HomeMy WebLinkAboutResolution No. 506RESOLUTION NO. 506
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA (AGENCY) APPROVING THAT
CERTAIN LOAN AGREEMENT BETWEEN THE AGENCY AND
THE COMMUNITY DEVELOPMENT COMMISSION OF THE
COUNTY OF LOS ANGELES (CDC).
A. WHEREAS, the Agency has entered into an agreement with
the United States of America through its Department of Housing
and Urban Development ("HUD") and the Community Development
Commission of the County of Los Angeles (CDC) to execute a
Community Development Block Grant Agreement ("CDBG") pursuant to
the Housing and Community Development Act of 1974, as amended
(the "Act");
B. WHEREAS, the Agency desires to borrow up to Seven
Million Dollars ($7,000,000) (the "Loan") from the CDC for CDBG
eligible activities in connection with the acquisition of Lots 4,
5, 6, 7, 8, and 9 of Tract 34377 (the "Property") located at the
southeast corner of Foothill Boulevard and Todd Avenue in the
City of Azusa.
C. WHEREAS, the Agency has entered into an Owner
Participation Agreement ("OPA"), dated as of July 18, 1988, with
Price Company (the "Developer"), pursuant to which the Developer
has agreed to construct a retail shopping center on the Property
(the "Project");
D. WHEREAS, the CDC is prepared to make the Loan on the
terms and conditions set forth in the Loan Agreement.
E. WHEREAS, the purpose of the Loan to the Agency is to
provide funding for CDEBG eligible activities which aid in the
prevention or elimination of slums or blight; and
F. WHEREAS, the Agency has agreed to obtain a Letter of
Credit to secure repayment of the Loan by the Agency.
NOW, THEREFORE, the Agency resolves as follows:
SECTION 1. The Agency agrees, subject to the terms and
conditions of the Agreement attached hereto as Exhibit A to
borrow from the CDC a sum not to exceed Seven Million Dollars
($7,000,000).
SECTION 2. The proceeds of said borrowing shall be used to
acquire property for redevelopment purposes in accordance with
all applicable CDBG regulations.
SECTION 3. The Agency is not obligated to borrow the funds
if for any reason, in its sole and absolute discretion, that the
funds are not needed by the Agency.
PASSED, APPROVED AND ADOPTED this 19th day of $eptemer,
1988.
Chairman P'ro-9lempore
I HEREBY CERTIFY that the foregoing Resolution was duly
adopted by the Board of Directors of the Redevelopment Agency of
the City of Azusa at a regular meeting thereof, held on the 19th
day of September 1 1988, by the following vote of the
Directors.
AYES: BOARD MEMBERS: AVILA, STEMRICH, NARANJO, LATTA
NOES: BOARD MEMBERS: NONE
ABSENT: % BOARD MEMBERS: MOSES
Secretary
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