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Home My WebLink About1989-383 - , RESOLUTION NO. 89-383 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO WHEREAS, pursuant to the Community Redevelopment Law of the State of California, (Health & Safety Code Section 33000, et ~.), the Redevelopment Agency of the City of San Bernardino (the "Agency") is carrying out the Redevelopment Plan for the Southeast Industrial Park Redevelopment Project (the "Project Area"); and WHEREAS, the Agency is authorized to invest funds not immediately necessary for the implementation of the Redevelopment Plan for the Project Area; and WHEREAS, the Agency and the City desire to proceed with the development of certain public improvements described in Attachment No.1 hereto (the "Designated Public Improvements"); and WHEREAS, the provision of the Designated Public Improvements will substantially benefit the Project Area; and WHEREAS, in order to effectuate the provisions of the Redevelopment Plan for the Project Area, the Agency proposes to loan and the City proposes to borrow One Million Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Agency Loan Amount") pursuant to that "Agency 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 hereby resolves as follows: Section 1: The loan of funds pursuant to the Agency Loan Agreement is in the best interest of the City and will promote the public health, safety and welfare. Section 2: The Mayor is hereby authorized to execute the Agency Loan Agreement on behalf of the City. 08/10/89 5388n/2601-00 -2- 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 O f September , 1989 by the following vote, to wit: AYES: Counc i 1 Membe r s Estrada, Reilly, Flores, Maudsley, Minor, Pope-Ludlam, Miller NAYS: None ABSENT or ABSTAIN None ~R#~~P City Clerk The foregoing resolution is hereby approved this day of \.. }:)~/~ , 1989. ~ Approved as to form and legal content: 08/10/89 5388n/2601-00 -3- .. 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. 08/10/89 5391n/2601-00 ATTACHMENT NO. 1 Page 1 of 1 . , , :) <1'..:, AGENCY LOAN AGREEMENT (AGENCY TO CITY) THIS AGREEMENT is entered into as of this 18th day of Septemher ,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 33603) authorizes redevelopment agencies to invest any money held in reserves or sinking funds, or any money not required for immediate disbursement, in property or securities; and B. WHEREAS, there are presently available to the Agency funds generated by the Southeast Industrial Park Redevelopment Project (the "Project"), which may be invested; and D. WHEREAS, the City desires to borrow funds from the Agency; NOW, THEREFORE, the City and Agency agree as follows: r.. 1. The Agency agrees to loan the sum of One Million Two Hundred Fifty Thousand Dollars ($1,250,000) (the "Loan Amount") to the City. The City shall, in consideration of such investment, be obligated to pay to the Agency within the current fiscal year the amount of the Loan Amount, plus interest accruing at the rate of eight percent (8%) per annum. The Agency shall consider but is not obligated to extend the time for repayment for an additional year. Time for repayment may be extended upon Ministerial action of the Mayor and Executive Director on behalf of the City and the Agency, respectively. 2. This Agreement shall be effective as of the day and date first above shown. City of San Bernardino By: ./j&7V\}l;(u~ '~ Mayor 1'1. I ATTEST: By: ~~/?dL2/i~ , Ci ty Clerk APPROVED AS TO FORM AND CONTENT FOR THE CITY By: fk.~.;, I~ ~es F. Penman "lty Attorney 5387n/2601-00 EXHIBIT "A" Page 2 of 3 Dated: r-;z~-?'1 APPROVED AS TO FORM AND CONTENT FOR THE AGENCY By: ~ / /Dennis Barlow ~ Agency Counsel 5387n/2601-00 The Community Development Commission of the City of San Bernardin By: EXHIBIT "A" Page 3 of 3 --------,- , .: 0' :~ CITY LOAN AGREEMENT (CITY TO AGENCY) THIS AGREEMENT is entered into as of this 18th day of Spprpmher , 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 seq.) 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 Page 2 of 5 539ln/260l-00 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 :.-///ffl/l )!Ut~ Izr/ Mhor ,6 I ATTEST: By: ~7f'd'/~~/ rCi ty Clerk Approved as to form and content: Page 3 of 5 539In/2601-00 Approved as to form and content: B~) Dennis Barlow Agency Counsel 5391n/2601-00 The Community Development Commissio of the City of San Bern rdino By: Page 4 of 5 ATTACHMENT NO. 1 Designated Public Improvements a} New westbound offramp from Interstate Highway 10 at Waterman Avenue. b} New signalization and lighting at new off ramp terminus at Carnegie Drive/Hospitality Lane. 5391n/2601-00 Page 5 of 5