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CITY COUNCIL RESOLUTION NO. 5254
A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
ARCADIA APPROVING AND AUTHORIZING EXECUTION OF
A LOAN AGREEMENT AND APPROVING AN APPROPRIATION
TO THE ARCADIA REDEVELOPMENT AGENCY FROM THE CITY
OF ARCADIA GENERAL FUND, IMPROVEMENTS TO CITY
PROPERTY 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 acquisition and development projects as high
priority in implementing the Redevelopment Plan for the Central
Downtown Project Area;
WHEREAS, the Arcadia Redevelopment Agency does not currently
have adequate funds to undertake said projects; and
WHEREAS, the Arcadia City Council is interested in seeing
the Plan for the Central Downtown Project Area implemented and
has adequate surplus funds now available and which will become
available in the next two years in the City General Fund, Improve-
ments to City Property Fund, and Capital Outlay Fund to assist
the Agency in its activities.
NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF ARCADIA DOES
HEREBY RESOLVE AS FOLLOWS:
SECTION 1. That up to $3.6 million be appropriated from
the General Fund, Improvements to City Property and Capital Outlay
Fund to the Arcadia Redevelopment Agency Revolving Fund for use
in acquiring property, relocating residents and businesses and
for capital improvements in order to carry out the goals of the
Redevelopment Plan for the Central Project Area.
SECTION 2. That the City Council hereby approve the attached
Loan Agreement (Exhibit "A") for repayment of said sum and direct
the Mayor to execute the said Loan Agreement and this Resolution.
SECTION 3. The City Clerk is hereby authorized and directed
to certify to the adoption of this Resolution.
SECTION 4. This Resolution shall take effect upon adoption.
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5254
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LOAN AGREEMENT
This Agreement is entered into this 5th day of November,
1985 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 $3.6 million (the "Loan"), of which amount the sum
of $1.0 million shall be disbursed to the Agency upon execution
of this Agreement, and of which the remainder shall be disbursed
to the Agency from time to time upon receipt by the Finance Direc-
tor 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
prevailing rate of interest being drawn on City of Arcadia invest-
ments, 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 por-
tions 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
EXHIBIT "A"
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
Section 33624 all money received by the Agency from the sale,
lease or encumbrance of that land acquired and prepared for devel-
opment using this loan money, in excess of the money required
to repay the loans and interest on said 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 5th day of November, 1985.
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edevelopment
ATTEST:
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City Clerk of the City of Arcadia/
Secretary, Arcadia Redevelopment
Agency
Approved as to Form:
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Agency Special Counsel
EXHIBIT "A"
Passed, approved and adopted this 5th day of November, 1985.
ATTEST:
~~~
City Cle~k of the City
of Arcadia
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF ARCADIA
-I, CHRISTINE VAN MAANEN, City Clerk of~the City of Arcadia
hereby certify that the foregoing City Council Resolution No. 5254
was passed and adopted by the Arcadia City Council, signed by the
Mayor and attested to by the city Clerk at a regular meeting of
said City Council on the 5th day of November, 1985, and that said
Resolution was adopted by the following vote, to wit:
AYES:
Councilman
Hannah, Lojeski, Young and Pellegrino
NOES:
None
ABSENT: Councilman Gilb
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City Clerk of the City of Arcadia
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5254