HomeMy WebLinkAbout1987-168
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RESOLUTION NO. A7-1 fiH
RESOLUTION OF THE CITY OF SAN BERNARDINO AUTHORIZING THE
EXECUTION OF A CONTRACT WITH SAN BERNARDINO ECONOMIC DEVELOPMENT
COUNCIL RELATING TO THE ASSIGNMENT AND TRANSFER TO CITY OF
CERTAIN LOANS, ETC.# RELATING TO THE REVOLVING LOAN FUND AND
ASSUMPTION OF CERTAIN LIABILITIES.
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BE IT RESOLVED BY THE MAYOR AND COMMON COUNCIL OF THE CITY OF
SAN BERNARDINO AS FOLLOWS:
SECTION 1. The Mayor of the City of San Bernardino is hereby
8 authorized and directed to execute on behalf of said City a
9 contract with San Bernardino Economic Development Council
10 relating to the assignment and transfer to City of certain loans,
11 etc., relating to the revolving loan fund and assumption of
12 certain liabilities, a copy of which is attached hereto, marked
13 Exhibit "A" and incorporated herein by reference as fully as
14 though set forth at length.
15 I HEREBY CERTIFY that the foregoing resolution was duly
16 adopted by the Mayor and Common Council of the City of San
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Bernardino at a
meeting thereof, held on
reqular
the 18th day of
May
, 1987, by the following vote,
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AYES:
Council Members Estrada, Reilly, Flores,
MaudsleY1 Quiel, ~;trtckler
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NAYS:
None
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ABSENT:
Council Member Frazier
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h'~~
/ City Clerk
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4/30/87
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The foregoing resolution is hereby approved this /1c/t..- day
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, 1987.
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~0/,,-/L '-~':<,_t..,o- // />/>.),/I}.5//
Mayor of the City of San'Bernardino
of
May
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Approved as to form:
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;/,,7,/ ~ ;f,p:;.:...-J 0
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City Afltorney
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4/30/87
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CONTRACT BETWEEN THE CITY OF SAN BERNARDINO AND
THE SAN BERNARDINO ECONOMIC DEVELOPMENT COUNCIL
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THls CONTRACrr is made (-l.nd entered into this /'c;e.~ day of
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/1,l/IA..,t../
, 19H7, by and between the CITY OF SAN BERNARDINO,
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5 a mUJ1,.1::'cipal corporation, hereinafter referred to as "City," and
6 the SAN BEHNARDINO ECONOMIC DEVELOPMENT COUNCIL, a California non-
7 prof it corporat ion, here inafter re ferred to as "SBEDC."
8 The parties hereto do hereby agree:
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1.
SBEDC hereby agrees to assign and transfer to City, all
10 of those outstanding loans, lease-purchase agreements, contracts
11 of pnrchase and sale, building, land and equipment leases,
12 together with the property interests therein owned by SBEDC,
13 heretofore made by SBEDC under its revolving loan fund, identified
14 as follows:
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Pedro R. Ortiz, dba Buttercup Bakery, Option House, Inc., D.
16 Gold Corp., Inc., dba Don's Drug Store, John Earl Haywood, Jr.,
17 ba Cajun's Seafood Market and Deli, Willie Clark, dba Foothill
18 eridian Plaza, Heritage House Parking Lot, Julia's Enterprises,
19 Inc., Let icia ,Joy Arciniega, dba Community Financial Service~),
20 Progressive Mortgage Corporation, Operation Second Chance, Inc.,
21 and Willard Blakely, dba Mt. Vernon Hardware.
22 SBEDC shall transfer with the promissory notes and lease/
23 .urchase agreements, and other such agreements referred to in the
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herein.
In addition, SBEDC shall transfer to the City the
first paragraph hereof, any and all security therefor, and all
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ecords pertaining to said loans, and shall execute any assignment
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locuments, deeds, or bills of sale relating thereto required or
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esired by City to effectively transfer all of SBEDC's interests
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1 alftnce remaining in its revolving loan fund, in the approximate
2 mount of $21,295.00.
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2. City shall accept assignment and transfer of all such
4 loans and related accounts and transactions, and shall, through
5 its Commllnity Development Department, administer a small business
6 evolving loan fund. City shall transfer into said small business
7 evolving loan fund all proceeds of those loans heretofore made by
8 SBEDC which arc hereafter received by City. City shall deliver to
9 SBEDC a receipt for the documents provided by SBEDC.
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J. City is not assuming SBEDC's $75,000 note to Pabific
11 Federal Savings and Loan Association.
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4. City and SBEDC hereby agree that SBEDC will be relieved
13 f any further obligations to maintain a revolving loan fund in
14 ccordance with earlier contractural arrangements between City and
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'BEDC, llpon delivery of the assignments provided for herein. All
ocuments shall be prepared by SBEDC's cOllnsel, subject to
the City Attorney.
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1 IN WITNESS WHEREOF, the parties have executed this agreement
2 effective the day and year first above written.
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ATTEST:
::TYl::i:~n ~
'f Mayor ~
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l-city Clerk
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SAN BERNARDINO ECONOMIC
DEVELOPMENT c~
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Approved as to form:
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~U/~/lP~
Ci ty Attorney
4/30/87
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