HomeMy WebLinkAbout1991-5303
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RESOLUTION NO. 5303
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.
WHEREAS, pursuant to the Community Development Law of the
State of California, (Health & Safety Code Section 33000, et
seq.), the Redevelopment Agency of the City of San Bernardino (the
"Agency") is carrying out the Redevelopment Plan for the Uptown
Redevelopment Project Area (the "Project Area"); and
WHEREAS, pursuant to Health and Safety Code ~33601, the
Agency is authorized to borrow funds for the Project Area; and
WHEREAS, the Agency and the Authority desire to promote
redevelopment in the Uptown Park Redevelopment Project Area in the
City of San Bernardino; and
WHEREAS, the redevelopment of the Project 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 of the Uptown Project Area, the Authority
proposes to loan and the Agency proposes to borrow Two Hundred
Forty Five Thousand Dollars ($245,000.00) pursuant to that "Loan
Agreement", a copy of which is attached hereto as Exhibit "A" and
is incorporated herein by reference;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO AS FOLLOWS:
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DAB/ses/Authori2.res
September 12, 1991
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1 SECTION 1. The borrowing of funds pursuant to the Loan
2 Agreement is in the best interest of the Agency and will promote
3 the public health, safety and welfare.
4 SECTION 2. The Executive Director is hereby authorized to
5 execute the Loan Agreement on behalf of the Agency.
6 SECTION 3. This Resolution is rescinded if the parties to
7 the Agreement fail to execute it within sixty (60) days of the
8 passage of this resolution.
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DAB/ses/Authori2.res
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September 12, 1991
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RESOLUTION...AUTHORIZING THE EXECUTION OF A LOAN AGREEMENT...
I HEREBY CERTIFY that the foregoing resolution was duly
adopted by the Community Development Commission of the City of San
16th day of September
Bernardino at a Joint Requ1ar
, 1991, by the following vote, to wit:
Commission Members:
ESTRADA
REILLY
HERNANDEZ-
MAUDSLEY
MINOR
POPE-LUDLAM
MILLER
meeting thereof, held on the
AYES
NAYS
ABSTAIN
ABSENT
x
x
x
x
x
x
x
day of
The foregoing resolution is hereby approved this 16th
Secretary, Kenn h J. Henderson
September
Approved as to
form and legal content:
~
. Agency unse1
DABjsesjAuthori2.res
B, Chairman
evelopment Commission
of San Bernardino
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September 12, 1991
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LOAN AGREEMENT
(AUTHORITY TO AGENCY)
THIS AGREEMENT is entered into as of this 16th
day of September
, ;1.991, by and between the SAN BERNARDINO
JOINT POWERS FINANCING AUTHORITY (the "Authority") and the
COMMUNITY DEVELOPMENT COMMISSION OF THE CITY OF SAN BERNARDINO
(the "Agency").
R E C I TAL S
A. WHEREAS, the Community Redevelopment Law ( Heal th &
Safety Code, Section 33601) authorizes redevelopment agencies to
borrow funds for project areas; and
B. WHEREAS, there are presently available to the Authority
funds which are available for loan to the Agency; and
C. WHEREAS, the Agency desires to borrow funds from the
Authority for the Uptown Redevelopment Project Area ("The Project
Area" ) ;
NOW THEREFORE, the Authority and the Agency agree as
follows:
1. The Authority agrees to loan Two Hundred Forty Five
Thousand Dollars ($245,000.00) to the Agency on 9/16/91
, 1991.
The Agency shall, in consideration of such loan, be obligated to
pay to the Authority the amount of Two Hundred Forty Five Thousand
Dollars ($245,000.00) (the "Loan Amount"), plus interest accruing
One Percent 96
at the rate of Plus Prime (1.0%) on or before September 16 , 19n
provided that at the option of the Authority said loan may be
extended for successive one year periods.
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DAB/ses/Loan2.agr
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September 13, 1991
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LOAN AGREEMENT RE: JOINT POWERS FINANCING AUTHORITY AND THE
COMMUNITY DEVELOPMENT COMMISSION
2. This Agreement shall be effective as of the day and
date first above shown.
ATTEST:
SAN BERNARDINO JOINT
FINANCING AUTHORIT
L(~tar~
ATTEST:
By: ~
S c tar
Approved as to form
and legal content:
BY:~.L
./ Author Counsel
ATTEST:
COMMUNITY DEVELOPMENT
THE CITY OF SAN BE
BY:~:t
Approved as to form
and legal content:
B"fj~~/
Agen Counsel
DAB/ses/Loan2.agr
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September 13, 1991