HomeMy WebLinkAbout2003-095
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(See Companion Resolution CDC/2003-10)
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RESOLUTION NO. 2003-95
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A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING AND APPROVING THE
MAYOR, OR HER DESIGNEE, TO EXECUTE AMENDMENT NO.1 TO
THE JANUARY 15, 1993 VERDEMONT LOAN AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND THE CITY OF SAN BERNARDINO.
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WHEREAS, the City of San Bernardino, California (the "City") IS a municipal
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corporation and a charter city duly created and existing pursuant to the Constitution and the
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laws ofthe State of California; and
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WHEREAS, the City of San Bernardino, on behalf of the Redevelopment Agency of the
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City of San Bernardino (the "Agency"), is a redevelopment agency, a public body, corporate
and politic of the State of California, organized and existing pursuant to the Community
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Redevelopment Law (Part I of Division 24) commencing with Section 33000 of the Health and
Safety Code of the State of California (the "Act"); and
WHEREAS, on January 15, 1993, the Mayor and Common Council and Community
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Development Commission approved the Verdemont Improvement Loan Agreement ("1993
Loan Agreement") by and between the Agency and the City whereby the Agency agreed to loan
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the City the sum of $1,908,063.68 for the purpose of constructing certain public improvements
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in the Verdemont Area; and
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WHEREAS, the Agency and the City desire to amend the 1993 Loan Agreement
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("Amendment No. I") to amortize the loan over a ten (10) year period and to specify the
revenue source the City will utilize to repay the loan to the Agency.
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2003-95
NOW, THEREFORE, IT IS HEREBY RESOLVED, DETERMINED AND ORDERED
2 BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO, AS
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Section I.
The Mayor and Common Council hereby approve Amendment No. I to
5 the 1993 Loan Agreement attached hereto and incorporated herein by reference.
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Section 2.
The Mayor, or her designee, is hereby authorized to execute Amendment
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No. I on behalf of the City in substantially the form attached hereto, together with such
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nonsubstantive changes therein as may be approved by the Mayor and City Attorney.
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Section 3.
This Resolution shall take effect upon its adoption and execution in the
10 manner as required by the City Charter.
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2003-95
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A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE
CITY OF SAN BERNARDINO AUTHORIZING AND APPROVING THE
MAYOR, OR HER DESIGNEE, TO EXECUTE AMENDMENT NO.1 TO
THE JANUARY 15, 1993 VERDEMONT LOAN AGREEMENT BY AND
BETWEEN THE REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND THE CITY OF SAN BERNARDINO.
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor and
6 Common Council of the City of San Bernardino at a j t. reg.
meeting thereof, held on the
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21st dayof April
,2003, by the following vote to wit:
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Council Members:
Abstain
Absent
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ESTRADA
LONGVILLE
MCGINNIS
DERRY
SUAREZ
ANDERSON
MC CAMMACK
a-t<-C~ 6. CU-~
Rach~G. Clark, City Clerk
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The foregoing resolution is hereby approved this
April
,2003.
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Approved as to Form and Legal Content:
By: 1k- '7.~~
{J-ty Attorney
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P:\CI)BG Dept\:\hgglelDrdt Docs\03-04-07 Verdemont MOllon B MCC Re~olutlon Vcr MP.doe
2003-95
AMENDMENT NO.1
TO THE ECONOMIC DEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO
1993 LOAN AGREEMENT VERDE MONT IMPROVEMENTS
WITH THE
CITY OF SAN BERNARDINO
This Amendment No. I, is dated as of April 7 2003, and is an amendment to the Loan
Agreement Verdemont Improvements (the "Verdemont Loan Agreement") by and between the
Economic Development Agency of the City of San Bernardino (the "Agency" which is known as
and sometimes referred to as the "Redevelopment Agency of the City of San Bernardino") and
the City of San Bernardino (the "City"), dated January 15, 1993, which amends the Verdemont
Loan Agreement as hereinafter set forth.
J. Agencv Loan, Section J. (c) of the Verdemont Loan Agreement shall be replaced
with the following:
( c) The principal and interest payments on this Loan shall be made from funds
collected pursuant to those sources identified in Section 2 hereof. The principal of and interest
on this Loan shall be due and payable in annual installments commencing on May 1, 2004, in the
combined principal and interest amount of $224,255.58 payments which are collected prior to
each annual payment due date on this Loan shall be paid to the Agency within 30 days after
receipt thereof by the City and shall be considered as a credit towards the next annual principal
and interest payment on this Loan when received by the Agency. Any payments not made as
scheduled shall continue to bear interest at the rate set forth herein until all outstanding principal
and interest have been repaid to the Agency in whole. The City shall have the right to prepay all
or part of the Loan plus accrued interest at any time and from time to time without penalty.
2. Repayment; this Section 2 of the Loan Agreement shall be replaced with the
following:
The City agrees to repay the Agency for the Loan created pursuant to this Amendment
No. I from and to the extent funds are available to the City through the levy of the Verdemont
Infrastructure Fee (VIF), Chestnut Drainage Fee and Palm Box Culvert Traffic Signals Fee
("Other Fees") for properties developed within the Verdemont Area (Exhibit I). As per the
Verdemont Loan Agreement, any and all developer fees received prior to January 15, 1993, are
to be paid immediately to the Agency as a credit to the note, including all developer fees
thereafter.
From and after the date of this Amendment No. I, all payments of the VIF equal to either
(i) $1,500 as of the date of the Amendment No. I, or (ii) in the event the VIF is increased to
amount greater than $1,500, the first $1,500 of such increase to the VIF collected by the City
from all new development within the Verdemont Area of the City, together with the Other Fees
as provided above, shall be paid to the Agency as a payment under this Amendment No. I.
All other provisions of the Verdemont Loan Agreement shall remain in full force and
affect.
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03.04-07 Amend No 110 Vcrdcmonl Loan Agnnl
2003-95
This Amendment No. I shall take effect from and after the date as first above set forth.
City of San Bernardino
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By: ....~; c: c.c c:/"-
Title:J].1dith Valles, Mayor
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(SEAL)
ATTEST:
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By: '.A0-C.I,-.L-k.
Ctty Clerk
,0, C./!.....'Lk
APPROVED AS TO FORM:
Redevelopment Agency of the City of San
Bernardino
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By: '-/J!5; l~~ ~
Title: Gary
(SEAL)
ATTEST:
By: " })'i{ L~,___
S ecr~tary
APPROVED AS TO FORM:
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