HomeMy WebLinkAbout1989-5220
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RESOLUTION NO. 5219
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RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN
AGREEMENT WITH THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY
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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 Redevelopment Agency of the City of San Bernardino
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(the "Agency") is carrying out the Redevelopment Plan for the
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State College Redevelopment Project (the "Project Area"); and
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WHEREAS, the Agency is authorized to invest funds not
immediately necessary for the implementation of the Redevelopment
Plan; and
WHEREAS, the Agency and the Authority desire to promote
redevelopment in the downtown area of the City of San Bernardino;
and
WHEREAS, the redevelopment of the downtown area would
address blighting influences within the vicinity of the Project
Area and throughout the City, 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
Authority proposes to borrow Three Million, Five Hundred
Thousand Dollars ($3,500.000) pursuant to that "Loan Agreement",
a copy of which is attached hereto as Exhibit "A" and is
incorporated herein by reference;
NOW THEREFORE, the Community Development Commission of the
City of San Bernardino hereby resolves as follows:
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DAB/ses
December 5, 1989
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1
RESOLUTION OF THE COMMUNITY DEVELOPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO AUTHORIZING THE EXECUTION OF A LOAN
AGREEMENT WITH THE SAN BERNARDINO JOINT POWERS FINANCING
AUTHORITY
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SECTION 1.
The loan of funds pursuant to the Loan
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Agreement is in the best interest of the Agency and will promote
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the public health, safety and welfare.
SECTION 2. The Executive Director is hereby authorized to
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execute the Loan Agreement on behalf of the Agency.
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SECTION 3. This Resolution is rescinded if the parties to
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the Agreement fail to execute it within sixty (60) days of the
passage of this resolution.
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I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of
San Bernardino at a special meeting thereof, held on the 7th
day of December
, 1989, by the following vote, to wit:
AYES:
Commissioners ESTHER ESTRADA, JACK REILLY, JESS FLORES,
MICHAEL HAUDSLEY, TOM MINOR, VALERIE POPE-LUDLAM,
NORINE MILLER
NAYS: NONE
ABSENT:
NONE
Y~'lri~L
Se ret: ry
of December
day
The foregoing resolution is hereby
, 1989.
Approved as to form
and legal content:
B~
Agency unse1
DAB/ses
December 5, 1989
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