HomeMy WebLinkAbout1992-067
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RESOLUTION NO. 92-67
RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AUTHORIZING AND DIRECTING THE EXECUTION OF AN
AMENDMENT TO THE AGREEMENT BETWEEN THE CITY OF SAN BERNARDINO, THE
DEVELOPMENT DEPARTMENT OF THE CITY OF SAN BERNARDINO AND THE
CENTRAL CITY MALL ASSOCIATION TO INCREASE THE $876,000 LOAN AMOUNT
TO THE CENTRAL CITY MALL ASSOCIATION BY THE SUM OF $100,000.
BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY
OF SAN BERNARDINO AS FOLLOWS:
SECTION 1.
( a) The Mayor of the City of San Bernardino is hereby
authorized and directed to execute, on behalf of the City, an
Amendment to the Agreement between the City of San Bernardino, the
Development Department of the City of San Bernardino and the
Central City Mall Association to increase the $876,000 loan amount
to the Central City Mall Association by the sum of $100,000, which
Amendment to the Agreement is attached hereto as Exhibit "1" and
is incorporated herein by reference as though fully set forth at
length. The Amendment to the Agreement provides for the lending
of Tax Allocation Bond Proceeds in the following amount of
$100,000.
SECTION 2.
(a)
The authorization to execute the above referenced
21 Amendment to the Agreement is rescinded if the parties to the
22 agreement fail to execute it within sixty (60) days of the passage
23 of this resolution
24 I HEREBY CERTIFY that the foregoing resolution was duly
25 adopted by the Mayor and Common Council of the City of San
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Bernardino at a
reqular
meeting thereof, held on the 17th
day of
Februarv
1992 by the following vote, to wit:
III
DAB:js[city-mall.res]
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1 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AUTHORIZING AND DIRECTING THE EXECUTION OF AN
2 AMENDMENT TO THE AGREEMENT BETWEEN THE CITY OF SAN BERNARDINO, THE
DEVELOPMENT DEPARTMENT OF THE CITY OF SAN BERNARDINO AND THE
3 CENTRAL CITY MALL ASSOCIATION TO INCREASE THE $876,000 LOAN AMOUNT
TO THE CENTRAL CITY MALL ASSOCIATION BY THE SUM OF $100,000.
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Mayor and Common Council of the City of San
Bernardino at a reltU1ar
day of February
meeting thereof, held on the 17th
, 1992, by the following vote, to wit:
Council Members:
AYES
ESTRADA
REILLY
HERNANDEZ
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
of
The foregoing resolution
~.M0'a~, 1992.
Approved as to
23 form and legal content:
24 JAMES F. PENMAN,
City Attorney
25 _ /)" A#AAnt W
26 Y~"""f1(YT~
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DAB:js[city-mall.res]
NAYS
ABSTAIN
ABSENT
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is hereby
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Res. 92-67 adopted 2/17/92
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FIRST AMENDMENT TO
CENTRAL CITY MALL CAROUSEL
AGREEMENT
THIS FIRST AMENDMENT, is entered into on the 26th
day of
February
, 1992, by and between the City of San
Bernardino (the "City"), the City of San Bernardino Redevelopment
Agency (the "Agency"), CCMA, Inc. a non-profit corporation, also
known as Central Ci ty Mall Merchants'
Association
(the
"Association"), and the Central City Company, a partnership (the
"Company") .
WITNESSETH:
WHEREAS, the parties entered into that certain Central City
Mall Carousel Agreement on May 15, 1991, and
WHEREAS, the parties desire now to amend said Agreement to
increase by One Hundred Thousand Dollars ($100,000.00) the Agency
loan to the Association.
NOW THEREFORE, the parties hereto agree as follows:
1. Paragraph 1 of the Agreement is hereby amended to
increase the amount of the loan to Nine Hundred Seventy Six
Thousand Dollars ($976,000.00).
2. Except as amended herein said Agreement shall remain in
full force and effect.
IN WITNESS WHEREOF, the parties have signed this Amendment
to Agreement as of the date first above written.
City of
BY:(
W.R. H
City 0
, Mayor
Bernardino
DAB/js/Amend.Agr
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1 ATTEST:
2 BY:~~~
3 Ci Clerk
4 Approved as to form
and legal content:
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12 ATTEST:
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15 Approved as to form
and legal content:
16 ~RAv
17 Agency nsel
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DAB/js/Amend.Agr
Redevelopment Agency of the City of
San Bernardino /
By "
W.,R. Ciolcomb, Chairman
FEB Z f 19~'
non-profit
By
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City of Sn Bdno. Res. No. 92-67 adopted 2/17/92
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PROMISSORY NOTE
San Bernardino, California
, 1992
After date, for value received, the undersigned Association
promises to pay to the order of the City of San Bernardino
Redevelopment Agency ("Agency") or its successors, the sum of One
Hundred Thousand Dollars ($100,000.00) payable in one payment on
October 4, 2001, together with interest on the within note from
and after the date hereof at the rate of eight percent (8%) per
year. All sums of principal and interest due hereunder shall be
payable at the principal offices of Agency at 201 N. "E" Street,
San Bernardino, CA 92418, or at such other place as payee or
holder may specify in writing.
This note shall become immediately due and payable should
the Central City Mall or the Carousel Mall located in the City of
San Bernardino be sold by the Central City Mall Company, a
partnership, or if a new partner shall acquire controlling
interest in said partnership, whether such transfer of title be
voluntary, involuntary, or by operation of law.
The indebtedness evidenced hereby may be prepaid in whole or
in part at any time without penalty or premium for such
prepayment.
Maker waives demand, presentment for payment, protest and
notice of nonpayment and of dishonor. Maker agrees to pay a
reasonable attorney's fee, including reasonable appellate fees, if
any, if this note is placed in the hands of an attorney for
collection after default.
$100,000.00
DAB/js/promis.not
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December 19, 1991
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PROMISSORY NOTE RE: CENTRAL CITY MALL
IN WITNESS WHEREOF, THIS NOTE has been duly executed by the
undersigned, as of its date.
CCMA, INC., A NONPROFIT CORPORATION
BY. 27L/~2;:c
. ., y
/f'-U 'I) >,..-r-
(Title)
The undersigned hereby guarantees the full and faithful
performance by the Maker of its obligations to repay the above
loan as specified.
::~T~~C~~RTNERSHIP
~~.
BY:
DAB/js/promis.not
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December 19, 1991