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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.
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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)
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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