid according to the terms and conditions of the loan agreement attached hereto as Exhibit A, which agreement is hereby approved and the Mayor and City Clerk are hereby authorized to execute. -1- 4608 The City Clerk shall certify to the adoption of the resolution. I HEREBY CERTIFY that the foregoing ,esolution was adopted at a regular meeting of the City Council of the City of Arcadia held on the 15th day of February, 1977, by the affirmative vote of at least three Council members, to wit: AYES: Councilmen Gilb, Lauber, Margett and Saelid NOES: None ABSENT: Councilman Parry City Clerk City of SIGNED AND APPROVED this 15th day of February, 1977. 7-k:tC!( ~. Mayor of the C1ty of Arcadia ATTEST: ~~~~ C1ty erk (SEAL) -2- 4608 LOAN AGREEMENT FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelop- ment Agency hereby promises to pay the City of Arcadia the sum of Nine Thousand One Hundred and Fifty Dollars ($9,150.00) with inter- est at the rate of seven percent (7%) per annum from the date of until paid in full, which sum shall be due and payable to the City of Arcadia, at a time and manner con- sistent 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 S33624, all money received by the ARA from the sale, lease, or encumbrance of 130 Santa Clara Street pursuant to the Winnaman-Link Participation Agreements in excess of the money re- qui red to repay the loans and interest on said property shall be redeposited in the Redevelopment revolving fund and when so redeposit- ed, shall be applied towards repayment of this loan and the accrued interest thereon. EXEcu'rED THIS day of 1977 . ATTEST: CITY OF ARCADIA City Clerk Mayor Approved as to Form: ARCADIA REDEVELOPMENT AGENCY City Attorney and Agency Legal Counsel Lyman H. Cozad, Executive Director EXHIBIT "A" _' 4608