HomeMy WebLinkAboutCDC/2003-10
(See Companion Resolution 2003-95)
RESOLUTION NO.
CDC/2003-10
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A RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO AUTHORIZING
AND APPROVING THE AGENCY EXECUTIVE DIRECTOR 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.
WHEREAS, the City of San Bernardino, California (the "City") is a municipal
corporation and a charter city duly created and existing pursuant to the Constitution and the
laws of the State of California; and
WHEREAS, the Community Development Commission of the City of San Bernardino
(the "Commission") on behalf of the Redevelopment Agency of the 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 Redevelopment Law (Part 1 of
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Division 24) commencing with Section 33000 of the Health and Safety Code of the State of
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California (the "Act"); and
WHEREAS, on January 15,1993, the Mayor and Common Council and the Commission
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approved the Verdemont Improvement Loan Agreement (" 1993 Loan Agreement") by and
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between the Agency and the City whereby the Agency agreed to loan the City the sum of
$1,908,063.68 for the purpose of constructing certain public improvements in the Verdemont
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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.1") to amortize the loan over a ten (10) year period and to specify the
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revenue source the City will utilize to repay the loan to the Agency.
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CDC/2003-10
NOW, THEREFORE, THE COMMUNITY DEVELOPMENT COMMISSION OF
2 THE CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND
3 ORDER, AS FOLLOWS:
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Section 1.
The Commission hereby approves Amendment No. 1 to the 1993 Loan
5 Agreement attached hereto and incorporated herein by reference.
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Section 2.
The Executive Director of the Agency is hereby authorized to execute
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Amendment No.1 on behalf of the Agency in substantially the form attached hereto, together
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with such non substantive changes therein as may be approved by the Executive Director and
9 City Attomey.
Section 3.
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The Resolution shall become effective immediately upon its adoption.
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CDC/2003-10
1 A RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY
OF SAN BERNARDINO AUTHORIZING AND APPROVING THE AGENCY EXECUTIVE
2 DIRECTOR TO EXECUTE AMENDMENT NO.1 TO THE JANUARY 15, 1993
VERDEMONT LOAN AGREEMENT BY AND BETWEEN THE REDEVELOPMENT
3 AGENCY OF THE CITY OF SAN BERNARDINO AND THE CITY OF SAN BERNARDINO
4 I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Community
5 Development Commission of the City of San Bernardino at a j oint regular
meeting
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The foregoing Resolution is hereby approved thi~ ;
ADril
,2003.
23 Approved as to form and
legal content:
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By: , .
Age y Counsel
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CDC/2003-10
AMENDMENT NO.1
TO THE ECONOMIC DEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO
1993 LOAN AGREEMENT VERDEMONT IMPROVEMENTS
WITH THE
CITY OF SAN BERNARDINO
This Amendment No.1, 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.
1. Agency Loan, Section 1. (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.1 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 1). 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.1, all payments of the VIF equal to either
(i) $1,500 as of the date of the Amendment No.1, 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.1.
All other provisions of the Verdemont Loan Agreement shall remain in full force and
affect.
03-04-07 Amend No.1 to Vcrdcmont Loan Agrmt
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CDC/2003-10
This Amendment No. 1 shall take effect from and after the date as first above set forth.
City of San Bernardino
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By: l/~it!6?~
TitleJudith Valles, Mayor
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(SEAL)
ATTEST:
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By: CA-i-^-C/~
Crty Clerk
,6 . Cl.~~.Ic_-
APPROVED AS TO FORM:
Redevelopment Agency of the City of San
Bernardino
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L/it ~ t: r'
By:
Title: Gary an Osdel, Executiv Director
(SEAL)
ATTEST:
B;: ./ II 'K Lt)..,----
Secr~tary
APPROVED AS TO FORM:
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