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RESOLUTION NO. 4614
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA APPROPRIATING AN AMOUNT NECESSARY TO
CARRY OUT THE PROVISIONS OF ARCADIA REDEVELOPMENT
AGENCY RESOLUTION ARA-32 TO THE REDEVELOPMENT
REVOLVING FUND FROM THE CAPITAL OUTLAY FUND,
APPROVING A LOAN OF SAID AMOUNT TO THE REDEVELOPMENT
AGENCY TO PAY COSTS OF OPTION PURCHASE AND PURCHASE
Of 211 AND 215-223 EAST HUNTINGTON DRIVE, AND
APPROVING AND AUTHORIZING EXECUTION OF A LOAN
AGREEMENT PERTAINING THERETO
BE IT RESOLVED by the Arcadia City Council as follows:
SECTION 1. There is hereby appropriated an amount necessary
to carry out the provisions of Arcadia Redevelopment Agency Resolution
ARA-32 to the Redevelopment Revolving Fund from the Capital Outlay Fund.
SECTION 2. The amount specified in Section 1 herein is here-
by loaned to the Arcadia Redevelopment Agency commencing on the date
of disbursement from the Revolving 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.
The City Clerk shall certify to the adoption of the resolution.
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 1st day of March, 1977, -by the affirmative vote of at least three
Council members, to wit:
AYES: Councilmen Gilb, Margett and Lauber
NOES: Councilmen Parry and Saelid
ABSENT: None
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City Clerk of the City of Arcadia
SIGNED AND APPROVED this 1st day of March, 1977.
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~ayor of the City of Arcadia
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ATTEST:
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City Clerk
(SEAL)
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LOAN AGREEHENT
FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelopment
Agency hereby promises to pay the City of Arcadia the sum of
---------------------------------------$87,725.00
with interest
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 consis-,
tent 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
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533624, all money received by the Arcadia Redevelopment Agency from
the sale, leilse or encumbrance of 211 and 215-223 East lIuntingto
Drive, pursuant to any Disposition and Development Agreement per-
taining thereto in excess of the money required to repay the loans
and interest on said property shall be redeposited in the Redevelop-
ment revolving fund, and when so redeposited, shall be applied
towards repayment of this loan and
EXECUTED THIS 7 day
ATT~,"' . ~
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the accrued interest thereon.
Of~, 1977.
CITY OF ARCADIA
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Hayor .
Approved as to Form:
ARCADIA REDEVELOPMENT AGENCY
City Attorney and Agency
Legal Counsel
EXHIBIT "A"
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LOAN AGREEMENT
FOR FULL AND ADEQUATE CONSIDERATION, the Arcadia Redevelopment
Agency hereby promises to pay the City of Arcadia the sum of
---------------------------------------- $87,725.00
with interest
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 consis-
tent 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
533624, all money received by the Arcadia Redevelopment Agency from
the sale, lease or encumbrance of 211 and 215-223 East Huntington
Drive, pursuant to any Disposition and Development Agreement per-
taining thereto in excess of the money required to repay the loans
and interest on said property shall be redeposited in the Redevelop-
ment revolving fund, and when so redeposited, shall be applied
towards repayment of: this loan and the accrued interest thereon.
EXECUTED THIS
1st
day of
March
, 1977.
ATTEST:
CITY OF ARCADIA
CHRISTINE VAN MAANEN
Ci ty Clerk
FLORETTA K. LAUBER
Mayor
Approved as to Form:
ARCADIA REDEVELOPMENT AGENCY
CHARLES J. LIBERTO
City Attorney and Agency
Legal Counsel
LYMAN H. <::OZAD
Lyman H. Cozad,
Executive Director
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