HomeMy WebLinkAbout1989-382
RESOLUTION NO. 89-382
A RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, CALIFORNIA, APPROVING A LOAN AGREEMENT
BETWEEN THE CITY OF SAN BERNARDINO AND THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO.
WHEREAS, the City of San Bernardino (the "City") and the
Community Development Commission of the City of San Bernardino
(the "Agency") desire to provide for the construction of
certain public improvements more particularly described in the
accompanying draft "City Loan Agreement" as the "Designated
Public Improvements"; and
WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project Area" and the
"Project") and the neighborhood in which the Designated Public
Improvements are to be made; and
WHEREAS, the City is authorized to provide financial and
other assistance to the Agency to promote the redevelopment of
the Project Area; and
WHEREAS, the City proposes to loan and the Agency proposes
to borrow One Million Two Hundred Fifty Thousand Dollars
($1,250,000) (the "City Loan Amount") pursuant to the "City
Loan Agreement", a copy of which is attached hereto as Exhibit
"A" and is incorporated herein by reference;
NOW THEREFORE, the City of San Bernardino does hereby find,
determine, order and resolve as follows:
Section 1:
The City Loan Agreement is in the best interests of
the City and will promote the public health, safety and welfare.
Section 2:
The City Loan Agreement is hereby approved. The Mayor
is authorized to execute the Agreement on behalf of the City.
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Common Council of the City of San Bernardino at
a regular meeting thereof held on the
18th day
of
September
, 1989 by the following vote, to wit:
AYES:
Council Members Estrada, Reilly, Flores, Maudsley,
Minor, Pope-Ludlam, Miller
NAYS:
None
ABSENT or
ABSTAIN
None
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Ci ty/Clerk
The ~~~g resolution is hereby approved this ~~~
day of ~ ' 1989.
Approved as to form
and legal content:
James F. Penman
City Attorney
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r/ '
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EXHIBIT "A"
CITY LOAN AGREEMENT
(CITY TO AGENCY)
THIS AGREEMENT is entered into as of this
day
o(
, 1989, by and between the CITY OF SAN BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "Agency").
RECITALS
A. WHEREAS, the Community Redevelopment Law (Health &
Safety Code, Section 33610) authorizes the City to loan money
to the Agency for administrative expenses and overhead of the
Agency; and
B. WHEREAS, the City and the Agency desire to proceed
with the development of certain public improvements described
in Attachment No.1 hereto (the "Designated Public
Improvements"); and
C. WHEREAS, the provision of the Designated Public
Improvements will benefit the Project Area of the Tri City
Redevelopment Project (herein, the "Project" and the "Project
Area") and the neighborhood in which the Designated Public
Improvements are to be made; and
D. WHEREAS, the Agency, pursuant to the Redevelopment
Plan and provisions of the Community Redevelopment Law (Health
& Safety Code Section 33000, et ~.) is authorized to borrow
funds to facilitate redevelopment; and
E. WHEREAS, no other reasonable means of financing the
Designated Public Improvements is available;
NOW THEREFORE, the City and the Agency agree as follows:
1. The City agrees to loan One Million Two Hundred
Fifty Thousand Dollars ($1,250,000) (the "City Loan Amount") to
the Agency. The Agency shall, in consideration of such loan,
be obligated to pay to the City the City Loan Amount, plus
interest accruIng at the rate of eight percent (8) per annum;
provided that the City agrees and acknowledges that such City
Loan Amount shall be paid only from tax allocation revenues of
the Tri City Redevelopment Project as may hereafter be received
by the Agency. The Agency shall have no obligation to make
payment from any other revenues.
2. The obligations of the Agency pursuant to
Section 1 of this Agreement shall constitute the indebtedness
of the Project. Amounts owed by the Agency shall be payable on
the last day of the fiscal year during which funds have been
advanced by the City to the Agency; provided that the
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obligation of the Agency to make payments pursuant to this
Agreement shall be subordinate and subject to Section 33334.2
of the Health & Safety Code and to the right of the Agency to
pledge or commit tax allocations from the Project Area to repay
bonds or other indebtedness incurred by the Agency in carrying
out the Redevelopment Plan for the Project. The Agency agrees
to file statements of indebtedness setting forth such
obligation until such time as the City Loan Amount (together
with accrued interest) has been paid in full. Time for
repayment may be extended upon ministerial action of the Mayor
and the Executive Director on behalf of the City and the
Agency, respectively.
3. The Agreement shall be effective as of the day and
date first above shown.
City of San Bernardino
By:
Mayor
ATTEST:
City Clerk
NOTE: A FULLY EXECUTED COPY OF THIS
AGREEMENT IS ATTACHED TO RES.
NO. 89-383. ~~ .x1~~~
By:
Approved as to
form and content:
James F. Penman
City Attorney
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\
.
Approved as to
form and content:
B~1U4J
Dennis A. arlow
Agency Counsel
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The Community Development
Commission of the City of
San Bern rdino
By:
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ATTACHMENT NO. 1
Designated Public Improvements
a) New westbound offramp from Interstate Highway 10 at
Waterman Avenue.
b) New signalization and lighting at new offramp terminus at
Carnegie Drive/Hospitality Lane.
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