HomeMy WebLinkAboutResolution No. 94-R560 0
RESOLUTION NO. 94-x56
A RESOLUTION OF THE REDEVELOPMENT AGENCY OF
THE CITY OF AZUSA REQUESTING A LOAN FROM THE CITY OF AZUSA FOR
PURPOSES OF THE MERGED REDEVELOPMENT PROJECT AREA
WHEREAS, the Redevelopment Agency of the City of Azusa ("Agency") is
undertaking certain actions which are necessary and incidental to the carrying out of the
Redevelopment Plan which has previously been adopted by the City of Azusa; and
WHEREAS, the Agency has incurred and will continue to incur obligations for such
purpose; and
WHEREAS, the City of Azusa is authorized, pursuant to Section 33260, et. seq., of
the Health and Safety Code of the State of California to make loans to the Agency for the
purposes of defraying said expenses;
NOW, THEREFORE, BE IT RESOLVED by the Directors of the Redevelopment
Agency of the City of Azusa that:
Section 1. Pursuant to the provisions of said Section 33620, et. seq., of the Health
and Safety Code, the Agency hereby requests of the City of Azusa the following loan for
the Merged Redevelopment Project.
Section 2. The Agency pledges to accept and administer any funds loaned to it
pursuant to this request in accordance with the provisions of Section 33620, et. seq., of the
Health and Safety Code.
Section 3. The Agency requests that the City Council of the City of Azusa require
that the following loan be evidenced by a secured note of the Agency containing the
following terms, in addition to all usual and customary terms:
INT.
LOAN AMOUNT RATE
$ 2,000,000 5.25%
TERM BORROW FROM
10 Yrs. . Light Fund
PLEDGED REVENUE
SOURCES
Developer Lease
Payments, Tax
Increment
The loan listed herein is payable on or before June 30 of the term year due. The Note is
payable from accumulated tax increment funds in excess of those pledged for payment of
Agency bonded indebtedness, developer lease payments, and/or from any other funds
available to the Agency from which such payment may legally be made. Notes may be
prepaid at any time without penalty.
Section 4. The Chairman of the Agency is hereby authorized and directed to execute,
on behalf of the Agency, the Secured Note to the City of Azusa in accordance with the
provisions of Section 3 hereof.
PASSED AND ADOPTED this 3rd
Chairman
day of October 1994.
I HEREBY CERTIFY that the foregoing resolution was duly adopted by the
Redevelopment Agency of the City of Azusa at a regular meeting thereof, held on the 3rd
day of October 1994.
AYES: BOARDMEMBERS: HARDISON, MADRID, NARANJO, BEEBE
NOES: BOARDMEMBERS: ALEXANDER
ABSTAIN: BOARDMEMBERS: NONE
ABSENT: BOARDMEMBERS: NONE
C:\WPROC\CORRF31'O\AU (X.OAH.CRA
0 0
MERGED REDEVELOPMENT PROJECT AREA
AZUSA, CALIFORNIA
For value received, the undersigned Agency promises to pay to the City of Azusa Light
and Water Department, on order at Azusa, California, the sum of Two Million Dollars
($2,000,000) with fixed interest at the rate of five and one quarter (5.25%) percent. Interest
is payable annually on June 30, beginning June 30,1995. Interest shall begin accruing on
the actual day loan proceeds are received. The principal balance is to be paid in annual
installments on June 30, with the last installment due and payable on or before June 30,
1996. The Note is secured by developer lease payments and tax increment revenues. The
Note may also be repaid with any other funds available from which such payment may
legally be made. The Note may be prepaid at any time without penalty.
This note is issued in connection with the provision of funds to finance redevelopment
activities of the Merged Redevelopment Project Area and, in particular, acquisition of
Rogers Jeep/Eagle auto dealership. This note is issued under the authority and pursuant
to the Community Redevelopment Law, commencing with Section 33000 of the Health and
Safety Code of the State of California, as amended.
REFERENCE: The Merged Redevelopment Project
Each payment shall be credited first to principal due and the remainder to interest; and
interest shall thereupon cease upon the principal so credited. Any unpaid interest shall
accrue and be added to the outstanding principal balance. Should default be made in
payment of interest when due the whole sum of principal and interest shall become
immediately due at the option of the holder of this note, unless extended by said holder.
Principal and interest payable in lawful money of the United States. If action be instituted
on this note, the undersigned Agency promises to pay such sum as the Court may fix as
attorney's fees.
REDEVELOPMENT AGENCY OF THE
CITY OF AZUSA
By: 'S" �-
Chairman
AUTO DEALERSHIP RETENTION PROJECT
c\wex0c\C0RRE e0�UMrio1T-wro