HomeMy WebLinkAbout1989-399
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RESOLUTION NO. 89-399
2 RESOLUTION OF THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO, AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT
3 WITH THE COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN
BERNARDINO.
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WHEREAS, pursuant to the Community Development Law of the
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State of California, (Health & Safety Code Section 33000, et
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(the "Agency") is carrying out the Redevelopment Plan for the
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Southeast Industrial Park Redevelopment Project (the "Project
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Area"); and
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WHEREAS, the Agency is authorized to invest funds not
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immediately necessary for the implementation of the Redevelopment
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Plan; and
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WHEREAS, the Agency and the City desire to study the
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feasibility of the redevelopment of a potential redevelopment
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survey area including the Mount Vernon Business Corridor and
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surrounding area (the "Potential Survey Area"); and
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WHEREAS, the redevelopment of the Potential Survey Area
would address blighting influences within the vicinity of the
Project Area and would substantially benefit the Project Area and
the community; and
WHEREAS, in order to effectuate the provisions of the
Redevelopment Plan, the Agency proposes to loan and the City
proposes to borrow Two Hundred Fifty Thousand Dollars
($250,000.00) pursuant to that "Loan Agreement", a copy of which
is attached hereto as Exhibit" A" and is incorporated herein by
reference;
DAB:br
July 19, 1989
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1 NOW THEREFORE, the City of San Bernardino does hereby find,
2 determine, order and resolve as follows:
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SECTION 1.
The loan of funds pursuant to the Loan
4 Agreement is in the best interest of the City and will promote
5 the public health, safety and welfare.
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SECTION 2.
The Mayor is hereby authorized to execute the
7 Loan Agreement on behalf of the City.
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SECTION 3. This resolution is rescinded if the parties to
9 the agreement(s) fail to execute it within sixty (60) days of the
10 passage of this resolution.
11 I HEREBY CERTIFY that the foregoing resolution was duly
12 adopted by the Mayor and Common Council of the City of San
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regular
meeting thereof, held on the 2nd
Bernardino at a
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day of October
, 1989, by the following vote, to wit:
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AYES:
Counci 1 Members Estrada, Reilly, Flores, Maudsley,
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Minor, Pope-Ludlam, Miller
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NAYS:
None
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ABSENT:
None
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~/d/~$
City Clerk
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I.j t /I
day
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The foregoing resolution is
of rf)c~
, 1989.
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24 Approved as to form
and legal content:
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JAMES F. PENMAN,
26 City ttorney
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1989
LOAN AGREEMENT
(AGENCY TO CITY)
THIS AGREEMENT is entere~ into as of this
2nd
day
of October
, 1989, by and between the CITY OP BAR BERNARDINO
(the "City") and the COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO (the "A;eneyn).
RECITALS
A. WHEREAS, the Community Redevelopment Law (H.alth ,
'Safety Code, Section 33603) authorizes redevelopment agenoies
to invest any money held in 'relerves or .inking funds, or any
money not requir.d for immediate disbursement, in property or
securities; and
B. WHEREAS, there are presently Ivailable to th. Agency
funds genereted 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 8S follows:
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1. The Agency a;rees to loan Two Hundred Pifty Thou..n~
Dollars ($250,000.00) to the City. The City shall, in
consideration of such investment, be oblivated to PlY to the
Agency on or before June 30, 1990 the amount of Two Hundred
Fifty Thousand Dollars ($250,000.00) (the -Loan Amount~), plus
interest accruing at the lesser of (1) eight percent (8\) or
(ii) the maximum interest rate that may lawfully be paid by a
City. The Agency sball consider but is not obligated to extend
the time for repayment tor an .d~itional year.
2. This Agreement shill be effective a. of the day
and date first above shown.
City of San
(
AP
Mayo
ATTEST:
By: ~~~~~
1:1 ty Clerk
APPROVED AS TO FORM AND CONTENT
FOR THE CITY
By: h)AA___ OIOM.t )
~~~a~ - --
City Attorney
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The Community Development
Commission Of the City Of
San Bernardino
De teeS : I C !,;-fi{ 'I By:
/ / ACti:O ecutlve
APPROVED AS TO FORM AND CONTENT
POR THE AGENCY
By: ~ ~
~Dennls . Barlow
A;ency Couns.l
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