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HomeMy WebLinkAbout4614 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 - 1 - 4614 a~~2Sb~~ City Clerk of the City of Arcadia SIGNED AND APPROVED this 1st day of March, 1977. 1~ -.K ~~iL~- ~ayor of the City of Arcadia . ATTEST: ~Jk~ City Clerk (SEAL) - 2 - 4614 . . ^' .. . p ~ , ',L:.' ': ,/.1.." "'0. . J 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 " , '- \ \ \ 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~,"' . ~ !kf~ the accrued interest thereon. Of~, 1977. CITY OF ARCADIA l~~-~~. Hayor . Approved as to Form: ARCADIA REDEVELOPMENT AGENCY City Attorney and Agency Legal Counsel EXHIBIT "A" ~- :\ l) 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 4614