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HomeMy WebLinkAbout5321 RESOLUTION NO. 5321 A RESOLUTION OF THE ARCADIA CITY COUNCIL AUTHORIZING EXECUTION OF AND APPROVING A LOAN AGREEMENT WITH THE ARCADIA REDEVELOPMENT AGENCY FOR A LOAN AND APPROPRIATION MADE BY THE CITY OF ARCADIA FROM THE EQUIPMENT REPLACEMENT FUND, SEWER FUND, WATER FUND AND CAPITAL OUTLAY FUND FOR THE ACQUISITION OF PROPERTY, RELOCATION OF RESIDENTS AND BUSINESSES AND CAPITAL IMPROVEMENTS FOR REDEVELOPMENT PURPOSES WHEREAS, the Arcadia Redevelopment Agency has designated certain property acquisitions and development projects as high priority in implementing the Redevelopment Plan for the Central Downtown Project Area: and WHEREAS, the Arcadia Redevelopment Agency does not currently have adequate funds to undertake and complete said projects; and WHEREAS, the City of Arcadia has previously authorized certain loans to the Arcadia Redevelopment Agency, and has money now and in the future available in various funds. NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA DOES HEREBY RESOLVE AS FOLLOWS: SECTION 1. That the Loan Agreement attached as Exhibit "A" is hereby approved and the Mayor is authorized to execute said Loan Agreement and this Resolution. SECTION 2. The City Clerk of the City of Arcadia is hereby authorized and directed to certify to the adoption of this Resolution. SECTION 3. This Resolution shall take effect upon adoption. Passed, approved and adopted this 16th day of September, 1986. -1- 5321 ~ a ATTEST: a:N4;,' ~~~ City Clerk o~the City of Arcadia STATE OF CALIFORNIA COUNTY OF LOS ANGELES CITY OF ARCADIA ) ) SS: I, CHRISTINE VAN MAANEN, City Clerk of the City of Arcadia hereby certify that the foregoing Resolution No. 5321 was passed and adopted by the City Council of the City of Arcadia, signed by the Mayor and attested to by the City Clerk at a regular meeting of said City Council on the 16th day of September, 1986, and that said Resolution was adopted by the following vote,to wit: AYES: Councilman Chandler, Gilb, Harbicht, Lojeski and Young NOES: None ABSENT: None - -. - - -- - - - 't~~;-~?:,~ .).[......~' _.-'.-;::::;- _:" /'~--:~,r '~,~" -- ~ .-'::'::;':. .- ," -.- ~- ./ _:~,:,9i~Y_'~,:;;Lerk>of the City of Arcadia . ..<~;~.'.:., .:::- ~?~ ;' .'\_" ~.:::::,r_ _ .__-..:-=;.,'";:.<;. .:>::, . ...::~~-; -::~u ---"-:... -2- 5321 LOAN AGREEMENT This Agreement is entered into this 16th day of September, 1986 by and between the City of Arcadia ("City") and the Arcadia Redevelopment Agency ("Agency"). The City and Agency hereby agree as follows: SECTION 1. The City hereby agrees to lend to the Agency the sum of $4.0 Million (the "Loan") which shall be disbursed to the Agency from time to time upon receipt by the Finance Director of written notice from the Executive Director that any portion or all of the remainder is needed from time to time. Any and all portions of the Loan shall bear interest calculated at the highest prevailing rate of interest being drawn on the City of Arcadia investments, calculated quarterly commencing at the date of disbursement of each loan as applicable. SECTION 2. The Agency hereby agrees to repay to the City any and all portions of the Loan disbursed to the Agency hereunder at a time and manner consistent with the needs of the Arcadia Redevelopment Agency as determined by the Agency, and such portions of the Loan shall further be repaid to the City when funds become available to the Agency; provided, however, that repayment of any or all portions of the Loan need not be made by the Agency 'until all other debts or obligations of the' Agency which may hereafter be incurred by it have been satisfied and the repayment obligation of the Agency hereunder may be made subordinate to any interim or permanent financing of the Agency. The Agency agrees that pursuant to Health and Safety Code Exhibit "A" Section 33624 all money received by the Agency from the sale, lease or encumbrance of that land acquired and prepared for development using this loan money, in excess of the money r~quired to repay the loans and interest on the real property, shall be redeposited in ,the Redevelopment Revolving Fund, and when so redeposited, shall be applied toward repayment of this Loan and the accrual of interest thereon. Executed this 16th day of September, 1986. Mayor, City of Arcadia Chairman, Arcadia Redevelopment Agency ATTEST: City Clerk of the City of Arcadia/ Secretary, Arcadia Redevelopment Agency Approved as to Form: City Attorney -2-